But, as the company had no other expiry until 2005 or 2006 and new products would be introduced over the next few months, he said.

"We made that promise and so far we have fulfilled that promise and we are determined to continue to fulfill that promise. The market understands that and our share prices were a reflection of that," he said.

Sykes was in Singapore for the opening of Glaxo Wellcome's S$80 million ($49 million) third plant in the city-state, which will supply active compounds used in its new generation medicines.

On concern over a slowing down in sales growth of AIDS drugs, Sykes said it was natural the market was not growing as rapidly as in the past, butadded that the introduction of new drugs would help grow the market.

"Today we have over 40 per cent of the AIDS market. We have Retrovir, we have Epivir, we have Combivir, and of course the market is not growing as rapidly as it was in the past. There are many good reasons for that," he said.

"But in the next few weeks, in the next few months, we will be introducing two new drugs into the AIDS market", Ziagen and Amprenavir, Sykes added.

"So those two drugs will help again develop our market and help to grow that market. I believe Glaxo Wellcome will continue to maintain its dominant share in this area and we will grow our market," he said.

Sykes said the company was planning to launch five new drugs, the two new AIDS drugs and Zeffix for Hepatitis B, Relenza for flu and one for asthma, between now and the end of next year.

Sykes earlier said Glaxo was in a strong position and was not looking for a merger partner.

"We are in a strong position, we don't need to merge with anybody. We will now begoing for organic growth," he said.

Speculation on potential mergers has been running high in industry circles and was fueled further this week when Germany's Hoescht AG and France's Rhone-Poulenc SA confirmed they were in talks to create the world's biggest drugs and agrochemcicals business.

"I wouldn't see that a threat to Glaxo Wellcome at all," Sykes said.

Glaxo's own earlier attempt at a merger -- with fellow London-listed Smith Kline Beecham -- failed in February.

Sykes said Glaxo was in a very strong position today, but added the firm was still watching the merger activity to see if new company combinations threatened its own long term business.

He said there has always been speculation about mergers in the pharmaceuticals industry.

"It is a fragmented industry. Fragmented industries tend to come together, but they only come together under pressure."

He said the pressures were less evident among research-based companies like his own.

"At the moment, I can tell you we are concentratingon running Glaxo Wellcome and continue to be the number one research-based company in the world," he said.

Glaxo Wellcome last week reported 10-month growth at one per cent based on constant exchange rates against the same period a year ago.