Group 1 - The U.S. government is initiating a significant tariff investigation on furniture imports, which is expected to conclude within 50 days [1] - The investigation will result in an unspecified tariff rate on furniture entering the U.S. from other countries [1] - This move aims to bring furniture manufacturing back to states like North Carolina, South Carolina, and Michigan, as well as other states in the union [1]

Group 1 - The core issue in the US-EU trade negotiations is significant disagreement over pharmaceutical tariffs, which has become a major obstacle [1] - The new trade agreement includes a 15% tariff on EU products entering the US and a commitment from the EU to invest an additional $600 billion and purchase $750 billion worth of US energy [1] - There is a preliminary consensus on the 15% tariff for EU pharmaceutical exports, but the US plans to initiate a Section 232 investigation into the pharmaceutical sector in the coming weeks [1][3] Group 2 - The agreement framework lacks specific details, making it appear overly simplistic compared to typical trade agreements that require years of negotiation and extensive documentation [2] - The focus will now shift to the risks associated with the interpretation and implementation of the agreement, which involves a mix of political and technical issues [3] - The US has begun investigations to assess whether imports in sectors like aerospace and semiconductors pose a national security threat, which could lead to additional tariffs [3]

Core Insights - GSK reported first-quarter sales of $9.46 billion, a 2% increase year-over-year and a 4% increase on a constant currency basis, surpassing analyst estimates of $7.46 billion [1] Vaccine Sales - Vaccine sales decreased by 8% to £2.09 billion, primarily due to lower demand for Arexvy and Shingrix [2] - Arexvy sales fell 57% to £78 million, while meningitis vaccine sales increased by 17% to £350 million [2] - Shingrix sales reached £867 million, down 8% [3] Specialty and General Medicines - Specialty Medicines sales grew by 16% to £2.93 billion, driven by strong performances in HIV, Respiratory, Immunology, Inflammation, and oncology [4] - General Medicines sales declined by 3% to £2.49 billion [4] Earnings and Future Plans - GSK reported a core EPS of $1.13, exceeding the consensus estimate of $1.04 [5] - The company plans to market five new specialty medicines this year, including the reintroduction of Blenrep for multiple myeloma [5] Guidance and Market Position - GSK reaffirms its 2025 guidance, expecting sales growth of 3% to 5% and core earnings per share growth of 6% to 8% [6] - Specialty Medicine sales are projected to increase by a low double-digit percentage, while vaccine revenue is expected to decline by a low single-digit percentage [7] Stock Performance - GSK stock rose by 3.57% to $40.37 during the premarket session [7]