Wednesday, October 31, 2012

GlaxoSmithKline to review European operations amid sales fall

Britain's biggest drug maker, GlaxoSmithKline, has announced a review of its European operations as sales fell 8pc in the third quarter, which could lead to significant job cuts.

Sir Andrew Witty, chief executive of GSK, declined to give any details on what impact the review would have on staff numbers – insisting it could mean the business hires more people in Europe – but analysts raised fears that the move signalled “downsizing”.