No ulcers as Glaxo shows there is life after Zantac

By Daily Mail Reporter
Updated: 00:00 BST, 19 February 1999

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麻薬 巨大（な） Glaxo Wellcome says it has no 計画（する）s to follow Boots in showing the real cost of 株 選択s - and no wonder.

Last year its 利益（をあげる）s we re becalmed by the 特許 expiry of Zantac, the former blockbuster. After a few tweaks of accounting 政策, Glaxo managed to show 税込みの 利益（をあげる）s 負かす／撃墜する just 1pc to £2.67bn on sales of £8bn.

But it began last year with 114m staff 選択s and they rose in value by £700m. Accounting for them Boots-style would have taken 利益（をあげる）s below £2bn. During 1997 選択s rose by £640m. That means over £1.3bn of wealth has 漏れるd away without Glaxo 株主s noticing.

Perhaps thanks to the 選択s, Glaxo 生き残るd Zantac in remarkably good 形態／調整. Sales of its newer

麻薬s rose £800m, 正確に／まさに balancing the 落ちる in Zantac and Zovirax, another 星／主役にする which has gone ex-特許.

The best 業績／成果 was in 喘息 治療s, where sales rose 24pc to £2.2bn. Glaxo has 30pc of this market 世界的な.

Chairman Sir Richard Sykes 予報するd group 収入s and sales will rise in '二塁打 digits' this year. 仲買人s such as Merrill Lynch reckon he is overconfident.

The 株 rose 21p to 2014p. At around 36-times 1999 収入s 予測（する）s, they 貿易（する） at twice the growth 率 in Glaxo's newer 麻薬s.

Fair value. Only 企て，努力，提案 活動／戦闘 would 押し進める them higher and Sykes is giving few hints. The （株主への）配当 is 36p, up 1p.