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GSK.N

ISIN: US37733W1053
SEDOL: 2374112

Rating:

BUY

Target Price:

57.30 USD

Investment Horizon:

6 to 12 months
5th Feb 2010 View Report   Download

4Q 09 News Alert

GlaxoSmithKline PLC’s (GSK) 4Q 09 and FY 2009 results exceeded our estimates, largely reflecting higher vaccines sales in 4Q 09. Given GSK’s impressive financial performance in 4Q 09, the company’s cost-cutting efforts, strategic shift to emerging markets and a diversified product line, away from antidepressants, our positive outlook for the company has further strengthened....

17th Dec 2009 View Report   Download

3Q 09 Update Report

Emerging markets are yielding strong revenue growth (+25% y-o-y in 3Q 09) for GSK, with strategic alliances creating increasing opportunities. The alliance with Dr. Reddy’s Laboratories to market quality branded pharmaceuticals is expected to provide a healthy revenue stream for GSK and also offers GSK, which has primarily concentrated on patented products, a foothold in the branded generics business....

29th Oct 2009 View Report   Download

3Q 09 News Alert

GlaxoSmithKline PLC's (GSK) results were in line with our estimates in 3Q 09. Therefore, our fundamental outlook remains unchanged and we maintain our BUY rating for the common stock. We will reassess our common stock target price and rating in our next full update report. We continue to anticipate a positive currency impact on the ADR over our investment horizon. Therefore, we maintain our BUY rating. We will reassess our ADR (1 ADR = 2 shares) target price…

13th Aug 2009 View Report   Download

2Q 09 Update Report

The emerging market contributed 10.4% while new products contributed 9.5% to revenues in 2Q 09. These factors are expected to partially offset the decline in revenue growth due to the introduction of generics in the US market. However, we maintain our positive outlook for Glaxo's revenue growth, supported by its strategy to expand in emerging markets and increase its new products sales. Revenues are expected to continue growing robustly driven by Advair…

22nd Jul 2009 View Report   Download

2Q 09 News Alert

GlaxoSmithKline PLC's (GSK) revenues were broadly in-line with our estimate for 2Q 09, while operating and net performances marginally exceeded our expectations in 2Q 09. Given the better-thananticipated performance at the operating and net levels, we maintain our BUY rating for the common stock. We will reassess our target price and rating in our 2Q 09 update report. We maintain our BUY rating for the ADR based on our…