Pharmaceutical company GlaxoSmithKline has reported a 13% gain in net profit in its second quarter compared with a year ago, but sales and earnings fell short of analysts' expectations.
The company reported an after-tax profit of £1.25m, up from £1.1 billion a year earlier. The increase reflected a tax rate of 15% compared with 28% a year earlier.
Revenue fell nearly 4% to £6.46 billion, 3% below consensus. It dropped 8% in Europe and 6% in the US.
Pretax profit was down 2.5% at 1.55 billion. Core earnings per share of 26.4 pence fell 2% below consensus.
Glaxo shares were down 1.6% at 1,422.5 pence in afternoon trading.
