GSK posts strong 3rd-qtr 2006 results but disappoints on product roll-out plans
GlaxoSmithKline, the world's second largest drugmaker by sales, reported consensus forecast-beating financial results for the three months ended September 30, 2006, and raised its full-year earnings guidance, but still saw its share price drop nearly 4% to L14.51 on the day of the announcement, October 26.
The reason was that it also said there would be a delay in filing its cervical cancer vaccine Cervarix, from early-2007 to April that year. Also negative on the R&D front was that Promacta (eltrombopag) had failed to demonstrate efficacy; further development of the anti-diabetes agent Redona (denagliplatin) had been put on hold, and 270773 has been dropped in sepsis.
Pretax profit up 15%
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