22 January 2019

Glaxo China sales up after 3Q plunge, Bloomberg says

GlaxoSmithKline Plc said sales in China, where it faces a bribery probe, have improved since the third quarter when revenue plunged 61 percent from a year earlier, Bloomberg reported Wednesday. The company sees a more positive trend and an opportunity to rebuild the business when the investigation is completed, chief financial officer Simon Dingemans was quoted as saying. Allegations by Chinese authorities that Glaxo bribed hospitals, doctors and officials drove sales to some competitors with similar products, the report said, citing chief executive Andrew Witty. The London-based company has conducted a thorough review of its operations in other emerging markets and implemented additional anti-bribery controls and measures in higher-risk countries, the report said.

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