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

Buzz: Deep job cuts looming at GlaxoSmithKline's U.S. ops in RTP, Philly

With sales of its flagship product Advair slipping as its new respiratory drugs fail to gain rapid traction, Big Pharma player GlaxoSmithKline is prepping some deep cuts in its U.S. operations, according to several reports over the holiday weekend.

GSK ready to ax hundreds in U.S., sources tell Bloomberg

GlaxoSmithKline is making big cost cuts to boost its finances next year as sales of its $8.25 billion asthma med Advair are deflated by competition, generic and otherwise. Reports are that hundreds of jobs are on the line in the U.S. and the culling will be announced this week.

GSK shareholders to vote on Novartis megadeal in December

Glaxo shareholders will soon have the chance to weigh in on an asset swap between GlaxoSmithKline and Novartis worth more than $20 billion.

Cambrian raises $10M for DNA printing tech used by GSK

Proponents of DNA printing have heralded it as a way to do everything from bringing alien life back from Mars to delivering vaccines in the event of a pandemic. And the technology has attracted GlaxoSmithKline and Roche, both of which have taken an interest in Cambrian Genomics.

NewLink Ebola vaccine trial to start in Canada

In Canada, which has no reported cases of Ebola, people are lining up to get in on a clinical trial for an Ebola vaccine.

GSK, Novo earn top marks getting their meds to poor, but more work lies ahead

Big Pharma earned gold stars in 2014, as the industry's top drugmakers did more to get their meds to patients in the world's poorest countries. But despite recent progress, companies still have room to grow in R&D and distribution, the Index notes.

Clovis taps GlaxoSmithKline to team up on lung cancer

Clovis Oncology has signed a deal to test whether its lead drug can make a difference in lung cancer when paired with GlaxoSmithKline's melanoma treatment Mekinist.

GSK, Medidata report on positive pilot of mHealth in clinical trials

GlaxoSmithKline and Medidata have moved mHealth tools one step closer to the clinical trial mainstream. Having run a pilot project, the partners have concluded that mHealth technologies can deliver reliable, FDA-compliant data and improve the clinical trial experience for patients.

Reuters: Apollo interested in GSK's entire $3B package of mature drugs

GlaxoSmithKline has long explored a sale of some $3 billion worth of its older drugs, planning to shed products by geographic region to meet buyers' interests. Now, the company could have a more enticing offer on its hands as private equity firm Apollo Global Management is planning to bid GSK's entire portfolio of drugs, rather than snatch up businesses by region, people familiar with the process told Reuters.

Dendreon bankruptcy weighs on cancer vaccine field

Ever since Dendreon's lackluster Provenge launch, the Washington-based biotech's failures have cast a pall over the troubled cancer vaccine field. And the company's bankruptcy won't help with that.