GlaxoSmithKline (GSK), reported third-quarter revenue down 3 percent to £5.6 billion ($8.9 billion), lower than the £5.7 billion forecast by analysts, as sales of its blockbuster asthma drug Advair continued to fall.
The company is eying an initial public offering of part of ViiV, its HIV joint venture with Pfizer and Shionogi, which could be worth up to £15 billion as a separate entity.
Andrew Witty, chief executive of the pharmaceuticals company, outlined the company's plans for a reorganization, after a deal with Switzerland-based Novartis which will see GSK take over the Swiss company's vaccines business, and sell its oncology treatments to Novartis.
GSK will save £1 billion annually from the deal by 2020, according to Witty. He did not give details of estimated job losses at the company.
He also reaffirmed GSK's commitment to the full year 2014 dividend, which will be 3 percent higher than 2013 at 80p.