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Share Name Share Symbol Market Type Share ISIN Share Description
GlaxoSmithKline LSE:GSK London Ordinary Share GB0009252882 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  -19.40p -1.32% 1,448.20p 9,395,156 16:35:13
Bid Price Offer Price High Price Low Price Open Price
1,452.20p 1,452.60p 1,470.60p 1,451.80p 1,467.60p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 30,186.00 3,525.00 31.40 46.1 71,835.3

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GlaxoSmithKline (GSK) Discussions and Chat

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Trade Time Trade Price Trade Size Trade Value Trade Type
18:28:481,448.2031,332453,750.02O
18:28:481,448.20220,8163,197,857.31O
18:28:241,448.20907,84813,147,454.74O
18:28:141,460.756559,567.88O
17:52:311,463.3646,116674,841.25O
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GlaxoSmithKline (GSK) Top Chat Posts

DateSubject
18/12/2018
08:20
GlaxoSmithKline Daily Update: GlaxoSmithKline is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker GSK. The last closing price for GlaxoSmithKline was 1,467.60p.
GlaxoSmithKline has a 4 week average price of 1,408.80p and a 12 week average price of 1,408.80p.
The 1 year high share price is 1,648.80p while the 1 year low share price is currently 1,236.40p.
There are currently 4,960,316,601 shares in issue and the average daily traded volume is 14,646,034 shares. The market capitalisation of GlaxoSmithKline is £71,835,305,015.68.
07/12/2018
09:40
anhar: Alphorn: anhar - good post. I would not agree with 'proven losers' though - a great company in terms of important medicines over time; the list would be long. A term that I have used before is that these shares are 'bond like'. Big Pharma has to run very fast just to stand still just to replace products going off-patent. By "proven losers" I was referring to their terrible long term share price performance which has been known for some time, it's not just a recent thing caused by the general market fall. I have no idea about the qualities of their products, they may well be a great company in that regard as you say but that is not reflected in the long term share price. You may have noticed that people here report on every tiny little drug development as though it's going to be the next big thing that will turn GSK round. It never is. That could change in future and as an income investor I hope it does as that may lead, eventually, to an increased dividend if my strat doesn't take me out of this share before that, but the number of false starts is very large. The reason that GSK has been such a poor capital share is that this "great company" has long made inadequate profits, not helped by their enormous debt. That debt is set to increase with the latest large US acquisition.
06/12/2018
09:30
anhar: In December 2000, two of the UK's largest pharmaceutical companies, Glaxo Wellcome and SmithKline Beecham came together to form global giant GlaxoSmithKline. At that time, GSK's share price was close to £21, valuing the firm at close to £110bn and putting it in the top three of the FTSE 100. Fast forward almost 18 years and GSK's share price is around £14.75, or about a third lower than at the time of the merger. That’s a bitter pill to swallow for investors as the deal has failed to prevent the destroyal of roughly £30bn of shareholder wealth. TM: Most will be aware of this appalling long term capital performance by GSK. The mystery is why you think it's the one share in which to invest so much, with that history. This is not a new thing, it's been clear for many years that GSK is an awful share for capital gain purposes. I invest only for income and have held for a long time now during which it has done what I wanted on dividends, up to a point though even that's been frozen for years now, but if I was a capital player and willing to risk it all or most on just one stock, I would never consider GSK. They are proven losers, at least over the last 18 years. Long term my dividend stocks have in total done very well on capital, though that's not why I invest this way, but GSK is one of the exceptions. In fact with the market fall pushing up the FTSE100 yield, and GSK's frozen 80p dividend making a yield of 5.6% at 1435p, it's getting closer to my exit point.
05/12/2018
15:49
tradermichael: In December 2000, two of the UK's largest pharmaceutical companies, Glaxo Wellcome and SmithKline Beecham came together to form global giant GlaxoSmithKline. At that time, GSK's share price was close to £21, valuing the firm at close to £110bn and putting it in the top three of the FTSE 100. Fast forward almost 18 years and GSK's share price is around £14.75, or about a third lower than at the time of the merger. That’s a bitter pill to swallow for investors as the deal has failed to prevent the destroyal of roughly £30bn of shareholder wealth. According to collated research and a recent Harvard Business Review report, the failure rate for mergers and acquisitions (M&A) sits between 70 percent and 90 percent.15 Mar 2017
23/11/2018
16:40
barbel3: hi guys so if the dollar drops to the pound does that mean its better for gsk share price just out of interest cheers
02/11/2018
14:05
jadeticl3: What was it that caused the GSK share price to leap 50p on the day of the results announcement, but then fall by 90p. And then by more thereafter?
02/10/2018
07:37
mr woodentop: Blimey - sounds like the daily express yesterday with 'pound goes ballistic'. It was up 0.3%. Today it is down by about the same amount. The GSK share price, although affected by the £ should not be totally dependent on it. The BOD's actions should be making it rise over the mid to long term. Jury is still out on that one though! keep taking the divis
22/3/2018
16:04
romeike: You say awful job, but she hasn't really done anything for that to be a fair comment other than state the obvious that they would need to look at the Pfizer offering. The share price has been hit because of rampant negativity around what GSK might pay and how it would fund the aquisition. If EW can get the brands at a low price it will be great for GSK with a big impact on EPS and huge scale in CH. But I think anything but a bargain buy will send the media into a tailspin over the dividend. GSK and Pfizer already teamed up on HIV - the suggestion they could do the same on consumer is an interesting option that I hope is being considered as it could offer the best of both worlds for both companies despite the initial complexities of getting it set up. Personally I'd prefer Pfizer walk away and we can just get the share price back up to £16-17 and focus on the big pharma launches - so much positive things happening recently with no upside seen in the share price Decided to add today.
04/11/2017
08:11
tradermichael: 20 years ago, in September 1997, the GSK share price rose from today's price to 2068p one year later ........
01/7/2017
07:26
tradermichael: m_k_hubbert - yes, and for my trades at £150K, I factor in a 7.5p increase in GSK share price is required for my costs to break even. ..... ;0)
03/12/2015
09:37
guernseymoney: Latest research I can get my hands on: >> Wednesday, November 11, 2015 >> GlaxoSmithKline CEO call take-aways: Pipeline productivity improving, Consumer guidance could be a conservative base camp >> >> GlaxoSmithKline >> (Neutral) >> >> Company Data >> Price (p) 1,366p >> Date of Price 10 Nov 2015 >> >> Yesterday we hosted a call with GSK CEO Andrew Witty (AW) in the context of the J.P. Morgan EU Pharma 2015 CEO Conference Call Series. Coming a week after the R&D day, which was focused on the detailed pipeline project disclosure, the call focused on bigger picture R&D questions, as well as the outlook for GSK's Consumer division and the pace of the cost savings program. On R&D, AW believes GSK has a differentiated approach, in part because of its understanding of genetics. GSK will provide an update on its R&D productivity metric at FY15 results in Feb '16, and AW believes GSK's productivity has been increasing, though still similar to the 12% IRR reported in 2014. With regard to the Consumer division, AW stated that guidance for topline growth of mid-single digit, and Core EBIT margin guidance of 20%+ could ultimately prove conservative, and doesn't represent a ceiling, though achieving profitability beyond 20% could mean a trade-off for slower topline growth. AW suggested significant M&A to strengthen Consumer is unlikely until the Novartis synergies have been achieved, and he also suggested that although divestment of the Consumer division wouldn't make sense at this time, this could be an option by the end of the decade, once the Novartis cost savings / synergies plan has been executed. For the Cost savings program, AW sees savings continuing to build over the next three quarters, suggesting guidance for 2016 EPS growth crossing into double digit should be well underpinned. >> Bottom-line: With the R&D day past, we see limited upcoming clinical catalysts with the potential to drive upgrades, but