The Bucharest branch of UK's GlaxoSmithKline (GSK) pharmaceutical group reported losses standing at 2.4 million RON (662,000 euros) for last year, after having derived income worth 5.7 million RON during the previous year. At the same time, the company's turnover declined by around 6% to 252 million RON (69.5 million euros), according to the data GSK SRL Bucharest published in the Official Gazette. "GlaxoSmithKline is going through a period of investments, including the launch of some innovative drugs. Moreover, we are an active and socially committed firm, which also entails investments. Nevertheless, we would have been in the black in 2005, too, were it not for the IAS 39 adjustment worth around 5.18 million RON. As it is known, this adjustment has to do with the receivables at the end of 2005, chiefly generated by the difficult collection of debts accumulated in the health care system," stated Roberto Musneci, deputy chairman and regional manager for Southern and Eastern Europe with GSK. He added the consolidated figures GSK group reached in Romania at the end of 2005 financial year pointed to sales worth above 162 million dollars. GSK operates in Romania through several units: GSK Bucharest, an importer of drugs produced by the British company, the Brasov-based Europharm plant, Europharm-Largo and Europharm-Hemofarm. According to Cegedim market research firm, GSK has been the leader of the Romanian pharmaceutical market for several years, but over the past 3 years has seen its market share decline from 11.6% in 2003 to 10.9% in 2004 and to 9.1% in 2005.
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