GSK posted a strong Q2, with revenues and earnings both rising double dgits.
GSK posted a drop in Q1 profits and revenue from a year before, largely driven by restructuring charges and a 22% decline in US market sales.
GlaxoSmithKline announced the purchase of privately-owned Stiefel Labs for $3.6B. The company expects cost savings of several hundred million dollars over the next few years, as well as an expanded revenue stream.
GlaxoSmithKline announced their intent to purchase a 10% stake in Aspen Pharmaceuticals, solidifiying the relationship between the two companies and leaving the door open to an even stronger alliance in the future.
Previously, there was no mechanism for generic biologic drugs to be approved - which meant companies like Amgen don't face generic competition. But Obama's budget proposes to change that.
GSK announced that it plans to cut 850 research and development jobs in the U.S. and Britain. This is about 6% of total R&D staff.
• On April 23, GlaxoSmithKline announced an offer worth $720 million to acquire drug developer Sirtris Pharmaceuticals. Sirtris's research focuses on developing anti-aging compounds, such as the chemical resveratrol found in red wine which may lower blood sugar in diabetics and extend lifespan. This offer represents a substantial investment from GSK on early-stage research of potentially very profitable drugs. GSK shares rose by 2 percent to $44.61.
The FDA did not approve 500/50 strength Advair Diskus, a new dosage of the treatment for chronic obstructive pulmonary disease (COPD).
An FDA Committee recommended that despite possible links between Avandia, a diabetes medication, and heart failure, it should remain on the market.
The FDA issued an alert on the safety of major diabetes drug Avandia, claiming that it might be causing heart failure.
