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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Glaxo settles multi-state off-label marketing probe with $105M fine

GlaxoSmithKline's latest penalty for improper marketing practices may seem little more than a slap on the hand--except that it's coming at the worst possible time for the embattled British drugmaker. GSK agreed to pay $105 million to settle charges in California, New York, Texas and more than 40 other states that it illegally promoted its asthma drug Advair and antidepressants Wellbutrin and Paxil.

Out with the old, in with the new: Merck, GSK, others put established drugs on the block

Some of pharma's biggest players have already said they're looking into jettisoning their portfolios of older meds or selling off certain established products with an eye toward newer, fast-growing drugs. And as that trend takes flight, other pharma companies may look to make similar moves, The Wall Street Journal 's sources say.

GlaxoSmithKline's Chinese reps demand to be repaid for bribes, FT reports

GlaxoSmithKline's top brass is already up against potential penalties in China and the U.K. for the bribery scandal that broke last summer. But now, it's taking heat from within the company, the Financial Times reports. Junior Chinese employees say they want to be repaid for bribes their superiors ordered them to pay.

Science pays: 2013's 10 best-compensated R&D chiefs in biopharma

For an idea of what kind of year a drug developer had, take a look at what it paid its head of R&D. Click through our roundup for a look at who ranks where in the biopharma R&D world. Read more >>

J&J's Imbruvica thumps GSK's Arzerra in head-to-head leukemia trial

Results are in from a showdown between chronic lymphocytic leukemia drugs Imbruvica, from Johnson & Johnson's Janssen unit, and GlaxoSmithKline's Arzerra. And as it turns out, it wasn't much of a contest.

GSK misses survival endpoint with Tykerb-Herceptin pairing

Glaxo announced at ASCO on Sunday that in a Phase III study, Tykerb and Herceptin failed to improve  disease-free survival in HER2-positive early breast cancer patients over  Herceptin on its own.

GlaxoSmithKline opens a new chapter in cancer R&D with pioneering TCR pact

GlaxoSmithKline's oncology division is retooling and adding a new focus on the emerging field of T-cell engineering in immuno-oncology. And in the process the pharma giant is sending a clear message that it still sees a bright future for itself in cancer drug research.

Glaxo seeks buyers for older products worth up to $12.6B

GlaxoSmithKline has already made some moves to sell off some of its older meds. But now, it's making more that could end up much, much bigger.

GSK India exec sees growth fueled by Novartis vaccine assets

GlaxoSmithKline's emerging-market vaccines sales have seen better days, thanks to a $489 million bribery probe that recently led to the indictment of the company's former China head. But according to a local exec, good times are ahead for Glaxo's vaccines unit in India--and the company's recent pickup of Novartis' non-flu vaccine assets will help it get there.

GlaxoSmithKline's India unit eyes sales growth after Novartis vax deal

According to a local exec, good times are ahead for Glaxo's vaccines unit in India--and the company's recent pickup of Novartis' non-flu vaccine assets will help it get there.