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Thursday, February 07, 2008

Glaxo’s Garnier: ‘There Are More Unknowns’

Source: Pharmalot

Hat Tip - The Truthman

The drugmaker is having a rough time. The earnings report released today shows a steeper decline in fourth-quarter profit than analysts estimated and, to top it off, Glaxo ceo JP Garnier says earnings will drop this year, mostly due to docs abandoning the Avandia diabetes pill over safety concerns.

In response, Glaxo shares plunged as much as 9.5 percent earlier, the most in almost nine years, Bloomberg News points out. Net income fell 10 percent to $2.1 billion, missing analyst estimates. Revenue was little changed, with drug sales dropping 2 percent. Avandia sales, in particular, fell 55 percent, continuing a slide after a study last May linked the pill to an increased risk of heart attacks and strokes. Several other best-sellers, such as Coreg for high blood pressure and antidepressant Wellbutrin, faced greater competition from generic drugs. (Here is the Glaxo report).


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