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The
drugmaker recently sold its marketed cancer drugs to Novartis <NOVN.VX>
and bought the Swiss group's vaccines, while increasing its
consumer health business through a joint venture.
The revamp is designed to ensure sustainable growth, after past
profit misses, but the strategy will take time to pay off and
GSK on Wednesday reiterated its forecast for a high-teens
percentage decline in 2015 earnings, at constant exchange rates.
Chief Executive Andrew Witty, who reset expectations for the
group in May, is now under intense pressure to deliver a
promised recovery from next year, following past profit
disappointments and a damaging corruption scandal in China.
Longer-term hopes hinge on the company's research pipeline and
GSK said it had around 40 new drugs and vaccines in Phase II or
Phase III clinical development. The performance of the HIV
business, which GSK opted to retain in May after considering a
spin-off, was a bright spot in the latest quarter.
Shares in the company were up 3.6 percent at 1376 pence by 1124
GMT (0724 EDT).
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