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Drugmaker GSK launches £1.0bn cost-cutting

27 Juillet 2017

Additionally, the future of the rare diseases unit is uncertain: "The Group has also undertaken a strategic review of this unit and is now considering options for future ownership of these assets", the company said.

According to GSK, its decisions are part of its plans to prioritise and allocate resources in research and development (R&D) for its leading candidates.

Instead Ms Walmsley wants GSK to plough four fifths of its R&D cash into "priority" therapies with more profit potential in respiratory, HIV and its fledgling fields of oncology and immuno-inflammation.

Not entirely unexpected was the trimming of full-year earnings guidance. It will use the data to make investment decisions in their R&D and strategize on how to create the best value out of the assets.

She had previously said she was considering the divestment of older antibiotics and planning to sell two United Kingdom nutritional brands. Notably, also rheumatoid arthritis drug sirukumab, which has already been filed for approval and has received the brand name Plivensia, is affected.

GSK, under newly-installed chief executive Emma Walmsley, will seek the latest round of cost savings by 2020 on the back of supply chain efficiencies and administration cutbacks.

"Our priority for the second half of the year is to maintain this momentum and prepare for the successful execution of several important near-term launches in Respiratory, Vaccines and HIV", said new CEO Emma Walmsley.

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Image: GSK House in Brentford, London.

Total sales soared 12 percent to £7.3 billion, buoyed by the weak pound following last year's Brexit vote.

It now forecasts adjusted EPS growth of between 3pc and 5pc on a constant currency basis.

The changes will take time to deliver results but Walmsley does have a window as GSK is not expecting its next wave of new drugs until after 2020.

To some extent GSK is following in the footsteps of its smaller British rival AstraZeneca (AZN.L), which has divested a large number of non-core drug projects recently.

The company extended a commitment to pay its current 80 pence per share annual dividend through 2018.

Drugmaker GSK launches £1.0bn cost-cutting