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GSK focused on split as cost checks, COVID-19 easings aid earnings

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British drugmaker GSK said its plans to split in two are ‘well underway’ after it reported better-than-forecast first-quarter earnings

Company logo of pharmaceutical company GlaxoSmithKline is seen at their Stevenage facility, Britain October 26, 2020. REUTERS/Matthew Childs/File Photo

The British drugmaker said it would give details on June 23 on its plan to separate next year into an over-the-counter business and another for prescription drugs and vaccines. Walmsley, a former head of GSK's consumer business, became CEO in 2017 despite some investor pressure to name an outsider and such calls may grow with Elliott's arrival on the register.

Preparations have hurt earnings, but GSK hopes the streamlining of operations will pay off in the long term.

 

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