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Also traded in: Argentina, Germany, Mexico, Switzerland, UK, USA

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 4/10

vs
industry
vs
history
Cash-to-Debt 0.25
NYSE:GSK's Cash-to-Debt is ranked lower than
81% of the 799 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 3.09 vs. NYSE:GSK: 0.25 )
Ranked among companies with meaningful Cash-to-Debt only.
NYSE:GSK' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.02  Med: 0.6 Max: N/A
Current: 0.25
Equity-to-Asset 0.03
NYSE:GSK's Equity-to-Asset is ranked lower than
97% of the 734 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 0.64 vs. NYSE:GSK: 0.03 )
Ranked among companies with meaningful Equity-to-Asset only.
NYSE:GSK' s Equity-to-Asset Range Over the Past 10 Years
Min: 0  Med: 0.25 Max: 0.67
Current: 0.03
0
0.67
Interest Coverage 5.03
NYSE:GSK's Interest Coverage is ranked lower than
85% of the 635 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 105.95 vs. NYSE:GSK: 5.03 )
Ranked among companies with meaningful Interest Coverage only.
NYSE:GSK' s Interest Coverage Range Over the Past 10 Years
Min: 3.71  Med: 9.73 Max: 17.51
Current: 5.03
3.71
17.51
Piotroski F-Score: 7
Altman Z-Score: 1.33
Beneish M-Score: -2.81
WACC vs ROIC
7.50%
13.49%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating Margin % 12.37
NYSE:GSK's Operating Margin % is ranked higher than
53% of the 744 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 8.42 vs. NYSE:GSK: 12.37 )
Ranked among companies with meaningful Operating Margin % only.
NYSE:GSK' s Operating Margin % Range Over the Past 10 Years
Min: 9.32  Med: 28.07 Max: 43.15
Current: 12.37
9.32
43.15
Net Margin % 5.77
NYSE:GSK's Net Margin % is ranked lower than
62% of the 745 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 6.16 vs. NYSE:GSK: 5.77 )
Ranked among companies with meaningful Net Margin % only.
NYSE:GSK' s Net Margin % Range Over the Past 10 Years
Min: 3.27  Med: 19.28 Max: 35.2
Current: 5.77
3.27
35.2
ROE % 131.80
NYSE:GSK's ROE % is ranked higher than
96% of the 768 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 6.86 vs. NYSE:GSK: 131.80 )
Ranked among companies with meaningful ROE % only.
NYSE:GSK' s ROE % Range Over the Past 10 Years
Min: 17.3  Med: 58.32 Max: 179.63
Current: 131.8
17.3
179.63
ROA % 2.90
NYSE:GSK's ROA % is ranked lower than
62% of the 799 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 3.49 vs. NYSE:GSK: 2.90 )
Ranked among companies with meaningful ROA % only.
NYSE:GSK' s ROA % Range Over the Past 10 Years
Min: 1.62  Med: 12.82 Max: 18.45
Current: 2.9
1.62
18.45
ROC (Joel Greenblatt) % 34.24
NYSE:GSK's ROC (Joel Greenblatt) % is ranked higher than
67% of the 785 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 13.40 vs. NYSE:GSK: 34.24 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
NYSE:GSK' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 25.79  Med: 82.61 Max: 120.14
Current: 34.24
25.79
120.14
3-Year Revenue Growth Rate 1.80
NYSE:GSK's 3-Year Revenue Growth Rate is ranked lower than
65% of the 607 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 5.70 vs. NYSE:GSK: 1.80 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
NYSE:GSK' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -7.7  Med: 4.8 Max: 18.9
Current: 1.8
-7.7
18.9
3-Year EBITDA Growth Rate -20.50
NYSE:GSK's 3-Year EBITDA Growth Rate is ranked lower than
87% of the 583 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 9.40 vs. NYSE:GSK: -20.50 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
NYSE:GSK' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -20.5  Med: 7.9 Max: 21.7
Current: -20.5
-20.5
21.7
3-Year EPS without NRI Growth Rate -44.80
NYSE:GSK's 3-Year EPS without NRI Growth Rate is ranked lower than
94% of the 551 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 7.00 vs. NYSE:GSK: -44.80 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
NYSE:GSK' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -44.8  Med: 7.4 Max: 51.3
Current: -44.8
-44.8
51.3
GuruFocus has detected 5 Warning Signs with GlaxoSmithKline PLC $NYSE:GSK.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» NYSE:GSK's 10-Y Financials

Financials (Next Earnings Date: 2017-07-27 Est.)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q2 2016

GSK Guru Trades in Q2 2016

NWQ Managers 2,075,187 sh (+316.61%)
Kahn Brothers 380,335 sh (+188.24%)
Jeremy Grantham 154,880 sh (+93.84%)
Jim Simons 510,800 sh (+6.28%)
John Rogers 1,607,697 sh (+1.57%)
Ken Fisher 11,730,875 sh (+0.63%)
Tweedy Browne 116,491 sh (+0.36%)
Barrow, Hanley, Mewhinney & Strauss 251,800 sh (unchged)
First Eagle Investment 1 sh (unchged)
Diamond Hill Capital 151,307 sh (unchged)
Francis Chou 18,000 sh (unchged)
Murray Stahl 25,973 sh (unchged)
Lee Ainslie Sold Out
PRIMECAP Management 1,115,985 sh (-0.08%)
Jeff Auxier 110,732 sh (-0.49%)
Pioneer Investments 543,125 sh (-1.52%)
HOTCHKIS & WILEY 8,439,389 sh (-5.34%)
Charles Brandes 4,224,506 sh (-5.59%)
Sarah Ketterer 329,801 sh (-26.78%)
Dodge & Cox 44,262 sh (-45.53%)
Joel Greenblatt 25,857 sh (-49.63%)
» More
Q3 2016

GSK Guru Trades in Q3 2016

John Hussman 50,000 sh (New)
Jeremy Grantham 1,563,336 sh (+909.39%)
Jim Simons 930,000 sh (+82.07%)
Kahn Brothers 632,040 sh (+66.18%)
NWQ Managers 2,658,155 sh (+28.09%)
Ken Fisher 11,861,172 sh (+1.11%)
Francis Chou 18,000 sh (unchged)
First Eagle Investment 1 sh (unchged)
Diamond Hill Capital 151,307 sh (unchged)
John Rogers 1,607,697 sh (unchged)
Murray Stahl 25,973 sh (unchged)
Pioneer Investments 542,025 sh (-0.20%)
PRIMECAP Management 1,109,085 sh (-0.62%)
Sarah Ketterer 327,419 sh (-0.72%)
Tweedy Browne 114,844 sh (-1.41%)
Joel Greenblatt 25,284 sh (-2.22%)
HOTCHKIS & WILEY 8,150,402 sh (-3.42%)
Jeff Auxier 105,772 sh (-4.48%)
Dodge & Cox 41,962 sh (-5.20%)
Barrow, Hanley, Mewhinney & Strauss 235,200 sh (-6.59%)
Charles Brandes 3,525,668 sh (-16.54%)
» More
Q4 2016

GSK Guru Trades in Q4 2016

John Paulson 296,000 sh (New)
Jim Simons 3,085,500 sh (+231.77%)
Kahn Brothers 833,315 sh (+31.85%)
Jeremy Grantham 1,820,174 sh (+16.43%)
Joel Greenblatt 26,315 sh (+4.08%)
John Rogers 1,646,146 sh (+2.39%)
Pioneer Investments 545,625 sh (+0.66%)
First Eagle Investment 1 sh (unchged)
Barrow, Hanley, Mewhinney & Strauss 235,200 sh (unchged)
Diamond Hill Capital 151,307 sh (unchged)
Francis Chou 18,000 sh (unchged)
John Hussman Sold Out
Tweedy Browne 114,437 sh (-0.35%)
Ken Fisher 11,809,500 sh (-0.44%)
PRIMECAP Management 1,093,985 sh (-1.36%)
NWQ Managers 2,568,013 sh (-3.39%)
HOTCHKIS & WILEY 7,807,200 sh (-4.21%)
Murray Stahl 23,973 sh (-7.70%)
Sarah Ketterer 294,560 sh (-10.04%)
Charles Brandes 3,149,621 sh (-10.67%)
Dodge & Cox 36,762 sh (-12.39%)
Jeff Auxier 89,247 sh (-15.62%)
» More
Q1 2017

GSK Guru Trades in Q1 2017

Ken Fisher 11,969,866 sh (+1.36%)
» More
» Details

Insider Trades

Latest Guru Trades with GSK

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Business Description

Industry: Drug Manufacturers » Drug Manufacturers - Major    NAICS: 325412    SIC: 2834
Compare:OTCPK:BAYZF, NYSE:BMY, NYSE:ABBV, NYSE:LLY, NYSE:AZN, NYSE:SNY, OTCPK:ALPMF, NYSE:MRK, OTCPK:OTSKY, OTCPK:CHGCY, OTCPK:DSNKY, OTCPK:NVSEF, OTCPK:OPHLY, OTCPK:CHJTF, OTCPK:SNPHF, OTCPK:PTKFY, OTCPK:GWPRF, NAS:HCM, OTCPK:HAWPF, OTCPK:MAYNF » details
Traded in other countries:GSK.Argentina, GS7.Germany, GSK N.Mexico, GSK.Switzerland, GSK.UK, GLAXF.USA,
Headquarter Location:UK
GlaxoSmithKline PLC creates, discovers, develops, manufactures and markets pharmaceutical products including vaccines, over-the-counter (OTC) medicines and health-related consumer products.

