GlaxoSmithKline profits dipped 1 per cent in the first quarter as sales were hit by the strength of sterling and the loss of patent protection on key medicines, Europe's biggest drugmaker said today.
Pretax profits in the three months to March 31st totalled £2.14 billion on sales down 4 per cent at £5.59 billion, equivalent to earnings per share of 27 pence.
Sales, meanwhile, came in below forecasts of £5.75 billion and Glaxo shares erased earlier gains to stand 0.6 per cent lower at 14.62 pounds by 1.20pm.
For the full year Glaxo maintained its forecast of earnings growth of between 8 and 10 per cent at constant exchange rates. EPS growth in the first quarter advanced 14 per cent on this basis.