Drugs giant GSK says annual net profits triple

(MENAFN- AFP) British drugmaker GlaxoSmithKline announced Wednesday that it almost trebled profit after tax last year, thanks largely to an asset swap deal with Swiss peer Novartis.

Net profit soared to £8.4 billion ($12.1 billion, 11.1 billion euros) in 2015, from £2.76 billion in 2014, GSK said in a results statement.

Revenue climbed six percent to £23.9 billion last year.

The London-listed pharmaceuticals company said that its annual performance was boosted by an exceptional gain of almost £4.6 billion, mostly reflecting the impact of the Novartis transaction.

GSK sold its oncology arm to Novartis in 2014 for $16 billion, buying the Swiss group's vaccines division in return, in a deal that completed in the first quarter of 2015.

The pair also formed a joint venture for consumer health products.