In the pharmaceutical industry, GlaxoSmithKline ranks as one of the largest companies by market capitalization. The company wields its might across multiple therapeutic classes, including respiratory and antiviral, as well as vaccines and healthcare-related consumer products.

Guru Investment Theses on GlaxoSmithKline PLC

Ariel Funds Comments on GlaxoSmithKline plc - Sep 28, 2016

In addition, GlaxoSmithKline plc (NYSE:GSK) rallied +7.74%1 in the second quarter, after reporting profit growth for the first time since 2013. Glaxo is seeing benefits from its purchase of Novartis’ vaccines unit. Demand for vaccines and new drugs helped offset declines in the sales of blockbuster asthma medication Advair.

From John Rogers (Trades, Portfolio)' second quarter 2016 Ariel Global Fund commentary.

Check out John Rogers latest stock trades

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Ariel Funds Comments on GlaxoSmithKline plc Guru stock highlight
In addition, GlaxoSmithKline plc (NYSE:GSK) rallied +7.74%1 in the second quarter, after reporting profit growth for the first time since 2013. Glaxo is seeing benefits from its purchase of Novartis’ vaccines unit. Demand for vaccines and new drugs helped offset declines in the sales of blockbuster asthma medication Advair. Read more...
Regulatory Update on US Filing Plans for Closed Triple Combination Therapy FF/UMEC/VI in Patients With COPD

Acceleration of Filing of US New Drug Application Now Expected by End of 2016

LONDON, UNITED KINGDOM and SOUTH SAN FRANCISCO, CA--(Marketwired - Jun 2, 2016) - GlaxoSmithKline plc (LSE: GSK) and Innoviva, Inc. (NASDAQ: INVA) today announced that, following discussions with the US Food and Drug Administration (FDA), GSK has brought forward the plan to file a New Drug Application (NDA) in the US for the once-daily closed triple combination therapy, fluticasone furoate/umeclidinium/vilanterol (FF/UMEC/VI; a combination inhaled corticosteroid, long-acting muscarinic antagonist, long-acting beta agonist) for patients with chronic obstructive pulmonary disease (COPD). The US regulatory submission is now anticipated by the end of 2016, rather than the first half of 2018, as previously expected. The NDA for the closed triple combination therapy will comprise data now in hand from the closed triple combination therapy development programme, as well as data from studies with FF, UMEC and VI either alone or in combination. The companies continue to expect an EU regulatory submission of the closed triple combination therapy for COPD by the end of 2016. About closed triple therapy

The closed triple therapy is a combination of three molecules: fluticasone furoate (FF), an inhaled corticosteroid (ICS), umeclidinium (UMEC), an anti-cholinergic, also known as a long-acting muscarinic antagonist (LAMA) and vilanterol (VI), a long-acting beta2-adrenergic agonist (LABA) delivered once-daily in GSK's Ellipta® dry powder inhaler. About the ongoing clinical programme in COPD

The ongoing clinical programme in patients with COPD comprises two studies investigating the effectiveness and safety of closed triple therapy compared to existing COPD treatments.

The FULFIL (Lung FUnction and quality of LiFe assessment in COPD with closed trIpLe therapy) study, which began in 2015 and is expected to read out later in 2016 to support EU filing, is assessing whether the closed triple therapy can improve lung function and health-related quality of life compared with Symbicort® (budesonide/formoterol), a twice-daily ICS/LABA combination delivered via the Turbohaler® inhaler.



The IMPACT (InforMing the PAthway of COPD Treatment) study, which began in 2014 and is expected to read out in 2017, is investigating whether FF/UMEC/VI can reduce the rate of exacerbations compared with two, once-daily dual therapies from GSK's existing portfolio: FF/VI, an ICS/LABA combination and UMEC/VI, a LAMA/LABA combination.

The closed triple combination of FF/UMEC/VI is not approved for use anywhere in the world. GSK -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com. Innoviva - Innoviva is focused on bringing compelling new medicines to patients in areas of unmet need by leveraging its significant expertise in the development, commercialization and financial management of bio-pharmaceuticals. Innoviva's portfolio is anchored by the respiratory assets partnered with Glaxo Group Limited (NYSE:GSK), including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®, which were jointly developed by Innoviva and GSK. Under the agreement with GSK, Innoviva is eligible to receive associated royalty revenues from RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA® and, if approved and commercialized, VI monotherapy, as well. In addition, Innoviva retains a 15 percent economic interest in future payments made by GSK for earlier-stage programs partnered with Theravance Biopharma, Inc., including the closed triple combination therapy for COPD. For more information, please visit Innoviva's website at www.inva.com. RELVAR®, BREO®, ANORO® and ELLIPTA® are trademarks of the GlaxoSmithKline group of companies. SYMBICORT® and TURBOHALER® are trademarks of AstraZeneca. GSK cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D 'Risk factors' in the company's Annual Report on Form 20-F for 2015. Innoviva forward-looking statements

This press release contains certain "forward-looking" statements. Such forward-looking statements involve substantial risks, uncertainties and assumptions. Examples of such statements include statements relating to: the development, regulatory and commercial plans for closed triple combination therapy, the commercialization of RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® in the jurisdictions in which these products have been approved; the strategies, plans and objectives of the company (including the company's growth strategy and corporate development initiatives beyond the existing respiratory portfolio); the timing, manner, amount and planned growth of anticipated potential capital returns to stockholders (including, without limitation, statements regarding the company's expectations of future share purchases and future cash dividends); the status and timing of clinical studies, data analysis and communication of results; the potential benefits and mechanisms of action of product candidates; expectations for product candidates through development and commercialization; the timing of regulatory approval of product candidates; projections of revenue, expenses and other financial items; and risks related to the implementation of our share repurchase program as currently contemplated. These statements are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: lower than expected future royalty revenue from respiratory products partnered with GSK, delays or difficulties in commencing or completing clinical studies, the potential that results from clinical or non-clinical studies indicate product candidates are unsafe or ineffective, dependence on third parties to conduct its clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates, and risks of collaborating with third parties to discover, develop and commercialize products. Other risks affecting Innoviva are described under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in Innoviva's Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov. Additional information will also be set forth in those sections of Innoviva's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, which will be filed with the SEC in the third quarter of 2016. In addition to the risks described above and in Innoviva's other filings with the SEC, other unknown or unpredictable factors also could affect Innoviva's results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. Registered in England & Wales:

No. 3888792 Registered Office:

980 Great West Road

Brentford, Middlesex

TW8 9GS


GSK enquiries:


UK Media enquiries:

David Mawdsley

44 (0) 20 8047 5502

(London)


Simon Steel

44 (0) 20 8047 5502

(London)


David Daley

44 (0) 20 8047 5502

(London)


Sarah Macleod

44 (0) 20 8047 5502

(London)


US Media enquiries:

Sarah Alspach

1 202 715 1048

(Washington, DC)


Sarah Spencer

1 215 751 3335

(Philadelphia)


Karen Hagens

1 919 483 2863

(North Carolina)


Analyst/Investor enquiries:

Ziba Shamsi

44 (0) 20 8047 5543

(London)


Tom Curry

1 215 751 5419

(Philadelphia)


Gary Davies

44 (0) 20 8047 5503

(London)


James Dodwell

44 (0) 20 8047 2406

(London)


Jeff McLaughlin

1 215 751 7002

(Philadelphia)


Innoviva, Inc. enquiries:


Investor Relations:

Eric d'Esparbes

1 (650) 238-9605

[email protected]

South San Francisco, CA





Read more...
Salford Lung Study Results Show COPD Patients Treated With Relvar(R) Ellipta(R) Achieve Superior Reduction in Exacerbations Compared to 'Usual Care'

Pioneering GSK Study Provides Important New Data on the Effectiveness of Relvar Ellipta (FF/VI) When Used in Everyday Clinical Practice

