FiercePharma says: GlaxoSmithKline announced a $2.36 billion charge to second-quarter earnings, to cover the cost of resolving several legal problems including the Avandia settlement, but also a $750 million deal to dispose of a U.S. manufacturing investigation.
- Q2 sales £7.0 billion (level); progress in diversification strategy offsets US decline.
- H1 total sales £14.4 billion (+7%); sales excluding pandemic products +1%
- Sustained pipeline delivery and development of portfolio.
- Ongoing efforts to resolve long-standing legal cases; pre-announced Q2 legal charge of £1.57 billion
- Continued focus on cost control and strong cash generation.
GSK's website: http://www.gsk.com/
Full release: GSK's earnings release