Key product sales have boosted Glaxo's profits

For the full year to 31 December, the London-based firm saw its pre-tax profit increase to �6.7bn ($11.7bn) from �5.8bn in 2004.

Aided by strong sales of its main Advair asthma drug and other key products, turnover was up to �21.6bn.

The sales were up 7% on the �20bn achieved the year before.

Continuing growth

Sales of Advair were up 22% in 2005 to more than �3bn, while diabetes medication Avandia increased by 18% to �1.3bn.

Vaccines were up 15% to �1.4bn.

Glaxo now predicts 10% profit growth for the current year.

It also gave an eagerly awaited update on its Cervarix cervical cancer vaccine, saying it would file for regulatory approval in Europe next month and in the US by the end of the year.