GlaxoSmithKline earnings slumped 92% in the second quarter of this year, hit by the costs of settling legal action over diabetes pill Avandia, anti-depressant Paxil and a former factory in Puerto Rico.
The earnings wipe-out had been expected, since Britain's top drug maker said last week it was taking a £1.57 billion charge to settle legal claims. The group's underlying financial performance, however, was broadly in line with expectations.
Chief executive Andrew Witty said the company's main businesses were performing well in the face of challenges, including generic competition to herpes drug Valtrex in the US and mounting pressure on drug prices in Europe.
Pre-tax profit in the second quarter was £494m, while sales were up 4% to just over £7 billion. GSK employs more than 1,000 people in Ireland.
