Glaxo’s China Sales Plunge 61% After Corruption Probe
This article is for subscribers only.
GlaxoSmithKline Plc’s third-quarter sales of pharmaceuticals and vaccines in China fell 61 percent after an anti-corruption probe began there in July, and the drugmaker gave no outlook on how long the downturn would last.
Revenue from consumer health-care products in China fell 29 percent, the London-based company said today in a statement. Total sales rose 1 percent to 6.51 billion pounds ($10.5 billion), missing analysts’ average estimate of 6.64 billion pounds. U.S. sales also fell short of analysts’ predictions.