JP Garnier: When You Wish Upon A Star
3 CommentsBy Ed Silverman // May 23rd, 2007 // 5:38 pm
The Glaxo ceo is paid, quite a bit, to be an optimist and a cheerleader. And so there he is in London today telling shareholders at the annual meeting that it’s “very possible” Avandia sales will rebound, once the drugmaker’s own data becomes available.
Investors aren’t so sure. Analysts predict Avandia sales are about to fall off a cliff, thanks to this week’s study in The New England Journal of Medicine, which showed a 43 percent greater risk of heart attack than patients using other diabetes drugs, or no med at all.
Now, Glaxo says its own reviews showed the drug increased the risk of heart attack by only 30 percent, and that it told that to the FDA last year. Moreover, the drugmaker is also telling anyone who will listen that it “strongly disagrees” with the methodology in the NEJM study.
JP acknowledges that Avandia sales could fall, but believes it’s too early to predict whether the drug will be the target of prouct liability lawsuits. “We expect that once the complete data set on Avandia becomes available, our product will be vindicated,” JP intones.
The Avandia family of drugs, which includes combination treatments Avandamet and Avandaryl, last year posted sales of about $3.2 billion, making it Glaxo’s second best-selling drug after the Advair asthma med.
An FDA panel meeting is supposed to be scheduled to examine Avandia safety data and JP can’t wait. “We are looking forward to this meeting,” he insists.
JP, what don’t you get?
If your company had such data last year, why is it acceptable to say that telling the FDA is sufficient? Does that somehow clear the company of responsbility? What about informing doctors, so the risks can be weighed for their patients? And by the way, a 43 percent risk is bad, but 30 percent, well, that’s not so good, either.
Source: Associated Press
[tags]Avandia, GlaxoSmithKline, JP Garnier[/tags]
Lisa Van Syckel
HEY JP! SHOW US THE RAW DATA!! IS YOUR UNDERWEAR TOO TIGHT!!Everyone knows GSK is great at hiding things.Example: PAXIL IN CHILDREN, RING A BELL.CRIMINAL INVESTIGATION ON GLAXO’s
HOME TURF RING A BELL!!! J&J HAS GOT SOME RISPERDAL POPCORN TO HELP WITH YOUR DELUSIONS!!!!
Truthman
JP Garnier seems like a very dubious individual.
He doesn’t have a great reputation even amongst his own employees on the GSK forum on cafepharma where he is regularly reffered to in posts as a “crook” and a “lying criminal”.
Check out this recent post in the GSK employees forum as an example of the thoughts of GSK employess on Mr Garnier.
http://www.cafepharma.com/boards/showthread.php?t=239704
“Come clean on all the other docs you either paid off or threatened on a multitude of drugs, we all can name many under your watch. My personal hope is that someone, somewhere in this company has the guts to come forward and expose all your illegal activities. Maybe some of the reps you just deselected will help out….and to your spokesperson Ms. Pekarek–how can you sleep at night unless you are a sociopath like this French pig. Another disgusting truth about Garnier….the worst should be yet to come, hopefully. He needs to be punished.”
It doesn’t take much googling on the internet to discover information and develop an impression of the type of guy that he is.
He dismissed the truth about Paxil for years, and he has done the same with Avandia. Never once did he apologize for the concealment of negative data about both drugs.The Cover up’s and suppression which has cost immeasurable suffering , death and injury to hundreds of thousands of people.
He is also on the executive board of United Technologies, United Technologies makes Misslies and war aircrafts such as blackhawk helicopters which are used in war zones such as Iraq.
http://www.utc.com/annual_reports/2005/html/page72.htm
http://tangibleinfo.blogspot.com/2007/08/911-war-profiteers-united-technologies.html
http://www.gsk.com/about/boardofdirectors.htm
http://www.abcmoney.co.uk/news/162007167081.htm
http://www.utc.com/
In a “real global news video” posted on youtube, the narrator refers to Mr Garnier as “profiting twice from the war in Iraq”…
http://www.youtube.com/watch?v=0OhcmaAf_zE&feature=related
Since the merger of SKB and GlaxoWellcome in 2001 when Garnier took the position of CEO of the newly formed GSK, a myriad of accusations of criminal activity has been levelled against GSK. From 2001 up until the present day, GSK has been the manufacturor in two of the biggest drug scandals of our times, Paxil and Avandia. GSK was also forced to pay the biggest tax fine in US history. It has allegedly been involved in the bribing of Saddam Husseins regime in Iraq, price fixing,deliberate delaying of cheaper generics (including Aids drugs to Africa), illegal clinical trials on orphans and children without consent, mass bribing of psychiatrists and physicians, Animal rights abuses etc etc… (the list is endless)
One would have to question the integrity and “humanity” of the CEO of a company which has consistently and systematically broken every ethic, moral, code and law for 6 years running.
http://fiddaman.blogspot.com/2007/08/jp-garnier-six-million-dollar-man.html
One thing is very clear, there are some individuals who would sell their souls for profit, money, prestige and wealth. And that is itself a human choice, but when other peopel are abused, killed, maimed and harmed to achieve these ends then that to me is inhuman and unconscionable…
Truthman
Just a last word on the subject of JP Garnier here…
Back in August there was some controversy about the timing of Garniers GSK share selling…
For an isnide view of what GSK is really about and what GSK really represents, check out this online GSK investors forum…
GSK is no more about patient health than Enron was…
It all boils down to sotcks and shares, profit and loss…
Money, money , money…
http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AGSK.L&nohistlimit=1&threshold=0&it=le&pageno=19
Garnier sharedealing LK Hyman
I see from the news tab that Garnier has just exercised a goodly chunk of options and sold every last one of them, netting himself just under six million quid in the process.
OK, the RNS helpfully tells us that he’s still got shares worth 14 times his basic salary (hah!) but most of those have yet to vest.
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good post
makes you wonder what garnier thinks about gsk?
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Well, for sure, one thing he thinks is that, given an influx of almost 6 million ackers he’s got something better to do with the wonga than keep it in GSK shares!
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far too much emphasis put on option sales. We would all have done the same and pocketed the money
That doesn’t send a very encouraging signal to shareholders who would like to see these bigshots’ legs held firmly to the fire.
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His wife probably almost had a heart attack when the SP was down at 1220 ish last week!! She probably nagged him into selling them. I agree with max damage in that we would all want to diversify if we had that much wedge in one company as well as working for it.
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Most mergers seem to be for the benefit of the board members and b****r
the shareholders. the merger between Glaxo and Smithkline was going to the best thing since sliced bread. it was—- for the board! Since then we have seen our shares go down, down, down.One excuse after anothe. When will this massive company start rewarding the shareholders or will pigs learn to fly first.
http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AGSK.L&nohistlimit=1&threshold=0&it=le&pageno=18
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