UK drugmaker GlaxoSmithKline (GSK.NYSE, GSK.LON) said third-quarter sales fell by 61% in China due to an anti-corruption probe that started in July, Bloomberg reported, citing a company statement on Wednesday. The company has been accused of bribing hospitals, doctors and officials. Revenue from consumer health-care products in China fell 29% and the drugmaker gave no outlook on how long the downturn would last. Glaxo shares fell 1.9%, the biggest decline the company has seen in six weeks. Competitors Novartis AG (NVS.NYSE, NOVN.VTX) and Eli Lilly & Co. (LLY.NYSE) said Q3 China sales rose by 18% and 11%, respectively.
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