Glaxo Plans Big Cutbacks After Posting Drop in Profit
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GlaxoSmithKline said it would cut jobs as part of a cost-savings plan after a sharp drop in sales of its diabetes drug and generic competition led to a 5.8 percent drop in profits.
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Net profit dropped at the consumer products maker to 721 million euros ($1.04 billion) in the last three months of 2007, from 2.03 billion euros a year earlier.
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General Mills Inc. GIS.N on Tuesday  reported a steeper fall in quarterly earnings than Wall Street  had expected due to higher costs of key food ingredients and  promotional spending.
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Costco Wholesale Corp. COST.O on   Wednesday warned of lower-than-expected quarterly profit   because of disappointing margins, as customers cut back on   purchases of big-ticket discretionary items such as furniture,   sending shares down nearly 5 percent.
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GlaxoSmithKline warns it will cut jobs and close some factories as part of a cost-cutting plan.
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French pharmaceutical group Sanofi-Aventis has slashed its 2006 earnings per share forecast from 12 percent to just two percent due to competition for its blockbuster blood-thinner Plavix from a generic drug.
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The soft drink maker said its fourth-quarter profit fell 31 percent from results a year ago that included a tax benefit from a settlement with the Internal Revenue Service.
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Coca-Cola yesterday sharply reduced its long-term profit and sales targets, reflecting the entrenched slump that the world&#39;s largest soft drinks firm has found itself in.
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Shares dropped as the company forecast a decline in 2008 earnings due to generic competition and weaker sales for its diabetes pill.
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Accredo Health Inc. (ACDO.O), which provides pharmacy and treatment services for patients with chronic illnesses, on Monday slashed its profit forecast due to lower reimbursements from government insurers, sending its shares down almost 25 percent.
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Soft drink giant Coca-Cola Co. , stung by a prolonged downturn in North America and other markets, announced on Thursday that it was lowering key  long-term earnings and sales targets.
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Colgate-Palmolive Co., the world&#39;s largest toothpaste maker, said second-half profit will fall because of higher marketing costs to fend off Procter &amp; Gamble Co.
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Costco Wholesale Corp. , which sells discounted goods to 47 million members, lowered its profit forecast after it cut prices on electronics. Shares fell 4.2 percent, the most in 16 months.
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The specialty pharmacy company announced on Monday that falling reimbursements will significantly weaken its 2005 earnings. The warning comes just weeks after investors learned that Accredo could soon lose
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The largest U.S. candy producer saw a 98% drop in profits due to charges related to job cuts and higher dairy costs.
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British pharmaceuticals giant GlaxoSmithKline said Wednesday it would cut jobs and costs, after third-quarter profits slid on poor sales of diabetes pill Avandia and fierce competition from generic drugs.
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Sputtering U.S. economy forces shipper to cut forecast.