Photo of AstraZeneca CEO Dave Brennan brought to you Via PharmaGossip:All likeness & references in this photo depicting Mr. Brennan as an evil blood sucking corporate pig monster are purely coincidental
So let us put into rational context the information this article below provides and what it does not:
AstraZeneca is banking on a 203 million dollar settlement to resolve 18,200 legal claims for illegal marketing and hiding the adverse effects of their blockbuster drug Seroquel; which have caused diabetes and a whole host of other life long/ending adverse health conditions.
If you were to break this down per case, it's comes out to roughly just over 10 grand per litigant minus 40% in attorney fees. Though some Law firms like "The Miller Firm LLC" & "Saiontz & Kirk, P.A" who are handling thousands of Seroquel litigation claims may appear to be jumping at this offer in very secretive negotiations and a deemed settlement . (Note The Miller Firm LLC has washed it's web site of all Seroquel information, updates, & is not including the injured party's in these negotiations, or are they keeping them informed of settlement actions being taken supposedly in their interest and behalf).
There is a huge stumbling block awaiting AstraZeneca's "Get Off Cheap Strategy" since very few "if any" of the injured party's are going to accept this reported insulting offer of a few thousand dollars for a life long debilitating & altering injury caused by AstraZeneca's despicable actions and product.
This very well could mean many many more years of expensive legal battles ahead for AZ, and the continued high legal cost incurred for AstraZeneca. It will be interesting to see how much patience their stock holders will have when another billion dollars in legal fees are written off their spread sheet.
Shall we mention the staggering cost to this Corporation will burden when they start losing thousands of these suits in court rooms around America.
Please notice that AstraZeneca is actually making more profit today off of Seroquel than ever before. AZ has pulled out all the marketing stops possible. Launching major advertising campaigns in all media outlets including a huge investment in the internet realm. This includes funding NAMI "The Traveling Bipolar Medicine show" and DBSA "Speak & be Drugged" in supposed informational/awareness campaigns that are truly nothing more than Seroquel marketing schemes.
Plus, AZ is funding clinical trials and are pushing for approval of this animal tranquilizer for everything from BPD to Yawning with massive investments into targeted research and questionable clinical studies.
You amass these above practices with their well paid shills in Medicine, Scholastic Institutions, and the Pharmaceutical Corporate Drug Cartel basically running/controlling the APA (America Psychiatric Association) as well as virtually writing the DSM-V. The potential for increased profits and influence peddling for these dangerous and damaging drugs like Seroquel are endless.
AstraZeneca somehow is under the delusional and demented thinking that the serious damage caused their illegal marketed and dangerous drug (which makes well over 4 billion dollars a year in profit) can be swept away as if washing a dirty window with a few million hush dollars in commonly termed "corporate pocket change".
MESSAGE & REALITY CHECK FOR ASTRAZENECA: THAT IS NOT GOING TO HAPPEN!
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AstraZeneca Q3 profit down 27 pct amid legal costs
LONDON
Pharmaceutical company AstraZeneca on Thursday reported a 27 percent drop in third-quarter profit as it set aside nearly half a billion dollars to settle claims that its anti-psychotic drug Seroquel has harmful side-effects.
Net profit was $1.55 billion compared with $2.12 billion a year earlier, the company said. Revenue was down 3.7 percent to $7.9 billion.
AstraZeneca PLC said third-quarter results included a charge of $473 million for current and future settlements of product liability claims involving Seroquel, its second-biggest-selling drug.
The company faces claims that the drug caused diabetes and other harmful effects to some patients.
David Brennan, the company's chief executive officer, said AstraZeneca remained "firmly on track" to meet full-year financial targets.
AstraZeneca shares were down 1.4 percent at 3,199.5 pence in morning trading on the London Stock Exchange.
Although the company faces difficult comparatives related to last year's surge in flu vaccine sales, Panmure Gordon analyst Tom Kemp said AstraZeneca remained his top pick in the pharmaceutical sector.
"We expect the company to continue to 'beat' on earnings and quite possibly also increase the scope of its long-term guidance as early as January 2011," Kemp said.
Third quarter revenue was up in all regions except the United States, AstraZeneca's biggest market, where revenue fell 13 percent due to generic competition and the absence of pandemic flu sales, Brennan said.
The provision for Seroquel included $203 million for agreements in principle to resolve more than 18,250 claims, and $270 million as a reserve to cover settlement of unresolved claims.
Despite legal issues, sales of Seroquel were up 7 percent in the third quarter to $1.30 billion.
Sales of the cholesterol-fighting drug Crestor rose 20 percent to $1.37 billion.
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2 comments:
Stan have a little fun already. At times the machine becomes too large for some to grasp. But what if a patient found THEIR OWN hometown doc getting kickbacks?
http://projects.propublica.org/docdollars/
Thanks Mass Defeective
The main draw back to propublica site is that is does not go back far enough or include all the money...if all the data was archived for the past twenty years in one place, then people would be absolutely blown away at the irrefutable evidence about Big Pharma and Medicine..
Thanks for stopping by So Tired
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