[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 27 July, 2004, 12:02 GMT 13:02 UK
Cut-price competition hits Glaxo
Pills being poured into a bottle
Cheaper rivals are winning sales
Drugs giant GlaxoSmithKline has blamed the "significant impact" of cheap generic rival products in the US for a 17% fall in quarterly profits.

Pre-tax profits for the April to June period fell to 1.63bn ($3bn) from 1.96bn for the same period last year.

Glaxo said it was seeing the toughest trading conditions since its formation in 2000, although its results came in at the top end of expectations.

It now expects a return to profit growth in the fourth quarter of 2004.

Glaxo's US sales have been specifically hit by cheap copies of its antidepressants Paxil and Wellbutrin.

Sales of Paxil, once the group's top seller, are down 41%.

Overall Glaxo's quarterly sales fell 6% from a year ago to 5.06bn.




SEE ALSO:
Glaxo releases drug trials on web
18 Jun 04  |  Business
Glaxo sued for 'drug claim fraud'
02 Jun 04  |  Business
A Spitzer in the eye for Glaxo
04 Jun 04  |  Business
Former Vodafone boss joins Glaxo
26 May 04  |  Business
GSK gets approval for pay deals
17 May 04  |  Business


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific