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GlaxoSmithKline

GSK operates as a science-based global healthcare company that researches and develops a broad range of innovative medicines. The company operates in three major segments: Pharmaceuticals, Vaccines, and Consumer Healthcare. The Pharmaceuticals segment develops medicines that treat acute and chronic diseases. GSK's portfolio includes both patent-protected and off patent medicines targeting areas such as respiratory, HIV, cardiovascular, central nervous system, and anti-bacterials. The Vaccines business is one of the largest in the world following the NVS transaction, producing paediatric and adult vaccines for a range of infectious diseases. The Consumer segment, which is operated as a JV with NVS, focuses on Wellness, Oral Care, Nutrition, and Skin Health. (13 Dec 2018)

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Focused

GSK: Sheds Horlicks, Grabs Tesaro

Worth Watching: 09 Dec 2018, 10:08 PM ET - GSK  (A2/A+) wrapped up a busy week, announcing the sale of certain India-based consumer assets as well as the purchase of US-based oncology company, Tesaro. On Monday, Glaxo disclosed (i) the sale of Horlicks and other consumer healthcare bra ..
Focused

Glaxo 3Q18: Credit Metrics Don't Justify Ratings

Earnings Note: 31 Oct 2018, 10:25 PM ET - We view GSK's credit metrics as stretched for its ratings category. Furthermore, we believe Glaxo's muddled strategy leaves it exposed to event risk in the form of a split/spin/sale or more general operational underperformance.
Focused

GSK: Seeks Bids for Indian Consumer Unit

Worth Watching: 21 Aug 2018, 5:21 PM ET - GSK (A2/A+) has requested bids for its India-based consumer nutritional health unit by mid-September, according to unidentified sources familiar with the matter. Glaxo sent out an information memorandum with preliminary details about the busine ..
Focused

Healthcare: 2Q18 Earnings Recap

Sector Analysis: 15 Aug 2018, 9:59 PM ET - In this note, we recap 2Q18 earnings results in US Healthcare with a focus on the Health Insurers, Medical Device manufacturers and Pharmaceutical companies.
Focused

GSK 2Q18: Transformational Questions Persist

Worth Watching: 25 Jul 2018, 1:17 PM ET - GSK 2Q18 (A2/A+): Glaxo reported 2Q18 adjusted earnings of £1.55 bn, or 28.1p/share, which compares to adjusted earnings of £1.50 bn, or 27.2p/share, in the prior year period. Second quarter revenues totaled £7.31 bn (vs consensus of £7.21 bn), ..
Focused

Glaxo: Consumer Biz Brouhaha

Worth Watching: 23 Jul 2018, 2:07 PM ET - Glaxo (A2/A+) made waves late last week when the Financial Times reported that the company was mulling a split after receiving pressure from certain large investors. According to people familiar with the matter, GSK's Chairman, Philip Hampton, ..

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

GSK 1Q18: Respiratory Pressure, Consumer M&A

Worth Watching: 25 Apr 2018, 9:47 PM ET - GSK 1Q18 (A2/A+): Glaxo reported 1Q18 adjusted earnings of £1.43 bn, or 24.6p/share, versus £1.42 bn, or 25p/share, in the prior year period. First quarter revenues totaled £7.22 bn, representing 4% growth on a constant currency basis. The resu ..
Focused

GSK: Acquires NVS Consumer Stake for $13 bn

IG Note: 27 Mar 2018, 10:58 PM ET - GSK has reached an agreement to acquire NVS’s 36.5% stake in the Consumer Healthcare JV for $13 bn (£9.2 bn) in cash. The transaction comes just days after Glaxo withdrew from the bidding process for PFE’s Consumer business.
Focused

GSK 4Q17: Bidding for PFE Consumer Biz

Worth Watching: 07 Feb 2018, 12:58 PM ET - GSK 4Q17 (A2/A+): GlaxoSmithKline reported 4Q17 adjusted earnings of £1.52 bn, or 27.2p, narrowly beating the consensus estimate of 26p. Fourth quarter revenues totaled £7.64 bn (vs consensus of £7.46 bn), representing growth of 4% YoY on a con ..

Pharma 2018 Outlook: Bracing for M&A

Sector Outlook: 17 Jan 2018, 4:15 AM ET - We enter 2018 with a U/P recommendation on the Pharma sector as we anticipate multiple sources of event risk in the year ahead. Our rec is supported by tight sector spreads relative to both the IG Corporate Index and historical averages.

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

Euro HY Conference 2017: Healthcare Transcript

Transcript: 20 Jun 2017, 11:35 AM ET - This is a transcript of the talk we gave at the CreditSights Euro HY Conference. We discuss our recommendations in the sector and where we feel comfortable taking a ‘risk on’ position, and we provide an update on the UK social care sector.
Focused

Glaxo 1Q17: HIV & New Products Offset Advair

Worth Watching: 26 Apr 2017, 10:05 PM ET - Glaxo 1Q17 (A2/A+):  GSK reported adjusted earnings of £1.42 bn, or 25.0p/share, roughly in-line with the consensus estimate. This compares to adjusted earnings of £1.07 bn, or 19.1p/share, in the prior year period. First quarter revenues total ..
Focused

GSK 4Q16: HIV Drives Growth; Advair Threat Grows

Worth Watching: 09 Feb 2017, 11:14 AM ET - GSK 4Q16 : GlaxoSmithKline (A2/A+) reported 4Q16 adjusted core earnings of £1.48 bn, or 26.1p/share, besting the consensus estimate of 25.1p. This compares to adjusted core earnings of £983 mn, or 18.1p/share, in the prior year period. Fourth q ..

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

Pharma 2017 Outlook: U/P on Event Risk

Sector Outlook: 23 Jan 2017, 10:04 PM ET - We maintain our U/P recommendation on the Pharma sector as we anticipate multiple sources of event risk in 2017. We expect M&A to continue despite meaningful credit deterioration and anticipate sustained pricing headwinds in the space.

European High Yield Healthcare: 2017 Outlook

Sector Outlook: 12 Jan 2017, 10:29 PM ET - We discuss key themes and update our views on RV for European HY healthcare credits (including cross-over). We recommend an underweight position to the sector and favour exposure to the €HY healthcare sector over the £HY healthcare sector.

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