Sales of GlaxoSmithKline’s medicines in China have dropped 30 per cent since officials accused the UK pharmaceutical group of corruption, according to provisional analysts’ estimates.
The figures, produced by Citi, will add to pressure on GSK’s top executives as they face the threat of a substantial fine triggered by Chinese allegations of bribery totalling up to $500m.
They come as investors speculated on the future of GSK’s chief executive, Sir Andrew Witty. Sir Christopher Gent, chairman, is due to step down in 2015 and possible replacements include Sir Philip Hampton, although friends said he had no plans to leave his job chairing Royal Bank of Scotland for at least another year.
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