Glaxo (GSK) Misses, But Starts Big Share Buy-Back

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Sales of GlaxoSmithKline’s (GSK) Avandia products for diabetes dropped 22% because of health concerns about the drug. And the company’s overall reveue missed analyst forecasts.

But, the company announced that it would buy-back almost $25 billion in shares, and extraordinary amount for a company with a $145 billion market cap.

Shares were up 3% in pre-market trading.

Douglas A. McIntyre