Business Services Industry
Daily Mail, London, Market Report.
Knight Ridder/Tribune Business News, November, 2003
By Geoff Foster, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 13--Buyers dosed up with GlaxoSmith-Kline after US broker Goldman Sachs reiterated its outperform rating ahead of the drug giant's long-awaited Research & Development Day on December 3. A heady cocktail of domestic and US buying helped the shares touch 1343 pence before closing 21 pence higher at 1328 pence on turnover of almost 30 million.
Goldman is adamant that the market is underestimating GSK's pipeline and that the R&D event will represent a watershed beyond which the debate over GSK will no longer be framed by its generic exposure, but by merits of its pipeline.
It reckons GSK's pipeline contains greater "option value" than its peers, with 28 new...
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