we believe GSK's share-price will likely be well supported by the sector-leading dividend yield (c.6%), as well as the Q2'16 Special divi (1.5%), and we also believe delivery of double digit LC EPS growth in 2016 would be well received by investors. With GSK already trading on 16x 2016E Core EPS for only 5% 2016E-20E EPS CAGR, vs. the sector on c.16.5x 2016E for 8% EPS CAGR, we remain Neutral. R&D - AW believes GSK's R&D is differentiated by its ability to understand genetics and gene expression. He believes R&D productivity is increasing, and is competitive with peers, >> * Differentiators in the R&D approach. AW notes GSK's ability to understand the genetics of diseases it is studying. He believes it has a leadership position in epigenetics, pattern recognition, RIP kinases, IL-5 in immune-system modulation and respiratory. He also believes it has a competitive position in immuno- oncology. In terms of platforms, the company sees differentiation in having adjuvants and adeno-virus technology within vaccines. * R&D productivity is improving vs. historical trends. GSK sees improvements as it believes it is doing a better job in validating its targets earlier in development, and choosing better target at the molecular level, which should lead to a higher probability of success vs. historical trends. * GSK's Return on R&D (IRR) is competitive, and likely to be similar to the 12% reported in 2013. GSK calculates its Internal Rate of Return every two years, with the next update at FY15 results in Feb 2016. GSK expects the IRR to be similar to the 12% reported in 2014. This was a step-up from themed single digit return reported in 2007/08. GSK expects the return to have increased, as HIV launches have done better, more than offsetting slow respiratory launches. GSK also believes that ending the Darapladib and Losmapimod programs will have increased the returns, as the studies ended, reducing R&D cost. GSK also sees oncology divestment at an attractive price as having boosted the return. * R&D productivity can be measured in a number of ways, all of which look favourable. AW listed a number of different ways to measure R&D productivity, including measuring spend per NDA approval, or looking at cycle times to approval - on both of these, GSK looks very good. Another metric would be the number of approvals generated, which GSK believes looks very good. GSK concedes one metric where it could look less impressive than peers is the number of blockbusters being generated from its pipeline, but it notes that 2008-14 combined new launches were already generating £3bn annual sales by the end of 2014, a significant commercial return. GSK also notes recent progress, with Dolutegravir looking likely to be a very substantial product, with peak sales of Breo, Nucala and Shingrix also likely to be very significant. GSK still sees plenty of potential to drive up its average R&D yield. Of the 11 pipeline products >> (9 launched and Nucala just approved and Shingrix to file H2' 2016), GSK believes 3-5 could be very significant products. * GSK R&D productivity doesn't significantly differ by therapy area. GSK doesn't see Oncology as having lower R&D productivity than other therapy areas, as it has had 7 oncology NDAs approved in Oncology from 2008-13, with sales moving from zero to £1bn by time of Oncology divestment. Respiratory is a therapy area GSK is still very keen on, with lots of activity and high productivity. >> GSK also characterised HIV as having been very productive. Vaccines also has very good productivity. GSK was slightly more cautious on Immuno- inflammation, a newer therapy area for GSK, which is a noisy space that could potentially have lower productivity. Rare disease productivity was described as good, rather than very good. * R&D focus - GSK is focused on six therapy areas: (1) HIV/Infection, (2) Oncology, (3) Respiratory, (4) Immuno-Inflammation, (5) Rare disease and (6) Vaccines. Though GSK has 40 new medicines/vaccines in developments, GSK doesn't believe it is too broadly spread across therapy areas, and the company doesn't see an argument for narrowing the R&D focus. * R&D approach seeks to avoid >> cannibalisation: In the Respiratory category, GSK does see a finite opportunity to develop new inhaled therapies, hence this is less of a focus, with GSK instead focusing on immune modulated programs like IL5 instead, which won't cannibalise existing GSK products, or compete with generics. In HIV, GSK still sees opportunity for long acting therapy, or from combos using a fewer number of ingredients which could expand the franchise rather than cannibalising. In the categories of Immuno-oncology, Inflammation or Rare diseases, GSK has nothing to lose, so can go after everyone