GlaxoSmithKline posts loss of $616 million for 4th quarter

AP News
|
Posted: Feb 03, 2016 7:47 AM

LONDON (AP) — British-based drugmaker GlaxoSmithKline posted a loss of 428 million pounds ($616 million) for the fourth quarter of 2015 — compared with a profit of over 1 billion pounds for the same period a year earlier— as the company moved to integrate new businesses.

CEO Andrew Witty said Wednesday the healthcare environment remains challenging, but GSK remained focused on its integration and restructuring program. Witty says "progress means the group is well positioned to return to core earnings growth in 2016."

Drugmakers like GSK have been trying to focus on strengths amid competition from generic drugmakers.

The results come a day after GSK expanded its collaboration with Adaptimmune Therapeutics to boost its position in the oncology market. They will combine forces to drive Adaptimmune engineered T-cell receptor therapy to treat cancer.