Healthy Skepticism Library item: 8308

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

Publication type: news

Glaxo says cost-cutting drive an ongoing process
Reuters 2007 Feb 8
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070208:MTFH29250_2007-02-08_13-01-58_WLB4713&type=comktNews&rpc=44

Full text:

LONDON, Feb 8 (Reuters) – GlaxoSmithKline Plc (GSK.L: Quote, Profile , Research) has an ongoing drive to cut costs and restructure operations, Chief Executive Jean-Pierre Garnier told a results news conference on Thursday.

Commenting on recent one-off job cuts announced by rivals such as Pfizer Inc (PFE.N: Quote, Profile , Research) and AstraZeneca Plc (AZN.L: Quote, Profile , Research), he said:

“We restructure all the time. This year we spent 200 million pounds on restructuring, which we have absorbed … it is important to reduce the cost structure of the company and maximise its profit margin.”