M Winkworth+ (WINK, House Stock at 158p) - Adj. PBT forecasts unchanged after update

Q3 exceeded expectations; outlook upgraded ‘again’

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

SCS Group+ (SCS, House Stock at 169p) - Recommended cash offer

AG Barr+ (BAG, House Stock at 485p) - In line H1 24A results, robust guidance, a high-class medium-term growth story

Anpario^ (ANP, House Stock at 208p) - Director appointment

‘Another’ quarterly beat lifts full-year guidance

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

Initial Equity Trading Comments - 15 May 2023

Quarterly beat, outlook maintained

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

Q4 beat + strong guidance

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

GlaxoSmithKline ADR: Initiation of Coverage – Business Strategy & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (12/22)

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

Q3 topped expectations; full-year guidance upgraded

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