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GlaxoSmithKline (GSK) Sees Hit From China Corruption Scandal


7/24/2013 7:06:41 AM

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Drugmaker GlaxoSmithKline , rocked by charges of corruption in China, reported a modest 2 percent rise in group sales on Wednesday but said the bribery scandal would inevitably have an impact. "Clearly, we are likely to see some impact to our performance in China as a result of the current investigation, but it is too early to quantify the extent of this," Chief Executive Andrew Witty said. Britain's biggest drugmaker has been struggling to grow in recent quarters due to loss of patent protection on some of its medicines and falling prices in austerity-hit Europe.

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