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6/23, 12:41 PM (Source: TeleTrader)
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GSK to spin off consumer healthcare unit by 2022

GlaxoSmithKline plc announced on Wednesday it plans to demerge its Consumer Healthcare business with Pfizer Inc. by mid-2022.

Additionally, the company updated its outlook for the next five years. It now expects sales growth upwards of 5% and adjusted operating profit growth of more than 10%, with more than £10 billion in cash seen being generated in the five-year period.

"Together, we are now ready to deliver a step-change in growth for New GSK and unlock the value of Consumer Healthcare. With world class capabilities across prevention and treatment of disease, New GSK is exceptionally well positioned to positively impact people’s health and to deliver strong performance and value to shareholders through the decade," CEO Emma Walmsley said.

Breaking the News / MD