Glaxo Posts Steady 3Q, but Concerns Are Growing Around the Dividend Outlook and 2018 Growth
Glaxo reported third-quarter results largely in line with both our and consensus expectations, and we don’t expect any major changes to our fair value estimate. We continue to view the stock as undervalued driven by steady growth in consumer health, vaccines, and HIV drugs, offsetting the expected 2018 U.S. generic headwinds for respiratory drug Advair. We continue to view the firm’s wide moat as secure, buoyed by brand power in the consumer group (flat growth in the quarter), innovation in drug...
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