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Last week this tactic was largely vindicated when the company produced its first-quarter results that were significantly ahead of previous estimates. The 11 per cent revenue increase was largely caused by the consumer healthcare business, but notably GSK made £821m from new drugs (defined as those launched within the last five years), impressive for a company that has been repeatedly criticised for lacking innovation. This is the highest revenue contribution of new drugs in the last six years and puts the group on course for its target to reach £6bn of annual revenue from new products by 2018.
