GSK talks up new drugs in pipeline

GlaxoSmithKline has insisted it is well placed to reverse falling sales after it highlighted a portfolio of 30 drugs within sight of release.

Chief executive Sir Andrew Witty said there were “increasing signs that we can replenish our pipeline on an ongoing basis”, offsetting fears over the impact of cheaper generic competition and government austerity measures.

Turnover fell 2 per cent in the three months to the end of 2011, leaving full-year sales down 3 per cent at £27.4 billion amid weak demand for vaccines. Its consumer business suffered a 6 per cent profits fall.