Glaxo hit by sliding Avandia sales.

GlaxoSmithKline's problematic type-two diabetes product, Avandia, has hit an otherwise solid performance. Richard Hemming

GlaxoSmithKline 's (GSK) shares fell almost 9 per cent after it lowered next year's earnings expectations. That partly reflects the fact that sales of one of its lead drugs, Avandia (for type-two diabetes), failed to meet expectations, while generic competition is eroding profit margins.

Outgoing chief executive Jean-Pierre Garnier expects Avandia to continue to "cast a shadow" over the business for at least the next year. Indeed, US Avandia ...

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