GSK cuts profit outlook as lung drug sales slow July 23, 2014 GLAXOSMITHKLINE (GSK) cut its full-year outlook yesterday after posting a 13 per cent decline in second-quarter sales, as it struggled to maintain its position in the significant lung drug market. The FTSE 100-listed pharmaceuticals giant posted a 25 per cent slump in core operating profit to £1.4bn in the second quarter, while turnover fell 13 [...]
London Report: Tesco share price falls to lowest in 10 years as GSK warns on earnings July 23, 2014 Shares in Tesco yesterday fell to their lowest level in almost a decade after the beleaguered supermarket issued a profit warning earlier this week and announced that chief executive Philip Clarke is stepping down. Tesco’s shares fell 0.49 per cent to 276p yesterday, down 4.6 per cent since Monday when Clarke’s exit was announced and [...]
GlaxoSmithKline share price plunges following a 14pc fall in profits July 23, 2014 No respite for GlaxoSmithKline. Shares in the pharmaceutical giant took a drubbing today, plummeting as much as 6.9 per cent after the drugmaker posted a 14 per cent fall in second quarter profits. Shares recovered slightly, closing down around five per cent. One of its key drugs, Avadir, a treatment for asthma, makes up around [...]
GlaxoSmithKline China: Company admits to bribery scandal in 2001 July 17, 2014 GlaxoSmithKline (GSK) has admitted that members of its staff were caught bribing Chinese officials back in 2001, according to the Financial Times. The new information has emerged as the pharmaceutical giant faces intense scrutiny from authorities in the UK and US regarding the alleged bribing of doctors and officials to boost drug sales to China. [...]
GlaxoSmithKline China bribery claims: British man charged July 14, 2014 A British corporate investigator and his wife have been formally charged by Chinese authorities with illegally obtaining private information, in a case linked to the GlazoSmithKline (GSK) bribery claims. Peter Humphrey and his wife Yu Ying Zeng, an American citizen, were arrested in August 2013 over claims they "illegally trafficked a huge amount of personal information on Chinese [...]
GSK China bribery allegations are “credible”, says investigator July 4, 2014 An investigator hired by GlaxoSmithKline to look into claims of bribery at the company's China operation has said that the allegations are “credible”. Four senior executives at the company have been arrested by police in China. They are accused of bribing influential doctors with cash and expensive gifts so that they would use their [...]
GlaxoSmithKline share price drops after sex tape revealed June 30, 2014 Shares in Britain’s biggest drugmaker GlaxoSmithKline fell yesterday after it confirmed the existence of a sex video recording of its former China head, Mark Reilly. The tape sparked a bribery investigation that has damaged the drugmaker’s business in China. A GSK spokesman confirmed the tape existed but did not comment on how it related to [...]
Glaxosmithkline agrees $350m link-up with cancer specialists June 2, 2014 GLAXOSMITHKLINE, the UK’s largest pharmaceuticals firm, has agreed a strategic deal with British biotech company Adaptimmune to develop cancer drugs. The arrangement could see privately-owned Adaptimmune earn more than $350m (£209m) over the next seven years, the firm said in a statement. “GSK’s substantial development and manufacturing expertise in key areas will be invaluable as [...]
GSK on the hunt for suitor to buy drugs portfolio May 29, 2014 THE UK’S biggest drug maker Glaxosmithkline has raised the for sale sign on a number of its best known products, alerting a host of private equity suitors to the opportunity in a bid to secure a buyer. GSK, led by chief executive Sir Andrew Witty, has appointed Lazard to drum up interest in the sale, [...]
London Report: Investors brush off Glaxo fraud probe as FTSE edges up May 28, 2014 BRITAIN’S top shares edged up yesterday, with pharma giant Glaxosmithkline’s stock falling by only a relatively modest amount after the UK fraud office launched a criminal investigation into its commercial practices. The FTSE 100 closed up 6.28 points, or 0.1 per cent, at 6,851.22 points. The drugmaker fell 1.6 per cent on news of the [...]