Research report

10/24/2012

NYSE: GSK

GlaxoSmithKline plc
-Graded Opinion (pg.2) -Business Description (pg.2) -Industry & Performance (pg.2) -Share Information & Performance (pg.2) -Broker Recommendations (pg.3) -Peer Group Comparisons (pg.3) -Balance Sheet (pg.4) -Income Statement (pg.5) -Cash Flow (pg.6) -Technical Review (pg.7) -Conclusion (pg.8) -Disclaimer (pg.8)

Inside This Report

GLAXOSMITHKLINE PLC
GSK - $45.31 - Exchange:NYSE

MARKET PERFORM
10/24/12 10/24/2012 $45.31 Current Price Prior Opinion $45.31 NEUTRAL

Graded Opinion:
MARKET PERFORM
Opinion Date Opinion Price

Business Description:
GlaxoSmithKline plc, together with its subsidiaries, engages in the discovery, development, manufacture, and marketing of pharmaceutical products, over the counter (OTC) medicines, and health-related consumer products worldwide. It offers pharmaceutical products in various therapeutic areas comprising respiratory, HIV, central nervous system, cardiovascular and urogenital, metabolic, anti-bacterial, oncology and emesis, vaccines, and dermatologicals. The company provides prescription medicines to treat a range of conditions, including infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer. It also markets a range of vaccines to prevent life-threatening or crippling illnesses, such as hepatitis A, hepatitis B, diphtheria, tetanus, whooping cough, measles, mumps, rubella, polio, typhoid, influenza, and bacterial meningitis. In addition, the company provides OTC medicines, including Panadol, a paracetamol-based treatment of headache and joint pain, fever, and cold symptoms; Gaviscon, a range of antacid products that relieve heartburn due to acid reflux; and NicoDerm, NiQuitin CQ, Nicabate, and Nicorette for the treatment of nicotine withdrawal as an aid to quit smoking.

Sector:

The health care sector is a category of stocks relating to medical and healthcare goods orservices. The healthcare sector includes hospital management firms, health maintenance organizations (HMOs), biotechnology and a variety of medical products. Stocks in the healthcare sector are often considered to be defensive because the products and services are essential. Even during economic downturns, people will still require medical aid and medicine to overcome illness. Having a consistent demand for goods and services makes this sector less sensitive to business cycle fluctuations.

Sector Performance:

Economic Sector: Healthcare Industry: Drug Manufacturers - Major Number of Employees: 97,389

Share Information:

52-Week Range: Market Capitalization: Common Shares Outstanding: % Held By Institutions: Dividend: Dividend Yield: EPS: P/E on EPS: Book Value Per Share: Average Volume: Beta:

Share Performance:
$41.50 - 47.70 $111.24B 2.46B N/A 2.11 4.70 $3.34 13.57 $4.62 1,969,460 0.50

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Broker Recommendations

Peer Group Comparisons

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Balance Sheet

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Income Statement

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Cash Flow

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Technical Review Six Month Candlestick

Multi-Time-Frame (MTF) Analysis
Technical Analysis involves repeated trends on several different time-frames. For this reason, we review three levels of detail on the six month candlestick chart.

Micro Detail Mid-Term

Current trading on a downwards channel.

The downwards gap was broken in March to an upwards trend, more recently on a downwards channel.

Macro Overview

An upward channel became a sideways trend in February gapping down mid March. This was then broken to an upward trend reaching blue sky territory in May.

Three Year Candlestick

Multi-Time-Frame (MTF) Analysis
Technical Analysis involves repeated trends on several different time-frames. For this reason, we review three levels of detail on the six month candlestick chart.

Micro Detail

The current upwards channel is being tested to the downside, indicating a potential downward break.

Mid-Term

The trend reached a period of plateau mid-term breaking to an upwards trend mid 2010.

Macro Overview

The stock hit bottom support in 2008 but found recovery to a progressive upwards trend throughout the rest of this chart.

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Conclusion
Sector performance is up 19.5% from the beginning of 2012 and expectations are looking forward to continued growth with the economic recovery underway and stronger GDP numbers being reported. The investments made by GlaxoSmithKline plc have reached a period of plateau through 2011. General market sentiment is currently neutral with mixed opinions throughout. Technical analysis also provides confirmation in the short-term. Given this, we conclude an opinion on GlaxoSmithKline plc of Market Perform.

Year to Date Industry % Gains

Graded Opinion: MARKET PERFORM

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