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GSK slashes dividend as it outlines growth prospects

The pharma giant presented targets at its hotly anticipated investor day on 23 June
GSK slashes dividend as it outlines growth prospects
  • Glaxo anticipates revenue CAGR of more than 5 per cent between 2021-26 with sales exceeding £33bn in 2031
  • The investor event came amid rising pressure on the investor register, after it emerged earlier this year that activist Elliott had built a stake

GlaxoSmithKline (GSK) expects to deliver “highly attractive growth” over the next five years, chief executive Emma Walmsley said as she outlined “new commitments” on a much-anticipated investor day set against a background of rising shareholder pressure.

The FTSE 100 pharma giant hopes to achieve compound annual sales growth of more than 5 per cent by 2026, with adjusted operating profit growth of more than a tenth. The company's optimistic forecasts mean revenues are expected to exceed £33bn in a decade’s time.

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