We keep hearing about the job cutbacks in Pharma, many sales and marketing, but are some of the others moving overseas? Along with R and D cutbacks also comes a potential loss of clinical trials. BD
British drug maker GlaxoSmithKline PLC said Thursday it would cut jobs and costs after fourth quarter net profit fell 10 percent because of higher research and sales spending as well as legal charges.
The company, which sells asthma treatment Advair and the Ribena range of soft drinks, booked a net profit of 1 billion pounds ($1.46 billion), down from 1.1 billion pounds in the fourth quarter of 2007.
Sales rose to 6.91 billion pounds from 5.97 billion pounds a year earlier, despite increasing competition from generic drug makers on brands such as epilepsy drug Lamictal and migraine treatment Imitrex. Sales of its diabetes drug Avandia remained weak.
Glaxo said profits were hurt by higher costs for research and development, expiring patents and a $400 million legal charge announced last month relating to an investigation by U.S. authorities into its marketing and promotion practices.
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