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3Q PREVIEW: Merck, Novartis, Pfizer, Sanofi and Gilead

This article was originally published in Scrip

Executive Summary

Analysts have been expecting a reasonably quiet third quarter earnings seasons ahead of catalysts in 4Q. However, the relative peace was shattered when GlaxoSmithKline took the occasion of its 3Q report this week to announce a new £1bn restructuring program alongside its beleaguered financial results and revealed its intention to float part of its HIV venture ViiV Healthcare (scripintelligence.com, 23 October 2014).

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