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GlaxoSmithKline

Big charges, sales hits hurt GSK's bottom line

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By: Tim Wright

Editor-in-Chief, Contract Pharma

GlaxoSmithKline 2Q10 2Q Revenues: $10.5 billion (flat) 2Q Loss: $376 million (earnings of $2.3 billion in 2Q09) YTD Revenues: $22.0 billion (+9%) YTD Earnings: $1.7 billion (-56%) Comments: During the quarter, GSK announced a charge of $2.3 billion to settle several legal cases, including Avandia and the ongoing manufacturing problems at a Paxil facility in Puerto Rico. Pharma sales were flat at $8.7 billion. Emerging markets sales were up 17% to $1.3 billion and Asia Pacific/Japa...

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