Mar 8 2005
Early this month, U.S. marshals seized batches of Paxil CR and Avandamet at manufacturing and distribution sites in Puerto Rico and Knoxville, Tennessee.
Although the medicines do not pose a significant health hazard patients are being advised to continue taking the tablets and talk with their doctors.
Paxil CR is an antidepressant and Avandamet a treatment for diabetes. The company, one of Europe's biggest drugmakers, is working with U.S. authorities to resolve manufacturing violations at a Puerto Rican plant.
Glaxo spokesman Chris Hunter-Ward said they are looking at options to mitigate any impact on earnings. Paxil CR had sales of 396 million pounds ($759 million) last year, while Avandamet generated 222 million pounds.
London-based Glaxo expects earnings per share growth in 2005 to be in the "low double-digit" range, repeating guidance it provided last month.Shares of Glaxo have fallen more than 3 percent since the seizure; they had risen 13 percent in the last 12 months. The shares closed at 1,269 (-4.00%) in London and are trading at $48.95 (+0.14%) 3:45pm EST in the U.S.
GlaxoSmithKline Plc says the action will have an "uncertain'' effect on profits.
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