MARKET TALK: GlaxoSmithKline 2Q Update Solid - Evolution

21st Jul 2010 14:17

1317 GMT [Dow Jones] GlaxoSmithKline's (GSK.LN) 2Q update is solid, with EPS slightly ahead of expectations and consensus, and sales in-line, says Evolution Securities. Evolution notes beating of consensus by a small margin was mainly driven by a lower tax rate. Noteworthy contributors to profit growth came from emerging markets and the vaccines business, each of which demonstrated over GBP100M improvement in profits compared to the previous year. With the Avandia overhang removed, 2H'10 should represent a period of outperformance, Evolution says. Reiterates buy rating. Shares +1% at 1185p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 21, 2010 09:17 ET (13:17 GMT)