London — The threat of slowing demand and new competition in GlaxoSmithKline’s (GSK) flagship HIV drug business unnerved investors in Britain’s biggest drug maker on Wednesday, sending its shares down as much as 1.8%. GSK pared losses to 0.8% by 12.20pm GMT but remained among the top losers in London’s FTSE 100 index after Citigroup downgraded the stock to neutral from buy, and cut earnings forecasts by up to 9%. HIV medicines, which GSK sells through its ViiV Healthcare unit, have been star performers in recent years and new CEO Emma Walmsley said in April that the "HIV portfolio continues to go from strength to strength". GSK, which plans to defend its patch with a new two-drug treatment regimen for controlling the virus behind AIDS, declined to comment further on Wednesday. Arch-rival Gilead Sciences is developing a three-in-one daily pill and Merck also has a novel medicine that could challenge both companies. Citi analyst Andrew Baum said Merck could, in fact, end up beating bo...
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