GlaxoSmithKline (NYSE: GSK) is the second largest pharmaceutical company in the world by revenue. The company's products include prescription medication, vaccines, and consumer health products, though it manufactures products for many different therapeutic categories within these broad spaces. With dozens of potential drugs in the works, the company has a pipeline that includes twice as many late stage drugs as its nearest competitor. While the company will have to deal with major loses in patent protection in the next three to five years, its significant number of new products should help offset these losses. In FY 2010, GSK generated revenues of £28.4 billion and net earnings of £1.85 billion after taxes.^[1]

GlaxoSmithKline's fortunes are further buoyed by several domestic and global demographic trends. As U.S. baby boomers and the U.S. population in general grow older, one can expect age related illness and the demand for medicines to treat them to increase. Furthermore, as obesity rises worldwide, the demand for effective treatments will continue to grow substantially.

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