Between the two depression drugs it has lost $2.2 billion in revenues to the generic companies in the first nine months of this year, a 51% decline for Paxil and 30% for Welbutrin. As such, the results that Glaxo posted have to be taken in context, and they're fairly strong. In the past year Glaxo has enjoyed strong growth of Advair, which treats asthma, as well as erectile dysfunction drug Levitra. (Does that name sound like a Harry Potter spell to anyone else?)
Consequent to the company's earnings report, Glaxo and Human Genome Sciences
Finally, a European judge today approved the right of Glaxo and other European drug companies to place restrictions on how much of a drug they provide to any one country to limit the impact of re-importation. In this case, Glaxo argues that drug wholesalers in Greece were making enormous profits by buying Glaxo products destined for the Greek market that were then repackaged and sold more cheaply in other European countries. To stem the practice, in 2000 Glaxo began limiting the amount of any one drug that it shipped to Greece. Some believe that such a finding may strengthen the case of American drug makers such as Pfizer
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