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

Bioinformatics skills help Codexis strike $25M deal with GSK

Codexis strengthened its ties to small-molecule synthesis this week through a deal with GlaxoSmithKline. The agreement will see GSK pay $6 million upfront and more in milestones to license the platform.

GlaxoSmithKline's melanoma combo beats Roche's Zelboraf in Phase III

GlaxoSmithKline is touting stellar Phase III results for an in-development combo therapy for melanoma, saying its treatment beat out Roche's Zelboraf in overall survival and led independent advisers to recommend an early end for the study.

New scrutiny for GlaxoSmithKline after news of 2001 bribery-related housecleaning in China

GlaxoSmithKline's bribery woes in China apparently go back a bit further than the $489 million scandal that broke last summer. The U.K. company has acknowledged that it fired about 30 staffers in its China vaccines business in 2001 after turning up evidence of corruption.

Novartis' soon-to-be-Glaxo's vaccine unit sees mounting losses, diving sales in Q2

After years of waiting for a turnaround in its vaccines unit, it looks like Novartis may have sold it off at the right time. The Basel-based drugmaker Thursday reported stepped-up operating losses and flagging sales for the division, much of which will be on its way to former rival GlaxoSmithKline when the companies' $7.1 billion deal closes next year.

As Glaxo begins 2014-15 flu vaccine shipments, manufacturing questions linger

While GlaxoSmithKline is eyeing a strong performance from Fluarix Quadrivalent in its sophomore year, it may have to rely on Fluarix more than it would like if it doesn't make peace with regulators over quality issues at its FluLaval plant.

GlaxoSmithKline and Theravance eye Phase III for another COPD contender

The blockbuster duo of GlaxoSmithKline and Theravance are pushing a new respiratory combo therapy into late-stage study, pooling the active ingredients from its last two approved COPD treatments to create a once-daily inhaler.

Former GSK China employees fight back after 'illegal' firings

As part of GlaxoSmithKline's post-bribery-scandal efforts to clean up its marketing act, it has laid off workers whose business expenses didn't quite add up. But unfairly so, according to a trio of plaintiffs.

Ex-China staffers sue GSK for 'illegal' termination amid bribery scandal

As part of GlaxoSmithKline's post-bribery-scandal crackdown in China, it has tossed out employees whose expenses were "not compliant with company regulation." But now, three former employees say they were fired illegally--and they're fighting back in court.

China indicts PI and his American wife for 'illegal' activities in GSK bribery probe

Two months after charging three China-based executives of GlaxoSmithKline with bribery, that country is coming down hard on a British private investigator and his wife for their alleged roles in the widening scandal. British private investigator Peter Humphrey and his wife Yu Yingzeng, who is an American, have been indicted for illegally collecting private information on Chinese citizens, according to the state's news agency, Xinhua.

Insurers balk at pricey generic version of ancient GSK heart drug

The heart drug digoxin--a generic version of GlaxoSmithKline's Lanoxin--used to cost just pennies a pill, making it a prescription that insurance companies were more than happy to cover. Not anymore. The three companies that make generic digoxin have been increasing their prices, causing the cost of the drug to nearly double in the last year.