The stock has done reasonably well over the years. Investors have been rewarded with capital appreciation and consistent dividend payments. The five year average yield is around 5% at current market price. It has lost some ground over the past few weeks with a 6% drop from the 52 week high, but that is more in line with the mood of the market. However, the revenues and net income have declined over the past few years, and the performance in the last few quarters has also not been very good. In the last quarter, the revenues had declined by 2.5%, and the net income went down by nearly 27%. The company has a strong product pipeline, which may help it in the near term. Many of the products are at the review / final stages, and it is hoped that there may be some positive developments on this. The cost rationalization measures are also likely to help the company's financials over the next few quarters. Innovation will remain the main engine for growth. This is especially true for the pharmaceutical industry where even smaller companies like PLC System (PLCSF) are expected to do well based on innovative proprietary technologies. The valuation metrics of GSK are reasonable at this stage. The trailing P/E is 18.50 and the forward P/E is less than 12. This indicates expectations of growth over the next couple of years. The debt, like most of its peers, is high at around $31 billion, and the cash on March 31 was $6.29 billion. It will be good if it can do something about this to reduce pressure on margins. If the company is able to fulfill its promise of improvement in growth and margins over the next few quarters, then the stock will revert to the growth path. Dividends will remain an important reason to hold the stock.