GlaxoSmithKline had suffered from a punishing identity crisis — one settled by the long-awaited demerger of its consumer healthcare arm via a listing on the London stock market.
The pharmaceutical giant’s next task is to prove to investors that it can use the extra cash and balance-sheet strength imbued by the separation to refill its drug pipeline and push revenue and profit margins higher.
Perennial under-investment in research and development has stoked market concerns that the FTSE 100 company will be left heavily exposed to a steep fall in revenues as patents expire. The result? GSK’s underperformance next to pharma peer AstraZeneca has become entrenched — a trend that has continued into the tenure of current chief executive Dame Emma Walmsley.
GSK has generated
