GSK - The Post-Haleon Outlook (HOLD, TP £18 [£14.50], 14 pgs)
We value New GSK at £13.50/share and increase our Group PT to £18 to reflect higher Shingrix revenues following new analysis & a higher Haleon valuation ahead of its spin in July. The New GSK EPS CAGR is 4% on our forecasts 2022-27. However, GSK faces the biggest EU Pharma patent expiry in 2028 with ~1/3 of 2027 EBIT to be lost from 2028-30. We believe the longer it takes for material R&D success, the greater the likelihood GSK is acquired for its vaccine business & an acquirer views the ~£5bn R&D spend as a source of synergies.For access to the full note, please contact Naresh Chouhan ( )
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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