LONDON, UNITED KINGDOM and SOUTH SAN FRANCISCO, CA--(Marketwired - May 24, 2016) - GlaxoSmithKline plc (LSE: GSK) (NYSE: GSK) and Innoviva, Inc. (NASDAQ: INVA) today announced positive headline results from the innovative Salford Lung Study (SLS) in Chronic Obstructive Pulmonary Disease (COPD). The study showed that Relvar® Ellipta® 100/25mcg (fluticasone furoate 'FF'/vilanterol 'VI' or 'FF/VI', known as Breo® Ellipta® in the United States) achieved a superior reduction in exacerbations versus usual care, in patients with COPD, in an everyday clinical practice setting. Usual care included long-acting muscarinic antagonists (LAMA), long-acting beta2-agonists (LABA), and inhaled corticosteroids (ICS) administered as monotherapy, dual or triple combinations. For the primary effectiveness analysis, in patients treated with FF/VI 100/25mcg there was a statistically significant reduction of 8.4% (CI 1.12,15.17) in the rate of moderate or severe exacerbations compared with those receiving usual care (p=0.025). Within the intent-to-treat (ITT) population, the incidence of serious adverse events (SAE) was similar between the groups (29% FF/VI, 27% usual care). For pneumonia, an SAE of special interest, FF/VI demonstrated non-inferiority versus usual care (7% FF/VI versus 6% usual care). This endpoint was a regulatory post-authorisation measure requested by the European Medicines Agency (EMA).  Patrick Vallance, President, Pharmaceuticals R&D, GSK, commented: "In this genuinely ground-breaking study we have worked closely with the local NHS clinical community to study patients in their everyday setting. To ensure the results from Salford were as robust as possible, we made a long term financial investment in the study, including supporting local infrastructure and training. Innovation often means you have to ask challenging questions to make significant advances, and I believe this is what we have achieved in these positive results announced today."  Eric Dube, SVP and Head, Global Respiratory Franchise, GSK, said: "The Salford Lung Study COPD results support the effectiveness of Relvar. As we move beyond the headline results, we will learn so much more about the medicine and disease management. We believe the results could transform understanding of how patients in everyday clinical practice respond to COPD treatments. We want to say a big thank you to everyone who has made this unique study possible." Lead investigator, Jørgen Vestbo, Professor of Respiratory Medicine at the Centre for Respiratory Medicine and Allergy, University Hospital South Manchester NHS Foundation Trust and the University of Manchester, said: "The Salford Lung Study is a very important trial to help us understand more about the medicines we prescribe on a day-to-day basis. This is an important finding; what we are seeing today is the tip of the iceberg. Over the coming months we will understand more about the day-to-day effectiveness of FF/VI and how treatment choice, patient behaviour, co-morbidities and other factors combine to influence COPD outcomes. This has been a highly collaborative effort to gather data that will help improve understanding about the effectiveness of respiratory medicines when used in usual clinical practice."  Michael W. Aguiar, President and Chief Executive Officer of Innoviva, said: "We are very pleased that Relvar Ellipta achieved superiority compared to usual care in SLS, a world-first effectiveness study in COPD. These data provide a significant body of evidence in everyday clinical practice and add to the data generated from other randomized controlled studies. These data are unique in the world of evidence generation in COPD. We look forward to disclosing further data and analyses, which we believe will be of significant value to both physicians and patients." Analyses remain ongoing and will be the subject of future publications and presentations. A second Salford Lung Study is currently being conducted in asthma patients, with results expected in 2017. Study Design

The Salford Lung Study is a Phase IIIb multi-centre, open label randomised controlled trial (RCT). The objective of the study was to compare the effectiveness and safety profile of FF/VI 100/25mcg with existing COPD usual care. All suitable patients with COPD at 80 primary care sites in and around Salford and South Manchester were identified from practice databases, and invited to participate in the study by their own GP. In total, 2802 patients with COPD were randomised 1:1 to receive FF/VI 100/25mcg, with or without a LAMA, or to continue to receive usual care. FF/VI was administered once daily via the Ellipta inhaler. Patients who were taking a LAMA in addition to ICS/LABA therapy (triple therapy) who were randomised to the FF/VI group were able to continue to use LAMA therapy in addition to FF/VI. Usual care was taken as advised by the prescribing clinician, and could include single or dual long-acting bronchodilator therapy, inhaled corticosteroid either alone or in combination with a long acting bronchodilator or triple therapy of a LAMA, a LABA and an inhaled corticosteroid. The Salford Lung Study had minimal exclusion criteria and involved a broad demographic of patients. At baseline patients had a mean age of 67 years (min 40 - max 93) and were equally split by gender (males vs. females 51/49%). To enrol in the study, patients were required to have a diagnosis of COPD and be receiving maintenance therapy; at baseline a total of 86% were receiving an ICS containing regimen, with a total of 52% on triple therapy. Patients were also required to have at least one exacerbation in the past 3 years: at baseline 47% of patients had ≥ 2 moderate exacerbations, 33% had 1 exacerbation and 20% had not reported an exacerbation in the prior 12 months. Patients were followed for a period of 12 months in a normal clinical practice setting using a single electronic medical record (EMR), linking primary care, secondary care and pharmacy data. Throughout the duration of the study physicians were allowed to modify or switch treatment at any point in the study, as would happen in normal clinical practice, the only exception being a switch from usual care to FF/VI. The study team were able to monitor all hospital admissions, outpatient and emergency department visits, as well as data from primary care (including all healthcare contacts, out-of-hours activity and prescriptions of antibiotics or oral steroids) via the electronic health-records. The primary effectiveness endpoint is the mean annual rate of moderate or severe exacerbations, where a moderate exacerbation is defined as the subject receiving an exacerbation-related prescription (given to treat an acute worsening of COPD symptoms) of oral corticosteroid and/or antibiotic with or without NHS contact, not requiring hospitalisation. A severe exacerbation is defined as an exacerbation-related hospitalisation -- a direct result of an acute worsening of symptoms of COPD or a prolonged hospitalization as a result of a COPD exacerbation. For the primary effectiveness analysis the patient population was restricted to patients who had exacerbated in the previous 12 months prior to randomisation (2269), rather than in the previous three years prior to randomisation, as in the intention to treat (ITT) group (2799). About the Study

The Salford Lung Study is intended to enable healthcare professionals and decision makers to more fully assess the potential value of FF/VI by providing data collected in a normal clinical practice setting which is representative of how healthcare professionals and patients may use the medicine in everyday life. It will add to the existing data set from randomised clinical trials (RCTs) for the medicine which, while critical to establishing the safety and efficacy of a medicine, are conducted in a highly controlled environment and enrol a more highly selected patient population than would be expected in everyday clinical care. The study is made possible through a unique collaboration between GSK, North West e-Health (NWEH), The University of Manchester, Salford Royal NHS Foundation Trust, University Hospital of South Manchester (UHSM), NHS Salford and GPs and community pharmacists in Salford, Trafford and South Manchester. What is COPD?

Chronic obstructive pulmonary disease (COPD) is a disease of the lungs that includes chronic bronchitis, emphysema or both. COPD is characterised by obstruction to airflow that interferes with normal breathing. Cigarette smoke, breathing in second-hand smoke, air pollution including biomass fuels, chemical fumes and dust from the environment or workplace can all contribute to COPD. People with COPD can experience a sudden worsening in symptoms, known as an exacerbation. Symptoms of an exacerbation can include an increase in breathlessness, coughing and mucus production, as well as fever. In these cases, the patient may need to change their medication or even, in some cases, be admitted to hospital. Exacerbations are common; one in three patients with severe COPD and almost half of patients with very severe COPD had frequent exacerbations (two or more in the first year following diagnosis). Every exacerbation can cause permanent lung damage and repeated exacerbations can accelerate the progression of the disease. People with frequent exacerbations have a poorer quality of life and may have an increased risk of death. The study is listed on www.clinicaltrials.gov.  Relvar® Ellipta® is known as Breo® Ellipta® in the United States. About FF/VI 100/25

FF/VI 100/25mcg, under the brand name Breo® Ellipta® 100/25mcg is licensed in the US for:

The long-term, once-daily, maintenance treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema and to reduce exacerbations of COPD in patients with a history of exacerbations. Breo® Ellipta® 100/25mcg is the only strength indicated for the treatment of COPD.
Breo Ellipta100/25mcg is not indicated for the relief of acute bronchospasm.

Full US prescribing information, including BOXED WARNING and Medication Guide is available at us.gsk.com or US Prescribing Information Breo Ellipta. FF/VI 100/25mcg, under the brand name Relvar® Ellipta® is approved in Europe for:

the symptomatic treatment of adults with chronic obstructive pulmonary disease (COPD) with a FEV1< 70% predicted normal (post-bronchodilator) with an exacerbation history despite regular bronchodilator therapy.

