LONDON, July 29 (Reuters) - A further slide in sales of lungdrug Advair and lower profit margins following a businessoverhaul hit GlaxoSmithKline in the second quarter,although core earnings per share fell by a less-than-expected 9percent.
The drugmaker recently sold its marketed cancer drugs toNovartis and bought the Swiss group's vaccines, whileincreasing its consumer health business through a joint venture.
The revamp is designed to ensure sustainable growth, afterpast profit misses, but the strategy will take time to pay offand GSK on Wednesday reiterated its forecast for a high-teenspercentage decline in 2015 earnings, at constant exchange rates.
In sterling terms, sales rose 6 percent to 5.9 billionpounds ($9.2 billion), reflecting the first full quarter thatincluded products previously owned by Novartis.
Core earnings fell to 17.3 pence a share, however, becauseof lower returns on Advair and the fact GSK has swappedhigh-margin cancer drugs for less profitable consumer products.
Analysts, on average, had forecast sales of 5.9 billionpounds and core EPS, which excludes certain items, of 16.7p,according to Thomson Reuters.($1 = 0.6395 pounds) (Reporting by Ben Hirschler; Editing by Martinne Geller)
Glaxosmithkline (GSK)