<strong>SAVVAS NEOPHYTOU </strong> PANMURE GORDON<br />We are encouraged by good gross margins and strong revenue growth across GlaxoSmithKline’s portfolio, particularly in vaccines. GSK is building towards a diversified business model that will be attractive to risk-averse investors and, although we are not fans of conglomerates, we remain buyers. <br /><br /><strong>JAMES KNIGHT </strong> COLLINS STEWART<br />Pharma companies have a proven ability to cut costs, which we believe is often overlooked. While the industry generally faces well-flagged long-term pressures, notably the looming patent cliff and potential US reform, we believe much of the pain can and will be offset. We believe many cost structures are still bloated.<br /><br /><strong>NAVID MALIK </strong> MATRIX CORPORATE CAPITAL<br />GlaxoSmithKline results were good, and the visibility management gave for future growth was very encouraging. It suggests that there are very valuable assets to come through which is refreshing after so much competition from generics. The second half of the year looks better and I believe there will be upgrades.