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AstraZeneca Pays $198M To Settle Seroquel Lawsuits

Mon, 08/09/2010 - 6:29am
Manufacturing.net

LONDON (AP) -- AstraZeneca PLC says it has paid around $198 million to settle U.S. lawsuits over its antipsychotic drug Seroquel.

AstraZeneca said Monday it has paid out to around 17,500 claimants regarding allegations the drug causes diabetes in some users.

The company says the payouts won't affects its earnings guidance for this year of $6.35-$6.65 per share.

The settlements follow a July order from the U.S. Food and Drug Adminisation that the London-based company stop using a promotional letter for Seroquel XR -- an extended release version of the medicine -- that doesn't carry a diabetes warning.

Seroquel is the company's second biggest seller after its Nexium ulcer drug. It generated sales of $4.9 billion last year, or 15 percent of the company's revenue.

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