GSK Hit by Avandia Woes

British pharma GlaxoSmithKline takes a third-quarter hit from generic rivals to its diabetes drug. The drug's U.S. future is in question

GlaxoSmithKline, the UK's largest pharmaceutical group, reported third-quarter numbers at the bottom end of consensus forecasts yesterday, hit by lower sales of Avandia, its diabetes treatment, and generic competition. The company also announced that it will embark on a £1.5bn cost-cutting programme that will include the closure of plants, job losses and a restructuring of its sales force.

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