Veteran fund manager Neil Woodford has revealed that a “long conversation” with GlaxoSmithKline boss Sir Andrew Witty following a recent profits warning inspired confidence in the company.
Mr Woodford’s backing will come as a boost to GSK, which saw billions of pounds wiped off its market valuation after it admitted that it would fail to increase its profits this year.
“A long conversation with Glaxo’s chief executive post results has allowed us to maintain confidence in the long term investment case, despite this near term setback,” said an update from the renowned investor’s new fund, Woodford Equity Income.
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