European sales of Glaxo's products were also down by 7% , probably down to news that their revolving door "in and out" of courtrooms in the US filtered through to overseas consumers.
Glaxo CEO, Andrew "All part of an era" Witty, described the current climate as "challenging". He should try withdrawing from Seroxat, now that IS a challenge!
Glaxo, writes the BBC, are "carrying out a review of its "iconic" consumer drinks brands Lucozade and Ribena, looking at "the best ways to ensure their continued growth".
I've wrote about both Ribena and Lucozade in the past on this blog.
|"It was the shelves your Honour!"|
Back in 2007 it emerged that two Kiwi school girls carried out a science experiment as part of a school project. They wanted to find out exactly how much vitamin c was contained in Ribena. Glaxo had promoted it as containing 7mg of vitamin C per 100ml, or 44 per cent of the recommended daily intake. The two school girls, however, found something completely different. In actual fact there was no vitamin c found in Ribena. [Back story]
How did Glaxo react?
Well, they didn't blame themselves for lying [no surprise there] instead they opted to blame shelves. Yup, the excuse at the time was as laughable then as it is today. This after they were fined a measly $217,000 after pleading guilty to 15 breaches of the Fair Trading Act.
After the court decision, a spokeswoman for GlaxoSmithKline in London told the Daily Telegraph that the problem arose when Ribena in Australia and New Zealand was left on shop shelves for too long, causing the vitamin C to degrade. [Back story]
Regarding Lucozade see the following"
Glaxo's Lucozade Sport Fails Miserably
Glaxo's Lucozade Linked to Hyperactivity
Good old Glaxo and its "iconic" brands.
GSK's shares were up 10.50 yesterday and closed at 1,453.00
Meantime, Glaxo are defending a High Court action against them in the UK regarding their controversial antidepressant, Seroxat.