LONDON (AP) — Drug maker GlaxoSmithKline says second-quarter revenue was 7.3 billion pounds ($9.6 billion), up 4 percent when discounting currency shifts, amid a promising performance of a new shingles treatment.
Sales of the shingles treatment Shingrix made 167 million pounds, and the company increased its forecast for 2018 sales of the drug to as much as 650 million pounds. GlaxoSmithKline Wednesday reported second-quarter net income of 441 million pounds after a loss of 180 million pounds in the same period last year.
The company also announced a restructuring program aiming to improve competitiveness and cut costs by 400 million pounds annually by 2021. GlaxoSmithKline also agreed to invest $300 million in personal genetic testing service 23andMe as part of deal to use the company's database to develop precision targeted drugs.