GlaxoSmithKline Stock Takes A Hit As Broker Cites Threat To Its HIV BIz
The threat of new competition and potential loss of market share in GlaxoSmithKline's flagship HIV drug business unnerved investors in Britain's biggest drugmaker on Wednesday, sending the shares 1.5 percent lower in early trade.
GSK was the biggest loser in London's FTSE-100 index after Citigroup downgraded the stock to neutral from buy and cut earnings forecasts by up to 9 percent.
HIV medicines, which GSK sells through its ViiV Healthcare unit, have been star performers in its pharma business in recent years and GSK plans to defend its patch with a new two-drug treatment regimen for controlling the virus behind AIDS.
GSK was the biggest loser in London's FTSE-100 index after Citigroup downgraded the stock to neutral from buy and cut earnings forecasts by up to 9 percent.
HIV medicines, which GSK sells through its ViiV Healthcare unit, have been star performers in its pharma business in recent years and GSK plans to defend its patch with a new two-drug treatment regimen for controlling the virus behind AIDS.