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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": "The table shows cumulative total return comparison in percentages across various time horizons (1-10 years) against a peer group of pharmaceutical companies.",
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      "text": "GSK is an important company within the U.K. and across the globe. The Company has historically been a U.K. consumer, science, health and innovation champion, with its tens of thousands of employees making a positive impact on the lives of billions of patients and their families around the world. Its history dates back more than 300 years, over which GSK has pioneered revolutionary innovations in fields such as vaccines and HIV treatment. At its best, GSK provides lifelines to the world's most vulnerable populations. We have invested because we believe that GSK has the ability to produce exceptional results if it can execute on the potential of its strong yet underappreciated assets.",
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      "text": "Despite the strengths of its people, its vaccines and its drugs, GSK has a poor record of execution and value creation. These shortcomings are clearly demonstrated in GSK's share price, which has underperformed every single peer over nearly every conceivable timeframe. Over the last ~15 years, GSK has dropped from being the third-largest pharma company to the eleventh-largest one. GSK's share of total R&D spend has dropped by over 30%. These facts have led to scepticism about the Company's future. In our view, this scepticism is inconsistent with GSK's true potential.",
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      "text": "1 Source: Bloomberg as of 14-Apr-21 (day before reports of Elliott involvement), performance in USD\n2 Share of total R&D spend of top 11 pharma companies has dropped from 12% in 2005 to 8% in 2020",
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      "text": "GSK's Leadership Role and the Case for Change",
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