The new head of GlaxoSmithKline today said the drug giant must change to survive the growing threat of generic competition for its leading products.

A strong performance in the US helped GlaxoSmithKline bank annual profits of £7.8bn (€11.73bn) today as sales of its asthma and diabetes drugs continued to rise.

The growing demand for drugs to fight diabetes and depression has helped the newly merged pharmaceutical company GlaxoSmithkline get off to a strong start.