GlaxoSmithKline reports sales down 10% to £5.65bn

British pharmaceuticals firm GlaxoSmithKline reported a 1% drop in core operating profits in the three months to September, to reach £1.887bn at constant exchange rates (CER).

That came on the back of a 3% CER drop in third quarter sales to £5.65bn.

Including fluctuations in the exchange rate then revenues were 10% lower.

Analysts had been expecting the firm to deliver sales of £5.74bn for the three months to 30 September, down from £6.51bn in the third quarter of 2013.

The consensus forecast was for core operating profits of £1.71bn, compared with £2.06bn a year earlier