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NEWS
July 26, 2011 | ASSOCIATED PRESS
LONDON - A big reduction in administrative costs and strong sales in Japan helped GlaxoSmithKline PLC return to profit in the second quarter of the year. The pharmaceutical company, which has major operations in Philadelphia, reported Tuesday a profit of 1.1 billion pounds ($1.8 billion) in the second quarter, in contrast to last year's loss of 304 million pounds. GSK achieved the result despite a 4 percent drop in revenue, to 6.7 billion pounds, largely because sales and administration costs were slashed from 4.2 billion pounds last year to 2.3 billion pounds.
BUSINESS
December 3, 2014 | By David Sell, Inquirer Staff Writer
The $1.57 billion in annual cost cuts that drugmaker GlaxoSmithKline announced in October will take a more definite shape, possibly as soon as Wednesday, with Philadelphia-area employees among those at risk of losing their jobs. Like other major pharmaceutical companies, GSK is still trying to adapt a decades-old business model to new realities in the complex health-care marketplace without forsaking the profits that investors of all sizes still expect. "The aim of this program is to improve performance by taking unnecessary complexity out of our operations and establish a smaller, more focused, organization, operating at lower costs, that supports our future portfolio," GSK spokeswoman Mary Anne Rhyne said in a statement.
BUSINESS
April 24, 2014 | By David Sell, Inquirer Staff Writer
In a multibillion-dollar deal, drugmakers GlaxoSmithKline and Novartis said Tuesday that they would trade parts of their companies and form a joint venture with a third part. GSK, based in London and with several facilities in the Philadelphia region, will sell its current cancer drugs to Swiss-based Novartis for $16 billion. Novartis will sell all but one of its vaccines to GSK for about $7.1 billion. The companies formed a joint venture to sell over-the-counter medicine, with GSK taking a 63.5 percent stake.
BUSINESS
December 19, 2013 | By David Sell, Inquirer Staff Writer
GlaxoSmithKline said Tuesday that it would stop paying doctors to give speeches and attend continuing medical education events, while also eliminating individual targets in determining pay for sales representatives. The drugmaker - based in London but with facilities at Philadelphia's Navy Yard and elsewhere in the region - is ahead of most of its competitors in those matters. GSK and the pharmaceutical industry have been under pressure in myriad ways to change business practices their critics see as unethical.
BUSINESS
December 5, 2014 | By David Sell, Inquirer Staff Writer
The drugmaker GlaxoSmithKline said Wednesday that it would cut hundreds of jobs in the United States, with the Philadelphia region gaining and losing positions, as it begins a three-year process of eliminating $1.57 billion in annual expenses. London-based GSK will significantly reduce its research and development operation in North Carolina's Research Triangle Park, moving some of those positions and people to facilities in Upper Merion and Upper Providence, Montgomery County. However, some Philadelphia-area employees in commercial divisions will be laid off, with departures starting early in 2015.
BUSINESS
April 4, 2015 | By David Sell, Inquirer Staff Writer
Drugmaker GlaxoSmithKline said Thursday that it would establish a new hub for vaccine research and development in the Washington suburb of Rockville, Md., a move that will directly affect about 150 employees at the company's King of Prussia facility. Establishing the Maryland hub, GSK said in a statement, "will consolidate vaccines R&D activities currently conducted at other GSK sites including in Philadelphia and Cambridge, Mass., into one centralized location. Key late-stage development programs, as well as vaccine discovery and new platform technology development, will be led from Rockville.
BUSINESS
July 16, 2014 | By David Sell, Inquirer Staff Writer
Shifting needs of players in the pharmaceutical industry came together Monday afternoon when GlaxoSmithKline P.L.C. announced a licensing deal with California-based Codexis Inc., which produces enzymes and a related process that allows drugmakers to manufacture medicines less expensively and in a more environmentally friendly manner. London-based GSK, which has operations in and around Philadelphia, will pay Codexis $6 million up front and $19 million more after the technology is successfully transferred.
BUSINESS
May 2, 2014 | By David Sell, Inquirer Staff Writer
Amid the recent swirl of pharmaceutical company takeovers and trades, GlaxoSmithKline chief executive officer Andrew Witty said Wednesday that GSK might end up with more Philadelphia-area employees if a deal with Novartis is completed. Witty said the business units joining GSK have about 10,000 people and the units going to Novartis have about 2,000 people. "On day one, there is a significant net influx of people to GSK, and therefore in most of our geographies - and the Delaware Valley, I suspect, will be no exception - there might be net benefit," Witty said during a conference call with reporters after the company released first-quarter financial results.
BUSINESS
February 16, 2011 | By Diane Mastrull, Inquirer Staff Writer
Armed with microfiber mops and dusters and low-noise vacuums, a group of workers has emerged from the cover of night to lead a revolution. Cleaning crews are boldly steering janitorial carts into office buildings' lobbies, work cubicles, and restrooms when such potentially disruptive activity has long been considered a no-no: in the daytime. They are buffing and wiping and collecting trash in the middle of other workers' workdays - even as those employees take phone calls, pore over spreadsheets, or write reports.
NEWS
March 24, 2011 | By David Sell and Jeff Shields
INQUIRER STAFF WRITERS GlaxoSmithKline chief executive Andrew Witty surprised Mayor Nutter on Wednesday by announcing a $5 million donation to the city, with no strings attached beyond the general hope that it would help young people in Philadelphia. "We can make an impact on the next generation," Witty said at a City Hall gathering held under the banner of the British American Business Council of Greater Philadelphia. Witty and other GSK executives joined Nutter to discuss the British pharmaceutical company's decision to move from Center City to the Navy Yard.
