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GSK expects up to £70M in initial Brexit-related costs

GlaxoSmithKline PLC's costs related to the U.K.'s withdrawal from the EU could be up to £70 million over the next two to three years.

The U.K.-based pharma giant expects subsequent ongoing additional costs of about £50 million per year, including additional customs duties and transaction or administration costs.

According to the company's annual report for 2017, the estimates could change as more information on the changes to the business that will be required after Brexit becomes available.

The expenses are related to retesting and certifying medicines, transferring marketing authorizations registered in the U.K. to an EU entity, and changing manufacturing and importation licenses, among other things.

"Delivering these necessary but complex changes by March 2019 will be ambitious and potentially disruptive in the short term and we support efforts to secure a status quo transition period to minimize disruption," the company stated.

GSK does not expect Brexit to have a material impact on the business over the long term.