Glaxo Cuts 2014 Forecast on Sluggish U.S. Drug Sales
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GlaxoSmithKline Plc, the U.K.’s biggest drugmaker, cut its forecast for the year, as sales of its best-selling asthma drug, Advair, continue to fall. The shares dropped the most in almost six years.
Full-year earnings per share will be similar to last year and sales are unlikely to increase, the London-based company said today in a statement. Glaxo, whose second-quarter EPS missed analysts’ estimates, in February forecast 2014 EPS growth of 4 percent to 8 percent and a sales gain of about 2 percent.