Advair competition fears flatten GSK's 2017 outlook

GlaxoSmithKline (LSE: GSK) has delivered 2016 sales growth of 6% and improved cash flow in figures boosted by the Brexit-hit pound, but the UK pharma major accepts that generic competition to a big-selling respiratory drug could hit its revenue in 2017.

The UK company’s share price was down by 1% at £15.45 by Wednesday afternoon, as markets reacted to a mixed bag of annual results from the London-based firm, which were the last set before chief executive Sir Andrew Witty (pictured above) retires to make way for Emma Walmsley.

"We face uncertainty as to the level of our earnings, given the possibility of substitutable generic competition to Advair in the USA"