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US litigation, British guidelines hit GlaxoSmithKline finances.
Knight Ridder/Tribune Business News, December, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 7--GlaxoSmithKline is reeling from a double blow to its finances.
The drug giant admitted yesterday that it is being forced to set aside an estimated 250 million pounds to pay for the growing costs of US litigation on top of woes over Seroxat.
GSK decided to make the massive provision for the costs of settling court cases rather than risking upsetting the market by taking the pain only when a ruling is made.
The company says it should be applauded for its prudence, though analysts have begun to downgrade earnings forecasts.
In another setback, British regulators issued strict new prescription guidelines for Glaxo's controversial antidepressant Seroxat....
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