Sunday, July 13, 2014

GSK: reforms on track as Q1 profit falls a quarter

April 24. 2013 9:38AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Pharmaceutical company GlaxoSmithKline has reported a 26 percent drop in profits in the first quarter compared to a year ago, as it restructures its manufacturing and research and development divisions.

Its net profit dropped from 1.3 billion pounds ($1.9 billion) to 961 million pounds, while sales eased 2 percent to 6.4 billion pounds.

Chief Executive Andrew Witty says Wednesday that the initial phase of its major change program was "progressing well," and remains "on track" to deliver total annual savings of at least 1 billion pounds by 2016.

Witty says 2013 will be a key year for delivery on research and development, with an upcoming U.S. regulatory decision on the Breo Ellipta inhaler. Breo is a combination of two respiratory drugs which help open lung air passages and reduce swelling.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds