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Drugmaker GSK slashes annual forecast of profits

LONDON -- British drugmaker GlaxoSmithKline (GSK) on Wednesday slashed its 2014 profits forecast as second-quarter earnings sank on the back of weak U.S. trade, adverse currency moves and a Chinese bribery probe.

In a gloomy results statement, GSK said it now expected its earnings per share — a key measure of performance — to be “broadly flat” this year. That compared with the previous forecast for growth of 4.0-8.0 percent.

Net profit, or profit after tax, dived 37 percent to 654 million pounds (US$1.11 billion) in the three months to June 30, down from 1.045 billion pounds in the same period of last year, GSK added.

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