GlaxoSmithKline Plc (GSK.L) is getting more bang for its buck in drug research, underpinning expectations for a return to sales and margin growth despite fourth-quarter results that fell short of analyst forecasts. Britain’s biggest drugmaker said on Tuesday it had lifted financial returns from its laboratories to an estimated 12 percent, from 11 percent two years ago, and was confident of reaching its longer-term 14 percent target. That augurs well for the future but doesn’t offset near-term challenges such as pricing pressures in Europe and some emerging markets. Still, Chief Executive Andrew Witty reiterated GSK was on track to return to full-year sales growth in 2012, with gradually improving margins.
