GlaxoSmithKline ($GSK) managed to rattle some of the analysts who follow the company with a quarterly drop in sales--even as profits went up. But the pharma giant believes it has the goods in the late-stage pipeline to make up for any sales weakness. In its quarterly statement GSK, which restructured R&D more than three years ago, says that "of the 15 assets with Phase III data expected by the end of 2012, 12 have now reported some or all of their data, with 10 positive and 2 negative. Several of these program are reporting ahead of schedule and we already have the vast majority of data required to support the potential launch of 8 major new drugs and vaccines in the next 24 months." Its top drug prospects address COPD, diabetes and HIV. Release (PDF)