NEW YORK (TheStreet) -- Shares of GlaxoSmithKline Plc (GSK) are down -1.99% to $55.27 as the healthcare group reported first quarter sales declined 10% as its main lung drug Advair grappled with an increasingly difficult U.S. market.
Sales were $9.45 billion as core earnings per share slipped 20%, below analysts forecasts.
The company reiterated its target of increasing 2014 EPS between 4% and 8%.
Also, CEO Andrew Witty all but ruled out a white knight bid against Pfizer's (PFE) takeover move for AstraZeneca (AZN), reiterating scepticism on big takeover deals in the sector, the Financial Times reports
TheStreet Ratings team rates GLAXOSMITHKLINE PLC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GLAXOSMITHKLINE PLC (GSK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, compelling growth in net income, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: