GlaxoSmithKline has launched a multibillion pound restructuring drive, including a potential flotation of its HIV drugs business, in a push to win back shareholder support after a year marked by corruption allegations and faltering sales.
葛兰素史克（GlaxoSmithKline，简称GSK）发起巨额重组努力，包括可能让艾滋病(HIV)药物部门上市，试图在经历一年的腐败指控和疲弱销售后赢回股东的支持。

Sir Andrew Witty, chief executive, said GSK would consider an initial public offering of a minority stake in ViiV Healthcare next year that would place it in the top half of the FTSE 100 index as a standalone company, with a valuation of up to £15bn.
首席执行官安德鲁•维迪爵士(Sir Andrew Witty)称，GSK将考虑明年对旗下艾滋病医药公司ViiV Healthcare的少数股权启动首次公开发行(IPO)，使其作为一家独立公司跻身于富时100(FTSE 100)指数前50位，估值可能高达150亿英镑。
He also announced a cost-cutting programme aimed at saving an annual £1bn within three years and said the 2015 dividend would be held flat at this year’s 80p a share level, assuaging concerns that the payout could be under threat. The measures represented a response to mounting shareholder unrest over GSK’s lacklustre financial performance, as well as fallout from the Chinese bribery scandal that resulted in a £300m fine last month.
他还宣布了一个成本削减计划，目标是在3年内每年削减10亿英镑。他表示2015年的股息将保持在今年每股80便士的水平，这减轻了市场对GSK股息受到威胁的担忧。这些措施是为了安抚股东因GSK平平的财务业绩以及中国行贿丑闻的冲击波而日益升温的不满，该丑闻最后以GSK上月支付3亿英镑罚款而告终。
Its shares rose 2.6 per cent but are still down 13 per cent in the past year, compared with a double-digit rise in the wider healthcare sector.
GSK的股价上涨了2.6%，但在过去一年累计仍下跌13%，而医疗板块整体股价涨幅达两位数。
Sir Andrew admitted it had been a “painful” year for GSK as its most important medicine – Advair for asthma – has faced increasing price pressure in the US. But the restructuring measures marked an attempt to get back on the front foot even as some big shareholders step up pressure on GSK’s board.
维迪承认，GSK经受了“痛苦”的一年。该公司最重要的药物——治疗哮喘的舒利迭(Advair)——在美国面临日益上升的价格压力。但这些重组措施标志着GSK试图恢复元气。目前一些大股东正加紧对该公司董事会施压。
Some are pushing for an acceleration of Sir Philip Hampton’s appointment as chairman after it was announced last month that the outgoing chair of Royal Bank of Scotland would succeed Sir Christopher Gent by next September.
上月，GSK宣布现任苏格兰皇家银行(RBS)董事长菲利普•汉普顿爵士(Sir Philip Hampton)将在明年9月接替克里斯托弗•根特爵士(Sir Christopher Gent)出任董事长。一些股东正试图加快这一交接进程。
One top-10 shareholder said Sir Christopher had been “an absentee landlord” during GSK’s recent troubles and that it “would be good to start the new year afresh with a new chairman”.
10大股东中的1家表示，根特在GSK最近遭遇麻烦期间是个“缺席的主人”，而且“在一个新的董事长领导下开始新的一年将是好事”。
“It is never good to have a leadership vacuum at the top,” said Dan Mahony, fund manager at Polar Capital, which owns shares in GSK. “When things are going well maybe you could give a year’s notice but not when you are facing the pace of change that is engulfing GSK.”
“顶层出现领袖空缺从来都不是一件好事，”拥有GSK股票的Polar Capital基金经理丹•马奥尼(Dan Mahony)说，“当事情进展顺利时，或许你可以提前宣布在一年后离职，但当你面对现在席卷GSK的巨变时，你就不能这样做了。”
People close to GSK rejected the criticism of Sir Christopher, and said yesterday’s restructuring showed that the board was working closely with management to reshape the business.
与GSK关系密切的人士驳斥了对根特的批评，并表示昨天宣布的重组方案表明董事会正与管理层密切合作以重塑这家公司。