GlaxoSmithKline Q2 net profit up but sales drop

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LONDON — Pharmaceutical company GlaxoSmithKline has reported a 13 percent gain in net profit in its second quarter compared with a year ago, but sales and earnings fell short of analysts’ expectations.

The company, which makes diet drug alli in Aiken County, on Wednesday reported an after-tax profit of 1.25 million pounds ($1.94 billion), up from 1.1 billion pounds a year earlier.

The company reported that it has decided to cease its attempt to sell alli, instead seeking to re-brand the diet drug.

Revenue fell nearly 4 percent to 6.46 billion pounds, 3 percent below consensus. It dropped 8 percent in Europe and 6 percent in the United States.

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