GlaxoSmithKline Q2 net profit up but sales drop

  • Follow Business

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.


Top headlines

Qualifying dates set for tax commissioner, commission posts

Kay Allen resigned as the country's tax commissioner in March, after months of controversy over fees she was paid by the cities of Grovetown and Harlem for collecting municipal property taxes. Her ...
Loading...