GlaxoSmithKline announced a significant increase in its quarterly earnings, but disappointed investors with a string of announcements about a delayed regulatory application and discontinued or delayed development programs. GSK's timeline for its closely-watched cervical cancer vaccine Cervarix has changed, with the company planning to delay filing for U.S. approval until April 2007. GSK had been aiming to file by the end of this year. GSK has also abandoned a development program for a compound to treat severe infections and put clinical trials for its diabetes drug Redono on hold. It all added up to a bleak headline for investors, who sent GSK shares down on the news.
- read the report on GSK from The Toronto Star