GlaxoSmithKline, the UK's dominant drugs company, has reported a decline in fourth quarter sales and announced a share buyback programme well below analysts' expectations.
Shares in the firm were trading at £13.94 by mid-afternoon, a fall of 1.8% on yesterday's closing price. Revenue fell 2% to £6.98bn in the fourth quarter of 2011, the firm reported today, with earnings per share before restructuring charges at 28.4p, missing the average estimate of £7.31bn and 29p earnings per share, Bloomberg reports. GSK blamed weak sales of flu-related products, combined with the Avandia diabetes medicine and Valtrex antiviral, which dropped from £317m to £127m. The pharma giant also announced details of its share buyback programme. It pledged to buy £1bn-£2bn i...
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