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GlaxoSmithKline (GSK)'s China Revenues May be Down by 30% in Q3



9/25/2013 8:22:56 AM

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by Richard Daverman, PhD

September 24, 2013 -- China revenues for GlaxoSmithKline may drop as much as 30% in the third quarter, according to estimates from Citigroup, which cited feedback from industry sources. GSK is experiencing negative fallout from its three-month bribery scandal. Doctors are refusing to see the company’s sales reps, because they don’t want to be accused of any wrongdoing. And the revenue shortfall may affect other multinationals by the same 30%, said Citigroup, as doctors avoid the products of all foreign companies, even if the particular company has not been accused of corruption. More details....

Stock Symbol: (NYSE: GSK)

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