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GSK Vaccines: Injecting Visibility

 
• By Chris Morrison

A broad vaccines portfolio, a blockbuster asset swap with Novartis, and an R&D revamp including significant, long-term investment in technology platforms have cemented GlaxoSmithKline’s leadership in a perennially lucrative business that is core to its corporate ethos. Why hasn’t anyone seemed to notice?

At GlaxoSmithKline PLC, there’s a market-leading vaccines business hiding in plain sight. Its revenue in 2015 accounted for only 16% of the diversified pharmaceutical company’s business, compared with 58% for traditional pharmaceuticals and 26% for the company’s growing consumer health business.

But its vaccines business epitomizes the stance of the British multinational as a standard-bearer for public health causes and improved global market access. What’s more, GSK’s vaccines business is growing...

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