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业务重组——2014年葛兰素史克的答卷

  1. GSK
  2. 业务重组
  3. 诺华

来源:生物谷 2014-12-18 20:09

业务重组——2014年葛兰素史克的答卷

2014年12月17日讯 /生物谷BIOON/ --2014年对于生物医药产业来说可谓是几家欢喜几家忧:有的生物医药公司如诺华公司因为出色的研发成果而前景一片光明;有的生物医药公司如辉瑞不惜血本地进行了许多兼并和合作项目而被冠以土豪之名。然而,同样作为生物医药巨头的葛兰素史克的2014年就显得暗淡了许多。公司2014年所交上的一份答卷主题则是业务重组。

2013年和2014年对葛兰素史克公司可以说是多事之秋。在去年爆发出的葛兰素史克中国分公司贿赂事件不仅仅拷问了公司在新兴市场中的企业形象,更引得美国司法部介入调查,使得公司的企业形象大打折扣。同时,由于专利悬崖的到来,葛兰素史克公司旗下的产品纷纷受到了仿制药的挑战也为公司的营收带来了不小的压力。这些难题也直接体现在了公司的股价上,与去年同期相比,公司的股价已经下跌了20.55%之多。

为了扭转这一局面,葛兰素史克公司今年开始了声势浩大的业务重组计划。其中最吸引人眼球的就是与诺华公司的换购计划。在这份协议中,葛兰素史克公司用本公司的肿瘤业务部门换购诺华公司的疫苗部门,以期达到资源集中的目的。同时,双方还合并了其各自的消费者健康部门,葛兰素史克公司希望此举能为公司节省7亿美元的经费。此外,公司还出售了其艾滋病药物业务,这也意味着公司将失去其治疗HIV药物Tivicay,而这一药物在2014年度第三季度的销售额为7800万美元。同时,葛兰素史克公司还在美国市场裁员900人,将研发部门向海外市场转移。2014年即将过去,在新的一年里,葛兰素史克能否浴火重生,让我们拭目以待。(生物谷Bioon.com)

详细英文报道:

This year GlaxoSmithKline plc (ADR) (NYSE:GSK) has been focused on one word: "restructuring," as CEO Sir Andrew Witty remains in search for strong growth drivers in the face of a threatened top-line. The biggest of these decisions has been a billion-dollar business swap with Novartis AG (ADR) (NYSE:NVS), among other cost-cutting measures. Despite the company's efforts, however, the share price has been taking a slide, with year-to-date stock decline of 20.55%.

For the last three consecutive quarters, GSK has reported year-over-year (YoY) contraction in its bottom-line as well as a shrinking sales growth rate. Caught between price pressures, generic competition, and maturing markets, what GSK is looking for is something to turn around the business.

To counter these problems, GSK recently entered into an agreement with Novartis to acquire its vaccine business for nearly $7 billion and divest its own oncology portfolio for $16 billion. The two companies also merged their consumer-health divisions, amounting to combined revenue a little shy of $11 billion. The idea behind the mega deal was to allow each company to strengthen areas of key focus and get rid of portfolios that do not match up to other segments. The billion-dollar deal was also lauded by investors and analysts as the pharma giants seemed well-positioned to take advantage of focusing on their core areas.

Moreover, the deal is also expected to result in cost benefits for the companies. GSK will have a majority stake of 63.5% in the consumer-health joint venture, and is expected to generate nearly $700 million in cost savings. Operating margins for the combined business are expected to be in the upper teens, with potential value of $30 billion, as per Bloomberg estimates.

Period Revenue (billions) YoY Revenue Decline Earnings (per share) YoY Earnings Decline

1QFY14 $9.29 -13.5% $0.35 -21.9%

2QFY14 $9.36 -16.0% $0.32 -27.4%

3QFY14 $9.42 -13.3% $0.47 -3.5%

GSK is also spinning off its HIV business, ViiV Healthcare, in an initial public offering that may bring in more than $1.6 billion in cash, assuming a 20% float. However, the spin-off will also imply that GSK will have to let go of the recently launched HIV drug Tivicay, which generated $78 million in revenue in the third quarter of fiscal '14. GSK also announced this month that it will be cutting nearly 900 jobs in the US by consolidating R&D operations to Philadelphia, as part of its goal of achieving cost savings of nearly $1.5 billion.

GSK is believed to be carrying an elaborate pipeline with more than 40 potential future star drugs, more than the R&D efforts of its more research-focused peers such as AstraZeneca plc (ADR) (NYSE:AZN) and Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY).

After GSK handed over its cancer portfolio and related R&D efforts to Novartis in a deal earlier this year, the company is now playing on its strength in core disease areas like respiratory conditions, infectious diseases such as HIV, vaccines, and consumer health-care. However, an important concern that remains is that GSK's recent respiratory launches, Anoro and Breo, have not been able to redeem the company's leadership position in the respiratory space, which has been threatened by generic competition ever since the company's top drug Advair lost US patent protection in 2010 and European patent in 2013. In fact, the company has also experienced a large drop in its R&D returns this year, perhaps the most across the industry, as per some estimates.

 

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