Science in the Triangle

GlaxoSmithKline, the biggest drugmaker in the Triangle, generated about a billion less in U.S. sales in the first quarter, largely because it hasn’t been able to bring enough products to market to replace sales lost to generic competitors.

Like other large drugmakers GSK hasn’t had enough success discovering and developing new medicines in its own labs. The most recent setback: The company announced today that a promising Alzheimer’s drug disappointed in a late-stage trial. Rosiglitazone XR, a version of GSK’s diabetes drug Avandia, could have been a multi-billion-dollar seller. Development of rosiglitazone XR for Alzheimer’s was advanced by GSK researchers in the Triangle, where the British drugmaker has its U.S. headquarters and employs about 5,000.

GSK did better in emerging markets, such as Asia. There, sales rose by double-digit percentages. But the gains couldn’t make up for the losses.

Worldwide, revenue for the three months ended March 31 fell 6 percent to $9.7 billion compared to a year ago. Profits were down 12 percent to 32.1 cents per share. After GSK announced earnings Wednesday morning, its American depositary receipts, which are like stock, traded below $30 - down about $1 from Tuesday’s closing price - for much of the day.