Renowned for products such as Panadol, Lucozade, Ribena, Macleans and Sensodyne that a lot of Nigerians have grown fond of, the British pharmaceutical giant GlaxoSmithKline Plc (GSK) has called off its operations in Nigeria after about 52 years.
The GSK UK Group has halted commercialising its prescription medicines and vaccines in Nigeria through GSK Nigeria. The plan is to transition to a third-party direct distribution model for its pharmaceutical products and consumer healthcare goods, as in its statement sent to the Nigerian Exchange Limited. The announcement dropped on the day that GSK Nigeria published its half-year 2023 financials, which showed a significant drop in revenue; ₦7.8 billion from a corresponding value of ₦14.8 billion in the first half of 2022. This is more than a 50 per cent drop in revenue in the same period.
The firm also announced that the company was working with its advisers to agree on the next actions, as it plans to submit a scheme of arrangements…