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In addition, even if the results of operations, financial position and the development of the markets and the industry in which GSK operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. 'However, given the JV will likely have a dividend payout ratio in the range 30-50% on separation suggests that total shareholder payments may be reduced longer term as it would be unlikely that the payout of the remaining pharmaceutical business will rise.'
'Post the recent (3rd December) transaction to acquire Tesaro, we view today’s move as further evidence of GSK’s renewed focus on Pharmaceuticals R&D and believe separation of the Group provides an opportunity for further value delivery from the individual entities. Please sign in or register to comment. In all of our interactions with HCPs we aim to be transparent about our work, operate with integrity, and always put the interests of patients first. 'The combination of both parties’ consumer health businesses will create a market leader with brands like Aquafresh, Viagra and Anadin as well as £10 billion in annual sales and is expected to result in significant cost savings.
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'It also provides a pathway to deleveraging the Pharmaceutical business, thereby giving it the flexibility to rebuild the pipeline and accelerate growth.
'Demergers often result in positive stock market returns as they allow the unbundled firms more freedom and greater focus and often lead to value which was not recognised as part of a larger entity being factored in by the market. The Boards of Directors of both companies have unanimously approved the transaction under which Pfizer will contribute its consumer healthcare business to GlaxoSmithKline’s …
'We would estimate that prior to synergies, the partners will earn a c.4% return on the gross assets contributed to the JV (based on the reported profit before tax), which rises to c6% if the annual cost savings of £0.5 billion are realised.
Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. ''GSK anticipates “substantial cost synergies” from the deal, with annual savings of £0.5 billion by 2022F for total costs of £1.2 billion (£0.9bn cash). It is free to register and only takes a minute or two. Meet some of our employees in research and development, manufacturing and supply, sales and marketing and various other roles. It is free to register and only takes a minute or two. All rights reserved.Trade marks are owned by or licensed to the GSK group of companies. Conversions use an exchange rate of £1=US$1.30, being the average exchange rate for 2017.GSK uses a number of adjusted, non-IFRS, measures to report the performance of its business, as described on page 37 of GSK’s Q3 2018 results, including Adjusted results, free cash flow and CER growth rates. COVID-19 response and updates
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‘The all-equity combination of GSK and Pfizer consumer healthcare businesses into a 68%:32% JV is the first step of a planned demerger within 3 years via a UK listing.
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The JV will also target an adjusted operating margin percentage in the “mid-to-high 20s”.
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