For the EU Summary of Product Characteristics for Relvar Ellipta, please visit: http://ec.europa.eu/health/documents/community-register/html/h886.htm Important Safety Information (ISI) for FF/VI (Breo Ellipta) in the US

The following ISI is based on the Highlights section of the US Prescribing Information for Breo Ellipta. Please consult the full Prescribing Information for all the labelled safety information for Breo Ellipta.  Long-acting beta2-adrenergic agonists (LABA), such as vilanterol, one of the active ingredients in BREO ELLIPTA, increase the risk of asthma-related death. A placebo-controlled trial with another LABA (salmeterol) showed an increase in asthma-related deaths. This finding with salmeterol is considered a class effect of all LABA. Currently available data are inadequate to determine whether concurrent use of inhaled corticosteroids (ICS) or other long-term asthma control drugs mitigates the increased risk of asthma-related death from LABA. Breo Ellipta is contraindicated for primary treatment of status asthmaticus or other acute episodes of COPD or asthma where intensive measures are required and in patients with severe hypersensitivity to milk proteins or who have demonstrated hypersensitivity to either fluticasone furoate, vilanterol, or any of the excipients. Breo Ellipta should not be initiated in patients during rapidly deteriorating or potentially life-threatening episodes of COPD or asthma, or used for the relief of acute symptoms, i.e., as rescue therapy for the treatment of acute episodes of bronchospasm. Acute symptoms should be treated with an inhaled, short-acting beta2-agonist. Breo Ellipta should not be used more often than recommended, at higher doses than recommended, or in conjunction with other medications containing LABAs, as an overdose may result. Oropharyngeal candidiasis has occurred in patients treated with Breo Ellipta. Patients should be advised to rinse their mouth with water without swallowing after inhalation to help reduce this risk. An increase in the incidence of pneumonia has been observed in subjects with COPD receiving the fluticasone furoate/vilanterol combination, including Breo Ellipta 100 mcg/25 mcg, in clinical trials. There was also an increased incidence of pneumonias resulting in hospitalisation. In some incidences these pneumonia events were fatal. Patients who use corticosteroids are at risk for potential worsening of existing tuberculosis; fungal, bacterial, viral, or parasitic infections; or ocular herpes simplex. A more serious or even fatal course of chickenpox or measles may occur in susceptible patients. Particular care is needed for patients who have been transferred from systemically active corticosteroids to inhaled corticosteroids because deaths due to adrenal insufficiency have occurred in patients with asthma during and after transfer from systemic corticosteroids to less systemically available inhaled corticosteroids. Hypercorticism and adrenal suppression may occur with very high dosages or at the regular dosage of inhaled corticosteroids in susceptible individuals.  Caution should be exercised when considering the coadministration of Breo Ellipta with long‐term ketoconazole and other known strong CYP3A4 inhibitors because increased systemic corticosteroid and cardiovascular adverse effects may occur.  Breo Ellipta can produce paradoxical bronchospasm which may be life-threatening. Hypersensitivity reactions such as anaphylaxis, angioedema, rash, and urticaria may occur after administration of Breo Ellipta. Vilanterol, the LABA in Breo Ellipta, can produce clinically significant cardiovascular effects in some patients as measured by increases in pulse rate, systolic or diastolic blood pressure, and also cardiac arrhythmias. Breo Ellipta should be used with caution in patients with cardiovascular disorders. Decreases in bone mineral density have been observed with long-term administration of products containing inhaled corticosteroids, as have glaucoma, increased intraocular pressure, and cataracts. Breo Ellipta should be used with caution in patients with convulsive disorders, thyrotoxicosis, diabetes mellitus, ketoacidosis, and in patients who are unusually responsive to sympathomimetic amines.  Beta-adrenergic agonist medicines may produce significant hypokalemia in some patients. Beta-adrenergic agonist medicines may produce transient hyperglycemia in some patients. For COPD, the most common adverse reactions (≥3% and more common than in placebo) reported in two 6-month clinical trials with Breo Ellipta 100/25 (and placebo) were nasopharyngitis, 9% (8%); upper respiratory tract infection, 7% (3%); headache, 7% (5%); and oral candidiasis, 5% (2%). In addition to the reactions reported in the 6-month studies, adverse reactions occurring in ≥3% of the subjects treated with Breo Ellipta 100/25 in two 1-year studies included back pain, pneumonia, bronchitis, sinusitis, cough, oropharyngeal pain, arthralgia, influenza, pharyngitis, and pyrexia. RELVAR®, BREO® and ELLIPTA® are trade marks of the GlaxoSmithKline group of companies. GSK -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com. Innoviva -- Innoviva is focused on bringing compelling new medicines to patients in areas of unmet need by leveraging its significant expertise in the development, commercialization and financial management of bio-pharmaceuticals. Innoviva's portfolio is anchored by the respiratory assets partnered with Glaxo Group Limited (NYSE:GSK), including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®, which were jointly developed by Innoviva and GSK. Under the agreement with GSK, Innoviva is eligible to receive associated royalty revenues from RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA® and, if approved and commercialized, VI monotherapy, as well. In addition, Innoviva retains a 15 percent economic interest in future payments made by GSK for earlier-stage programs partnered with Theravance BioPharma, Inc. For more information, please visit Innoviva's website at www.inva.com. RELVAR®, BREO®, ANORO® and ELLIPTA® are trademarks of the GlaxoSmithKline group of companies. Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D 'Risk factors' in the company's Annual Report on Form 20-F for 2015. Innoviva forward-looking statements

This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks, uncertainties and assumptions. Examples of such statements include statements relating to: the future use or importance of the SLS trial results, prescription and market share trends, payor coverage, the strategies, plans and objectives of the company, the timing, manner and amount of anticipated potential capital returns to stockholders (including without limitation, expectations of future share repurchases or cash dividends), the status and timing of clinical studies, data analysis and communication of results, the potential benefits and mechanisms of action of product candidates, expectations for products, and projections of revenue, expenses and other financial items. These statements are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: lower than expected future royalty revenue from respiratory products partnered with GSK, delays or difficulties in commencing or completing clinical studies, the potential that results from clinical or non-clinical studies indicate product candidates are unsafe or ineffective, dependence on third parties to conduct its clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates, and risks of collaborating with third parties to discover, develop and commercialize products. Other risks affecting Innoviva are described under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in Innoviva's Annual Report on Form 10-K for the year ended December 31, 2015 and Innoviva's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov. In addition to the risks described above and in Innoviva's other filings with the SEC, other unknown or unpredictable factors also could affect Innoviva's results. Past performance is not necessarily indicative of future results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. (INVA-G) Registered in England & Wales:

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GSK Presents Efficacy Data for Anoro(R) Ellipta(R) in COPD Patients Who Remained Symptomatic on Tiotropium

SOUTH SAN FRANCISCO, CA--(Marketwired - May 18, 2016) - GlaxoSmithKline (LSE: GSK) (NYSE: GSK) and Innoviva, Inc. (NASDAQ: INVA) today announced results from data presented at the American Thoracic Society (ATS) 2016 International Conference investigating the efficacy and safety of Anoro® Ellipta® (umeclidinium/vilanterol, 'UMEC/VI') in patients with moderate chronic obstructive pulmonary disease (COPD) who continued to have symptoms while on tiotropium monotherapy. For patients in the study who were switched from tiotropium 18mcg to UMEC/VI 62.5/25mcg, a statistically significant improvement of 88mL (P < 0.001; 95% CI 45, 131) was shown at week 12 for the primary efficacy endpoint of lung function (measured by trough FEV1), compared to patients who remained on tiotropium 18mcg for the duration of the study. For the secondary efficacy endpoint of three hour post-dose FEV1, a statistically significant improvement in lung function of 73mL (P=0.004; 95% CI 24, 122) was also shown at week 12 for patients who were switched to UMEC/VI 62.5mcg, compared to patients who stayed on tiotropium 18mcg for the duration of the study. Professor Neil Barnes, Global Respiratory Franchise Medical Head, GSK, said: "For COPD patients who remain symptomatic it is important that their lung function is optimised effectively. These efficacy data demonstrate the improvement in lung function that can be achieved in patients with moderate COPD when changing treatment from monotherapy with tiotropium 18mcg to dual bronchodilation with Anoro Ellipta." Furthermore, Dr. Ted Witek, Chief Scientific Officer of Innoviva, Inc. said: "This adds to the growing evidence base that shows that use of two mechanistic pathways can help symptomatic patients with COPD to improve their lung function." The most commonly reported adverse events for both UMEC/VI 62.5/25mcg and tiotropium 18mcg were nasopharyngitis (7% UMEC/VI 62.5/25mcg; 7% tiotropium 18mcg) and headache (6% UMEC/VI 62.5/25mcg; 7% tiotropium 18mcg). The overall incidence of on-treatment adverse events was 30% in the UMEC/VI 62.5/25mcg group and 31% in the tiotropium 18mcg group. The incidence of any on-treatment non-fatal serious adverse event was 2% in the UMEC/VI 62.5/25mcg arm and 2% in the tiotropium 18mcg arm. There was one fatal serious adverse event in the UMEC/VI group which was not related to study medication. Study Design

