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Topic: Bad day for Glaxo (Read 355 times) |
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tommyD
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Bad day for Glaxo
« on: Feb 14th, 2004, 7:13am » |
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They got supoenaed by the feds over for their marketing and promotion practices of some major drugs, including Imitrex.
Also, their stock dropped Friday. but that was mainly because their profits are down.
Here’s some links and excrepts. If the links don’t work, go to Google News and search for GlaxoSmithKline.
http://www.ajc.com/business/content/business/ap/ap_story.html/Financial/ AP.V8297.AP-GlaxoSmithKline.html
GlaxoSmithKline Gets Federal Subpoena
WASHINGTON (AP)--GlaxoSmithKline received a subpoena this month from the U.S. Attorney's Office in Colorado for an investigation of the marketing and promotion of several of the company's best-selling products, according to a regulatory filing.
GlaxoSmithKline spokeswoman Mary Anne Rhyne said the products cited in the investigation include respiratory drugs Flovent and Advair; Imitrex, used to treat migraines and cluster headaches; anti-epilepsy drug Lamictal; Paxil, used to treat depression, panic, (etc), anti-viral drug Valtrex; and anti-depressant Wellbutrin.
http://seattlepi.nwsource.com/business/apbiz_story.asp?category=1310& ;slug=Earns%20GlaxoSmithKline
GlaxoSmithKline reports drop in 4Q profit
By MICHAEL MCDONOUGH
ASSOCIATED PRESS WRITER
LONDON -- Pharmaceuticals giant GlaxoSmithKline PLC said Thursday that legal costs and a decline in sales of the anti-depressant Paxil helped squeeze fourth-quarter net income by 15.5 percent.
The London-based company said net income for the three months ending Dec. 31, 2003 was 790 million pounds (US$1.41 billion), down from 935 million pounds in the same quarter of 2002.
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Lizzie2
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Re: Bad day for Glaxo
« Reply #1 on: Feb 14th, 2004, 1:00pm » |
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Sounds similar to what happened to Pfizer when they were caught pushing neurontin off-label for a variety of conditions that there is no proof of it helping. People were put on rediculously high doses with no sign of improvement, and no wonder...it wasn't ever going to improve those conditions! There were even claims made that doctors were paid to prescribe neurontin to their patients. But when it comes down to it, neurontin is still prescribed for a variety of off-label uses...despite it's bad press.
Well both Glaxo and SmithKline have had numerous corporate partners. Wonder if they will think about reshuffling again in spite of their recent loss in profits. At any rate, despite whatever problems their into, it doesn't mean that these drugs aren't useful for the various conditions they are being used for. Hopefully it won't scare doc's off from prescribing them. Doesn't seemed to have stopped neurontin much anyways! Guess we'll see!
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forgetfulnot
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GlaxoSmithKline, by the way Liz that is all one company, is most likly the the strongest pharmacutical co's. there is. Imiterex is approved for use on cluster headaches. Microsoft has about 45bln in cash yet their stock has droped the last few weeks. Do you think they are both a bunch of crooks and we shuld bail? Well, If you answer yes then who would you buy? Enron? Tyco? Hard to say but when you look at the charts, Glaxo......
Is a strong money making company with a lot of good things on the horizon. A small deal like this is like a little heartburn after lunch for them. 
Lee
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Lizzie2
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Re: Bad day for Glaxo
« Reply #3 on: Feb 14th, 2004, 11:54pm » |
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i know it is all one company NOW...but it used to be GlaxoWellcome and SmithKlineBeecham....they haven't always been partners. and if you reread what i wrote, i wasn't saying they should stop prescribing them or that CH was off-label for imitrex. they MIGHT be in trouble for pushing the meds for other off-label uses. and also what i said was that hopefully doc's won't stop prescribing the meds just because the company is in a little hot water at the moment. i NEVER said we should stop taking them...bail on trex, etc.
Don't jump down my throat without understanding what i'm writing please.
Lizz
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forgetfulnot
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Quote:| Don't jump down my throat without understanding what i'm writing please |
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Sorry Liz, I did not mean to do that at all, just stating facts, no finger pointing, hell I'am to old to jump down your throat 
Lee
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