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  "documentTitle": "Elliott Management GSK Letter July 2021",
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      "kind": "list",
      "text": "Dividend overhang: GSK has persistently paid a higher dividend than it could afford. GSK only confirmed the dividend cut last week.",
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      "text": "Consumer Health overhang: Several years ago, Company leadership announced its intention to separate CH and Biopharma. However, the leadership's failures to communicate the details of this separation for several years created another avoidable overhang.",
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      "text": "As mentioned above, GSK has underperformed its peers on shareholder returns, R&D investments and other key indicators. The causes of such severe underperformance stem from issues that stretch back more than a decade. GSK’s biopharma business is viewed as overly bureaucratic.",
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      "text": "Allowing GSK’s long-term operational and share-price underperformance to persist without urgently taking appropriate measures would disappoint all with an interest in the Company. The Board must rise to the challenge and put forth a more ambitious plan to close the gap.",
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      "text": "The Case for Change and the Opportunity",
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