Shares of GSK and Sanofi surged on Wednesday, adding more than $20 billion in combined value in early trade following the dismissal of thousands of U.S. lawsuits claiming that the heartburn drug Zantac caused cancer.
Targeted business development acquisitions, improvements in R&D and operating performance, and a strengthened post-demerger balance sheet are creating new capacity and flexibility for GSK to invest in growth and innovation for patients and shareholders.
Haleon believes it is not liable for any claims that may arise from U.S. litigation over the heartburn drug Zantac, the London-listed company’s CEO Brian McNamara told Reuters on Tuesday.
Novartis CEO Vas Narasimhan could struggle to woo investors to the listing of generics drugs business Sandoz, as weaker drug prices and jittery financial markets present one of his biggest challenges in the years-long overhaul of the Swiss drugmaker.
Shares in GSK, Sanofi, Haleon, and Pfizer began to recover on Friday after the companies said that nothing material had changed regarding U.S. litigation focused on heartburn drug Zantac.
Shares in GSK, Sanofi and Haleon fell sharply on Thursday, following declines earlier this week, amid growing concerns about U.S. litigation over a heartburn drug that was pulled from the market in 2020 for containing a probable carcinogen.
French healthcare group Sanofi lifted its full-year earnings outlook on continued forecast-beating sales growth for its bestselling drug Dupixent.
The new company, Haleon, emerges as the world’s biggest standalone consumer health business, home to brands including Sensodyne toothpaste and Advil painkillers.
Things are looking up for GSK and its chief Emma Walmsley as the British drugs giant prepares to spin off its consumer health business on Monday in London’s biggest listing in a decade and the company’s most radical shake-up in 20 years.
When GlaxoSmithKline’s consumer health spinoff Haleon launches later this month, the new business will carry more than $12 billion in debt when it lists on the London Stock Exchange.