Turnover Hit By Price Pressures And Government Measures

BMI View: GlaxoSmithKline (GSK)'s Q411 results highlight the company's high exposure to healthcare sector cost-containment programmes and pricing pressures placed on medicines by governments in developed states. However, on a positive note, the company has increased its focus on industry-driven emerging economies as highlighted by revenue growth in these markets - in 2011 38% of sales were generated outside of the US and Europe and in total less than 22% of our sales were 'white pills in western markets', compared with approximately 40% in

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