GlaxoSmithKline (GSK, Financial), a UK-based pharmaceutical company, is a leader in the attractive vaccines and consumer health care markets, but its core pharmaceuticals business has struggled. A new management team joined in 2017-18 and has undertaken a turnaround plan, which includes divesting non-core businesses and rebuilding the company's new drug pipeline, particularly around immunology and oncology. The implied value of its pharmaceutical business is low, indicating that investors are giving little credit for better prospects in the future.
From Dodge & Cox's Global Stock Fund annual 2020 shareholder letter.
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