On Wednesday before the open, GlaxoSmithKline (GSK):
Reported 1Q19 results that handily beat consensus EPS. They were, however, flattered by various one-offs (Shingrix rebate adjustment, disperse vaccine inventory movements, share of after-tax profits of associates) that explain half of the EPS beat. Revenues were only modestly above expectations.
Reaffirmed 2019 EPS guidance.
Saw its shares close down slightly on the day.