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