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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/Japan sales were up 9% to $1.1 billion. U.S. pharma revenues dropped 13% to $2.8 billion and EU sales were up 1% to $2.4 billion. U.S. sales were impaired by Valtrex’s generic status, the loss of Boniva co-promotion, a temporary withdrawal of Rotarix vaccine and the loss of confidence in Avandia. Advair sales were flat at $1.9 billion, while Valtrex sales, succumbing to generic pressure, dropped 59% to $246 million. Avanadia products dropped 26% to $227 million, but revenues for cholesterol treatment Lovaza were up 29% to $206 million. The ViiV unit, an HIV/AIDS joint venture with Pfizer, posted revenues of $580 million, up 1%.

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