GlaxoSmithKline CEO Says Europe Market "Much" Worse Than Expected

Published: Jun 28, 2012

GlaxoSmithKline Plc (GSK) is having a tougher time than expected generating sales in Europe as the credit crisis leads governments to cut prices, Chief Executive Officer Andrew Witty said. “What we’ve seen in the last three, four months is a much higher level of price pressure than we had anticipated, which is of course making short-term trading more challenging than expected,” Witty said in an interview in Brussels today. “Nothing has improved since the first quarter,” when Glaxo’s European sales dropped 6 percent from the previous year.

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