GlaxoSmithKline (GSK)

<b>GlaxoSmithKline</b> (<a href=http://www.zacks.com/stock/quote/gsk>GSK</a>) reported third quarter income of $0.92 per American Depositary Share (ADS), 3 cents below the Zacks Consensus Estimate. The company reported earnings of $0.94 in the year-ago period. <p> Third quarter revenue increased 3%. While the company&#39;s diversified base and presence in different geographical areas should help support revenues, we remain concerned about future growth prospects given the patent challenges being faced by several of Glaxo&#39;s products. With several products expected to lose exclusivity and the swine flu opportunity likely to miss expectations, we expect the company&#39;s topline to remain under pressure in the coming quarters. <p> Glaxo&#39;s pipeline needs to deliver in order to make up for lost revenues and any development or regulatory setbacks would be a major disappointment for the company. We have downgraded the stock to Underperform with a target price of $37.

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