The study (DB2116960) was a 12-week, multicentre, randomised, blinded* study designed to compare UMEC/VI 62.5/25mcg once-daily with tiotropium 18mcg once-daily in patients with moderate COPD who continue to have symptoms on tiotropium. Patients in the study were required to have been prescribed tiotropium 18mcg once-daily for at least 3 months prior to screening and have completed a 4-week run-in on open-label tiotropium prior to randomisation. Patients had to be 'symptomatic' (defined as 50-70% predicted post-bronchodilator forced expiratory volume in one second [FEV1] with a modified Medical Research Council [mMRC] score of ≥ 1) at screening and at randomisation. A total of 494 patients were randomised 1:1 to UMEC/VI 62.5/25mcg once-daily administered via the Ellipta inhaler or tiotropium 18mcg once-daily administered via a Handihaler® inhaler and received at least one dose of study medication. Further details on the study design and the full results for this study can be found on the GSK Clinical Study Register (DB2116960). About COPD

COPD is a disease of the lungs that includes chronic bronchitis, emphysema or both. COPD is characterised by obstruction to airflow that interferes with normal breathing.1 COPD is thought to affect 329 million people worldwide.2 Long-term exposure to lung irritants that damage the lungs and the airways are usually the cause of COPD. Cigarette smoke, breathing in second hand smoke, air pollution, chemical fumes or dust from the environment or workplace can all contribute to COPD. Most people who have COPD are at least 40 years old when symptoms begin.3 About Anoro Ellipta

Anoro Ellipta is a combination long-acting muscarinic antagonist (LAMA) (also known as an anticholinergic) / long-acting beta2-adrenergic agonist (LABA). In the US, Anoro Ellipta is indicated for the long-term, once-daily, maintenance treatment of airflow obstruction in patients with COPD, including chronic bronchitis and/or emphysema. Anoro Ellipta is not indicated for the relief of acute bronchospasm or for the treatment of asthma. The FDA-approved strength is umeclidinium/vilanterol 62.5/25mcg. Full US prescribing information, including BOXED WARNING and Medication Guide are available at: https://www.gsksource.com/gskprm/htdocs/documents/ANORO-ELLIPTA-PI-MG.PDF. In Europe, Anoro is indicated as a once-daily, maintenance bronchodilator treatment to relieve symptoms in adult patients with COPD. The approved strength in Europe is UMEC/VI 55mcg/22mcg (delivered dose, equivalent to 62.5mcg/25mcg pre-dispensed dose). For the EU Summary of Product Characteristics (SmPC), please visit: http://www.ema.europa.eu/docs/en_GB/document_library/EPAR_-_Product_Information/human/002751/WC500168424.pdf   Important Safety Information for Anoro Ellipta

The following Important Safety Information (ISI) is based on the Highlights section of the Prescribing Information for Anoro Ellipta. Please consult the full Prescribing Information for all the labelled safety information for Anoro Ellipta. Long-acting beta2-adrenergic agonists (LABAs), such as vilanterol, one of the active ingredients in Anoro Ellipta, increase the risk of asthma-related death. A placebo-controlled trial with another LABA (salmeterol) showed an increase in asthma-related deaths in subjects receiving salmeterol. This finding with salmeterol is considered a class effect of all LABAs, including vilanterol. The safety and efficacy of Anoro Ellipta in patients with asthma have not been established. Anoro Ellipta is not indicated for the treatment of asthma. Anoro Ellipta is contraindicated in patients with severe hypersensitivity to milk proteins or who have demonstrated hypersensitivity to either umeclidinium, vilanterol, or any of the other ingredients. Anoro Ellipta should not be initiated in patients during rapidly deteriorating or potentially life-threatening episodes of COPD, or as rescue therapy for the treatment of acute episodes of bronchospasm, which should be treated with an inhaled, short-acting beta2-agonist. Anoro Ellipta should not be used more often than recommended, at higher doses than recommended, or in conjunction with additional medicine containing a LABA, as an overdose may result. Anoro Ellipta should be used with caution when considering coadministration with long-term ketoconazole and other known strong cytochrome P450 3A4 inhibitors because increased cardiovascular adverse effects may occur. As with other inhaled medicines, Anoro Ellipta can produce paradoxical bronchospasm, which may be life-threatening. Hypersensitivity reactions such as anaphylaxis, angioedema, rash, and urticaria may occur after administration of Anoro Ellipta. Discontinue Anoro Ellipta if such reactions occur. Anoro Ellipta should be used with caution in patients with cardiovascular disorders, especially coronary insufficiency, cardiac arrhythmias, and hypertension. Anoro Ellipta should be used with caution in patients with convulsive disorders, thyrotoxicosis, diabetes mellitus, ketoacidosis, and in patients who are unusually responsive to sympathomimetic amines. Anoro Ellipta should be used with caution in patients with narrow-angle glaucoma. Instruct patients to contact a physician immediately should any signs or symptoms of narrow-angle glaucoma occur. Anoro Ellipta should be used with caution in patients with urinary retention, especially in patients with prostatic hyperplasia or bladder neck obstruction. Instruct patients to contact a physician immediately should any signs or symptoms of urinary retention occur. Beta-adrenergic agonist medicines may produce significant hypokalemia and transient hyperglycemia in some patients. The most common adverse reactions (incidence ≥ 1% and more common than placebo) reported in four 6-month clinical trials with Anoro Ellipta (and placebo) were pharyngitis, 2% ( < 1%); sinusitis 1% ( < 1%); lower respiratory tract infection, 1% ( < 1%); constipation, 1% ( < 1%); diarrhea, 2% (1%); pain in extremity 2% (1%); muscle spasms, 1% ( < 1%); neck pain, 1% ( < 1%); and chest pain 1% ( < 1%). In addition to the 6-month efficacy trials with Anoro Ellipta, a 12-month trial evaluated the safety of umeclidinium/vilanterol 125 mcg/25 mcg in subjects with COPD. Adverse reactions (incidence ≥ 1% and more common than placebo) in subjects receiving umeclidinium/vilanterol 125 mcg/25 mcg were: headache, back pain, sinusitis, cough, urinary tract infection, arthralgia, nausea, vertigo, abdominal pain, pleuritic pain, viral respiratory tract infection, toothache, and diabetes mellitus. Beta2-agonists, such as vilanterol should be administered with extreme caution to patients being treated with monoamine oxidase inhibitors, tricyclic antidepressants, or drugs known to prolong the QTc interval or within 2 weeks of discontinuation of such agents, because the effect of adrenergic agonists on the cardiovascular system may be potentiated. Use beta blockers with caution as they not only block the pulmonary effect of beta2-agonists, such as vilanterol, but may produce severe bronchospasm in patients with COPD. Use with caution in patients taking non-potassium-sparing diuretics, as electrocardiographic changes and/or hypokalemia associated with non-potassium-sparing diuretics may worsen with concomitant beta-agonists. Avoid co-administration of Anoro Ellipta with other anticholinergic-containing drugs as this may lead to an increase in anticholinergic adverse effects such as cardiovascular effects, worsening of narrow-angle glaucoma, and worsening of urinary retention. ANORO® and ELLIPTA® are trade marks of the GlaxoSmithKline group of companies. HANDIHALER® is a trade mark of the Boehringer Ingelheim group of companies. GSK -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com. Innoviva, Inc. - Innoviva, formerly known as Theravance, Inc., is focused on bringing compelling new medicines to patients in areas of unmet need by leveraging its significant expertise in the development, commercialization and financial management of bio-pharmaceuticals. Innoviva's portfolio is anchored by the respiratory assets partnered with Glaxo Group Limited (NYSE:GSK), including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®, which were jointly developed by Innoviva and GSK. Under the agreement with GSK, Innoviva is eligible to receive associated royalty revenues from RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA® and, if approved and commercialized, VI monotherapy, as well. In addition, Innoviva retains a 15 percent economic interest in future payments made by GSK for earlier-stage programs partnered with Theravance BioPharma, Inc. For more information, please visit Innoviva's website at www.inva.com. RELVAR®, BREO®, ANORO® and ELLIPTA® are trademarks of the GlaxoSmithKline group of companies.


