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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GlaxoSmithKline    GSK   GB0009252882

GLAXOSMITHKLINE (GSK)
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Australian watchdog takes GlaxoSmithKline, Novartis units to court

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12/06/2017 | 12:26am CEST
Swiss drugmaker Novartis' logo is seen in Stein

(Reuters) - The Australian Competition and Consumer Commission (ACCC) on Wednesday said it is taking local units of GlaxoSmithKline (>> GlaxoSmithKline) and Swiss healthcare company Novartis (>> Novartis) to court over false or misleading representations in the marketing of pain relief products.

(Reuters) - The Australian Competition and Consumer Commission (ACCC) on Wednesday said it is taking local units of GlaxoSmithKline (>> GlaxoSmithKline) and Swiss healthcare company Novartis (>> Novartis) to court over false or misleading representations in the marketing of pain relief products.

The ACCC alleged that the companies tried to market their two pain relief products, Osteo Gel and Emulgel, as having different levels of impact in treating osteoarthritis, when in fact they are "identically formulated".

"We allege that consumers are likely to have been misled into purchasing Osteo Gel thinking that it is different to Emulgel and more effective for treating osteoarthritis conditions, when this is not the case”, ACCC Chairman Rod Sims said.

ACCC's concerns come as a price sampling conducted by it noted that supermarkets and pharmacies often sold Osteo Gel at a significant price premium to Emulgel.

The regulator is seeking declarations, injunctions, pecuniary penalties, and a publication order in relation to its allegations.

"The alleged conduct is particularly concerning, given the significant penalties handed down by the court against the makers of Nurofen for what we consider to be similar conduct,” Sims said.

In December last year, the Federal court of Australia upheld an appeal by the regulator against Reckitt Benckiser's (>> Reckitt Benckiser) Australian unit for similar charges on its Nurofen Specific Pain products, imposing a A$6 million (£3.40 million) penalty.

(Reporting by Susan Mathew in Bengaluru; Editing by Stephen Coates)

Stocks treated in this article : Novartis, Reckitt Benckiser, GlaxoSmithKline
Stocks mentioned in the article
ChangeLast1st jan.
GLAXOSMITHKLINE -0.66% 1521.2 Delayed Quote.15.80%
NOVARTIS 0.10% 81.94 Delayed Quote.-0.63%
RECKITT BENCKISER -1.88% 6826 Delayed Quote.0.53%
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Financials (GBP)
Sales 2018 30 372 M
EBIT 2018 8 143 M
Net income 2018 3 409 M
Debt 2018 20 469 M
Yield 2018 5,22%
P/E ratio 2018 21,96
P/E ratio 2019 17,16
EV / Sales 2018 3,17x
EV / Sales 2019 3,06x
Capitalization 75 962 M
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Number of Analysts 25
Average target price 16,5  GBP
Spread / Average Target 7,5%
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Managers
NameTitle
Emma Walmsley Chief Executive Officer & Executive Director
Philip Roy Hampton Non-Executive Chairman
Simon Paul Dingemans Chief Financial Officer & Executive Director
Karenann K. Terrell Chief Technology & Digital Officer
Hal V. Barron Executive Director & Chief Scientific Officer
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