Finance

GlaxoSmithKline Profit Drop Results in Further European Restructuring

Feb. 7, 2013

Sales dropped 13% with profit falling to $7.1 billion.

LONDON -- GlaxoSmithKline (IW 1000/105) on Wednesday announced a 13% drop in annual profits and said it would further restructure its European operations to deliver greater savings amid weaker sales across the region.

GSK said profit after tax fell to £4.565 billion (US$7.153 billion) in 2012 from £5.261 billion a year earlier.

Group sales dropped 3.5% to £26.431 billion, GSK added..

Chief executive Andrew Witty said the company was extending its European restructuring program "to deliver annual cost savings of at least £1.0 billion by 2016."

Copyright Agence France-Presse, 2013

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