'New GSK' will focus on 'gigantic pools of volume,' says Witty
This article was originally published in Scrip
Executive Summary
GlaxoSmithKline will not be selling off part of its stake in the HIV joint venture ViiV Healthcare via an IPO because of a "strong positive outlook" for the business. The decision was announced alongside the company's first quarter results and details of CEO Andrew Witty's plans for the "new GSK" following the multi-billion dollar asset swop with Novartis, which closed in March. The update helped GSK's share price increase by almost 1% (6 May) with investors pleased to hear about GSK's reduction of its £4bn payback scheme to a £1bn special dividend and details of an accelerated cost-savings plan.