GlaxoSmithKline 1st-qtr 2011 sales and earnings down but firm back in the black; Lovaza subpoena
After revealing a more than $1 billion loss for the fourth quarter of 2010 as a result of legal charges (mostly associated with its diabetes drug Avandia [rosiglitazone]; The Pharma Letter February 4), UK pharma giant GlaxoSmithKline (LSE: GSK) reported first-quarter 2011 results showing that, despite a downturn in both sales and earnings, the company was back in profit.
The company posted a 10% decline in first-quarter revenue to £6.585 billion ($10.91 billion), impacted by a sharp decline in sales of pandemic flu vaccines and antivirals but said quarterly profits were supported by strong sales of new products, continued expansion in emerging markets and Japan as well as asset disposals.
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