Despite a 5% dip from its 18 February one-year traded high, GSK’s (LSE: GSK) share price has firmed over the past year.

Post-Haleon demerger, GSK is a cleaner, more predictable business with strong earnings growth drivers in vaccines and HIV.

But the stock is still valued way below many global pharma rivals, so where should it be trading?

GSK looks cheap on key stock measures against its competitors.

Its price-to-earnings ratio of 15 is bottom of this group, which averages 25.2. These firms comprise Merck KGaA at 18.3, Zoetis at 18.7, AstraZeneca at 30.7, and CSL at 33. So it looks very cheap on this basis.

It also looks a bargain on its 2.6 price-to-sales ratio, compared to its peer…