GSK seeks approval

Investors voice concerns over drugs pipeline despite 19% profits rise

Despite announcing a rise in first quarter profits of 19%, GlaxoSmithKline shares have remained in a tight trading range as investors are concerned about the strength of the group's drug pipeline in next two or three years. There is a perception in the market that although Glaxo has navigated proposed products through the first and second stages of testing, it has consistently failed to gain the third and final stage approval. 'GlaxoSmithKline is the second largest pharmaceutical company in the world,' said Morten Harholdt, pharmaceutical analyst at Barclays Stockbrokers. 'However, alth...