GlaxoSmithKline CEO Jean-Pierre Garnier struck back at critics over the weekend in an interview with London's Telegraph newspaper. He blamed a slide in the overall pharmaceuticals industry for the company's lackluster stock performance, which has drawn fire from investor groups [1]. Garnier also turned his nose up at the idea of spinning off Glaxo's consumer business, a notion that's been promoted by some investors and stock analysts.
Garnier trumpeted the company's pipeline--with 33 drugs in late-stage development, compared with two when he took over in 2000--its cost ratios, and its productivity. Whether this will suffice to shout down his detractors remains to be seen.
- read the article [2] from The Telegraph
Related Articles:
Riled investors look for big changes at GSK. Report [1]
FDA rejects GSK's Advair for COPD. Report [3]
GSK inks $1.5B dollar pain deal with Targacept. Report [4]
GSK sees success with RLS campaign. Report [5]
Links:
[1] http://www.fiercepharma.com/story/riled-investors-look-big-changes-gsk/2007-09-04
[2] http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/09/cnglaxo109.xml
[3] http://www.fiercepharma.com/story/fda-rejects-gsks-advair-copd/2007-08-09
[4] http://www.fiercebiotech.com/story/gsk-inks-1-5b-dollar-pain-deal-targacept/2007-07-27
[5] http://www.fiercebiotech.com/story/gsk-sees-success-with-rls-campaign/2006-10-25