GlaxoSmithKline registered growth in revenues and earnings per share beyond prediction courtesy of the weak pound.

According to the company release its third quarter turnover increased by 7% to £5.88bn and the gain in earnings per share was 6% to 25.2p. But the company saw 3% decline in overall sales on constant exchange rate terms. The fall in sales in US was 13% since many of Glaxo’s products had reached ‘generic cliff’, which is the period when patent runs out and other companies get entitled to produce similar products. The company is predicting full year mid-single digit range loss in sales.

Another big pharmaceutical company Merck is cutting 7,200 jobs, around 12% of current strength, under its restructuring programme. Merck’s 3rd quarter profits fell 28% due to flat sales and generic competition.

Another pharmaceutical giant Pfizer reported 13% fall in US consumption of its best-selling cholesterol drug Lipitor, raising concerns that even stable sectors were unable to escape turmoil in the US retail market.

Andrew Witty, Glaxo’s CEO stated that company would require close monitoring of the impact of global economy changes on the product demand, and would have to look for diversification to overcome risks.

According to Glaxo’s spokeswoman, company’s core business was only marginally affected by the financial crisis. She reported that its asthma drug Advair sales were up 5% in the US and 7% overall.