4 Healthcare Stock Stories Gaining Thursday Traction
GlaxoSmithKline (NYSE:GSK): Closing price $51.77
In the third quarter, GlaxoSmithKline sales in China fell by 61 percent. The company had warned in July that the ongoing bribery scandal would have a negative impact on its business but was not certain to what extent, as the form said that, ”At this stage, it is still too early for us to quantify the longer-term impact on our performance in China.” Excluding China, sales rose by 5 percent. GlaxoSmithKline stands accused of channeling close to $500 million through a network of 700 travel agencies to bribe medical associations, government officials, hospitals and physicians.