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GSK continued the trend of quarterly beats in the Q3, backed by the promising uptake of its newly-launched RSV vaccine. All the focus areas witnessed strong momentum and, consequently, the management increased its 2023 guidance for the second time this year. Overall, a healthy ongoing performance with improving R&D dynamics of late. The use of its balance sheet strength should help GSK allay the markets’ longer-term growth worries. These factors, along with receding Zantac litigation concerns, s
Companies: GSK plc
AlphaValue
The Q2 results exceeded expectations, with strong performances from Vaccines, HIV and other key franchises. Consequently, management upgraded its full-year outlook. While investors are nervous about key HIV patent expiries towards the end of this decade, resulting in the share price pressure of late, our positive stance on GSK is backed by its dominant position in Vaccines and HIV – which supports its strong cash-generating ability, gradually diluting the Zantac concerns and the firm’s attractiv
The Q1 results surpassed expectations, driven by a strong showing in Vaccines, HIV and other key areas although, as expected, sales were materially impacted by falling COVID-19 demand. The 2023 guidance nonetheless remained unchanged. Overall, at the currently-attractive price levels, we maintain our positive recommendation on GSK, supported by healthy prospects for Vaccines and HIV, which are set to further strengthen with the recent/upcoming approvals. Nonetheless, the firm needs to reduce its
Despite some moderation, Q4 sales crossed expectations as healthy growth in Vaccines and HIV was overshadowed by declining sales of COVID-19 solutions. While 2023 is guided to be strong, COVID-19-related sales are expected to continue declining. Even as Vaccines and HIV continue their momentum, GSK needs to find other avenues for growth, preferably in high-potential oncology. Considering the firm’s legacy strengths and hope of an R&D turnaround, given the on-going initiatives, the share price of
This is our first report on GlaxoSmithKline (GSK), one of the largest pharmaceutical companies in the world. The company is making a significant performance in both operating performance and R&D productivity. The demerger also strengthened its balance sheet, thus creating new flexibility for investing in innovation and sustainable growth. GSK’s last quarterly result was a disappointment as it failed to meet market expectations in terms of revenues as well as earnings. Adjusted operating profit a
Companies: GSK plc Sponsored ADR
Baptista Research
GSK’s Q3 beat was driven by a strong showing in vaccines – led by Shingrix and the HIV franchise – with healthy support from the other franchises. The 2022 outlook was again revised upwards. While recent (R&D) disappointments along with some past questionable decisions and Zantac uncertainties could again pile pressure on the management, we remain positive on the stock, supported by GSK’s meaningful presence in vaccines and the HIV markets, healthy momentum for the newer drugs and significant po
In Q2, GSK continued its solid growth momentum, driven by robust performances from all business segments. While Q2 also benefited from ‘one-offs’ like Shingrix stocking and higher Xevudy sales, it was an important steppingstone for the group, in the context of the spin-off of the consumer business. Although some moderation lies ahead in coming quarters, this is largely due to temporary anomalies and not any underlying business weakness. Overall, our positive recommendation on the UK giant is mai
GSK has made a good start to the year, with a visible recovery in all of the business segments. Although, strong Q1 performance was partly also driven by higher Xevudy sales and some ‘one-offs’. Having said that, profitability improvement sustained despite a higher contribution from low-margin Xevudy. Moreover, the on-track separation of the consumer business was the icing on the cake. Overall our positive stance on the UK giant is maintained.
GSK put up a decent show in Q4, despite the vaccines segment still facing pandemic-related headwinds. Importantly, 2022 is guided to be another solid year, and this will be driven by the strong recovery already seen and/or expected in all areas. While Unilever’s bid added spice to Consumer Healthcare, now all eyes are on the segment’s planned separation and upcoming CMD. Overall our positive stance should be maintained, given the expected continuation of various improvements.
GSK has rejected Unilever’s £50bn bid for the former’s Consumer Healthcare business. The British UK giant believes that the offer significantly undervalues its assets, but the acquirer increasing its offer won’t be an easy affair. Nevertheless, this offer is a validation of the underlying potential of consumer health offerings and, hence, we upgrade our divisional NAV estimates. Overall, GSK remains an attractive under-transition pharma story.
