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Home Industry News GlaxoSmithKline ‘can cope with market uncertainty’

GlaxoSmithKline ‘can cope with market uncertainty’

7th May 2010

GlaxoSmithKline’s chief executive Andrew Witty has reassured investors the company is well positioned to cope with the current uncertainty in global financial markets.

He said that while the world is experiencing “unpredictable times”, GlaxoSmithKline is prepared for the possibility of governments cutting their budgets for pharmaceutical purchases, reports the Daily Telegraph.

Mr Witty said the company will be looking to continue to ensure it offers “value-for-money propositions on great medicines that make a difference to people’s lives and are priced at a level for governments to purchase”.

He added that it was important to focus on the long-term growth plan for the business, instead of making “short-termist reactions” to budget cuts.

Last week, GlaxoSmithKline released its results for the first quarter of the year, in which it recorded sales growth of 13 per cent.

The company saw its worldwide pharmaceutical sales increase by 14 per cent to 6.1 billion pounds.

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