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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PepsiAmericas Inc. PAS.N on Monday   cut its earnings outlook for the full year 2006 due to   lower-than-expected net pricing and a higher cost of goods sold   in its U.S. business.
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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 & Co. MRK.N on Thursday said  its quarterly profit fell 28 percent due to last month's recall  of its Vioxx arthritis drug, and the company predicted 2004  earnings will fall as much as 11 percent because of the recall.
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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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Sputtering U.S. economy forces shipper to cut forecast.
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AstraZeneca reported a 12.5 percent drop in profit and Bristol-Myers Squibb posted a loss, albeit a narrower one.
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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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Diageo, the world&#39;s biggest maker of alcoholic drinks, said on Thursday that group net profit slid by 22 percent in 2006/07 from its previous financial year as the company was hit by higher taxes.
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GlaxoSmithKline Plc , Europe's  biggest drugmaker, nudged up its 2006 earnings forecast on  Wednesday, but said there were several reasons to be "a little  conservative" about the second half, knocking its shares.
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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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Dean Foods Co., the nation's largest processor and distributor of milk and dairy products, cut its profit forecast on Tuesday due to soaring costs for raw milk, sending its shares down as much as 5.5 percent.
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Stocks dropped yesterday as Colgate-Palmolive and Unilever cut profit forecasts, fueling concern that earnings growth is slowing at a time when borrowing costs are headed higher.
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Flu vaccine manufacturer expected to report significantly lower profits.
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Merck & Co. MRK.N on Thursday  reported a 28 percent drop in quarterly profit and said 2004  earnings will fall as much as 11 percent due to last month's  recall of its Vioxx arthritis drug.
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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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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.