GlaxoSmithKline (GSK) Earnings Preview - Credit Suisse

Credit Suisse analyst Dominic Lunn reiterated an Underperform rating on GlaxoSmithKline (NYSE: GSK) ahead of 3Q21 results on Wednesday Oct. 27th at 12pm UK time/7am US ET. Consensus is looking for revenue of £8,730m (-2%) with EPS 29.1p of 29.4p. A £50m benefit in 3Q20 will help SG&A from a post-retirement benefit adjustment and another £50m benefit in R&D from recognition of pre-launch inventory for Blenrep.

The analyst stated "Previous GSK commentary has been to expect Shingrix growth to be strongly weighted to 2H21, with a significant step up in 2022. Looking at the US prescription data however, TRx in 3Q21 appears 27% lower than 3Q20. Visibility exUS is less clear where we now understand that Shingrix is in 13 markets (up from 8 at the start of the year), including Germany which has been receiving US over supply, and more recently the UK. We understand China has also been challenging due to COVID patients in hospitals."

For an analyst ratings summary and ratings history on GlaxoSmithKline click here. For more ratings news on GlaxoSmithKline click here.

Shares of GlaxoSmithKline closed at $39.81 yesterday.

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