GlaxoSmithKline PLC kept an 'equal weight' stance with Barclays ahead of the demerger of Haleon, its consumer health business, in July.
Analysts at the bank “harmonised” GSK Consumer Health forecasts ahead of Haleon’s launch, with projected sales of £10.7bn, underlying earnings (EBITDA) of £2.6bn and net income of £1.5bn.
Additionally, Barclays upped its forecasts for GSK’s Respiratory Syncytial Virus vaccine following a “positive” readout, with strong efficacy results expected.
As a result, Barclays increased its RSV vaccine sales forecast to £3.3bn from £2.5bn, and also increases its point of sale estimate.
Even so, Barclays thinks more improvement is required before “further multiple expansion for new GSK as an independent company.”
Its target price remains unchanged at 1,800p.