Report
Martial Descoutures

GlaxoSmithKline : Notable slowdown in Q2, recovery expected in Q3

>Marked though not surprising trends - During trading yesterday GSK published its Q2 2020 results which were marked, like its peers, by a notable and expected slowdown in group sales. Two elements stand out in these Q2 results: inventory drawdowns and also a significant slowdown in vaccine sales, notably for Shingrix (1e19% at constant currencies), and meningitis (-29% cc). This slowdown in the vaccine franchise significantly affected the group's margin. The good news ...
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
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Martial Descoutures

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