No staff cuts are foreseen at the moment. The reorganization will involve commercial operations, support functions, manufacturing activity and research and development.
'Good time' for Hiv split partial listing (Il Sole 24 Ore Radiocor) – London, Oct 22 – The general manager Andrew Witty announced "a new restructuring program to refocus the global pharmaceutical business and cost base following the sale of oncology products and the change in the US respiratory disease market," which should allow the group the expected savings of a billion pounds.
GSK specified that the reorganization will involve commercial operations, support functions, production activity and research and development.
No staff cuts are foreseen at the moment, he added. Witty also indicated that now "is the right time" to envisage a partial listing of the Viiv Healthcare division, specialized in the treatment of HIV, created 5 years ago with the American Pfizer and later also owned by the Japanese Shionogi.
Finally, GSK said it was still evaluating the sale of a portfolio of older pharmaceutical products in Europe and the US.
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(RADIOCOR) 22-10-14 15:42:25 (0446) 5 NNNN
GSK: PHARMACEUTICAL RESTRUCTURING TO CUT COSTS, -59% 3RD EARNINGS
+3.2% the group's shares on the London Stock Exchange (Il Sole 24 Ore Radiocor) – London, Oct 22 – The British group Gsk (GlaxoSmithKline) intends to restructure its pharmaceutical activities globally to achieve new savings of one billion pounds (1.26 billion euros) while the accounts for the third quarter are in sharp decline. During the period, the company in fact experienced a decrease of 59% in net profit compared to a year before to 401 million pounds (507 million euros) on a turnover down by 10% to 5.65 billion pounds. Adjusted earnings per share remained stable at 27.9 pence, above market expectations, which pushes group shares up on the London Stock Exchange by 3.2%. The target of stagnant earnings per share confirmed this year after the downward revision of estimates last July.
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(RADIOCOR) 22-10-14 15:28:28 (0432) 5 NNNN
