GSK has reported strong Q3 results, which, apart from a continued recovery in the base business, also benefited via some contributions from its various COVID-19 initiatives. Moreover, the profitability improvement was impressive. While some near-term anomalies due to the prioritisation of COVID-19 vaccines over non-COVID ones can’t be ruled out, it shouldn’t have any major longer term implications. Overall, our positive stance on the British pharma giant is reiterated.
