Financial forecasts raised for a second time this year; share price still becalmed. If she didn’t have last year’s bumper £12.7m pay package to cushion the blow, one could sympathise with Emma Walmsley, chief executive at GlaxoSmithKline.
The multi-year overhaul of the pharmaceutical firm on her watch seems finally to be delivering the operational goods but the share price, down 2% at £15.12 after Wednesday’s half-year figures, is stuck roughly in the middle of the £13-£18 range that has been GSK’s lot for the past decade. The main explanation is that every time a break-out looks to be in prospect, something crops up.
