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  "documentTitle": "Elliott Management GSK Letter July 2021",
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  "presentationDate": "2021-07-01 00:00:00",
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  "notes": "This is a formal investor letter from Elliott Advisors to GSK.",
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      "text": "ELLIOTT",
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      "text": "GSK has a substantial value creation opportunity: We believe there is significantly more value to be realised at GSK with superior execution. Our analysis suggests that GSK has an opportunity to generate up to 45% upside in its share price in the lead-up to its full separation, and much more in the years beyond.",
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      "text": "GSK has struggled with execution: GSK has underperformed for years, operationally and financially. Despite possessing strong businesses in attractive markets, GSK has failed to capture business opportunities due to years of under-management.",
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      "text": "Board and management assessment required: While GSK’s Board and management have sensibly created two separate businesses, Biopharma (“New GSK”) and Consumer Health (“CH”), each of these businesses faces separate opportunities and challenges. The Board must ensure that each new company has the leadership that can achieve best-in-class outcomes for shareholders. We believe the Board must take additional timely steps to ensure execution and results.",
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      "text": "To date, we have refrained from sharing our thoughts on GSK publicly, to allow the Company to focus on its much-anticipated 23 June Investor Update. Today, we are writing because we believe the time has come for a broader discussion regarding GSK’s potential and how best to achieve it. Given the importance of what is at stake — setting GSK on a positive trajectory through a transparent and timely process — we are sharing this letter publicly so that our fellow shareholders and all parties with an interest or potential interest in GSK’s future can participate in the dialogue.",
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      "text": "1 July 2021\nSir Jonathan Symonds, CBE\nGlaxoSmithKline\n980 Great West Road\nBrentford TW8 9GS",
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      "text": "As you know, Elliott has built a significant position in GlaxoSmithKline (“GSK” or “the Company”). We made our investment after months of diligence and analysis, which resulted in our strong conviction that GSK could and should be a better business for patients, doctors, employees and shareholders.",
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