Glaxo reports 17% profits hike

Pharmaceutical giant GlaxoSmithKline today reported a 17% hike in profits for the last three months, as it gave an upbeat forecast about future earnings.

The group, created by last year’s merger between Glaxo Wellcome and SmithKline Beecham, said pre-tax profits for the third quarter to September 30 rose to £1.35bn against the same time last year, while sales were up 13% to £5bn.