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Originally published Wednesday, October 31, 2012 at 5:48 AM

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European austerity hits GlaxoSmithKline Q3 profit

Pharmaceutical company GlaxoSmithKline says net profit was 18 percent lower in the third quarter as sales fell in Europe and the United States.

The Associated Press

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LONDON —

Pharmaceutical company GlaxoSmithKline says net profit was 18 percent lower in the third quarter as sales fell in Europe and the United States.

For the three months ending Sept. 30, GSK said Wednesday that net profit was 1.12 billion pounds ($1.8 billion), down from 1.38 billion pounds last year. Revenue fell 8 percent to 6.5 billion pounds.

Sales declined by 9 percent in Europe, where the company faced pricing pressure from government austerity drives. U.S. sales fell 6 percent following the end of a co-promotion agreement for incontinence drug Vesicare and declining sales of Avandia for diabetes.

Sales in emerging markets rose 11 percent and overtook Europe as the company's biggest market in terms of revenue.

GSK shares were down 0.7 percent at 1,410 pence at midday.

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