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GlaxoSmithKline will record a legal charge of 2.2 billion pounds ($3.4 billion) for the fourth quarter, effectively wiping out its profit, as it settles further claims related to Avandia and sales practices.
The charge equates to an after-tax cost of 1.8 billion pounds, more than the 1.45 billion the drugmaker had been expected to make in net income in the three months to December, according to Thomson Reuters consensus forecasts. Get the full story »
Pharmaceutical giant Pfizer Inc.’s mega-acquisition of Wyeth boosted its third-quarter revenue 39 percent, but hefty charges and a higher tax rate, both related to that $68 billion purchase, dragged its profit down 70 percent, the company said Tuesday.
The New York-based maker of cholesterol blockbuster Lipitor and impotence pill Viagra posted net income of $866 million, or 11 cents per share. That’s down from $2.88 billion, or 43 cents per share, a year earlier. Get the full story »
