GlaxoSmithKline's profits climb nearly 3-fold in Q4
February 6, 2014, 12:04 am TWN
LONDON--GlaxoSmithKline says fourth-quarter earnings nearly tripled and sales rose 5 percent, even as an ongoing investigation hurt business in China.
Net income rose to 2.5 billion pounds (US$4.1 billion) from 848 million pounds a year earlier, thanks partly to profits on the sale of some businesses. Sales grew, particularly in India, despite a 24 percent drop in China.
The company has been hit by allegations by the Chinese government that four of its employees bribed doctors and hospitals to encourage them to prescribe medications.