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The Board must ensure that each new company has the leadership that can achieve best-in-class outcomes for shareholders. 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For instance, Gilead's HIV business is modelled in detail by most sell-side analysts, who build market-sizing models and make detailed assumptions as to what share of the market Gilead can capture. In contrast, GSK's HIV business is often met with a shrug ('the dolutegravir LOE will drive the business off a cliff') instead of detailed market modelling and survey work, which shows that ViiV has a promising future. Further, some analysts do not even include RSV in their model, despite this being a phase three asset, with a multi-billion peak sales opportunity, and GSK having a strong track record in vaccine development. The buy-side takes a similar low-confidence approach: Despite GSK outlining a promising future for ViiV beyond the dolutegravir LOE, GSK's share price barely reacted to the 23 June Investor Update. In summary, despite the bright fundamental prospects of New GSK, the market takes a dim view as a result of GSK's lack of credibility.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:56:03.586+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e9c56cc-6088-4891-a2e1-e6db2bfa5057", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "While the aforementioned causes of GSK's underperformance are addressable, they have caused extremely weak sentiment among both existing shareholders and potential investors who have chosen not to own GSK shares. For example, the 2018 Tesaro deal showed a lack of confidence in management's decision-making. GSK's share price fell by 12% on an absolute basis and more than 8% relative to peers in the week after the Tesaro deal was announced. The market's reaction destroyed more than $10 billion of GSK's market capitalisation, despite the transaction value being only $5 billion. The market's reaction conveyed concerns that ran much deeper than the fundamental merits of the Tesaro acquisition. Although it appears today that the Tesaro deal will likely generate an acceptable return, the signal at the time was clear: The market did not trust GSK to make the right decisions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:56:03.586+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afffd299-6dcb-4279-b44c-b71a88f5fe89", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "These twin overhangs, which were finally addressed at the Investor Update, were avoidable mistakes that negatively impacted the share price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:56:03.586+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef2bc3f6-3299-4df4-ab21-5b4536dbe575", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 2, "name": "Problem & Complication", "beatId": "bb18563e-8738-45c7-a554-cf6ede7f9969", "matchId": "e3fe8657-56e9-4087-aa04-16cf0c9bf6f6", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 2-6 focus on GSK's leadership role, the case for change, and the problem statement.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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n=64)", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:57:06.797+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e0b799a-9f35-4600-94f5-e28bfff68cc5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "A recent broker-conducted survey of investors demonstrates the credibility gap: GSK's management team was voted investors' least favourite amongst a group of 11 large pharma companies", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:57:06.797+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2931287d-92df-4ce7-b3b9-70c77921d11f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.51 }, "kind": "paragraph", "text": "The Investor Update was an important step in the right direction; it succeeded in removing some key overhangs surrounding GSK and setting some expectations for New GSK's potential. However, the Investor Update was not sufficient to resolve GSK's credibility challenges. Years of historical mis-execution will not be remedied easily, yet despite the currently weak sentiment, we believe that GSK has the ability to restore the market's trust in the critical year ahead. In its assessment of GSK's path forward, we urge the Board to prioritise rebuilding the Company's credibility and strengthening its ambition for the benefit of all stakeholders, while ensuring shareholder value creation remains a key driver of its initiatives. While the below list of recommendations is not exhaustive, we believe that these actions would bring GSK closer to fulfilling its potential and restoring investor confidence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:57:06.797+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d239bb6-8ebc-4196-9e7b-211542675a7a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "While we understand the causes of such weak sentiment, we have conviction that GSK's future is much brighter than what its market valuation currently implies. In order to bridge the gap between GSK's fundamental prospects and the current lack of credibility, the Board must take decisive action.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:57:06.797+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e888fac-33cc-4891-abe8-99c2680b16d0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.75 }, "kind": "paragraph", "text": "In prior years, GSK has operated as a conglomerate with multiple distinct divisions. GSK's management and Board deserve credit for its recognition that CH and New GSK no longer fit under the same roof. However, following the Investor Update, shareholders still lack clarity on the plan and structure for leadership at each of New GSK and CH. 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Best practices require the following:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:39.574+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2367b62f-292f-465b-8eb0-14761a6fd58e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "Elliott calls on the Board to confirm that, prior to the separation from CH, GSK will appoint non-executive directors with deep biopharma and CH expertise, and that the new, fit-for-purpose GSK Board will then run robust processes for selecting the best executive leadership for New GSK and CH, considering both internal and external candidates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:39.574+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aae133e4-d4ea-4020-b66f-99721be0bc1a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "The portion of the compensation plan linked to financial targets should be substantial. The bottom end of the revenue and operating profit guidance issued at the Investor Update (2021-2026 CAGR of ‘more than 5%’ for revenue and ‘more than 10%’ for operating profit) should be viewed as a floor below which no bonus is earned for that portion of the compensation plan. 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After years of disappointing performance... GSK is facing a significant inflection point. 