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According to major investors, GlaxoSmithKline CEO Emma Walmsley is facing a struggle to win major shareholders after Elliott Management has attracted a radical transformation of the pharmaceutical group.
Before next week’s GlaxoSmithKline Investor Day, activist investor Elliott expressed doubts about whether Wormsley should stay and move forward. Transformation After the spin-off, the group plans Consumer health Last year’s points.
One of the top 20 shareholders said that after discussions with Elliott, some investors were attracted by management changes. Billions of pounds in shares At GlaxoSmithKline earlier this year. “Her background is consumer rather than healthcare, which may be the reason,” he said.
Another major shareholder said that Elliott does not seem to want Walmsley to lead the pharmaceutical business, and may also push GlaxoSmithKline’s vaccine division to conduct a separate initial public offering, thereby causing the company to fall apart even more than planned. Elliott declined to comment.
At Wednesday’s event, shareholders may ask whether GlaxoSmithKline should invest so much money in anti-cancer drugs to catch up, and whether it should try to strengthen its recent pipeline to make up for its exclusive loss on certain HIV Drugs ten years later, or focus on next-generation therapies five to ten years later.
Even shareholders who have not yet decided whether to support Elliott’s efforts are paying close attention to the investor day. A large asset management company said that they “very look forward to the Capital Market Day” and listen to Walmsley’s opinions.
The chief executive officer of GlaxoSmithKline will focus her speech—starting a several-day investor roadshow—on the promise of the “new GlaxoSmithKline”, trying to prove that if there is time, she has the opportunity to update the drug pipeline. Clear vision.
Luke Miels, president of GlaxoSmithKline (GSK), who runs a commercial business, compared the company with AstraZeneca, where he used to work, which also lags behind in oncology, but now Already lead quickly.
He said: “I think these things will take time before I can remember the investors who met with Astra and were challenged by the progress of oncology.” “I think it’s about choosing the right assets and moving on. And we have a lot. opportunity.”
Walmsley will provide the company with its first long-term financial forecast, detailing the future of its dividend policy, and make a decision on whether to spin off the consumer healthcare division and conduct an initial public offering, or simply spin it off.
It is difficult to please all shareholders, from investors who are eager to see consumer goods IPOs to fund innovative drug investments, to investors who worry that listing will only mean they have to buy stocks again.
“I want to know what happened to the promise in the pipeline, and [have] Confirm that the consumer business will be split, not an IPO, because I already own it and don’t want to buy it to support their balance sheet,” said the second shareholder.
The GSK board and executive team have been meeting with the top 40 shareholders.
The company said: “Shareholders told us that they are very supportive of our strategy and they want us to continue to implement the strategy without being distracted.”
Additional reporting by Arash Massoudi
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