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).