Glaxo Profit Off; Key Drug Falters
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Glaxo expects that the impact of lower sales of its diabetes drug, Avandia, will help cause a drop of about 5 percent in earnings a share in 2008.
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Bristol-Myers Squibb Co.  on Friday reported a lower third-quarter profit as revenue fell amid intense competition for its products from rivals and generic drugs.
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By The News & Observer, Raleigh, N.C.  Sep. 17--GSK to pay billions to IRS   GlaxoSmithKline got the tax man off its back.   The drug maker agreed to pay $3.1 billion in cash to settle a 16-year dispute with the Internal Revenue Service.
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Pharmaceutical wholesaler McKesson  Corp  reported on Thursday that its quarterly profit  fell 17 percent as results were hit by charges and lower profit  margins on generic drugs.
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Merck &amp; Co. Inc. (MRK.N: Quote, Profile, Research) , reeling from the recent withdrawal of its Vioxx arthritis drug, on Wednesday said 2005 earnings will decline to
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Pfizer Inc.  on Wednesday  reported lower-than-expected quarterly earnings on competition  with generics, and said global sales of cholesterol fighter  Lipitor fell 13 percent amid slipping demand for the company&#39;s  flagship product.
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MedImmune Inc. MEDI.O said on  Thursday its fourth-quarter earnings fell as higher research  and development costs and one-time charges offset increased  sales of its respiratory drug.
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The drug maker said its fourth-quarter profit fell 70 percent from a year-ago period that included the sale of its consumer health business, but adjusted profit topped Wall Street expectations.
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BASEL, Switzerland  - Swiss drugmaker Novartis AG missed forecasts with a 42 percent drop in fourth-quarter net profit, hit by generic competition and a one-off restructuring charge, sending its shares lower.
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Pfizer Inc.  on Wednesday reported lower-than-expected quarterly earnings on competition with generics and a surprisingly big 13 percent decline in sales of its best-selling Lipitor cholesterol fighter.
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GlaxoSmithKline may be temporarily down, but it's not out.
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NEW YORK Merck led blue-chip stocks lower Thursday as the No. 2 US drug maker reduced its profit forecast after withdrawing its Vioxx painkiller.
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Eli Lilly and Co.  said on Wednesday fourth-quarter earnings fell, hurt by a charge for a settlement with users of its Zyprexa schizophrenia drug, and the company forecast 2007 earnings at the low end of Wall Street estimates.
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US stocks fell on Friday dragged down by a string of negative reports from drug makers, with Pfizer Inc. (PFE.N: Quote, Profile, Research) , AstraZeneca Plc.
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GlaxoSmithKline PLC, the world's second-largest drug maker, began a campaign to challenge a report that linked its diabetes drug Avandia to heart risks and caused its stock to decline 11 percent in the eight days through Tuesday. The shares rose yesterday.
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Merck & Co. MRK.N on Thursday said  its third-quarter profit fell, hurt by negative effects of the  recall last month of its Vioxx arthritis drug.
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Pharmaceutical wholesaler McKesson Corp  reported on Thursday that its quarterly profit fell 17 percent as results were hit by charges and lower profit margins on generic drugs.