Dedicated followers of GSK PLC (LSE:GSK, NYSE:GSK) will have been aware of analysts' growing unease around the performance of its vaccine franchise - backed up by prescription data.
Third-quarter results effectively confirmed the numbers crunchers' worst fears (and some) as sales of RSV jab Arexvy and Shingles treatment Shingrix undershot forecasts as they came in at £188 million and £739 million respectively.
It has led to a second downgrade for the vaccine operation this year and took the shine off an otherwise robust set of figures.
In the early exchanges, the share price fell almost 3% to 1,411p, reflecting the City's mild dismay.
Overall, revenues came in at £8 billion, which was a 2% increase at constant currencies, while core EPS were up 5% at 49.7p on the same basis.
More to the point, GSK maintained its outlook for the year, saying it would deliver broadly in the middle of the range, which sees revenues rising by 7-9% and EPS by 10-12%.
CEO Emma Walmsley said: "We have delivered another quarter of sales and core operating profit growth, and further good progress in R&D.
"Strong growth in specialty medicines helped to offset lower vaccine sales and reflected successful new product launches in oncology and HIV, as well as the resilience we have now built into GSK's portfolio and performance."
Shore Capital provided some early analysis, suggesting GSK is a value play now that potentially expensive and protracted Zantac litigation is out of the way. In other words, the vaccine story is a side issue.
"Our thesis remains that GSK offers a decent period of near-term growth with a realistic prospect of fulfilling its longer-term growth ambitions, which taken together look wholly unbecoming of a single-digit earnings multiple," it said, pointing out that the stock trades on a forward price-earnings multiple of just over eight times.
ShoreCap's fair value for the stock is 2,200p - a significant premium to its current worth.