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Glaxo profits hit by fall in sales Glaxo profits hit by fall in sales
(35 minutes later)
Drug maker Glaxosmithkline (GSK) has reported a 23% fall in pre-tax profits to £986m from £1.29bn. Drug maker GlaxoSmithKline (GSK) has reported a 23% fall in pre-tax profits to £986m from £1.29bn.
The company has been hit by a fall in sales and the strong pound which reduces the impact of overseas profits.The company has been hit by a fall in sales and the strong pound which reduces the impact of overseas profits.
In China, where GSK's business has been rocked by allegations of bribery, sales were down 20%.
Chief executive Sir Andrew Witty said he has "zero tolerance" of the practices the group is being accused of.
The group has seen a 10% fall in its drug and vaccine sales in the US, largely due to intense competition from generic drugs.The group has seen a 10% fall in its drug and vaccine sales in the US, largely due to intense competition from generic drugs.
And in China, where GSK's business has been rocked by allegations of bribery, sales were down 20%. Sales at its consumer healthcare business, which sells brands such as Sensodyne, Panadol and Aquafresh, fell 4% due to problems in supply chains.
Chinese authorities are investigating whether the company paid doctors to encourage them to use its drugs. Active investigations
Earlier this month GSK admitted to further bribery problems in its China business as long ago as 2001. Chinese authorities are investigating whether GSK paid doctors to encourage them to use its drugs.
On a conference call to discuss the results, Sir Andrew Witty, chief executive of GSK, said the group had a "zero tolerance" attitude to the practices it is being accused of. Earlier this month, GSK admitted to further bribery problems in its China business as long ago as 2001.
"I remain very concerned about allegations concerning our China business. The situation is complicated and difficult and while the investigation is active there is little I can add, " he said. On a conference call to discuss the results, Sir Andrew said: "I remain very concerned about allegations concerning our China business. The situation is complicated and difficult and while the investigation is active, there is little I can add," he said.
Thirty people were sacked over allegations that doctors and health officials were given payments to push GSK products.Thirty people were sacked over allegations that doctors and health officials were given payments to push GSK products.
GSK is trying to find replacements for its inhaled lung drug Advair, which makes up nearly a fifth of its sales and which is being challenged by generic competition.
Its heart pill Lovaza will also face competition from generic drugs in the US market from April.
Sir Andrew said: "We are confident we can deliver a regular flow of new product introductions over the next few years and this will provide a clear basis for growth in pharmaceuticals" .