GSK is currently valued at about 10.3 times its forecast core earnings, including net debt, below an average of more than 12 for global pharma majors, Refinitiv Eikon data shows. GSK's share price has fallen about 14% over the past 12 months.
At an investor day outlining its plans, GSK said the pharmaceuticals arm was expected to receive a dividend of up to 8 billion pounds from the consumer business which will have its own listing on the London Stock Exchange. As expected, the consumer arm will also take on a higher share of debt and the combined dividend of the two businesses will be reduced.
That should help to give the pharmaceuticals business in particular more scope to invest in drug development and deals. Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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