there seems to be some heavy resistance around these level with a lot of potential upside.

Neil Woodford: GlaxoSmithKline's troubles are only temporary
Renowned fund manager gives embattled drug giant a vote of confidence

http://www.telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/11013056/Neil-Woodford-GlaxoSmithKlines-troubles-are-only-temporary.html

GlaxoSmithKline plc Offers 40% Upside For Canny Investors
By Alessandro Pasetti - Wednesday, 6 August, 2014

GlaxoSmithKline (LSE: GSK) (NYSE: GSK.US) shares are down 9.6% in 2014. In the last twelve months of trading, they have lost 14.7% of value. If Glaxo is serious about slimming down in the right places, however, upside for shareholders could be 40% or more.

Consumer Health Business

Glaxo’s joint venture with Novartis will create a consumer health company with £6.5bn of revenues, it was announced earlier this year. The deal is expected to close in the first half of 2015. The British company will retain a 63.5% stake in the venture.

While it appears that structural changes are on the cards, Andrew Witty, Glaxo’s chief executive offer, runs the risk of losing the backing of key shareholders.

In an interview with the Financial Times on 27 July, he hinted at the possibility of spinning off Glaxo’s consumer health-care division from core activities.

“GlaxoSmithKline has no plans to spin off its consumer health-care division, a spokesman said,” Bloomberg reported the following day.

If anything, Glaxo should do a better job in managing expectations. That said, a spin-out of the consumer health business — whose capital requirements for research and development (R&D) are relatively small — may not be the best solution for shareholders. And it may not be the strategy that Mr Witty has in mind right now.

“Well, I never understood why they were in consumer health to start with,” a senior pharma analyst in the City told me. “That’s the obvious thing they could spin out, though they’ve been building it up for a while so it would seem a rather odd move,” he added.

What’s There To Break Up?
Glaxo may break up its operations geographically, although such a strategy would pose serious problems with regard to capital allocation. There’s a better alternative, in my view. Core R&D expenditures stood at £3.4bn in 2013 – some 90% of which were invested in core pharmaceutical activities. The consumer health operations are non-core, and account for roughly 10% of Glaxo’s total R&D investment.

Take Convergence Pharmaceuticals, which was spun out of Glaxo in 2010. It is planning an IPO of up to £100m either in London or in New York. Glaxo retained a minority stake in Convergence, and will benefit if the float is successful. More such deals would make a lot of sense in the next 12 months.

Decisive action is needed. From revenues to earnings, every single P&L item was a big disappointment in the second quarter. The bribery scandal in China is also a big problem, but that’s fully priced into Glaxo shares, in my view.

Operationally, Glaxo isn’t in great shape, as quarterly results showed. Its product pipeline is better than that of AstraZeneca (LSE: AZN) (NYSE: AZN.US), but its existing drugs are faced with fierce competition as cheaper alternatives pose a threat to its market share globally.

Glaxo Vs Astra
Forward trading multiples based on earnings before interest, taxes, depreciation and amortisation in 2014 and 2015 indicate that Glaxo’s shares trade at a discount of between 9% and 16% versus Astra’s.

Glaxo is more profitable than Astra at operating level, though — and is also expected to remain more profitable into 2015. Its net leverage is higher than Astra’s, but is manageable, which signals a more efficient balance sheet. As a result of a better capital structure, Glaxo offers higher returns to shareholders than Astra.

Astra shares still price in an M&A premium in the region of 25%, in my view.

That premium may well be assigned to Glaxo by Pfizer, particularly if Glaxo shows a commitment to shrink direct R&D investments ahead of disposals. Alternatively, a more efficient Glaxo may decide to go for Pfizer, which has lost more than $40bn of market value in less than one year. Then, say in the second half of 2015, Glaxo may even be able to impose its own terms at the negotiating table.

Glaxo shares offer a terrific dividend yield, and should be included in a diversified portfolio, just as our analysts suggest.

http://www.fool.co.uk/investing/2014/08/06/glaxosmithkline-plc-offers-40-upside-for-canny-investors/?source=uhpsithla0000003

GSK China saga

GSK Chairman hunt

China; GSK linked guy sentenced

I think today may have been the day to buy!

Or maybe not!

Exclusive: GlaxoSmithKline faces fresh drug bribery claims in Syria

GSK on Syria latest.

I've had a small long here @1,386.00 in the hope that the bottom is in (for now).

You may be right. I did the same last week.
GSK in NY does not seem to be doing much. Been the same for quite a few
days now. Here.

Thanks - I've got it on my NYSE monitor - albeit 15 minutes delayed.

Aug 15: Credit Suisse: Undderperform - Tp: 1475p

Glaxo Receives US Approval For Asthma Treatment Arnuity Ellipta

LONDON (Alliance News) - GlaxoSmithKline PLC said late Wednesday the US Food and Drug Administration has approved its Arnuity Ellipta treatment for asthma in patients aged 12 years and older.

Arnuity is not indicated for the relief of acute bronchospasm, Glaxo said. It was approved for 100 microgram and 200 microgram doses, and is administered daily via the Ellipta dry powder inhaler, which is also used for a range of other respiratory medicines in Glaxo's portfolio.

"The approval of Arnuity Ellipta is an important development for GSK and our expanding respiratory portfolio. It is the first asthma treatment from our new portfolio to have gained approval in the US and enables us to begin expanding the range of medicines that we offer to physicians and appropriate patients," said Darrell Baker, senior vice president and head of Glaxo's Global Respiratory Franchise in a statement.

A bit of a steal at these levels I reckon.

Aug 21: Deutsche; Hold - TP: 1500p

Just been limited out of half +55p

Just bought them back 11p cheaper.

Triumeq US Approval

London, UK, 22 August, 2014 - ViiV Healthcare announced today that the US Food and Drug Administration (FDA) has approved Triumeq® (abacavir 600mg, dolutegravir 50mg and lamivudine 300mg) tablets for the treatment of HIV-1 infection.1 Triumeq is ViiV Healthcare's first dolutegravir-based fixed-dose combination, offering many people living with HIV the option of a single-pill regimen that combines the integrase strand transfer inhibitor (INSTI) dolutegravir, with the nucleoside reverse transcriptase inhibitors (NRTIs) abacavir and lamivudine.

more..

From 1365 intraday low on 8 August to 1462 today... the comeback kid.

Well done Midknight - I bought @1,386, sold half +55 and bought them back 11p lower.

So far, so good.