Glaxo Profit Off; Key Drug Falters
[2008-4-3]
GlaxoSmithKline reported a steeper than expected 10 percent decline in fourth-quarter profit on Thursday and forecast an earnings decline in 2008 because of generic competition and weaker sales of its diabetes pill.
Glaxo said profit fell to £1.06 billion ($2.1 billion) from £1.18 billion a year earlier.
The profit fell short of the £1.12 billion expected by analysts and stock in Glaxo fell 8 percent in London, where the company is based.
Revenue was little changed at £5.97 billion ($11.63 billion).
Glaxo expects that the impact of lower sales of its diabetes drug, Avandia, and increased generic competition will help cause a drop of about 5 percent in earnings a share in 2008.
Sales of Avandia have plummeted in the United States since a report last May by The New England Journal of Medicine linked the drug to an increased risk of heart attacks. Sales of the medicine, used to treat Type 2 diabetes, fell 29 percent over the year to £780 million ($1.5 billion).
Glaxo said profit fell to £1.06 billion ($2.1 billion) from £1.18 billion a year earlier.
The profit fell short of the £1.12 billion expected by analysts and stock in Glaxo fell 8 percent in London, where the company is based.
Revenue was little changed at £5.97 billion ($11.63 billion).
Glaxo expects that the impact of lower sales of its diabetes drug, Avandia, and increased generic competition will help cause a drop of about 5 percent in earnings a share in 2008.
Sales of Avandia have plummeted in the United States since a report last May by The New England Journal of Medicine linked the drug to an increased risk of heart attacks. Sales of the medicine, used to treat Type 2 diabetes, fell 29 percent over the year to £780 million ($1.5 billion).
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