 
 
 
 
 
 
 


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Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D 'Risk factors' in the company's Annual Report on Form 20-F for 2015. Innoviva forward-looking statements

This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks, uncertainties and assumptions. Examples of such statements include statements relating to: prescription and market share trends, payor coverage, the strategies, plans and objectives of the company, the timing, manner and amount of anticipated potential capital returns to stockholders (including without limitation, expectations of future share repurchases or cash dividends), the status and timing of clinical studies, data analysis and communication of results, the potential benefits and mechanisms of action of product, and projections of revenue, expenses and other financial items. These statements are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: lower than expected future royalty revenue from respiratory products partnered with GSK, delays or difficulties in commencing or completing clinical studies, the potential that results from clinical or non-clinical studies indicate product candidates are unsafe or ineffective, dependence on third parties to conduct its clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates, and risks of collaborating with third parties to discover, develop and commercialize products. Other risks affecting Innoviva are described under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in Innoviva's Annual Report on Form 10-K for the year ended December 31, 2015 and Innoviva's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at http://www.sec.gov/. In addition to the risks described above and in Innoviva's other filings with the SEC, other unknown or unpredictable factors also could affect Innoviva's results. Past performance is not necessarily indicative of future results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. (INVA-G)           References: 1. World Health Organization. Chronic Respiratory Diseases. Available from: http://www.who.int/gard/publications/chronic_respiratory_diseases.pdf

2. Global, regional, and national incidence, prevalence, and years lived with disability for 301 acute and chronic diseases and injuries in 188 countries, 1990-2013: a systematic analysis for the Global Burden of Disease Study 2013. The Lancet; 2015. Available at: http://dx.doi.org/10.1016/S0140-6736(15)60692-4. Accessed September 2015

3. National Heart Lung and Blood Institute. Who is at risk for COPD? Accessed March 2014. Available at: https://www.nhlbi.nih.gov/health/health-topics/topics/copd/atrisk.html INVA-G Registered in England & Wales:

No. 3888792 Registered Office:

980 Great West Road

Brentford, Middlesex

TW8 9GS


Innoviva, Inc. enquiries:

Investor Relations

Eric d'Esparbes

1 650 808 4100

(San Francisco)

[email protected]





Read more...
GSK Present New Data From Breo(R) Ellipta(R) SUMMIT Study in Patients With COPD at ATS Conference

SOUTH SAN FRANCISCO, CA--(Marketwired - May 18, 2016) - GlaxoSmithKline (LSE: GSK) (NYSE: GSK) and Innoviva, Inc. (NASDAQ: INVA) today announced that GlaxoSmithKline plc (NYSE:GSK) presented new data at the American Thoracic Society (ATS) Conference from two pre-specified analyses from the Study to Understand Mortality and MorbidITy (SUMMIT) trial. One demonstrated that patients with Chronic Obstructive Pulmonary Disease (COPD) and moderate airflow limitation receiving Breo® Ellipta® (fluticasone furoate/vilanterol or FF/VI 100/25mcg) achieved improvements in exacerbations compared with placebo. The second analysis demonstrated these patients reported similar rates of pneumonia when taking FF/VI 100/25mcg compared with placebo. The SUMMIT trial was designed to evaluate the effect of FF/VI 100/25mcg once-daily on all-cause mortality compared with placebo in patients with moderate COPD who had, or were at high risk for Cardiovascular Disease (CVD). Results of the primary endpoint were announced in 2015 and showed that all cause mortality was not affected by combination therapy or the individual components. The first analysis presented investigated the impact of FF/VI 100/25mcg, an inhaled corticosteroid/long-acting beta2 agonist combination (ICS/LABA), on exacerbations in COPD patients with moderate airflow limitation (mean FEV1 60% predicted). In patients treated with FF/VI 100/25mcg the risk of a COPD exacerbation, measured by time to first exacerbation, was decreased by 20% (HR 0.80, 95% confidence interval 0.73 - 0.86) versus placebo. In addition, FF/VI 100/25mcg led to a 29% reduction in the rate of a moderate to severe exacerbation of COPD compared with placebo. A second analysis of all reported pneumonia events amongst the 16,568 patients in the SUMMIT trial showed that rates were similar for patients randomised to FF/VI 100/25mcg compared with those on placebo. Reported pneumonia related adverse-events on FF/VI 100/25mcg were 6% compared with placebo 5%, reported pneumonia related serious adverse-events on FF/VI 100/25mcg were 3% compared with placebo 3%. Dr Courtney Crim, Director Clinical Development, R&D Respiratory, GSK said: "We believe these data are important for COPD physicians and are clinically relevant. These findings from SUMMIT show that COPD patients with moderate airflow limitation experienced both a lower risk of having an exacerbation and fewer exacerbations when treated with FF/VI than patients on placebo. In the same patients with moderate airflow limitation we also saw a similar incidence of pneumonia in patients on FF/VI and those on placebo. In previous studies, in more severe patients, an increase in the incidence of pneumonias has been observed in ICS-containing treatment arms. The finding from this study is therefore interesting and will require further investigation." These data were presented at the ATS 2016 Conference 13 - 18 May, San Francisco, US: F.J. Martinez, et al. The impact of vilanterol, fluticasone furoate, or their combination on exacerbations in COPD patients with moderate airflow obstruction: the SUMMIT trial. D36-COPD: LABA, LAMA, ICS, AND COMBINATIONS, Thematic Poster Session. Wednesday, May 18, 2016. 9:00 AM-3:30 PM C. Crim, et al. Reported Pneumonia Events in the SUMMIT trial. B44-COPD: COMORBIDITIES. Thematic Poster Session. Monday May 16, 2016. 9:00 AM-4:15 PM About the SUMMIT Study

SUMMIT is an international, multi-centre, placebo-controlled, double blind, randomised, parallel group trial designed to determine the impact of FF/VI 100/25 (fluticasone furoate/vilanterol or FF/VI) on the survival of COPD patients with moderate airflow limitation and a history of or increased risk of cardiovascular disease (CVD). COPD patients with moderate airflow limitation (≥50 and ≤70% predicted FEV1) and a history or risk of CVD were randomised 1:1:1:1 to one of four double-blind treatment groups: FF/VI 100/25mcg, FF 100mcg, VI 25mcg or placebo. All treatments were administered once daily via the Ellipta dry powder inhaler. The study showed a 12.2% reduction in the risk of dying from any cause for patients who were treated with FF/VI 100/25mcg when compared with those who received placebo (p=0.137). This did not achieve statistical significance. The impact of vilanterol, fluticasone furoate, or their combination on exacerbations in COPD patients with moderate airflow obstruction and the reported pneumonia events in the SUMMIT trial, were pre-specified analyses. As the primary endpoint of the SUMMIT was not met, statistical significance cannot be inferred from the results of these newly-published analyses. The study is listed on www.clinicaltrials.gov (NCT01313676). About COPD and CVD

Chronic Obstructive Pulmonary Disease (COPD) is a disease of the lungs that includes chronic bronchitis, emphysema or both. COPD is characterised by obstruction to airflow that interferes with normal breathing. Cigarette smoke, breathing in second-hand smoke, air pollution including biomass fuels, chemical fumes and dust from the environment or workplace can all contribute to COPD. COPD mortality is increasing and is the third leading cause of death globally. COPD often coexists with other chronic diseases and epidemiological data suggests that CVD or CV risk occurs in nearly half of all patients with COPD. CVD is the number one killer of mild to moderate COPD patients and patients with both COPD and CVD or CV risk were observed to have a mortality rate double that of COPD patients without CVD in studies of up to 15 years in duration. About FF/VI 100/25mcg

FF/VI 100/25mcg, under the brand name Breo® Ellipta® 100/25mcg is licensed in the US for:

the long-term, once-daily, maintenance treatment of airflow obstruction in patients with Chronic Obstructive Pulmonary Disease (COPD), including chronic bronchitis and/or emphysema and to reduce exacerbations of COPD in patients with a history of exacerbations. Breo® Ellipta® 100/25mcg is the only strength indicated for the treatment of COPD.



Breo Ellipta100/25mcg is not indicated for the relief of acute bronchospasm.





Full US prescribing information, including BOXED WARNING and Medication Guide is available at us.gsk.com or US Prescribing Information Breo Ellipta. FF/VI 100/25mcg, under the brand name Relvar® Ellipta® is approved in Europe for:

the symptomatic treatment of adults with chronic obstructive pulmonary disease (COPD) with a FEV1 < 70% predicted normal (post-bronchodilator) with an exacerbation history despite regular bronchodilator therapy.