else's share. >> Consumer: topline and margin guidance could ultimately prove conservative, and doesn't represent a ceiling, though achieving profitability beyond 20% could mean a trade-off for topline growth * Consumer topline and margin guidance could ultimately prove conservative. As to whether the guidance for mid single digit topline growth and 20%+ margin by 2020 could be conservative, AW noted that the Novartis business GSK acquired had significant challenges in terms of starting profitability. The company aspires to take the combined business to the upper quartile on margin and topline growth rate. GSK notes the profitability guidance is for EBIT margins to be at "least 20%", not "20%". AW sees reaching 20% profitability as the base-camp GSK needs to initially reach, before potentially exceeding this. The company notes that at some profitability point beyond 20% margin, there could be a topline growth trade-off, though this does not necessarily start at 20%. To put the profitability guidance in context, GSK noted that its Indian business has a significantly lower margin. In terms of peers, it also suggested J&J's consumer business is closer to GSK's, with this business having a sub 20% margin. GSK believes Reckitt is a less relevant comparator on profitability (JPMe approaching >> 30%) and GSK notes Reckitt hasn't formally provided any profitability metrics for its comparable business. * Consumer growth likely to be organic-only, until GSK has fully executed on Novartis transaction. GSK ruled out any potential near-term bolt on deals for GSK's consumer division, as the focus remains on executing on Novartis integration and margin improvement. GSK doesn't see the Novartis Put option creating any additional pressure to speed up the pace of margin improvement, with this already being a focus for GSK. Once the integration is complete and GSK has reached "base-camp" it would consider Consumer bolt-on M&A. >> * Consumer could potentially be spun-off once the Novartis transaction has been fully executed in 2020, but not before. GSK doesn't see an argument for divesting Consumer at the current time, seeing significant synergies with Pharma, and seeing plenty of potential for the business to be optimised. Once this is achieved, with Novartis Consumer fully integrated and the margin aspiration achieved by the end of the decade, at this time GSK could consider whether it makes sense to break the business up. Cost >> savings: AW sees significant further cost savings continuing to build over the next three quarters. * Cost savings will continue to play out in the next three quarters. AW stated that the initial cost savings apparent in >> Q3'15 would continue to build in the next three quarters, as restructuring measures fully materialise. However GSK believes a significant proportion of the savings will be offset by EU Advair erosion, and pricing headwinds. >> We believe 2016 could savings should support GSK's 2016 guidance for EPS growth to cross into double digit. >> Key newsflow >> * Key 12m newsflow: GSK highlighted a number of significant upcoming datapoints, including: (1) Nucala launch, (2) Accelerating Breo/Anoro/Incruse roll-out, (3) Shingrix regulatory filing, (4) Cabotegravir Phase III start, (5) HIF Phase III start, (6) First approval of SCID gene therapy. >> Investment Thesis >> We rate GSK Neutral, as we see balanced risk/reward at current levels. We see consensus EPS forecasts for the next five years as being broadly achievable, and we expect the sector-leading dividend yield to provide a valuation floor, at least as long as the high payout ratio is maintained. >> We are Neutral rather than Overweight as we continue to see limited pipeline optionality and less M&A optionality than at peers due to GSK's high financial leverage. >> Valuation >> We set a £13.70 price target applying a sector multiple to GSK's 2016E Core EPS. The sector currently trades on c.16x 2016E PE, for 9% 2016E-20E EPS CAGR. We apply a 16x multiple to GSK Core EPS, fairly generous for only a 6% 2016E-20E EPS CAGR, acknowledging that, in the near term, the shares are likely to be supported by the sector-leading dividend yield, even if we do question the logic of maintaining such a high payout ratio (96% of Core EPS, 200% of FCF). >> Our £13.70 PT is in line with our £13.50 Embedded value and £13.60 SOP. >> Risks to Rating and Price Target >> Upside risks >> * GSK could buy out Pfizer's 12% ViiV stake, though we would see this driving only around 1% accretion for 2016 and 2017, with 2% accretion beyond. >> Downside risks >> * GSK's dividend provides valuation support, but this could be at risk, should the company undertake a strategic transaction
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