GlaxoSmithKline annual profits drop nine percent
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The British pharmaceuticals giant GlaxoSmithKline announced a nine percent drop in annual pretax profits which were hit by sales of generic drugs and a weaker dollar, but the group looked ahead to a strong 2005.
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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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Merck, the US pharmaceutical giant forced to withdraw its Vioxx painkiller last year, has seen a drop in profits and had to add to its legal reserves.
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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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Boston Scientific Corp.  posted lower-than-expected quarterly profit on Friday as sales of its flagship drug-eluting heart stents fell by 32 percent.
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The company said profit from continuing operations fell to $614 million as weak demand for calculators outweighed improving sales of advanced phones that use its chips.
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GlaxoSmithKline may be temporarily down, but it's not out.
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Dollar General Corp. said Wednesday that its third-quarter profits dropped nearly 9 percent amid high gas prices and reduced spending by its core, low-income customers. The discount retailer also lowered its forecast for the rest of the year.
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Pfizer Inc. said Wednesday that its fourth-quarter profit fell 70 percent from results a year ago that included gains on the sale of its consumer health business.
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Third-quarter profit fell 1 percent, as stronger sales of almost all of the companyâs key drugs could not offset  higher production costs and taxes and a restructuring charge.
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Pharmaceutical wholesaler McKesson Corp  reported on Thursday that its quarterly profit fell 17 percent as results were hurt by lower profit margins on certain generic drugs and charges taken.
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Bristol-Myers Squibb Co.  on Friday said quarterly profit fell 16 percent on special charges and lower U.S. sales amid competition from rival brands and cheaper generics.
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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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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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Third-quarter profit fell 1 percent, as stronger sales of almost all of the companyâs key drugs could not offset higher production costs and taxes and a restructuring charge.
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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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Flu vaccine manufacturer expected to report significantly lower profits.