Analysts also chopped the target price to 1,150p from 1,400p and remain cautious on the forecast growth rebound in 2022.
READ: GlaxoSmithKline expects more disruption in vaccines arm this year as governments focus on COVID-19
This confidence on next year relies on growth being deferred rather than lost, although that’s not obvious because COVID-19 disruption could pressure new drugs and shingles vaccine Shingrix for many more months.
The German bank said the key to remaining “vaguely constructive” is to think that a pickup in 2022 will be enough to offset near-term pressure and the risk-reward around research and development catalysts.
The weak sentiment was echoed across the City, with broker Oddo also downgrading the stock to ‘neutral’ from ‘outperform’ with a target price cut to 1,490p from 1,770p.
Shares rose 3% to 1,317.8p on Thursday late morning.