Analysts were fairly impressed with GlaxoSmithKline plc's (LON:GSK) third quarter numbers, which showed, according to Deutsche, strong "execution", which to you and me, means delivering on its strategy.
The figures were boosted by the recent fall in sterling and strong sales of its flu vaccines, with group sales jumping 23% to £7.5bn while core operating profit rose 35% to £2.3bn.
Deutsche analyst Richard Parkes said the market beating sales were mainly down to the group's strong sales of vaccines, notably for flu - Bexsero, Boostrix and Synflorix.
Although Synflorix benefited from order timing and Boostrix from competitor supply constraints, the majority of this beat looks to be due to better execution, said Parkes, who rates shares a hold and targets 1,870p compared to a current price of 1,629p.
Overall, he added core EBIT (earnings before interest and tax) margins had improved improved year-on-year.
"We believe this likely reflects a decision to reinvest excess profits in promotional support and the pipeline."
UBS repeats a 'neutral' on the shares and a target of 1.650p, and notes that Glaxo had repeated its core EPS (earnings per share) growth guidance for 2016 of between 11 and 12 % but foreign exchange changes likely to increase that to between plus 19% to plus 21%.
Analyst Nicholas Hyett, at stockbroker Hargreaves Lansdown, said Glaxo had put in an "expectation busting performance", whbich had ben "further boosted by the fall in sterling, which, because of GSK's international earnings is expected to boost earnings per share by 21% at the full year".
Glaxo shares are today up 0.12% to 1,628.5p.