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GlaxoSmithKline: Pipeline, Products, Performance and Potential
Espicom Business Intelligence Ltd, Oct 2009, Pages: 290
Pharmaceutical company intelligence reports from Espicom provide a full review of the company's activities together with five-year sales forecasts for its key products. The company's financial performance is covered in-depth, from its latest results to a complete analysis of its latest full fiscal year and an outlook for the future. A section on company strategy covers mergers, acquisitions and divestitures, key agreements, products and R&D. An overview of key products and R&D is followed by a comprehensive review of the company's product portfolio and research and development pipeline by therapeutic area. In addition, supplementary appendices provide more in-depth information on financials, agreements and corporate events.
Executive Summary
Headquartered in the UK, GlaxoSmithKline was formed in 2000 as a result of the merger of Glaxo Wellcome and SmithKline Beecham. It employs over 100,000 people in 116 countries with over 16,000 involved in research. GSK has a broad portfolio, with products and R&D projects in the fields of respiratory, central nervous system, anti-infectives, metabolic disorders, oncology, cardiovascular and urogenital. In addition, GSK has an extensive vaccines portfolio. According to GSK, it supplied one quarter of the world's vaccines by the end of 2007 and had a further 20 in clinical development.
According to GSK, the key drivers of its business performance are growth of existing products and the launch of new products. The group had 12 products with over £500 million in annual global sales in 2007, falling to 9 in 2008 and forecast to fall to 6 in 2009. GSK can expect significant generic competition for the majority of its current key products and thus will need to rapidly overhaul the product portfolio to try and ensure growth into the medium- and long-term.
As GSK braces itself for intensifying generic drug competition, it faces further disappointing sales from its pivotal diabetes treatment, Avandia. In addition, GSK lost out to Merck & Co in the race to launch its cervical cancer vaccine, Cervarix. Merck has already won contracts across much of the EU for Gardasil, which it markets in Europe through a joint venture with sanofi-aventis. It has been approved in over 85 countries, including the US. GSK however, only received European regulatory approval for Cervarix in September 2007 and, contrary to the anticipated US approval, in December 2007 the FDA issued a request for further information. GSK may be convinced of the merits of Cervarix and has funded a head-to-head trial comparing the two vaccines, but the accumulating delay in approval has given Merck a head start which may be difficult to counter.
In response to these problems, GSK is implementing a restructuring which is designed to cut costs by £700 million annually from 2010. This will include the closure of a number of factories and several thousand job cuts from the worldwide workforce. The company also intends to reduce the number of sales representatives. Sales and other administrative expenses are expected to decline to less than 30 per cent. Furthermore, in order accelerate product development, GSK has pursued an aggressive acquisition strategy, with an outlay of over £5 billion spent on the take overs of UCB's businesses in emerging markets, Stiefal Laboratories (which adds a large selection of dermatology products to GSK's arsenal) and Genelabs.
We believe there will be a noticeable slowdown in growth within our forecast period to 2013, due to both generic and branded competition, however, with an extensive pipeline, particularly in the early stages, and the decision to maintain spending on R&D and acquistion activities, GSK should be able to resume growth in the longer term.
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