Pharma giant GSK reports Brexit bounce

GSK has booked a hefty jump in first-quarter profits thanks to strong sales of new drugs and a boost from the Brexit-hit pound.

The pharmaceuticals giant, which has a manufacturing plant at Montrose, said total operating profits jumped by £995 million to £1.7 billion in the first three months of 2017.

GSK, which reports in sterling but makes the majority of its sales overseas, has been enjoying an uplift from sterling’s slump since the Brexit vote.

The disposal of its anaesthesia business and tighter cost controls have also boosted profits.