Report
Jean-Jacques Le Fur

GLAXOSMITHKLINE: Two years to wait before the "new GSK" | NEUTRAL | 1773p(+7%)

GLAXOSMITHKLINE - NEUTRAL | 1773p(+7%)
Two years to wait before the "new GSK"

Consumer demerger: a good way to deleverage "new GSK"
Two years of investment for the "new GSK"
Top line growth affected by legacy drugs
A new era of growth for the "new GSK" starting 2022
Underlying
GlaxoSmithKline plc

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Jean-Jacques Le Fur

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