GlaxoSmithKline PLC has axed more than 30 research programs to focus on four key areas, in a push by new Chief Executive Emma Walmsley to sharpen the company's research and development operations.
The move--which will focus Glaxo's research efforts on respiratory diseases, HIV and other infectious diseases, cancer and immuno-inflammatory conditions--came as the company posted a net loss in the second quarter, in part due to higher spending on research and development.
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U.K.-based Glaxo posted a net loss of GBP180 million in the three months to June 30, compared with a GBP435 million loss a year earlier, when the company took a GBP1.8 billion write-down after a sharp decline in the value of the pound following the U.K.'s Brexit vote increased the value of its liabilities.
The drug maker said revenue increased 12% to GBP7.32 billion. Analysts had expected a net profit of GBP1.14 billion and revenue of GBP7.27 billion.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
July 26, 2017 06:46 ET (10:46 GMT)