Glaxo suffers drug setback

Pharmaceuticals giant GlaxoSmithKline today raised its full-year earnings target after reporting a boost in sales despite setbacks in the launch of new drugs.

London-based Glaxo said it was upping its guidance for earnings per share growth from 12% to the “mid teens” as pre-tax profits rose 21% to £2bn (€2.97bn) during the three months to September 30.