SmithKline Beckman Corp. reported a third-quarter loss...

SmithKline Beckman Corp. reported a third-quarter loss of $195.5 million due to a $389.3-million restructuring in which the drug maker’s manufacturing capacity was consolidated and 1,600 employees were fired. The Philadelphia-based company said sales rose 6% to $1.17 billion. Without the restructuring charge, the firm said it would have reported a profit of $97.1 million for the quarter. SmithKline said its problems stem from a lack of new drugs to compensate for declining sales of Tagamet, the ulcer treatment drug that accounted for more than one-fourth of the firm’s $4.3 billion in sales last year.

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