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Encyclopedia :
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GlaxoSmithKline |
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GlaxoSmithKlineGlaxoSmithKline (GSK) plc is a pharmaceutical and healthcare company. The second largest pharmaceutical company in the world, in 2002 the company had sales of £31.8 billion and made a profit of £6.5 billion. It employs around 100,000 people worldwide, including over 40,000 in sales and marketing. Its worldwide headquarters is in London, with dual US headquarters in Philadelphia and Research Triangle Park. The company is listed on the London and New York Stock Exchanges. It does most of its business in the United States, but has a presence in almost 70 countries. The company's CEO is Jean-Pierre Garnier (former COO of SmithKline Beecham) and the non-executive chairman is Sir Christopher Gent. GSK was formed in December 2000 by a merger between Glaxo Wellcome and SmithKline Beecham, both the product of mergers themselves, as recently as 1995 for Glaxo and Burroughs Wellcome. GSK was actually incorporated in December 1999 as part of the lengthy merger process. As a result of the mergers, the company has certain minor businesses which are not strictly within its larger interests. In 2002, pharmaceutical sales accounted for £18 billion of GSK's total sales. Sales are largely based around a small number of successful products, the SSRI Paxil accounted for £2.1 billion in sales alone. Other key products include: The company works hard to protect the patents of its drug formulations and their respective trademarks. It recently went to court to enforce patents on Augmentin (2002) and Paxil (2003), but lost both trials. At their AGM on 19 May 2003, GSK shareholders rejected a motion regarding a £22 million pay and benefits package for Jean-Pierre Garnier. This is the first time such a rebellion by shareholders against a major British company has occurred, but is regarded as a possible turning point against other so-called "fat cat" deals within executive pay structures. In June 2004 the company had court proceedings initiated against them on allegations of fraud. The allegation is that the company suppressed research that shows that Paxil/Seroxat is little more effective than a placebo and increases suicidal feelings in young people, side effects which have commonly been reported by users for some time. GSK is also the name of a well-known Active Worlds citizen. GSK, short for GameShowKid, is AW's prime game show emulator. DiversityGlaxoSmithKline was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. External links
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