Instead, the rebates "reflect intense competition" in the market for the drugs, the company said.

The number of galleries is down slightly this year, perhaps reflecting competition from so many other art fairs, seven last week in New York alone.

The decline reflects increased competition between the investment houses struggling for new business.

But it could also reflect simple competition.

The main purpose of the alliance is to build loyalty to a brand name, and it reflects growing competition in the cellular industry.

But the trend also reflects ever-keener competition for places in top-notch private institutions.

The ads also reflect intense competition for suburban women, who tend to be married with children.

It is obviously to their benefit that the specification reflects the strengths and capabilities of their products rather than competition.

That in part reflects sharper competition for all foreign aid.

For the half year to September, Merrydown reported profits down 19% to £760,000 reflecting strong competition.