GlaxoSmithKline (GSK), the world's second-largest pharmaceutical group, reported a slump in profits after the loss of patents on five key drugs in the United States outweighed strong sales growth in Europe and Asia and a significant boost from the weak pound. GSK announced a 13 per cent decline in group profits to £1.13 billion in the three months to March 31, as sales in America plummeted by 22 per cent to £2.3 billion. Five drugs that generated £586 million of revenues in the first quarter of 2017 have all faced cheaper competition in the US in the past year after losing their patents. They are the antidepressants Wellbutin XL and Paxil CR, the Imitrex migraine pill, Lamictal, the epilepsy drug, and Requip, a treatment for restless leg syndrome. The group's overall sales rose by 19 per cent to £6.77 billion as GSK benefited from strong growth in markets outside the US and the weak pound, which increased the bottom line when sales in better-performing currencies such as the yen, the euro and the dollar were translated into sterling. Without the benefit of currency fluctuations, sales in local currencies fell by 5 per cent globally, while profits declined by 31 per cent. The drugmaker is expected to continue to suffer from the effects of generic competition in the second quarter, although Andrew Witty, GSK's chief executive, said that he expected the impact to be reduced in the final six months as sales from new products boost revenues. GSK has embarked on a cost-cutting drive that will involve the loss of thousands of jobs, as it seeks to boost profits in the face of declining sales. At the same time, it wants to develop its business through collaborations with rivals and small “bolt-on” acquisitions. The group is also looking to offer more consumer healthcare products and to boost its presence in emerging markets such as India and China. Last week GSK announced a joint venture with Pfizer in which the two will merge the bulk of their HIV treatments businesses into a new company. On Monday GSK agreed to buy Stiefel Laboratories, a US dermatology business, for up to $3.6 billion. Mr Witty has resisted pressure from some shareholders to expand the business through a mega-merger. He has maintained that it would be high-risk and time consuming. ，英语毕业论文，英语论文范文 |
