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

Glaxo's Connelly bows out amid scramble to turn around U.S. business

GlaxoSmithKline's sputtering U.S. sales gave the company a black eye with investors. Now, the company's U.S. chief is stepping down. Deirdre Connelly is out the door, the company told employees on Tuesday, with SVP Jack Bailey rising to take her place.

Indian portion of GSK-Novartis swap approved by GSK board

The board of directors at GlaxoSmithKline voted to approve the last phase of a three-part deal with Novartis, transferring GSK's cancer drug portfolio to Novartis Healthcare Pvt, its Indian arm. Distribution rights were ceded in exchange for acquiring the Swiss-based company's vaccines portfolio.

Sofinnova Partners' purple patch continues with GSK-GlycoVaxyn deal

Sofinnova Partners has followed up the succession of IPOs by its portfolio companies with the sale of its stake in GlycoVaxyn to GlaxoSmithKline. The sale continues a busy two years for the VC shop.

GSK nabs pipeline prospects, conjugate vaccine tech with GlycoVaxyn buyout

Since forging a scientific collaboration in 2012, GlaxoSmithKline has held a minority stake in Swiss biotech GlycoVaxyn. Now, it's forking over $190 million to acquire the remaining shares and take full ownership of the company.

Glaxo's new meds are finally grabbing market share--but can they keep it up?

Last week, GlaxoSmithKline CEO Andrew Witty told reporters something investors have long been hoping to hear: The company's respiratory newcomers are picking up steam.

After many bitter setbacks, neurosciences R&D is making a comeback

Alzheimer's, depression, Parkinson's and the rest of the neuroscience targets of interest in biopharma have created a disaster zone for R&D teams in recent years. That's why AstraZeneca, GlaxoSmithKline and others have either pulled way back or completely out of the field. But in their wake, you can now detect a new generation of small biotechs stepping up with promising programs to revolutionize the field.

Ahead of Novartis deal, GlaxoSmithKline scoops up vaccine developer in $190M buyout

Whatever GlaxoSmithKline learned about GlycoVaxyn in the two years since they inked a collaboration deal, it must have left the pharma giant feeling confident about the technology. GSK says today that it will scoop up the Swiss biotech, which is working on new vaccines for bacterial infections, for $190 million in cash.

Glaxo CEO says new lung meds are grabbing market share. Yes, really.

Last week, GlaxoSmithKline CEO Andrew Witty told reporters he sees the company's respiratory newcomers picking up steam. And that's not just some crystal-ball prediction for the future, he stressed. He's seeing it now.

Glaxo layoffs continue as 27 Montana vaccine workers get the ax

GlaxoSmithKline's job-chopping ax has struck Hamilton, MT, where 27 vaccine researchers will pack up this year. The pharma giant plans to centralize its R&D efforts in one location, but where that will be hasn't yet been decided, company spokeswoman Melinda Stubbee told local paper  Missoulian.

GSK lays off 27 vaccine researchers in Montana

As GlaxoSmithKline prepares to fold in the bulk of Novartis' vaccines unit--headed its way after their April 2014 multibillion-dollar asset swap--it's changing things up a little. And that includes closing the R&D branch of its vaccines lab in Hamilton, MT, this year.