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Glaxo's New CEO Is a Steady Hand In Pharmaceuticals' Rolling Seas

https://www.wsj.com/articles/glaxos-new-ceo-is-a-steady-hand-in-pharmaceuticals-rolling-seas-1490952607

Her lack of drug-industry 15% experience meant Ms. Walmsley's appointment met 2 of 3 with an initial lu from investors. She has recently addressed those concerns with the hiring of Luke Miels, a rising star at rival Astrazeneca PLC, to lead Glaxo's pharmaceuticals 10 2007 10 16 Earnings before interest, taxes and amortization, adjusted for currency movements Sources: the company, Barclays THE WALL STREET JOURNAL. "She got the best she can buy and brought him in, said J Walters, senior fund manager at Royal London Asset Management, which hold 0.839 stake "That's a sensible thing to do. utical panies succeed fail on the outcomes of expensive clinical trial rtain outcomes. Drugs that beco lockbusters typically have just a years of market exclusivity beforetheir patents expire and cheap versions erode sales, Glaxo's drugpipeline has weathered some recent high-profile failures, such darapladib, aheart drug the pany hoped ultibillion-dollar drug. d lung. reatment MAGE-A3 Th hurt Glaxo's efforts to replace and earnings lost aft the loss of patent protection for best-sellers The Novartis deal was designed to reduce Glaxo's exposure to the boom-and-bust nature pharmaceuticals. Consumer health products and vaccines have lower research-and- development costs than prescription drugs and their success doesn't depend on patent Despite the reduced dominance of the pharmaceuticals division, Glaxo remain lnerable to paten February it d investors that the potential pirations. unch ofa generic version of its best-selling inhaler Advair would scuttle earnings growth this year. Glaxo is counting on astringofdrugs and vaccines launched in recent yearsto replace Advairs dwindling sales. Mr. Witty had promised these products, which include HIV pill https www.wijcom/articlesielacos-new-cao-is-a-gtead-hand-it n pharmaceu cals rolling-seas-1d90852007 Glaxo's New CEO ls aSteady Handin Pharmaceuticals Rolling seas-wsu Tivicay and Advair successor Breo, would produce sales of more th bill (S746 billion by 201s.At Advair's peak, in 2013, that drug generated sales of ES.3 billion.The ntly under review by US and European st of those, shingles vaccine shingrix. But after that barrage of launches,Glaxo's late-stage pipeline is relatively bare, though to ramp up drugs in late-stage trials in the coming year, in hopes the company pl drugs between 2021 and 202s Abevy of midstage launching another wave of tory disease are due to produce ses, cancer and respi clinical trials spanning results in the coming year, One of Ms. Walmsley's most crucial tasks willbedeciding which of those drugs to advance into expensive late-stage trials. She needs to put a lot of attention" on the research pipeline and plac some bets as tative at Glaxo "That's th the next 18 months, said piece we need to get most right over the next few years, and there's no reason she cannot do th Mr. Witty poached Ms Walmsley from L'Oral SA in 2010 to head Glaxo'sconsumer health-care division in Europe, and quickly rose to take charge of products that didn't fit the health-ca While there, she the divestment hises Lucozade and Ribena, and focused on selected uch as soft-drink pain-relief gel. She also has power brands, such as Sensodyme toothpas d Volta umer health-care produce ded over the integration of Novartis's co generated 2 billion (s8.96 billion) ofGlaxo's 27.9 billio she is seen as a safe pair of hands said Royal London's Mr. Walters. "The board wants someone who can execute the strategy over the next few years, and that's what she h been brought in todo. Inside the company, Ms. Walmsley is known for her discipline, structure and deadline is Friday, she's ready by Tuesday, said the having to learn to keepup