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.

Tag:

GlaxoSmithKline

Latest Headlines

Latest Headlines

Avalon jumpstarts first biotech in $500M GlaxoSmithKline portfolio deal

Avalon Ventures is kick-starting the first biotech enterprise in its half-billion dollar portfolio deal with GlaxoSmithKline, launching a startup named Sitari Pharmaceuticals which will pursue research work out of Stanford University with an eye to developing a new drug for celiac disease.

Pfizer, GlaxoSmithKline forge cancer alliance in combo melanoma trial pact

Combination cancer therapies are all the rage these days in the oncology field. Now two of the giant players in the cancer R&D arena have decided to match their top prospects to see if they can make a bigger impact on melanoma.

GlaxoSmithKline politely dumps $230M Fabry drug deal with Amicus

Slightly less than a year after GlaxoSmithKline and Amicus Therapeutics reported that the first step in their Phase III program for the Fabry disease drug Amigal--or migalastat HCI--had ended in failure, the pharma giant has bowed out of its development collaboration.

GSK cashing in one-third of its stake in South Africa's Aspen

If you take a big bet on an up-and-coming pharmaceutical maker and you turn out to be right, you should be able to reap some profit from your investment. That's what GlaxoSmithKline ($GSK) intends to do with a third of its stake in Aspen Pharmacare, a fast-growing South African drugmaker that has had a partnership with GSK since 2009.

GlaxoSmithKline CEO: Big Pharma has to be willing to concede in India

Indian officials must have been glad to hear from GlaxoSmithKline CEO Andrew Witty. During a trip to the country, Witty told Indian media that the country's policies on pricing and patents are understandable, even reasonable, though they may pain the pharma industry.

Pharma in India scrambles to appease wholesalers, chemists

Nobody making or selling drugs in India was happy when the government this year expanded price caps to nearly 350 drugs, but there seemed little for anyone to do. 

GSK expanding further in India with £85M facility, CEO Witty says

GlaxoSmithKline expects increasing amounts of business from emerging markets, and so, to get ahead of the curve in India, the company is planning to build a new £85 million ($136.5 million) plant there, CEO Andrew Witty announced while in the country for a conference.

UPDATED: GlaxoSmithKline loses its first big PhIII bet on heart drug darapladib

The pharma giant reported that the drug did not produce a statistically significant improvement in the risk of heart attack, stroke or death, though it added that "greater reductions" for some of the secondary endpoints warranted careful follow-up review as investigators considered its potential.

PhIII judgment day looms for GlaxoSmithKline's heart drug darapladib

GlaxoSmithKline has racked up a slate of drug approvals this year, an impressive accomplishment for a company that had to endure a lengthy fallow period in R&D after it reorganized its extensive research operations. 

GlaxoSmithKline toes the line in Breo launch

Does the Justice Department's off-label marketing enforcement actually deter bad behavior? That's been up for debate as one drugmaker after another agreed to pay hundreds of millions of...