Glaxo's Exit From Talks for Purchase of Pfizer's Consumer Group Relieves Dividend Concerns
GlaxoSmithKline’s announcement that it has exited the process relating to the potential acquisition of Pfizer’s consumer healthcare division should relieve stock pressure stemming from concerns about a potential dividend cut. We don’t expect the decision to affect our fair value estimate or wide moat rating for Glaxo, and we continue to view the stock as undervalued. While dividend cuts are rare in the large-cap pharmaceutical space, they have happened, with Pfizer’s 2009 acquisition of Wyeth le...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.
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