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0.764, "x": 0.118, "y": 0.765 }, "kind": "disclaimer", "text": "14 10% synergies represents ~40% of CH's EBITDA, thus creating significant value to be shared between buyer and seller\n15 Peers comprise AMGN, MRK, JNJ, PFE, AZN, NOVN, BMY, SAN, NOVO, ROG (LLY excluded given outlier)\n16 Assuming 7.5% WACC and 1.0% terminal growth rate, in line with sell-side analyst assumptions", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d70d741-6303-4dc8-a1a3-12867cbf3dc6", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.134 }, "kind": "paragraph", "text": "GSK's opportunities to improve will not only create a better business, but they will also create significant value for shareholders, including employees, pensioners and other individual shareholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "177dfbb3-d5c8-4a62-9c1c-06b6ea02bf92", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.191 }, "kind": "paragraph", "text": "GSK's wise decision to separate into two strong businesses will be a key driver in unlocking that opportunity. Given that imminent separation, we believe each business should be valued on its own merits, as they will be separate companies shortly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "218106b7-83fd-4f58-80ce-ac7805295b31", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.478 }, "kind": "paragraph", "text": "A method of valuing biopharma businesses is to use a regression of top line growth vs. valuation multiples, given the high correlation observed between these variables. Assuming a conservative top-line growth of ~6%, which ties in with management's recent divisional growth guidance (Vaccines at a high single digit rate, Specialty Medicines at a double digit rate and General Medicines flat), our regression suggests an appropriate valuation multiple for New GSK of ~12x EBITDA,15 equivalent to ~£100 billion. This multiple is particularly reasonable given GSK's high relative exposure to vaccines, which comprise ~38% of New GSK's EBITDA (vs. <20% for peers with vaccine exposure), and which is a highly durable business that deserves a valuation premium over pharma. This approach yields a valuation below our bottom-up, asset-by-asset discounted cash flow valuation of ~13x EBITDA.16", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25797940-32e1-4f46-a146-9b2ed21d24f4", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.708 }, "kind": "paragraph", "text": "The combined valuations of CH and New GSK suggest the Company is materially undervalued by the market today, with a potential 45% share price upside for investors even before any early-stage pipeline materialises. This upside could increase meaningfully if a sale of CH materialises at a", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32441b77-0f9b-41c4-82aa-c560b7d539b7", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.248 }, "kind": "paragraph", "text": "Many pharma analysts (who cover GSK today) value Consumer Health on a multiple of EV/EBITDA; they assume that CH will trade roughly in line with consumer peers that grow sales at 3%-5% per year. This approach implies a valuation of ~£30 billion for GSK's stake in CH. However, we believe that upon the separation, consumer-focused investors and analysts will value CH based on the industry-leading calibre of the business and using a P/E multiple, which is how consumer businesses are more typically valued; on this basis, GSK's stake in CH could be valued closer to ~£38 billion. We believe that the consumer view of the business will prevail upon separation but conservatively using the average of these two approaches yields a valuation of ~£34 billion. Additionally, there is significant potential upside from a merger between CH and another strategic player, with synergies of up to 10% of target sales driving a potential take-out valuation at a meaningful premium to our base case valuation.14", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f7a0ca3-9dd1-4a26-81ff-f77214e64430", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.465, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Appendix III: A Stronger GSK is a More Valuable GSK", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "531fb069-6b39-4c86-9e99-0138dd3eb0fc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a63387a0-8960-4477-a7a2-8172e41984d3", "evidence": "mentions discounted cash flow valuation", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 19:47:50.69+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "dcf" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "analysis", "title": "The slide uses a waterfall chart to bridge the gap between the sum of parts and current market equity value.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1128, "nDataPoints": 6, "notes": "The slide uses a waterfall chart to bridge the gap between the sum of parts and current market equity value.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:26:43.542+00", "seconds": 3.712, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-1354-774d-98d0-be219b0f6eb3/16", "deck": "/decks/019f6b8f-1354-774d-98d0-be219b0f6eb3", "deckAnchor": "/decks/019f6b8f-1354-774d-98d0-be219b0f6eb3#slide-16", "deckJson": "/decks/019f6b8f-1354-774d-98d0-be219b0f6eb3.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.76, "x": 0.12, "y": 0.22 }, "kind": "chart", "text": "Waterfall chart showing New GSK, Consumer, Corporate, Total EV, Debt Adjustments, Equity Value, and Current price.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:43.542+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "995c844f-04e9-4d1b-ac39-32a80de6afd4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.09 }, "kind": "paragraph", "text": "premium to its standalone valuation. There is no fundamental reason that GSK should trade at such a significant conglomerate discount, as the CH business will soon separate and Vaccines and Pharma are two complementary pillars of GSK's growth story.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:43.542+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c44591c-c38f-44f3-a809-9e7802bd0f79", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.118, "y": 0.56 }, "kind": "paragraph", "text": "Put another way, subtracting the value of CH from GSK's current enterprise value implies that the market is currently valuing New GSK at an unreasonably low multiple of just ~8x EBITDA, a 33% discount to fair value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:43.542+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "698da3d5-2391-495d-8b25-8f3faa6c01a5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.118, "y": 0.745 }, "kind": "paragraph", "text": "With ambition as well as determined operational execution, and as credibility with the market is rebuilt, we believe GSK management can and should unlock the Company's full value potential over time.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:43.542+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4ec95e7-2253-41e2-98f3-57cb3946cfc1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.118, "y": 0.83 }, "kind": "source-note", "text": "17 Valuation of GSK's 68% stake in CH\n18 Based on weighted average valuation of core businesses\n19 Reported net debt adjusted for listed investments, ViiV minorities, dis-synergies and pensions\n20 Based on market data as of 25-Jun-2021\n21 Regression implies '21-26 CAGR of 0% vs. lower end of Company guidance of 5%", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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