Andrew Witty, who became chief executive in May, wants to create a more diversified business to reduce dependence on a small number of drugs, boost productivity, and create a more cost-efficient company.
"It is clear that GSK must change if it is to be successful in the future," Mr Witty said.
The group posted pre-tax profits of £1.84m in the three months to June 30, three per cent below last year. Revenues were two per cent lower, at £5.87bn, in the light of lower sales of diabetes treatment Avandia - hit by a health scare last year - and generic rivals to its drugs in the US.
Mr Witty, who has taken over from long-serving chief executive Jean-Pierre Garnier, said the pharmaceutical sector faced `immense challenges'. GSK would look to make new investments in fast-growing areas such as vaccines and consumer healthcare products.
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