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BUZZ-GlaxoSmithKline: broker gloomy on margins ahead of Q2

Reuters - UK Focus

** GlaxoSmithKline (Other OTC: GLAXF - news) slips 1.4% as Morgan Stanley (Xetra: 885836 - news) warns margins likely to decline 260 bp when drugmaker reports Q2 results on July 29

** Margins pressure reflects continuous decline in sales of lung drug Advair and revamp of portfolio after big Novartis asset swap

** Broker says GSK's plans for consumer health and vaccines recovery plus 5.5-6.0% dividend yield "not enough to offset pharma headwinds and a softer recovery". Rates stock "equal-weight"

** Current consensus estimates point to Q2 core EPS of 16.7p, down 13% from year ago, according to Thomson Reuters (Dusseldorf: TOC.DU - news) data (RM (LSE: RM.L - news) : ben.hirschler.thomsonreuters.com@reuters.net)