GSK has reported strong Q3 results, which, apart from a continued recovery in the base business, also benefited via some contributions from its various COVID-19 initiatives. Moreover, the profitability improvement was impressive. While some near-term anomalies due to the prioritisation of COVID-19 vaccines over non-COVID ones can’t be ruled out, it shouldn’t have any major longer term implications. Overall, our positive stance on the British pharma giant is reiterated.
Research Tree provides access to ongoing research coverage, media content and regulatory news on GSK plc. We currently have 0 research reports from 11 professional analysts.
Companies: BILN IGP RBN SBTX
Cavendish
Verici’s $8.2m gross raise means the company can now focus on scaling Tutivia and invest further into the development of existing and new products. With a uniquely well balanced Tutivia test, a growing sales team and LCD coverage expected later this year, we forecast Tutivia revenues of $2.6m/$4.5m in FY24E/FY25E. The Thermo Fisher deal was a huge validation of Clarava and Verici’s technology and in addition to licensing/milestone payments, we forecast double digit royalties on net Clarava sales
Companies: Verici Dx Plc
Singer Capital Markets
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: Aptamer Group Plc
Turner Pope Investments
SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com
Companies: SkinBioTherapeutics Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: CLBS GHH NANO TRX SAVE TMT GELN
On 18th December 2023 Incanthera announced a deal with Marionnaud in Switzerland to distribute ‘Skin+CELL’, its advanced dermatological solution for the delivery of vitamin B3 for skin protection and cosmetic rejuvenation. This gives Incanthera access to a high-end cosmetics distribution presence in Europe, and in addition, ownership of Marionnaud by AS Watson, the largest cosmetics distributor in Asia, offers significant new market opportunities further afield.
Companies: Incanthera Plc
Stanford Capital Partners
FY EBITDA and EBIT came in materially above consensus FY EBITDA came in at EUR98.8m, down 4% yoy and 12% above consensus. The EBITDA margin was 12.6%. Restated for one-off costs, it was 13.1%, more than 2 percentage points above the guidance. It was fully explained by price increases, notably on X-ray, mix and control of fixed costs. FY EBITA came in at EUR38m, 46% above consensus. 2024 guidance looks conservative Guerbet is aiming for organic growth above 8% (8.8%e). With markets growing at
Companies: Guerbet (GBT:EPA)Guerbet SA (GBT:PAR)
BNP Paribas Exane - Sponsored Research
IRLAB Therapeutics has confirmed the FDA’s alignment with its proposed Phase III programme for mesdopetam in levodopa-induced dyskinesias (PD-LIDs), following receipt of the minutes from its end-of-Phase II (EoP2) meeting held last month. Notably, the FDA has agreed on the primary endpoint being the Unified Dyskinesia Rating Scale (UDysRS), on which mesdopetam demonstrated a statistically significant improvement (p=0.026) in the Phase IIb study (secondary endpoint of that study). IRLAB will now
Companies: Irlab Therapeutics Ab
Edison
Tissue Regenix has reported on strong performance through 2023, noting record revenues driven by product adoption and expanded distribution, positive adjusted EBITDA for the first time and an increased cash position versus H1/23. FY23 revenues grew 20% to $29.5m supported by 25% growth from BioRinse products and 17% growth from dCELL products. Significantly, Tissue Regenix reported its first adjusted EBITDA profit for the year, +$0.9m, supported by revenue growth and cost management. We expect t
Companies: Tissue Regenix Group plc
Creo Medical has published a trading update for the 12 months to December 2023, during which the company focused on commercialising its core technology. Revenue for the period increased 13% YoY to £30.8m, while the underlying operating loss improved to £16.4m. Operationally, during the period, the number of confirmed users of Creo’s Speedboat range more than doubled over the year, the first procedures with MicroBlate Flex to ablate lung tumours were performed and Creo expects to receive regulato
Companies: Creo Medical Group Plc
Companies: NTQ KMK JNEO DCTA
LungLife AI is a medical diagnostics company focused on the development of AI-supported blood-based tests for the early detection of lung cancer. It has identified a significant medical need for non-invasive, sensitive and specific tests in early-stage lung cancer. The company’s core technology, the LungLB test, seeks to detect circulating tumour cells (CTCs) to identify malignant lung nodules. It aims to apply machine learning/AI (ML/AI) to derive algorithms to increase test accuracy. Following
Companies: LungLife AI, Inc.
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe
Companies: NBPE ICGT ARBB CSN RECI CLIG HAT AVO STX VTA APAX
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