For the EU Summary of Product Characteristics for Relvar Ellipta, please visit: http://ec.europa.eu/health/documents/community-register/html/h886.htm Important Safety Information (ISI) for FF/VI (Breo Ellipta) in the US

The following ISI is based on the Highlights section of the US Prescribing Information for Breo Ellipta. Please consult the full Prescribing Information for all the labelled safety information for Breo Ellipta. Long-acting beta2-adrenergic agonists (LABA), such as vilanterol, one of the active ingredients in BREO ELLIPTA, increase the risk of asthma-related death. A placebo-controlled trial with another LABA (salmeterol) showed an increase in asthma-related deaths. This finding with salmeterol is considered a class effect of all LABA. Currently available data are inadequate to determine whether concurrent use of inhaled corticosteroids (ICS) or other long-term asthma control drugs mitigates the increased risk of asthma-related death from LABA. Breo Ellipta is contraindicated for primary treatment of status asthmaticus or other acute episodes of COPD or asthma where intensive measures are required and in patients with severe hypersensitivity to milk proteins or who have demonstrated hypersensitivity to either fluticasone furoate, vilanterol, or any of the excipients. Breo Ellipta should not be initiated in patients during rapidly deteriorating or potentially life-threatening episodes of COPD or asthma, or used for the relief of acute symptoms, i.e., as rescue therapy for the treatment of acute episodes of bronchospasm. Acute symptoms should be treated with an inhaled, short-acting beta2-agonist. Breo Ellipta should not be used more often than recommended, at higher doses than recommended, or in conjunction with other medications containing LABAs, as an overdose may result. Oropharyngeal candidiasis has occurred in patients treated with Breo Ellipta. Patients should be advised to rinse their mouth with water without swallowing after inhalation to help reduce this risk. An increase in the incidence of pneumonia has been observed in subjects with COPD receiving the fluticasone furoate/vilanterol combination, including Breo Ellipta 100 mcg/25 mcg, in clinical trials. There was also an increased incidence of pneumonias resulting in hospitalisation. In some incidences these pneumonia events were fatal. Patients who use corticosteroids are at risk for potential worsening of existing tuberculosis; fungal, bacterial, viral, or parasitic infections; or ocular herpes simplex. A more serious or even fatal course of chickenpox or measles may occur in susceptible patients. Particular care is needed for patients who have been transferred from systemically active corticosteroids to inhaled corticosteroids because deaths due to adrenal insufficiency have occurred in patients with asthma during and after transfer from systemic corticosteroids to less systemically available inhaled corticosteroids. Hypercorticism and adrenal suppression may occur with very high dosages or at the regular dosage of inhaled corticosteroids in susceptible individuals. Caution should be exercised when considering the coadministration of Breo Ellipta with long‐term ketoconazole and other known strong CYP3A4 inhibitors because increased systemic corticosteroid and cardiovascular adverse effects may occur. Breo Ellipta can produce paradoxical bronchospasm which may be life-threatening. Hypersensitivity reactions such as anaphylaxis, angioedema, rash, and urticaria may occur after administration of Breo Ellipta. Vilanterol, the LABA in Breo Ellipta, can produce clinically significant cardiovascular effects in some patients as measured by increases in pulse rate, systolic or diastolic blood pressure, and also cardiac arrhythmias. Breo Ellipta should be used with caution in patients with cardiovascular disorders. Decreases in bone mineral density have been observed with long-term administration of products containing inhaled corticosteroids, as have glaucoma, increased intraocular pressure, and cataracts. Breo Ellipta should be used with caution in patients with convulsive disorders, thyrotoxicosis, diabetes mellitus, ketoacidosis, and in patients who are unusually responsive to sympathomimetic amines. Beta-adrenergic agonist medicines may produce significant hypokalemia in some patients. Beta-adrenergic agonist medicines may produce transient hyperglycemia in some patients. Orally inhaled corticosteroids may cause a reduction in growth velocity when administered in children and adolescents. For COPD, the most common adverse reactions ( ≥ 3% and more common than in placebo) reported in two 6-month clinical trials with Breo Ellipta 100/25 (and placebo) were nasopharyngitis, 9% (8%); upper respiratory tract infection, 7% (3%); headache, 7% (5%); and oral candidiasis, 5% (2%). In addition to the reactions reported in the 6-month studies, adverse reactions occurring in ≥ 3% of the subjects treated with Breo Ellipta 100/25 in two 1-year studies included back pain, pneumonia, bronchitis, sinusitis, cough, oropharyngeal pain, arthralgia, influenza, pharyngitis, and pyrexia. RELVAR®, BREO® and ELLIPTA® are trade marks of the GlaxoSmithKline group of companies. GSK -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com. About Innoviva - Innoviva is focused on bringing compelling new medicines to patients in areas of unmet need by leveraging its significant expertise in the development, commercialization and financial management of bio-pharmaceuticals. Innoviva's portfolio is anchored by the respiratory assets partnered with Glaxo Group Limited (NYSE:GSK), including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®, which were jointly developed by Innoviva and GSK. Under the agreement with GSK, Innoviva is eligible to receive associated royalty revenues from RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA® and, if approved and commercialized, VI monotherapy, as well. In addition, Innoviva retains a 15 percent economic interest in future payments made by GSK for earlier-stage programs partnered with Theravance BioPharma, Inc. For more information, please visit Innoviva's website at www.inva.com. RELVAR®, BREO®, ANORO® and ELLIPTA® are trademarks of the GlaxoSmithKline group of companies.


 
 
 
 
 
 
 


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Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D 'Risk factors' in the company's Annual Report on Form 20-F for 2015. Innoviva forward-looking statements

This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. Innoviva intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks, uncertainties and assumptions. Examples of such statements include statements relating to: prescription and market share trends, payor coverage, the strategies, plans and objectives of the company, the timing, manner and amount of anticipated potential capital returns to stockholders (including without limitation, expectations of future share repurchases or cash dividends), the status and timing of clinical studies, data analysis and communication of results, the potential benefits and mechanisms of action of product candidates, expectations for products, and projections of revenue, expenses and other financial items. These statements are based on the current estimates and assumptions of the management of Innoviva as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Innoviva to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: lower than expected future royalty revenue from respiratory products partnered with GSK, delays or difficulties in commencing or completing clinical studies, the potential that results from clinical or non-clinical studies indicate product candidates are unsafe or ineffective, dependence on third parties to conduct its clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates, and risks of collaborating with third parties to discover, develop and commercialize products. Other risks affecting Innoviva are described under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in Innoviva's Annual Report on Form 10-K for the year ended December 31, 2015 and Innoviva's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov. In addition to the risks described above and in Innoviva's other filings with the SEC, other unknown or unpredictable factors also could affect Innoviva's results. Past performance is not necessarily indicative of future results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Innoviva assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. (INVA-G) Registered in England & Wales:

No. 3888792

 

Registered Office:

980 Great West Road

Brentford, Middlesex

TW8 9GS INVA-G


Innoviva, Inc. enquiries:

Investor Relations

Eric d'Esparbes

1 650 808 4100

(San Francisco)

[email protected]





Read more...
Kahn Brothers Adds to BP, GlaxoSmithKline Stakes Firm founded by Irving Kahn adds to 8 holdings
Legendary investor Irving Kahn, along with his brothers Thomas Graham and Alan Kahn, founded the Kahn Brothers (Trades, Portfolio) Group in 1978, an investment firm that manages more than $800 million in assets. Irving Kahn trained directly with Benjamin Graham and served as his teaching assistant at Columbia Business School. Read more...

