GSK: Generics Wreak Havoc

Source: Industry Bnet

GlaxoSmithKline’s Q2 2009 results, released a few days ago, were well received but within the company’s disclosures and investor presentations were some sobering statistics on the ongoing damage that generics are doing to the company, and the limited progress of its cost-reduction programs.

The basics: Revenue rose 15 percent to £6.7 billion, net income was £1.5 billion.

This chart shows first-half sales of GSK drugs affected by generics. Last year, the company sold £1.2 billion of those brands, such as Flonase and Paxil. This year, GSK sold only £437 million, a 65 percent decline.

Read more and see chart here

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