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Earnings Season: GSK will disappoint but pharma still a healthy sector

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Expect them to be disappointing. That's what Saxo's Peter Garnry predicts ahead of GlaxoSmithKline publishing its quarterly results. Garnry expects earnings per share to be down around 17% year-on-year.

He's more positive about the healthcare sector as a whole - both biotech and pharma companies as well as those involved in producing healthcare equipment. 

But he says the valuation of the sector is almost at an all-time high, comparing it to the Dotcom bubble. He says this could be an opportunity to short the sector.