GlaxoSmithKline: More Cuts and No Guidance

GlaxoSmithKline (GSK) says that they're going to cut yet more staff - this follows up on those reports in the UK press the other day. Interestingly, they're also declining to give any guidance on their 2009 earnings. (Personally, I'd be just as happy if everyone declined to give guidance at all times, but I realize that this would affect the capital markets a bit).

And, to the company's credit, they say that they're not in the market for a big merger. Their CEO told the press that "There is no way we are going to be distracted by large-scale M&A within the pharmaceutical sector -- that's not for GlaxoSmithKline."

Comments

[ex-chem:]

>>>distracted by large-scale M&A within the pharmaceutical sector <<<

GSK's distraction when they merged with each other is the reason for their present state of affairs---dismal!

As for their discontinuing external guidance--they haven't had any internal guidance in R&D for years!

Feb 05 09:33 PM