GlaxoSmithKline

     2011

     2012

Employees: 97,839

Employees: 99.488
Change: 2,099, 2.1%

Revenues: £27.387B (approx. $41.368B)

Revenues: £26.431B (approx. $39.925B)

In announcing last year's earnings, GlaxoSmithKline ($GSK) CEO Sir Andrew Witty said something was going to have to give in Europe, where revenues were off 7%. While bemoaning the tightfisted attitude of drug regulators there toward reimbursements, that something was going to have to be GSK jobs on the continent. He indicated cuts would be made this year as the U.K.-based company looked for ways to be more efficient.

The company has nearly 40% of its workforce in what it defines as the Europe region, which includes its headquarters staff, while that area generated only about 28% of its revenues. By comparison, the U.S. is home to 17% of the GSK workforce but accounts for nearly 38% of its revenues. The breakdown in emerging markets almost mirrors that in Europe, with 37% of its workforce and 26% of its revenues. There is a huge difference, however. Revenues in those markets were up 10% last year, while they fell 7% in Europe.

The company last year added about 1,100 employees to its payroll with the acquisition of Human Genome Sciences but is cutting jobs within that operation as it assimilates it. That buyout gave GSK full rights to the lupus treatment Benlysta and a couple of other pipeline products. It did nothing, however, for GSK's standing with investors. The company ended the year as the worst stock performer among the top 10 in Big Pharma, with a stock price off more than 9%, when peers were outperforming stock indices. It expects to pick things up with some drug approvals this year and may also look to acquisitions that can help it right its course.

For more:
Special Report: Pharma stocks 2012: 5 biggest winners, 5 biggest losers
GSK to hack jobs in Europe where austerity has taken toll

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