GlaxoSmithKline completes VRS scheme as part of its business review

GlaxoSmithKline Pharmaceuticals has completed its voluntary retirement scheme (VRS) for certain employees in the commercial function (field sales and head office) as part of its ongoing strategic review and transformation initiatives. The company has incurred a one-time cost of Rs 156.57 crore for the VRS, it said in a regulatory filing on Thursday.

The company revealed last month that its board, as part of a strategic business review, has given the green light for a VRS targeted at a specific segment of employees. Additionally, the board has endorsed a commercial transformation initiative as an integral component of the strategic review of the business.

GlaxoSmithKline Pharmaceuticals has also established an Omnichannel Team, leveraging technology to enhance its reach and coverage across target segments.

GSK Pharma recently reported a 12.5 per cent increase in its quarterly profit for Q2FY24, driven by strong demand for its vaccines and general medicine. The pharmaceutical giant reported a 12.5 per cent rise in quarterly profit for Q2FY24.

In FY23, the company's revenue from operations stood at Rs 3,251.72 crore, a decline of 0.80 per cent compared to FY22, which was at Rs 3,278.03 crore. The profit after tax (PAT) for FY23 amounted to Rs 610.69 crore, marking a decline of 63.97 per cent from the preceding fiscal year's PAT of Rs 1,694.72 crore.