GlaxoSmithKline has moved into pole position in the race for an RSV vaccine, believes broker Berenberg, underpinning its view that the pharma giant is a buy.
Data on Pfizer’s rival RSV jab has been delayed due to an expansion in the numbers being enrolled and with Glaxo targeting approval and reimbursement in the first half of 2023, it is now ahead in the race believes the broker.
GSK should deliver Phase 3 data by mid-year, notes Berenberg.
Shingrix, Glaxo’s shingles vaccine also showed a strong recovery in the first quarter and if the RSV jab does edge the competition, operating margin forecasts for the vaccine arm going forward might be conservative.
Elsewhere, early signs for Cabenuva (HIV treatment) and Apretude (HIV prevention) demand are also encouraging and although Berenberg has made minimal changes to forecasts, it has raised its share price target to 1,850p from 1,700p.
Glaxo trades below peers on earnings and other metrics, it adds.
Shares rose 0.4% to 1,744p.