Q311 Results Highlight GSK's Exposure To European Price Pressures

BMI View: GlaxoSmithKline (GSK)'s Q311 results illustrate its high exposure to healthcare sector cost-containment programmes, but we believe the company's identification of the different risk profiles across the various regions and its investment in creating a product portfolio suited to both traditional and non-traditional markets, in addition to its focus on creating a more streamlined business, will enable it to post healthy financials despite the challenging conditions in the global industry and economy.

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