GSK sees 4% rise in second quarter sales

27 July 2016

British pharma major GlaxoSmithKline (LSE: GSK) has announced a 4% (at constant exchange rates) rise in second- quarter 2016 sales to June and has forecast further increases for the rest of 2016 in the wake of Brexit.

It follows news earlier that the company is to invest £275 million ($360 million) in UK manufacturing sites, confirming that UK is still ‘an attractive location’ despite the nation’s vote to leave the EU.

Despite an overall net loss of £492 million ($644 million), compared to a £115 million profit during the same period last year, chief executive Sir Andrew Witty said the impact of a weakened pound – sterling has fallen 10% against the dollar since Brexit - would benefit the company going forward as much of its revenue is derived from foreign sources.

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