GlaxoSmithKline reports Q1 core EPS 21p vs. 26.1p last year Core EPS of 21.0p increased 2% in CER terms but declined 20% at actual exchange rates due to the impact of currencies on the translation of overseas results and exchange losses on intercompany transactions of GBP20M. Reports Q1 sales GBP5.61B vs. GBP 6.47B a year ago. Reports Pharmaceutical and Vaccines sales growth in all major regions except U.S. and HIV sales up 4%, driven by uptake of recently launched integrase inhibitor Tivicay.
GlaxoSmithKline downgraded to Underperform from Neutral at BofA/Merrill BofA/Merrill downgraded GlaxoSmithKline to Underperform citing a lack of pipeline catalysts and its belief the European pharma sector is close to fair value.
GSK won't pursue divestment of certain brands in established products portfolio As announced at the company’s Q2 results in July, GSK started a process to consider the divestment of certain North American and European brands in its Established Products Portfolio.The company has evaluated all bids received and has concluded, consistent with its key criteria of maximizing shareholder value, not to pursue divestment of these products.