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Drug maker GSK cuts full-year earnings forecast after reporting drop in 2nd quarter profits

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LONDON - Drug maker GlaxoSmithKline has cut its full-year earnings expectations as it says its second-quarter profits were hit by currency moves and a fall in sales of its respiratory drugs.

The company said Wednesday it expects 2014 earnings per share to be broadly similar to last year. It had previously forecast growth of between 4 and 8 per cent.

GSK said second-quarter revenue fell 16 per cent to 5.6 billion pounds ($9.5 billion) from 6.6 billion pounds in the same quarter in the previous year. Profit attributable to shareholders dropped from 1.05 billion pounds a year earlier to 654 million pounds.

The firm, which remains troubled by a high-profile bribery investigation in China, said sales there were down 20 per cent.

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