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New strategic priorities for GSK

The CEO of GlaxoSmithKline, Andrew Witty, has set out new strategic priorities that aim to increase the company's growth
The CEO of GlaxoSmithKline, Andrew Witty, has set out new strategic priorities that aim to increase the company's growth and reduce risk in an attempt to bolster the drug manufacturerís long-term financial performance.

The company announced that operating profits fell to £1.9bn for the second quarter of 2008, a decrease of 7 per cent on figures reported for the same period in 2007, and that revenue fell by 2 per cent to £5.9bn. Poor financial results are being attributed to a loss of income as branded drugs near patent expiry and the impact of declining sales of troubled drug, Avandia.

Witty said that the pharmaceutical industry will face immense challenges in the next few years as an unprecedented number of drugs lose patent protection, and is currently perceived as one of higher risk and lower growth.

"GSK will seek to generate future sales growth through supplementing strength in the core small-molecule pharmaceuticals business, with new investments in fast growing areas such as vaccines and consumer healthcare and new growth areas such as biopharmaceuticals," said Witty. "We are actively seeking to unlock the geographical potential of our different businesses, particularly in emerging economies."

Witty said that GSK is also looking to increase the number of new drugs it sources externally from 30 per cent to 50 per cent in the next few years. The company has signed a new deal with Aspen, a South African pharmaceutical company, which will give it access to a portfolio of 1200 potential new products, which are being developed to cater for specific needs in emerging markets.

24th July 2008

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