Glaxo profits level despite diabetes drug claims
Drug maker GlaxoSmithKline today posted better than expected results, despite sales of its diabetes treatment Avandia falling more than 20% after health scares.
The company was rocked by claims in a US medical journal in May that Avandia increased the risk of heart attack, although Glaxo has strongly denied the accusations.
The group said sales at its pharmaceutical division remained level at £4.8bn (€7bn) as sales of other drugs – such as respiratory treatments Seretide and Advair – offset the impact of a 22% fall in Avandia sales to £349m (€521m) in the second quarter, as well as increasing US competition.
Chief executive Jean-Pierre Garnier said the company had “performed well in a challenging quarter”
He said: “Whilst some uncertainty remains around Avandia, we stand firm in our belief that it is an effective and valuable treatment for patients with diabetes.”
The US drugs regulator, the FDA, will decide on the future of Avandia in a meeting on July 30.
