GLAXOSMITHKLINE: Covid-19 was highly supportive to the performance in Q1 | NEUTRAL | 1773p(+5%)
GLAXOSMITHKLINE - NEUTRAL | 1773p(+5%)Covid-19 was highly supportive to the performance in Q1
Q1 2020 figures well above expectations
Pharmaceuticals significantly helped by stocking effects
Vaccines was the pleasant surprise of the quarter
No change to our rating and estimates
GlaxoSmithKline is a global healthcare company. Co.'s segments include: Pharmaceuticals; Vaccines; and Consumer Healthcare. The Pharmaceuticals segment is focused on developing new medicines in respiratory, HIV, oncology and immuno-inflammation, with discovery research exploring these and other areas. The Vaccines segment has a portfolio and pipeline of vaccines to help protect people throughout life. Co. delivers vaccines to people living in over 160 countries. The Consumer Healthcare segment develops and markets consumer-preferred brands in oral health, pain relief, respiratory, nutrition/gastro-intestinal and skin health.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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