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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": "Page 8 of an investor presentation, likely from Elliott Management.",
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      "kind": "paragraph",
      "text": "We believe that there are high potential synergies for strategic transactions and that the GSK Board should remain open to the possibility of diverting from its base case plan.",
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      "kind": "paragraph",
      "text": "We do not believe Vaccines and Pharma should be fully integrated because we are not convinced that 'clear synergies' exist between the two. Providing Vaccines more autonomy could increase its talent retention and nimbleness.",
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      "kind": "paragraph",
      "text": "New GSK's profitability target of more than 30% operating profit margins by 2026 is a welcome step in the right direction. We recommend that New GSK targets a 32% operating profit margin by 2026.",
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      "text": "Recommendation 4: Display openness to value-maximising pathways",
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