GlaxoSmithKline "add"

11/21/05 - Dresdner Kleinwort Wasser.

LONDON, November 21 (newratings.com) - Analysts at Dresdner Kleinwort Wasserstein maintain their "add" rating on GlaxoSmithKline Plc (GSK-GBX). The target price is set to 1550p.

In a research note published this morning, the analysts mention that the FDA has ruled that Long Acting Beta Agonists (LABAs) for the treatment of asthma should be used as second-line therapy only. The analysts believe that the FDA's decision would lead to moderation in the sales growth of GlaxoSmithKline's Advair drug in the US. Dresdner Kleinwort Wasserstein believes, however, that the sales of the company's Flovent standalone steroid would offset the anticipated moderation in Advair’s sales growth.