British drugs giant GSK sees profits slide

Source: Euro News 24

LONDON - Pharmaceuticals giant GlaxoSmithKline said on Wednesday that net profit sank 13.5 percent in the first quarter of 2009, blaming fierce competition from generic drugmakers.

GSK said net profit tumbled to 1.13 billion pounds in the three months to March, compared with the same period of 2008.

First-quarter profit performance adversely impacted by gross margin decline due to US generic competition, one-off research and development write-offs and other back-office costs, GSK said in a statement.

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