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What is the true cost of the UK state pension?

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BUZZ-GlaxoSmithKline: UBS downgrade, stock going ex-div hit shares

Reuters - UK Focus

** Drugmaker GlaxoSmithKline down 3 percent, hit by trading ex-dividend and downgrade to "neutral" from "buy" by brokerage UBS (NYSEArca: FBGX - news)

** UBS analyst Alexandra Hauber says GSK's 2020 pharma outlook implies a sharp deterioration of pharma profit margin, excluding the HIV business ViiV, with ViiV blockbuster profits appearing to cross-subsidise low profits elsewhere

** Britain's biggest pharmaceuticals group set out its strategy and long-term goals last week, following a re-shaping of the group after $20 billion-plus asset swap with Novartis (RM (LSE: RM.L - news) : ben.hirschler.thomsonreuters.com@reuters.net)