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Let's take margins first, approx 70% of the very slight margins compression

was pandemic related- those extra costs are detailed in the conference call.

And this follows years and years of margin growth, to the extent

that comment last year was on margins perhaps being too high.

Bond market action and rising inflation expectations, help partly 'explain'

the current price action.

Yes there are some company specific 'issues', however

Unilever has not suddenly become a bad company.

All IMV only, DYOR as always.

"... So I think what we've been clear today is, that we would expect the aggregate distributions for the Biopharma business and the Consumer Healthcare business stand-alone to be less than they presently are today, but importantly they have the propensity to grow and be progressive dividends from that point onwards...."

Do I think Moderna is a good buy?, have no interest in the company
other than the AZN stake, which is now outed.

I'm guessing AZN made net over $600 million plus,
so for Astra not be bad a return for a small 'sideline'.
It's pretty much immaterial though, given the AZN market cap.

The dividend figure mentioned looks to be where current consensus is for FY 2022.

Subject to change and until we have confirmation from GSK -
I would use it as a very large ballpark number only, if at all.

From memory the CFO mentioned a sector average type yield,
that is nowhere near 6%.

My personal view is the current dividend has been value destroying for GSK
as it has been questioned for a number of years.

$1.1 bn is approx 1% of the total AZN market cap in £.

It's a rounding error, well a little bit more than that
but the same applies.

Read Spikey's earlier post - largely answers your question.

That looks current consensus and subject to significant change.

My reading of the answer on the conference call
is a yield of very approx 2.75-3%. (stress it's just my view).

67 pence looks significantly too high IMV only.

The CFO was at pains to stress they want the payout well covered
by free cash flow.

It's in the Q and A transcript for anyone particularly interested.

And before anyone shouts, what has the current dividend done
to support the GSK share price ?. Less than zero is my view,
if anything a hindrance.

Have details for one of the individuals concerned.

From a UK perspective, we have to hope the Kent strain remains dominant.

Good post and agree.

It's a small sideshow re AZN.

Completing the Alexion deal is by far the most important
development this year - from a company valuation point of view.

That the BOD are one or two steps behind the pace.

The Tea divestment was first mentioned well over 12 months ago.

They have talked about pruning the personal portfolio for about 2 years.

Thanks for the view.

* been done.

Thanks for the clarification, I asked for my post mentioning $5 bn
to be removed, but that's not being done.

So AZN turned a nice profit, but previous reports of $5 billion
look erroneous then.

I asked LSE to remove my post on the GSK board where
$5 was mentioned.

I took that number from a UK press article last week.

* approx 35.83 the 12 month low.

* 7.7%

Moderna market cap at $1.50 a share is very approx $155 bn.

7.5% of $155bn is Not $1 billion.

* According to The Times AZN has very recently sold it's stake

in Moderna for more than $1 billion.

I literacy saw the news report having posted.

Read reports previously the stake was valued at over $5 billion.

If the Times report is accurate looks a huge overestimate, if $1 bn

relates to their entire holding.

* AZN dividend is well covered from this year.

If AZN want some cash they can start selling down their Moderna stake,
now valued at over $5 billion.

Would hope we are somewhere near the GSK low here, barring something
unexpected.

Rule 3, spell his name correctly.

Buffett.