GlaxoSmithKline loses to generics

European biotech giant, GlaxoSmithKline, reported a profit fall of 9% in 2004 to a total of £6.2bn ($11.5bn).

However, despite losing out around £1.5 billion to generic drugs markets, GlaxoSmithKline still saw 1% overall growth, and expects to improve on sales revenue over 2005.

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