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£5k to invest? I think the GlaxoSmithKline share price is the best income stock in the FTSE 100

After several years of falling revenues and profits, 2019 is turning out to be a fantastic year for GlaxoSmithKline (LSE: GSK). Over the past 11 months, the company has raised its full-year earnings outlook not once, but twice, off the back of robust sales of its shingles vaccine and a strong overall performance in its consumer health and vaccine businesses. Dostarlimab, in particular, is on track to receive regulatory approval by the end of 2019. And it’s not just Glaxo’s cancer business that has exciting prospects. Soon after CEO Emma Walmsley joined, she promised to end its tendency to drift into “hobbyland” and develop drugs that have no apparent commercial benefit. Dividend growth. If Glaxo continues to focus on its most promising treatment, then I think the only way is up from here. For dividend investors, this is excellent news. For the past five years, Glaxo has held its payout at 80p per share per year, as earnings have come under pressure.

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