16 September 2019

Glaxo Chinese sales plummet, WSJ says

GlaxoSmithKline Plc. saw its pharmaceutical and vaccine sales in China fall 61 percent in the third quarter after a high-profile bribery investigation hurt its business, the Wall Street Journal reported Wednesday. China accounts for just 4 percent of Glaxo’s global drug sales but it has been an important source of revenue growth in recent years, usually delivering sales gains in double-digit figures. The company’s China business was thrown into disarray this summer when authorities accused Glaxo of bribing doctors, hospitals and government officials in an effort to sell more drugs at higher prices. Global sales in the quarter were flat at £6.51 billion (US$10.57 billion). Profit fell 12 percent to £969 million, or 20 pence a share, from £1.11 billion, or 22.6 pence a share, in the year-earlier quarter, the report said.

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