Finance & Stock Market News

BRIEF-GlaxoSmithKline settle charges with US government

Mon, 2nd Jul 2012 16:05

LONDON, July 2 (Reuters) - GlaxoSmithKline Plc:

* GSK concludes settlement with US govern

ment

* Final settlement of $3 billion covered by existing legal provisions announced in November 2011

* Fundamental changes to US compliance, marketing and selling procedures

implemented in recent years

* Will make payments totalling $3 billion which are covered by existing provisions, funded through existing cash resources

* The after tax cost will be approximately $150M lower than provided

* A credit will be recorded to the non-core tax charge for the second quarter

2012

* Net effect of these movements on total earnings is expected to be neutral

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Related Shares: Glaxosmithkline (GSK).

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