BOSTON (MarketWatch) -- Drug stocks slipped modestly in early trading Thursday as shares of GlaxoSmithKline PLC fell the day after it announced its new strategy for jump-starting profits. The Amex Pharmaceutical Index was virtually flat at 304.7 and the Amex Biotechnology Index dipped 0.6% to 827.3. Glaxo shares dropped 3% to $47.36. On Wednesday, Glaxo announced that it plans to move away from developing huge "blockbuster" drugs and towards marketing vaccines, consumer products and generic drugs, especially in emerging markets. Glaxo made the announcement after it released a lackluster second-quarter earnings report. ...
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