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Glaxo Sees Up to $100 Million in Initial Costs From Brexit

  • Pharma company expects ongoing expenses in later years
  • Retesting medicines, changing licenses among needed steps
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GlaxoSmithKline Plc estimates Brexit-related costs as high as 70 million pounds ($98 million) over the next two to three years as Britain’s largest drugmaker seeks to maintain a steady supply of products to patients around the world.

Glaxo expects subsequent, additional costs of roughly 50 million pounds a year, according to the London-based company’s annual report, released this week. It’s one of the most detailed accountings of potential costs of the U.K.’s departure from the European Union by any company to date.