Difficult European conditions hit GlaxoSmithKline, whose 4th-qtr profits slumped
UK pharma giant GlaxoSmithKline (LSE: GSK) blamed tough conditions in European markets for a decline in sales and profits for the fourth quarter, as it announced its 2012 financial results, and is looking to cut costs further this year, with a cost-cutting program, particularly in Europe, to deliver savings of at least £1 billion ($1.57 billion) in 2016.
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