2021 started on a weak note impacted by sustained pandemic headwinds, unfavourable comps due to forward buying in Q1 20 and some underlying business weakness. While the Vaccines business is likely to remain under pressure as governments prioritize COVID vaccinations over non-COVID ones, the group’s pharma business should find support from a reversal in forward buying in Q2 21. Thereafter, recovery largely hinges on an improving pandemic situation. Elliot’s entry into GSK might pressurise the CEO ....
