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STOCKS NEWS EUROPE-GlaxoSmithKline up on approval, Q3 eyed

Tue Oct 27, 2009 6:35am EDT

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Shares in GlaxoSmithKline (GSK.L) gain 2.4 percent after the company and a Danish biotech firm win U.S approval to sell a leukaemia drug, while anticipation ahead of the drugmaker's third-quarter earnings also help support the stock.

GlaxoSmithKline and Danish firm Genmab (GEN.CO) receive the go-ahead to sell the drug Arzerra, with analysts at Evolution Securities predicting peak sales of $1.5 billion from the drug.

GlaxoSmithKline is due to report third-quarter results on Wednesday.

"We prefer GSK to AstraZeneca (AZN.L) based on its more defensive sales and earnings prospects," analysts at Evolution Securities write in a note and maintain a "buy" recommendation on the stock. For more double click on [ID:nLR340449]

Reuters Messaging rm://harpreet.bhal.reuters.com@reuters.net


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