GlaxoSmithKline (GSK)

Mayor o menor recorte del dividendo. Y acabar con una empresa que no quieras (fruto del spinoff).
Dejemos pasar 2021 a ver cómo organizan la cosa.

Mi única experiencia de spinoff ha sido VFC, que dio KTB, la cual vendí.


Activist hedge fund Elliott Management has built a multibillion-pound stake in UK drugmaker GSK, setting up a potential battle over the company’s future after it underperformed peers and lagged in the race to develop a Covid-19 vaccine.

The stake taken by Elliott, the $42bn fund known for its campaigns at BHP, SoftBank and Whitbread, was confirmed by people with knowledge of the investment and is a “significant” position, according to one of them.

Elliott’s investment comes as GSK shareholders have become increasingly disillusioned with the leadership of chief executive Dame Emma Walmsley, who is breaking up the company from next year by separating the consumer health business from its pharma and vaccine division.

Shares in GSK, which has a portfolio ranging from toothpaste to cancer medicines, are down 14 per cent since Walmsley took up the post in April 2017. Shares in British-Swedish drugmaker AstraZeneca have risen 49 per cent in the same time, while US-based Pfizer is up 16 per cent, with both groups now producing Covid-19 vaccines.

After the FT revealed Elliott’s investment, GSK shares, which had been trading down on the day, rose 5.7 per cent to £13.63.

Elliott and GSK, which has a market value of £68.7bn, both declined to comment.
Some leading shareholders have privately expressed concerns over the company’s performance. They have pointed to disappointments in its drugs pipeline, raising questions about its allocation of research and development spending.

Walmsley’s weaker scientific background has worried some investors, particularly compared with Pascal Soriot’s leadership of AstraZeneca.

Despite missteps over its Covid vaccine, Soriot is seen to have revived the company’s fortunes over the past seven years, in part because of his understanding of the potential of AstraZeneca’s drugs pipeline.

One person familiar with the mood of some GSK shareholders suggested that, although Walmsley was unlikely to be pushed out given the imminent business split, they would prefer her to head the consumer health business — taking advantage of her background in that field — rather than her stated intention of running the demerged pharma business.

There would be “significant concerns” if she insisted on the latter role, said the person, suggesting investors might even make it a condition of voting through the demerger that she did not do so.

Other shareholders, however, backed Walmsley. A top 30 shareholder said the strategy to split the divisions “broadly makes sense”, as did addressing the “unsustainable dividend”, which would free up “capital for inorganic investment in the pipeline”.

“The CEO is understandably impatient for success but the nature of pharma R&D means it takes a long time to turn such a business around, particularly given the paucity of the legacy she inherited,” the shareholder said. But they warned that the next 12-18 months would be critical.

Elliott was founded in 1977 by billionaire Paul Singer and has launched dozens of activist campaigns globally. Its London-based European division is run by Singer’s son Gordon.

The group wagered a multiyear campaign at US rare disease specialist Alexion Pharmaceuticals, urging it to sell itself to take advantage of a surge in the valuation of biotech stocks. In December, AstraZeneca agreed to buy Alexion in a $39bn deal.


Al hilo de esas noticias sobre la posición que teóricamente está construyendo Elliott en Glaxosmith…pero cúanto tiempo…años…5? llevamos oyendo que Glaxo va a bajar el dividendo que va a haber una spin-off que no aumenta ventas ni beneficios y sigue pagando cada 3 meses el cheque sin bajar el dividendo de 0.80 peniques des de hace ya que ni me acuerdo. Una farma farma internacionalizada número 1 en vacunas, casi número 1 en consumer health en libras sin retención en origen y aquí todo dios preocupado cuando sólo deberíamos preocuparnos de comprar acciones de Glaxosmith.


Y bajada del dividendo a 55 peniques.


Inicialmente pensaba que los 55 peniques sería solo GSK, pero en el artículo lo dice como la suma de Glaxo + el spin-off.

Así que sí sería una buena bajada.

Luego bajará a 45p


En realidad el objetivo de GSK es pagar 44p en el 2022, 45p en el 2023 … and to the moon!!!

El spinoff (consumer healtchcare business) pagará 11p en el 2022.

De momento tijeretazo al dividendo del 31% … y no voy a decir que se veía venir :rofl:


Buena noticia, menos impuestos a pagar…oh wait…



In tandem with consumer health divestment details, Glaxo laid out solid long-term guidance for the remaining drug and vaccine business that looks attainable and should help reassure investors of the firm’s steady growth potential. We are not making any major changes to our fair value estimate (17.30 GBP), as the guidance is similar to our projections over the next five years. However, Glaxo also provided 2031 sales guidance (past the major patent loss of Tivicay in 2028-29) of over GBP 33 billion that is almost 10% higher than our expectations. If Glaxo can reach this estimate, we believe there is upside to our valuation. Nevertheless, we already view the stock as undervalued, with the market not fully appreciating the firm’s entrenched vaccine platform and emerging pipeline that also support a wide moat.

Glaxo expects to de-merge the consumer segment in mid-2022 and receive up to a GBP 8 billion special dividend and retain up to 20% of the new consumer business (that will likely be eventually sold). Following the breakup, the new dividend of Glaxo is targeted at 44 pence (new consumer business is at 11 pence) in 2022, down from the 80 pence guided for the entire company in 2021. The lower dividend and cash infusion from the consumer divestment likely set up Glaxo for more acquisitions to further strengthen growth (but these are excluded from the firm’s long-term guidance).

Over the next five years, Glaxo expects over 5% sales growth annually and margin expansion of close to 500 basis points (excluding the consumer group), which looks reasonable. During this time period, we project 7% annual vaccine growth (led by shingles vaccine Shingrix), in line with management guidance of high-single-digit vaccine growth. We believe the RSV vaccine holds the most potential from the pipeline, with approval likely in 2024. Also, we expect steady growth from specialty drugs (especially new HIV drugs) to help drive margin expansion (in addition to cost-saving plans already initiated).


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Ando espeso. Creía que era un spin-off y que a los que llevamos en cartera GSK nos daban las acciones de la nueva compañía. No parece compatible con esos 8 bn que se embolsa GSK.

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Ese dividendo especial se lo pagará la nueva compañía a GSK. Similar a lo que ha hecho Organon con MRK.


Sera spinn of del 80%, más tarde, GSK venderá el 20% de parte que le queda de la nueva empresa.

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Muy buenas a todos.
La estaba siguiendo y ahora quería comprar unas pocas pero viendo su reducción de dividendos ya me he deshinchado.
Miraré otras por el momento…


¿Han reducido el dividendo?

Un saludo

Según los links de arriba van a hacerlo,…

Mucho autobombo