British drugmaker GSK targets £1.9 billion in savings over three years to fund late-stage studies and R&D investments.
GSK announced a £1.9 billion ($2.52 billion) cost-savings program to streamline operations and redirect funds toward late-stage drug development. The initiative aims to support CEO Luke Miels’ strategy of faster innovation amid upcoming patent expirations and revenue growth targets.
The company seeks to achieve over £40 billion in annual revenue by 2031, despite potential losses from patent cliffs. Recent acquisitions, including Nuvalent in June, underscore efforts to bolster its oncology pipeline and accelerate drug development.
Shares rose 4.2% after GSK reported stronger-than-expected second-quarter profits and pledged £400 million in UK investments, including a new R&D center.