Drug firm posts 7% profits increase

Drugs giant GlaxoSmithKline today reported a 7% rise in profits over the last quarter, in what it described as a ‘‘challenging’’ period for the pharmaceuticals industry.

The group said pre-tax profits for the three months to June 30 rose to £1.83bn (€2.9bn) while sales were up 6% at £5.42bn (€8.6bn).

Chief executive Dr Jean-Pierre Garnier said: ‘‘In this challenging period for the pharmaceutical industry, GSK has produced excellent financial results.’’

Sales of its pharmaceuticals rose 9%, with strong growth in the US - up 15%, while sales in Europe rose 1%.

Glaxo said its Seretide/Adviar asthma drug had seen continued ‘‘very strong performance’’, with sales of £416m (€658m) following launch in the US in April last year.