Pharmaceutical company GlaxoSmithKline says net profit was 18% lower in the third quarter as sales fell in Europe and the United States.
For the three months to the end of September Glaxo said net profit was £1.12 billion, down from £1.38 billion last year.
Revenue fell 8% to £6.5 billion.
Sales fell by 9% in Europe, where the company faced pricing pressure from government austerity drives.
US sales fell 6% following the end of a co-promotion agreement for incontinence drug Vesicare and declining sales of Avandia for diabetes.
Sales in emerging markets rose 11% and overtook Europe as the company's biggest market in terms of revenue.
Glaxo reiterated its sales and profit margin forecasts for the full year, saying revenue will be in line with 2011 levels.
