GSK profits down in first quarter
GlaxoSmithKline reports profits down; impact of China corruption probe not yet clear
LONDON (AP) -- UK pharmaceutical company GlaxoSmithKline has reported a second-quarter net profit of 1.04 billion pounds ($1.6 billion,) down nearly 16 percent from a year earlier.
Revenue rose 2 percent to 6.6 billion pounds. The company said Wednesday it was too early to tell whether revenues would be affected by the corruption probe underway in China.
Chinese police say four employees of GSK China are suspected of paying bribes to doctors and hospitals to encourage them to prescribe medications. The company says its China finance director has been barred since June from leaving the country.
Police allege the employees who were detained obtained money to pay the bribes by arranging to receive phony invoices or rebates from travel agencies.
