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GlaxoSmithKline PLC GSK

Morningstar’s Analysis

Valuation
Currency in GBX
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

GlaxoSmithKline Reports Solid Efficacy Data for New Anemia Drug, but Side Effect Concerns Linger

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

GlaxoSmithKline reported largely favorable phase 3 data for daprodustat to treat anemia in patients with chronic kidney disease. While we are increasing our peak annual sales projections for the drug to over $1 billion annually (up from over $0.5 billion), the increased projections are not material enough to change our fair value estimate. Nevertheless, the strong data reinforces the firm’s ability to bring innovative new drugs to the market, a core pillar of the firm’s wide moat.

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Company Profile

Business Description

In the pharmaceutical industry, GlaxoSmithKline ranks as one of the largest firms by total sales. The company wields its might across several therapeutic classes, including respiratory, oncology, and antiviral, as well as vaccines and consumer healthcare products. Glaxo uses joint ventures to gain additional scale in certain markets like HIV and consumer products.

Contact
980 Great West Road
Brentford, Middlesex, TW8 9GS, United Kingdom
T +44 2080475000
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 94,066

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