Drugmaker GSK slashes annual forecast of profits
July 24, 2014, 12:08 am TWN
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.