Glaxo Sales Drop on Lower Demand for Avandia Diabetes Drug, Flu Products
July 26 (Bloomberg) -- Andrew Witty, chief executive officer at GlaxoSmithKline Plc, discusses the outlook for the company. Glaxo today reported second-quarter earnings per share excluding some items of 25 pence, meeting the average estimate of analysts surveyed by Bloomberg. Witty speaks with Shannon Pettypiece on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg)
GlaxoSmithKline Plc (GSK) said it expects greater cost savings than originally forecast from a cost- reduction plan and a lower tax rate as the company adopts new measures to improve efficiency.
The additional savings will total 300 million pounds ($435 million) with no increase in restructuring charges, bringing expenses down by a total of 2.5 billion pounds by 2012, the London-based company said today in a statement. The U.K.’s largest drugmaker also said it identified measures that will help reduce its tax rate by about two percentage points by 2014.
Glaxo today reported second-quarter earnings excluding restructuring costs of 25 pence a share, the same as the average of 13 estimates compiled by Bloomberg. The company’s revenue decline, the smallest in three quarters, also was in line with analyst estimates, with lower sales of the Avandia diabetes drug, the Valtrex antiviral and pandemic-flu products.
“GSK is demonstrating strong financial discipline in its approach to building the business,” Navid Malik, a London-based analyst with Matrix Corporate Capital LLP, said by e-mail. He recommends buying Glaxo shares.
Glaxo shares rose 9.5 pence, or 0.7 percent, to 1,373 pence at the close of London trading. Before today, the stock had returned 21 percent in the past year including reinvested dividends, compared with 20 percent for the Bloomberg Europe Pharmaceutical Index.
Improved Outlook“Overall, a solid set of numbers” with an “improved medium-term outlook,” Alistair Campbell, an analyst at Berenberg Bank in London, wrote in a note to clients today. The announced cost savings and tax rate may add 5 percent to 6 percent to earnings in the medium term, Campbell said.
Earnings before reorganization costs were 1.27 billion pounds, compared with 130 million pounds a year earlier, when profit was hurt by a 1.57 billion-pound legal expense to settle cases over Avandia and other products.
Glaxo stopped promoting Avandia worldwide in 2010 after regulators withdrew it from the market in Europe and limited sales in the U.S. because of an increased risk of heart attacks. Valtrex has faced generic competition since November 2009, and flu sales sank after the end of the pandemic last year. Revenue growth will resume “as we move into 2012,” Chief Executive Officer Andrew Witty said today.
Diet Drug Alli - News
Alli is available over-the-counter. Recently Glaxo decided to get rid of Alli according to a report in the Wall Street Journal: Glaxo to Shed Its OTC Diet Drug, Alli Dorry Samuels of Public Citizen reports that Public Citizen petitioned the Food & Drug
The drugmaker is seeking buyers for over-the-counter products such as the Alli diet pill, Lactacyd soap, and the Nytol sleep aid, seeking to focus its consumer-health unit on faster-growing brands such as the pain reliever Panadol.
A recent study found that the most common drug recommended for long-term use - orlistat, also known as Xenical or Alli - reduced weight by less than 11lb, equating to a loss of less than five per cent of total body weight. And with the tablets,
Diet drugs Alli and Xenical may cause liver failure - DailyFinance
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Diet Drug Alli - Bookshelf
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Information about Alli, brand name of the weight loss drug Orlistat, including side effects, drug interactions, and user comments.
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