Walmsley said there would be an inevitable impact on jobs but there was also an opportunity for cost savings in procurement and across the supply chain.
The Pfizer deal is expected to boost adjusted earnings and free cashflow in the first full year after closing, which GSK anticipates will occur in the second half of 2019.
Pfizer, which already has a long-standing HIV medicines joint venture with GSK, said the transaction would be slightly accretive in each of the first three years after it closed.
The consumer tie-up follows a deal by GSK earlier this year to buy Novartis’s stake in their consumer joint venture for $13 billion and comes as Walmsley tries to reshape Britain’s biggest drugmaker, which has seen its shares move sideways for years.
Earlier this month, she agreed to buy cancer drug specialist Tesaro for $5.1 billion to try to revitalise its pharmaceuticals business, a high-priced acquisition that was poorly received by the market.
GSK has lagged rivals in recent years in producing multibillion-dollar blockbusters and it largely sat out a spate of dealmaking by rivals under previous CEO Andrew Witty.
Seeking to reassure investors of its financial strength, GSK extended its guarantee on the dividend by stating it expected to pay unchanged dividends of 80 pence per share for 2019.
GSK was advised by Citi, J.P. Morgan Cazenove and Greenhill, while Centerview, Guggenheim and Morgan Stanley acted for Pfizer.
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