GSK put up a decent show in Q4, despite the vaccines segment still facing pandemic-related headwinds. Importantly, 2022 is guided to be another solid year, and this will be driven by the strong recovery already seen and/or expected in all areas. While Unilever’s bid added spice to Consumer Healthcare, now all eyes are on the segment’s planned separation and upcoming CMD. Overall our positive stance should be maintained, given the expected continuation of various improvements.