GSK reports third quarter EPS of 23.7p

GlaxoSmithKlineCommenting on the performance in the quarter and GSK's new Operational Excellence programme, JP Garnier, Chief Executive Officer, said: "GSK remains on track to meet its earnings guidance for the year, despite significant challenges. We continue to strengthen our product portfolio with 15 products launched, approved or filed so far this year, and we remain very focused on delivering more from our late-stage pipeline. We are also increasing R&D investment in key areas of future growth, such as biopharmaceuticals, oncology, vaccines and neuroscience.

GSK is also constantly seeking ways to adapt its operations and its cost base to remain competitive. Operational Excellence is part of our culture and in our new programme we will be accelerating and expanding many initiatives to improve GSK’s productivity. This will include streamlining our manufacturing, adapting our selling model and improving efficiencies in R&D.

We are very conscious that these initiatives will impact our staff in certain areas of our business and we regret that job reductions will be a necessary part of this programme. We will do everything we can to support those employees who are affected. However, by making the changes we envision, GSK will be better placed to address the challenges we face in 2008 and be in a stronger position to create long-term value for patients and shareholders."

GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For company information including a copy of this announcement and details of the company's updated product development pipeline, visit GSK at www.gsk.com.

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