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ARTICLES BY DATE
BUSINESS
April 4, 2015 | By David Sell, Inquirer Staff Writer
Drugmaker GlaxoSmithKline said Thursday that it would establish a new hub for vaccine research and development in the Washington suburb of Rockville, Md., a move that will directly affect about 150 employees at the company's King of Prussia facility. Establishing the Maryland hub, GSK said in a statement, "will consolidate vaccines R&D activities currently conducted at other GSK sites including in Philadelphia and Cambridge, Mass., into one centralized location. Key late-stage development programs, as well as vaccine discovery and new platform technology development, will be led from Rockville.
BUSINESS
February 6, 2015 | By David Sell, Inquirer Staff Writer
Gov. Christie and other likely Republican presidential candidates have struggled with consistency in their public positions regarding the value of vaccines, but GlaxoSmithKline chief executive officer Andrew Witty has no such conflicts. "Generally, vaccines go through enormous amounts of testing on safety and efficacy," Witty said Wednesday from London in a conference call with reporters after GSK reported financial results for the fourth quarter and all of 2014. "Clearly, vaccines are a remarkable potential source of human health care.
BUSINESS
December 5, 2014 | By David Sell, Inquirer Staff Writer
The drugmaker GlaxoSmithKline said Wednesday that it would cut hundreds of jobs in the United States, with the Philadelphia region gaining and losing positions, as it begins a three-year process of eliminating $1.57 billion in annual expenses. London-based GSK will significantly reduce its research and development operation in North Carolina's Research Triangle Park, moving some of those positions and people to facilities in Upper Merion and Upper Providence, Montgomery County. However, some Philadelphia-area employees in commercial divisions will be laid off, with departures starting early in 2015.
BUSINESS
December 3, 2014 | By David Sell, Inquirer Staff Writer
The $1.57 billion in annual cost cuts that drugmaker GlaxoSmithKline announced in October will take a more definite shape, possibly as soon as Wednesday, with Philadelphia-area employees among those at risk of losing their jobs. Like other major pharmaceutical companies, GSK is still trying to adapt a decades-old business model to new realities in the complex health-care marketplace without forsaking the profits that investors of all sizes still expect. "The aim of this program is to improve performance by taking unnecessary complexity out of our operations and establish a smaller, more focused, organization, operating at lower costs, that supports our future portfolio," GSK spokeswoman Mary Anne Rhyne said in a statement.
BUSINESS
July 16, 2014 | By David Sell, Inquirer Staff Writer
Shifting needs of players in the pharmaceutical industry came together Monday afternoon when GlaxoSmithKline P.L.C. announced a licensing deal with California-based Codexis Inc., which produces enzymes and a related process that allows drugmakers to manufacture medicines less expensively and in a more environmentally friendly manner. London-based GSK, which has operations in and around Philadelphia, will pay Codexis $6 million up front and $19 million more after the technology is successfully transferred.
BUSINESS
May 2, 2014 | By David Sell, Inquirer Staff Writer
Amid the recent swirl of pharmaceutical company takeovers and trades, GlaxoSmithKline chief executive officer Andrew Witty said Wednesday that GSK might end up with more Philadelphia-area employees if a deal with Novartis is completed. Witty said the business units joining GSK have about 10,000 people and the units going to Novartis have about 2,000 people. "On day one, there is a significant net influx of people to GSK, and therefore in most of our geographies - and the Delaware Valley, I suspect, will be no exception - there might be net benefit," Witty said during a conference call with reporters after the company released first-quarter financial results.
BUSINESS
April 24, 2014 | By David Sell, Inquirer Staff Writer
In a multibillion-dollar deal, drugmakers GlaxoSmithKline and Novartis said Tuesday that they would trade parts of their companies and form a joint venture with a third part. GSK, based in London and with several facilities in the Philadelphia region, will sell its current cancer drugs to Swiss-based Novartis for $16 billion. Novartis will sell all but one of its vaccines to GSK for about $7.1 billion. The companies formed a joint venture to sell over-the-counter medicine, with GSK taking a 63.5 percent stake.
BUSINESS
December 23, 2013 | By David Sell, Inquirer Staff Writer
What if . . . The tiniest electrical device, wrapped around a nerve, could signal the cells lining your stomach that it is full, thereby quashing your desire to eat everything on the left side of the refrigerator? Or tell the dormant pancreas of a diabetic to resume making insulin? Or tell the muscles around a senior's bladder to contract like they used to so nothing leaks? Or tell the fibers in the lungs of an asthmatic child to relax so breathing is easy? Those types of questions were thrown about last week in New York, where drugmaker GlaxoSmithKline gathered 150 or so scientists from many disciplines, some not commonly associated with medicine, to devise a challenge worthy of a $1 million prize: "Create an implantable wireless device that can record, stimulate, and block neural signals to a single organ.
BUSINESS
December 19, 2013 | By David Sell, Inquirer Staff Writer
GlaxoSmithKline said Tuesday that it would stop paying doctors to give speeches and attend continuing medical education events, while also eliminating individual targets in determining pay for sales representatives. The drugmaker - based in London but with facilities at Philadelphia's Navy Yard and elsewhere in the region - is ahead of most of its competitors in those matters. GSK and the pharmaceutical industry have been under pressure in myriad ways to change business practices their critics see as unethical.
BUSINESS
July 26, 2013 | By David Sell, Inquirer Staff Writer
GlaxoSmithKline chief executive officer Andrew Witty said Wednesday that he and other top leaders at company headquarters in London were unaware of the activity of GSK executives in China accused of using travel agencies to pay off doctors and other health-care providers to increase drug sales. "To see these allegations about people working for GSK is, as we've said, shameful," Witty said in a conference call with reporters, his first public comment since the scandal broke. "For me, personally, they are deeply disappointing," he said.
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