GlaxoSmithKline announces drop in full-year net profits

British drugmaker GlaxoSmithKline on Wednesday announced a 13-percent drop in annual profits and said it would further restructure its European operations to deliver greater savings amid weaker sales across the region.

GSK said profit after tax fell to £4.565 billion ($7.153 billion, 5.285 billion euros) in 2012 from £5.261 billion a year earlier.

Group sales dropped 3.5 percent to £26.431 billion, GSK added in an earnings statement.

Chief executive Andrew Witty said the company was extending its European restructuring programme "to deliver annual cost savings of at least £1.0 billion by 2016."