The extent of sales problems caused by austerity measures in Europe was made fully clear in GlaxoSmithKline's (GSK) results, with declining revenues and profits in key markets very much the theme. But the company's pipeline is in much better shape, with 14 different drugs expected to report Phase III data during the next two years. So, with further savings in the supply chain to come, investors can afford to wait for an upturn.
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