Glaxo sees third quarter profits drop

GlaxoSmithKline PLC reported a 5.8 percent drop in third-quarter net profit on yesterday after a slump in sales of its troubled diabetes drug Avandia.

BY: admin | Thu Jul 10, 2008

Glaxo, the world's second-largest pharmaceutical company, also announced a £1.5 billion ($3.1 billion) program to cut costs, increase research and development and streamline manufacturing.

Chief Executive Jean-Pierre Garnier said the program, which is designed to deliver annual pretax cost savings of up to £700 million ($1.4 billion) by 2010 and improve the company's long-term productivity and efficiency, would include job cuts