GlaxoSmithKline to take record $3.5 billion 4th-qtr charge due to Avandia

18 January 2011

In an announcement to the London Stock Exchange yesterday, pharma giant GlaxoSmithKline (LSE: GSK) revealed that it expects to take a legal charge for the fourth quarter of 2010 of a record-breaking £2.2 billion ($3.49 billion) - equal to an after tax cost of £1.8 billion). The news saw GSK’s shares fall 2% in afternoon trading yesterday, before closing the day down 1.6% at £12.05.

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