Reshaping the HIV treatment and prevention landscape
Separation of Consumer mid 2022
Focus:
1. Unlock
New GSK
and New
Consumer
Healthcare
New
Demerge at
Retain up to
Consumer
Healthcare
potential in
least 80% of
GSK holding to
shareholders
20%,
monetise to
strengthen
GSK balance
sheet
2. Strengthen
New GSK
New
balance
GSK
sheet
3. Maximise
shareholder
value
gsk
Expected
premium
LSE listing
Intended to
be tax
efficient as
compared to
alternative
separation
options
Leverage up to 4.0x
net debt/Adjusted
EBITDA at
separation -
targeting investment
grade credit rating
New GSK balance sheet
strengthened from CH
pre-split dividend of up to
£8bn and monetisation of
retained stake
Expected
leverage of <2.0x
net debt/Adjusted
EBITDA
Supports growth-
focused capital
allocation
strategy
Target A-1/P-1
short-term credit
ratings,
commensurate
LT ratings
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