Glaxo profits hit by Avandia sales fall

GlaxoSmithKline today said first quarter profits dropped 13% after results showed a sharp fall in sales for under-fire diabetes treatment Avandia.

The group revealed Avandia sales dived by 56% to £191m (€237m) in the first three months of the year, after demand for the product suffered in the wake of claims made last year that the drug increased the risk of heart attack.