Glaxo Posts Solid HIV Drug Data, Reinforcing Its Leadership in the Class; Shares Look Undervalued
GlaxoSmithKline reported positive detailed data from its Gemini 1 and 2 studies, showing that its Tivicay plus generic drug lamivudine was non-inferior to Tivicay plus Gilead's Truvada (a two-drug combo pill), opening the pathway to strong HIV disease control with potentially fewer side effects. However, we don't expect any major changes to our fair value estimate, as we believe the potentially improved side effect profile of Glaxo's HIV doublet will largely focus on replacing Glaxo's HIV triple...
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