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GlaxoSmithKline (GSK) Reports 61% Drop in China Revenues for Q3


10/23/2013 11:38:32 AM

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by Richard Daverman, PhD

October 23, 2013 -- GlaxoSmithKline announced revenues from its China drug sales fell by an astonishing 61% in Q3. News of the company’s bribery scandal broke on July 1, so the quarterly results are, unfortunately, an accurate reflection of the fallout from the crisis. According to Andrew Witty, CEO of GSK, the company’s products with China competition – he singled out the asthma treatment Advair – were hit the hardest. Despite the setbacks, Witty declared that GSK remains “totally committed” to China. More details....

Stock Symbol: (NYSE: GSK)

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