City File: SmithKline Beecham

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THE third-quarter figures from SmithKline Beecham, out on Tuesday, might look dull in comparison with the sparkling figures this time last year, but don't be fooled. SKB is in rude health thanks to the relatively low cost for drugs such as Tagamet, the off-patent ulcer treatment. The group has to be one of the world's greatest marketeers, and is selling its way to pounds 1.22bn of taxable profits this year and pounds 1.35bn next. Its shares, depressed by the possibility it was going to be thrown out of the FT-SE 100, have missed the stock market party and look a snip.

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