Ratios

vs
industry
vs
history
PE Ratio 45.85
GSK's PE Ratio is ranked lower than
86% of the 556 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 28.48 vs. GSK: 45.85 )
Ranked among companies with meaningful PE Ratio only.
GSK' s PE Ratio Range Over the Past 10 Years
Min: 6.35  Med: 14.7 Max: 99999999.99
Current: 45.85
6.35
99999999.99
Forward PE Ratio 14.39
GSK's Forward PE Ratio is ranked higher than
99% of the 202 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 16.39 vs. GSK: 14.39 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 45.85
GSK's PE Ratio without NRI is ranked lower than
87% of the 544 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 27.85 vs. GSK: 45.85 )
Ranked among companies with meaningful PE Ratio without NRI only.
GSK' s PE Ratio without NRI Range Over the Past 10 Years
Min: 6.38  Med: 14.64 Max: 284.83
Current: 45.85
6.38
284.83
Price-to-Owner-Earnings 13.02
GSK's Price-to-Owner-Earnings is ranked higher than
81% of the 293 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 33.45 vs. GSK: 13.02 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
GSK' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 4.75  Med: 15.66 Max: 129.65
Current: 13.02
4.75
129.65
PB Ratio 44.67
GSK's PB Ratio is ranked lower than
99% of the 770 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 3.03 vs. GSK: 44.67 )
Ranked among companies with meaningful PB Ratio only.
GSK' s PB Ratio Range Over the Past 10 Years
Min: 5.48  Med: 9.29 Max: 610.36
Current: 44.67
5.48
610.36
PS Ratio 2.63
GSK's PS Ratio is ranked higher than
51% of the 721 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 2.90 vs. GSK: 2.63 )
Ranked among companies with meaningful PS Ratio only.
GSK' s PS Ratio Range Over the Past 10 Years
Min: 1.94  Med: 2.78 Max: 3.83
Current: 2.63
1.94
3.83
Price-to-Free-Cash-Flow 15.33
GSK's Price-to-Free-Cash-Flow is ranked higher than
59% of the 226 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 23.83 vs. GSK: 15.33 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
GSK' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 8.24  Med: 16.75 Max: 135.68
Current: 15.33
8.24
135.68
Price-to-Operating-Cash-Flow 10.71
GSK's Price-to-Operating-Cash-Flow is ranked higher than
65% of the 288 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 17.62 vs. GSK: 10.71 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
GSK' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 6.61  Med: 11.91 Max: 27.31
Current: 10.71
6.61
27.31
EV-to-EBIT 25.76
GSK's EV-to-EBIT is ranked higher than
89% of the 776 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 20.99 vs. GSK: 25.76 )
Ranked among companies with meaningful EV-to-EBIT only.
GSK' s EV-to-EBIT Range Over the Past 10 Years
Min: 6.3  Med: 10.6 Max: 72.6
Current: 25.76
6.3
72.6
EV-to-EBITDA 18.10
GSK's EV-to-EBITDA is ranked higher than
95% of the 797 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 15.26 vs. GSK: 18.10 )
Ranked among companies with meaningful EV-to-EBITDA only.
GSK' s EV-to-EBITDA Range Over the Past 10 Years
Min: 5.6  Med: 9.1 Max: 35.2
Current: 18.1
5.6
35.2
Shiller PE Ratio 16.66
GSK's Shiller PE Ratio is ranked higher than
88% of the 161 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 43.67 vs. GSK: 16.66 )
Ranked among companies with meaningful Shiller PE Ratio only.
GSK' s Shiller PE Ratio Range Over the Past 10 Years
Min: 11.71  Med: 15.13 Max: 20.81
Current: 16.66
11.71
20.81
Current Ratio 0.89
GSK's Current Ratio is ranked lower than
91% of the 700 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 2.55 vs. GSK: 0.89 )
Ranked among companies with meaningful Current Ratio only.
GSK' s Current Ratio Range Over the Past 10 Years
Min: 0.88  Med: 1.3 Max: 2.64
Current: 0.89
0.88
2.64
Quick Ratio 0.61
GSK's Quick Ratio is ranked lower than
91% of the 699 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 1.85 vs. GSK: 0.61 )
Ranked among companies with meaningful Quick Ratio only.
GSK' s Quick Ratio Range Over the Past 10 Years
Min: 0.61  Med: 1.01 Max: 2.24
Current: 0.61
0.61
2.24
Days Inventory 200.23
GSK's Days Inventory is ranked lower than
83% of the 689 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 117.29 vs. GSK: 200.23 )
Ranked among companies with meaningful Days Inventory only.
GSK' s Days Inventory Range Over the Past 10 Years
Min: 167.28  Med: 192.3 Max: 202.64
Current: 200.23
167.28
202.64
Days Sales Outstanding 81.07
GSK's Days Sales Outstanding is ranked higher than
63% of the 636 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 75.05 vs. GSK: 81.07 )
Ranked among companies with meaningful Days Sales Outstanding only.
GSK' s Days Sales Outstanding Range Over the Past 10 Years
Min: 54.62  Med: 59.8 Max: 93.9
Current: 81.07
54.62
93.9
Days Payable 135.73
GSK's Days Payable is ranked higher than
82% of the 586 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 70.53 vs. GSK: 135.73 )
Ranked among companies with meaningful Days Payable only.
GSK' s Days Payable Range Over the Past 10 Years
Min: 116.45  Med: 140.18 Max: 345.65
Current: 135.73
116.45
345.65

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 4.90
GSK's Dividend Yield % is ranked higher than
97% of the 673 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 1.58 vs. GSK: 4.90 )
Ranked among companies with meaningful Dividend Yield % only.
GSK' s Dividend Yield % Range Over the Past 10 Years
Min: 2.92  Med: 5.13 Max: 6.24
Current: 4.9
2.92
6.24
Dividend Payout Ratio 2.26
GSK's Dividend Payout Ratio is ranked higher than
64% of the 410 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 0.35 vs. GSK: 2.26 )
Ranked among companies with meaningful Dividend Payout Ratio only.
GSK' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.46  Med: 0.75 Max: 4.3
Current: 2.26
0.46
4.3
3-Year Dividend Growth Rate -1.30
GSK's 3-Year Dividend Growth Rate is ranked lower than
68% of the 285 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 7.70 vs. GSK: -1.30 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
GSK' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: 5 Max: 62.4
Current: -1.3
0
62.4
Forward Dividend Yield % 4.90
GSK's Forward Dividend Yield % is ranked higher than
97% of the 658 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 1.59 vs. GSK: 4.90 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 5.12
GSK's 5-Year Yield-on-Cost % is ranked higher than
88% of the 786 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 2.09 vs. GSK: 5.12 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
GSK' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 3.04  Med: 5.34 Max: 6.49
Current: 5.12
3.04
6.49
3-Year Average Share Buyback Ratio -3.40
GSK's 3-Year Average Share Buyback Ratio is ranked higher than
55% of the 442 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: -4.30 vs. GSK: -3.40 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
GSK' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -26.7  Med: -0.6 Max: 4.7
Current: -3.4
-26.7
4.7

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 2.16
GSK's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
53% of the 288 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 2.56 vs. GSK: 2.16 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
GSK' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.97  Med: 1.94 Max: 77.2
Current: 2.16
0.97
77.2
Price-to-Median-PS-Value 0.95
GSK's Price-to-Median-PS-Value is ranked higher than
57% of the 645 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 1.13 vs. GSK: 0.95 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
GSK' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.62  Med: 1.19 Max: 3.36
Current: 0.95
0.62
3.36
Earnings Yield (Greenblatt) % 3.88
GSK's Earnings Yield (Greenblatt) % is ranked higher than
92% of the 1046 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 3.36 vs. GSK: 3.88 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
GSK' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 1.4  Med: 9.4 Max: 15.8
Current: 3.88
1.4
15.8
Forward Rate of Return (Yacktman) % -8.62
GSK's Forward Rate of Return (Yacktman) % is ranked lower than
84% of the 369 Companies
in the Global Drug Manufacturers - Major industry.

( Industry Median: 10.72 vs. GSK: -8.62 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
GSK' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -8.9  Med: 8.8 Max: 18.2
Current: -8.62
-8.9
18.2

More Statistics

Revenue (TTM) (Mil) $37,776
EPS (TTM) $ 0.83
Beta1.07
Short Percentage of Float0.23%
52-Week Range $37.20 - 45.58
Shares Outstanding (Mil)2,459.00

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 37,062 38,161 39,451
EPS ($) 2.71 2.76 3.04
EPS without NRI ($) 2.71 2.76 3.04
EPS Growth Rate
(Future 3Y To 5Y Estimate)
3.97%
Dividends per Share ($) 2.01 2.01 2.01
» More Articles for NYSE:GSK

Headlines

Articles On GuruFocus.com
Pernix: An Investor's Rationale to Staying Long Mar 23 2017 
Jeff Auxier Reduces, Exits Multiple Positions in 4th Quarter Mar 22 2017 
Gilead Sciences Raises Dividend by Double Digits Feb 22 2017 
If You Want Yield, Look to the UK Feb 19 2017 
Flood of News Presents Buying Opportunity Jan 17 2017 
Gilead Sciences Must Answer to Investors After a Disappointing 2016 Jan 05 2017 
GlaxoSmithKline, Vodafone Hit 3-Year Low Prices Dec 24 2016 
Asset Sales, New Projects Fuel 6.7% Yield Dec 07 2016 
Robust Pipeline Supports 5.5% Dividend Yield Dec 05 2016 
Jeff Auxier Curbs Multiple Positions in 3rd Quarter Dec 01 2016 

More From Other Websites
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New GlaxoSmithKline CEO wants fewer, bigger new drug launches Apr 26 2017
Analyst Ratings and Recommendations for GlaxoSmithKline Apr 26 2017
Glaxo meets 1Q profit forecasts Apr 26 2017
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Glaxo (GSK) Beats Earnings and Revenues in Q1 Apr 26 2017
GlaxoSmithKline’s 1Q17 Estimates: Consumer Healthcare Apr 26 2017
GlaxoSmithKline Beats Q1 Estimates, Keeps Full Year Targets In Place Apr 26 2017
GSK warns of impact from generic drugs after solid Q1 Apr 26 2017
[$$] GlaxoSmithKline Net Income Boosted by Strong Sales, Weak Pound Apr 26 2017
GlaxoSmithKline’s 1Q17 Estimates: Vaccines Business Apr 26 2017
Glaxo's New CEO Walmsley Pledges to Make Drugs the Priority Apr 26 2017
Glaxo Profit Jumps 31% as Sales of HIV, Lung Drugs Increase Apr 26 2017
Weak sterling boosts GlaxSmithKline as new CEO takes over Apr 26 2017
[$$] GlaxoSmithKline 1Q Results Expected to Get Boost From Weak Pound Apr 25 2017
GlaxoSmithKline’s 1Q17 Estimates: Revenues Expected to Grow Apr 25 2017

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