GlaxoSmithKline says it that it is not able to determine the exact impact the US Food and Drug Administration’s decision to halt supplies of its Paxil CR (paroxetine controlled-release) antidepressant and Avandamet (rosiglitazone/metformin) diabetes agent [[07/03/05a]], will have on its 2005 earnings.
The agency seized batches of the drugs late last week saying that they failed to meet its standards, due to manufacturing issues at GSK’s Puerto Rico facility. GSK reiterated that it is working with the FDA to resolve the issues as quickly as possible, but said in a statement “the timing of this and the financial impact on the Company’s earnings are currently uncertain.”
For the time being, GSK says it is expecting earnings per share for the coming year to grow in the low double-digit range.
