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Glaxo (GSK: A2/A): Zantac Update

HEALTHCARE
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Glaxo has shed nearly £7bn in market cap post the Zantac ruling in Delaware.

  • The move takes the share price back to Mid-April levels so just reversing some of the positive sentiment built up in the name recently.
  • GSK’s main near-term growth drivers are its vaccines Arexvy (RSV) and Singrix (shingles) which still put the equity up 11% YtD.

Bonds are quoted around +9 wider for GSK 3.125 32 and GSK 1.75 30

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Glaxo has shed nearly £7bn in market cap post the Zantac ruling in Delaware.

  • The move takes the share price back to Mid-April levels so just reversing some of the positive sentiment built up in the name recently.
  • GSK’s main near-term growth drivers are its vaccines Arexvy (RSV) and Singrix (shingles) which still put the equity up 11% YtD.

Bonds are quoted around +9 wider for GSK 3.125 32 and GSK 1.75 30