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GlaxoSmithKline (GSK) reported revenue of approximately $42.97 billion in 2006, up 9 percent from the year before, riding strong performances by Avandia, Lamictal and its vaccines.
Public Citizen has filed a petition asking the FDA to ban third-generation oral contraceptives containing desogestrel, saying the pills double the risk of blood clots compared with pills without the ingredient, while not having any clinical benefit over older medications.
In a development likely to fuel the argument that Medicare and Medicaid need major overhauls, the Congressional Budget Office (CBO) is predicting that these programs will grow by 124 percent over the next 10 years, outpacing economic growth two to one.
Eli Lilly announced it is stopping construction of an insulin manufacturing plant in Prince William County, Va., because demand is not as high as the company thought when it planned the facility in 2003.
Pfizer is making major changes in the way the company is run in an effort to drive down costs, increase revenue and enhance innovation, Pfizer announced at a meeting of its senior staff.
Abbott Laboratories posted a net loss of about $476 million, or 31 cents per share, in the fourth quarter of 2006, a different story than the net income of $976.4 million, or 63 cents per share, posted in the same period a year earlier, the company announced.
Genentech warned healthcare providers in a letter that use of eye drug Lucentis may increase the risk of stroke, particularly in patients who have already experienced a stroke.
Bristol-Myers Squibb (BMS) reported a net loss from continuing operations of $134 million on sales of $4.2 billion in the fourth quarter of 2006, compared with net earnings of $499 million on sales of $5 billion for the same period in 2005.