‘New GSK’ has unveiled ambitious mid-term targets – sales and operating profit CAGR of >5% and >10%, respectively, during 2021-26. Unsurprisingly, dividends will be slashed in 2022, due to the spin-off of the cash-generative consumer healthcare business, though a progressive dividend policy thereafter is appeasing. Despite a well-defined road-map, a bigger overhang would be execution, especially in the backdrop of lacklustre performance in recent years. Remember, management’s every action is und ....
