GlaxoSmithKline Reports Large Profit Increase

Feb. 4, 2010
However company is undergoing restructuring program

British pharmaceuticals giant GlaxoSmithKline on Feb. 4 announced a 66% jump in fourth quarter net profit to 1.63 billion pounds (US$ 2.59 billion) and pointed to further job cuts.

However, there was no mention of the exact number of positions set to go after media had reported that GSK planned to axe up to 4,000 jobs.

"Today we have announced an expansion of GSK's restructuring program to deliver additional annual pre-tax savings of 500 million pounds by 2012," the company said in its earnings statement.

"We remain very conscious of the impact restructuring has on our employees. Where possible, we will continue to try to preserve jobs.

"As before, we will not be providing targets for job reductions and we will announce restructuring outcomes once employees, relevant works councils and trade unions have been consulted," GSK added.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Discover How an Eye Tracking Study Improves Training Procedures

Oct. 29, 2023
Did you know that your training processes can be streamlined by visualizing and analyzing key skills within your employee base? Find out how we use eye tracking to capture advanced...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!