GlaxoSmithKline CEO: business stabilising despite China slowdown

Pharmaceutical company reported better than expected second-quarter results of 5.9bn, although Chinese sales fell 14%

The GlaxoSmithKline CEO, Sir Andrew Witty, said the Chinese drug market has slowed down dramatically over the past year but insisted that the drugmaker's own business there is stabilising, as it unveiled second-quarter results that beat City expectations thanks to strong sales of new HIV drugs.

Witty also flagged up 40 new drugs and vaccines that are in mid- to late-stage development, half of which are expected to be on the market or filed for regulatory approval by 2020. He highlighted a new shingles vaccine, as well as treatments for chronic lung disease, severe asthma, anaemia and heart disease.