GSK prescribes £1.5bn regime of cuts - The Times 25th October 2007

GlaxoSmithKline announced a £1.5 billion cost-cutting drive yesterday that includes plans to cut at least 5,000 jobs, close plants and outsource the manufacture of drugs that have gone off-patent. Europe’s largest pharmaceuticals company gave the news as it reported a 7 per cent fall in third-quarter profits, led by weaker sales of Avandia, its controversial diabetes medicine, and increased competition from makers of generic drugs.

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Drugs group to shed 1,000 UK jobs in attempt to reduce costs - The Times 25th October 2007