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GlaxoSmithKline plc swung to net loss of 304 million pounds ($464.2 million) reversing a profit of 1.4 billion pounds. The company?s sales were 7.0 billion pounds, up from 6.7 billion pounds last year. The company?s cost of sales was flat at $1.62 million pounds in both the quarter.
The company?s gross margin came in at $5.4 billion pound up from $5.055 billion pounds in the comparable quarter. GSK?s operating income came in at $51 million up from $2.195 billion in the comparable quarter. The company?s SG&A expense came in at $3.85 million pounds up from $2.23 million pounds in the same quarter last year. GSK exited the quarter with $6.57 billion pounds as cash and cash equivalents