GlaxoSmithKline, the UK’s largest drugmaker, reported its third quarter earnings Wednesday and revealed earnings that beat analysts’ estimates even as profits dipped, the company announced. Here’s what else you need to know about.
What you need to know: Glaxo [fortune-stock symbol=”GSK”] failed to post a profit gain after facing currency headwinds and slowing sales of its No. 1 drug Advair after it lost patent protection. The asthma medication is the company’s best-selling product, and it has been losing market share in the U.S. faster than the company anticipated. It’s two new respiratory drugs, Breo and Anoro, haven’t caught on as quickly as the company would like in order to replace slipping sales of Advair.
Glaxo said it will explore an initial public offering of ViiV Healthcare, a joint venture with Pfizer [fortune-stock symbol=”PFE”] and Shionogi that focuses on HIV drug development. The offering would sell a minority stake in the…
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