Newly assigned chief executive of GlaxoSmithKline Andrew Witty has delivered his plans for the future of the firm, which include ramping up cost saving initiatives and increasing the focus on consumer products.
He plans to reduce the company’s reliance on prescription drugs in favour of pursuing products such as Lucozade and Panadol.
“There are no sacred cows and we’ll be pretty much blind to heritage… a very pragmatic, very return-driven mindset is what you should be expecting from us,” he said.
Cost cuts will also be of increased focus, and emerging markets are to be made top priority.
“That broader front will allow us to reduce some of the volatility we’ve seen in the performance of the company over the last few years and therefore start to diminish some of the risk which is perceived by shareholders in the business.”
The announcement came on the back of a prediction-exceeding 13 per cent rise in second quarter-on-quarter earnings.