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Drugs giant GSK says annual net profits triple

British drugs giant GlaxoSmithKline's revenues jumped 23 percent to £7.542 billion in the third quarter, the company said in a statement October 26, 2016

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.