British pharma company one of biggest fallers on FTSE 100 despite better than expected financial results

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Shares in GSK slid on Wednesday despite the UK drugmaker reporting better than expected financial results, as investors were unnerved by weaker sales of its respiratory syncytial virus (RSV) and shingles vaccines and recently launched medications.

Britain’s second-biggest pharmaceutical company reported a 19% decline in pre-tax profit to £1.9bn in the July to September quarter and £318m of restructuring charges, with more to come. Core operating profit and core earnings per share rose 5% and 1% respectively, however, beating analysts’ expectations.

Lack of profits and the threat posed by western countries are raising concern about the sustainability of Beijing’s AI boom

Trillions of dollars have been wiped from China’s stock markets in recent months amid increasing anxiety about the future of artificial intelligence, as Beijing races against the United States for dominance in the sector.

The STAR 50 Index, which tracks technology and innovation companies on the Shanghai stock exchange, has plunged 40% since June. Other indexes of major companies dropped by about 20% over the same time period.