UPDATE: GlaxoSmithKline Swings To Q2 Profit; Shares Rise In Pre-Market

GlaxoSmithKline PLC GSK swung to a second-quarter profit. GSK reported its quarterly profit at 1.11 billion pounds ($1.82 billion), versus a year-ago loss of 304 million pounds. Before restructuring charges, GSK's net profit came in at 1.27 billion pounds. Its sales dropped 4.3% to 6.72 billion pounds. Analysts were expecting a profit of 1.29 billion pounds on revenue of 6.65 billion pounds. GSK shares gained 2.60% to $45.33 in pre-market trading.