Listed as number three in pharma sales, GlaxoSmithKline has had some rough luck thanks in part to the diabetes drug Avandia, which has been pulled out of Europe and restricted in the U.S after global side effect concerns since 2007. The company cut its losses on the drug, writing off $233 million in supplies and eliminating its marketing efforts of the drug.

The company has racked up some charges against its earnings, including over $6 billion in the fourth quarter of 2010 from Avandia and marketing settlements. GSK settled 10,000 Avandia lawsuits for a combined $460 million. Also, the company hit number three on FiercePharma's Top Layoffs of 2010 list with 5,201 jobs lost. While other companies look towards more spinoffs, GSK has focused on emerging markets as its ticket to higher revenue. It purchased Laboratorios Phoenix in 2009 and China's MeiRui in 2010; the UK-based company said the impact of its layoffs would be masked by more job opportunities in Asia and South America.

In early 2011, GSK and Human Genome Sciences gained FDA approval for Benlysta, the first new lupus treatment in more than 50 years, and experts believe it could be a $3 billion to $5 billion worldwide sales heyday for the partnership. But the FDA denied an extended approval and a potential $1 billion in sales to GSK from the prostate drug Avodart. While the drug was effective against low-risk malignant tumors, it potentially heightened the risk of developing more aggressive tumors.

GSK spun off its HIV treatments into ViiV Healthcare in 2009, combining it with Pfizer's former R&D efforts in the field. ViiV markets Ziagen, Trizivir, Epzicom and abacavir as part of its suite of drugs for HIV/AIDS.

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Latest Headlines

Latest Headlines

Glaxo compound slows Lou Gehrig's disease in animal models

A team headed by researchers at the University of Pennsylvania has figured out a way to reduce the toxicity of Lou Gehrig's disease by slowing neuron dysfunction in animal models. The discovery could offer a new way to treat the disease, also known as amyotrophic lateral sclerosis, or ALS.

GlaxoSmithKline bets another $1B on India with a stake-raising buyout offer

GlaxoSmithKline CEO Andrew Witty says he's a "huge bull" on India, despite the ongoing patent-rights tug-of-war between foreign drugmakers and domestic officials. Now, Witty is putting another $1 billion where his mouth is.

GlaxoSmithKline pledges $330M to ramp up Relvar production, expand in U.K.

You have to hand it to GlaxoSmithKline: The company knows how to play politics in its home country. After lobbying for years for a "patent box" that would cut its taxes, the company has announced two major investments in the U.K.--and credited the patent box with both.

GlaxoSmithKline initiates global cancer consortium

GlaxoSmithKline is launching what it calls the Oncology Clinical and Translational Consortium, a collaborative scientific research network intended to advance drug discovery that will include 6 cancer centers around the world.

Pfizer is opening up clinical trial data to researchers, patients starting in 2014

With pressure mounting on drugmakers to make clinical trial data more transparent, Pfizer has started to take steps to open up its results, unveiling more concrete details and a timeline for adoption this week.

GSK fends off wrongful death case alleging Paxil led to abortion

After settling much of the litigation tied to the health effects on newborns whose mothers took the antidepressant Paxil  during pregnancy, maker GlaxoSmithKline has now won a wrongful death case brought by a woman who said she aborted after she was told her fetus had congenital heart defects.

U.K. prime minister stands up for GSK in China

U.K. Prime Minister David Cameron thinks GlaxoSmithKline is a "very decent and strong British business" and has been talking it up with Chinese officials during his trade visit there.

GlaxoSmithKline dumps its last two programs in $1.5B ChemoCentryx deal

A little more than two months after GlaxoSmithKline abandoned its $1.5 billion partnership on ChemoCentryx's lead drug, the Crohn's drug vercirnon, scrapping three late-stage studies after the first Phase III flopped, the biotech says that GSK has begged off pursuing a follow-up anti-inflammatory program and returned another drug--CCX354--licensed out four years ago.

Glaxo CEO Witty visits China in wake of bribery charges

GlaxoSmithKline CEO Andrew Witty is on his first trip to China since authorities there alleged his company funneled $490 million in bribes to doctors. Despite the scandal, GSK says it remains committed to doing business in China.

GlaxoSmithKline launches satellite R&D teams in search of new products

Drugmaker GlaxoSmithKline is sending R&D folks into new areas to look for drugs, launching satellite innovation centers in Cambridge, MA, and San Diego.