Miracles may not be in the pipeline at GSK but it’s too soon to panic | Nils Pratley

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The CEO’s best policy is to ignore the noise. The decluttering demerger plan looks solid and is backed by shareholders

It was not a knockout quarter to put Elliott Management, the big, aggressive and newly arrived US activist hedge fund, back in its box. GlaxoSmithKline’s revenues fell 18% as patients, sensibly, delayed their GSK shingles vaccinations so they could be jabbed with other people’s anti-Covid juice.

That phenomenon will be around for a while and was expected, but weary shareholders may reflect (again) that there is always something at GSK. The cry: “Why can’t the company be more like AstraZeneca?” has been heard for half a decade for a reason. AstraZeneca’s shares have soared in the period; GSK’s have gone roughly sideways.

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