GlaxoSmithKline Profits Despite Avandia Troubles
Shares in pharmaceutical company GlaxoSmithKline rose Wednesday, following a 0.9% increase in profits that was unexpected after heavy criticism of its diabetes drug Avandia. The increase is due in part by Glaxo announcing it will buy back up to $25 billion of its own stock in the coming years, up from roughly $10 billion in a previously announced plan. Despite a 22% drop in sales of the firm's diabetes pill, only two months after reports based on clinical trials claimed it increased the risk of heart attack by 43%, the overall picture is positive. Earnings per share rose 2.9% to and operating profits were up 0.9%.
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