On Wednesday, GlaxoSmithKline (NYSE:GSK) reported better than expected Q1/2017 results but only thanks to some positive phasing effect for the Vaccines business.
The stock closed down 2% because the market seems worried about a potential slowdown in the HIV franchise, given that GSK missed consensus expectations for this franchise.
Q1/2017 results
GlaxoSmithKline reported Q4/2016 sales of £7.38B, 2% ahead of consensus expectation, while EPS of £0.25 were 1.5% higher than consensus, driven mainly by a strong performance of the Vaccines business. FY 17 guidance has been reiterated, as expected, but the company has downgraded the expectations for the forex tailwind in 2017 from 9% to 8%. Lastly, new GSK’s CEO, Emma Walmsley, announced a Capital Market Day at Q2/2017 Results.