Forget a consumer spinoff. GlaxoSmithKline is plotting a $525M cost-cutting drive instead

Forget the speculation you’ve heard over the past few days: GlaxoSmithKline is sticking with its three-unit structure, CEO Emma Walmsley told investors Wednesday. And in fact, it’s so committed to that structure that it’s rolling out a cost-cutting plan to make sure all three businesses have the funds they need.