Glaxosmithkline Estonia boosts profit 3.7 pct on year

Seroxat pills are seen in this illustration picture taken in Bucharest April 19, 2013. Britain's competition body accused GlaxoSmithKline of market abuse for striking deals with three generic drugmakers that paid them to delay launching cheap copies of its antidepressant Seroxat. GSK, Britain's biggest drugmaker, said it believed it had acted lawfully. If it is found to have broken the law, it could be fined up to 10 percent of its worldwide turnover, which amounted to 26.4 billion pounds ($40.4 billion) in 2012. The move by the Office of Fair Trading (OFT) is the latest example of regulators trying to curb "pay-for-delay" deals, following a series of investigations against drug companies by U.S. and European antitrust officials. REUTERS/Bogdan Cristel (ROMANIA - Tags: DRUGS SOCIETY HEALTH)

PHOTO: BOGDAN CRISTEL/REUTERS

The profit of the Estonian medicines seller Glaxosmithkline Eesti OU climbed 3.7 percent to 1.3 million euros and sales 3.3 percent to 30.9 million euros in 2012 compared with 2011.

Of the sales revenue 14 million euros was generated in Estonia, 7.6 million euros in Ireland, 6.6 million euros in Britain, 1.6 million euros in Poland and 1.1 million euros in Belgium, it appears from the annual report. The sale of medicines and other pharmacy goods generated 14 million euros and professional, research and technical activity 16.9 million euros.

The company employed on the average 54 people last year and labor costs totaled 2.5 million euros. In 2011 the number of employees had been 57 and labor costs 2.8 million euros. Remuneration of members of the management board made up 48,968 euros. The board was made up of three members: Marko Juhani Koistila, Martin Henning and Auromas Lukosius.

The size of undistributed profit as at year-end was 8.7 million euros.

In 2012 the company had 23 items of clinical study ongoing in Estonia investments made in which totaled 1.9 million euros.

The parent company of Glaxosmithkline Eesti OU is the British company Setfirst Ltd, a holding of Glaxo Group Limited.

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