glaxosmithkline hasn't been much of a money maker in fact, the stock is 3% down since she took officer years glaxo has remained stagnant they made $3.27 in 2017 and last year it went all the way to $3.15. to be fair, she's made no secret that she's investing heavily in new drug development, but it's hard to look at new stock after years of flat line earnings. with the consumer business, glaxo's future is totally hostage to its new drug pipeline they need to come up with blockbuster plans. unfortunately the company has seen some ugly setbacks. meanwhile, the commercial stage ovarian cancer drug is off to a slower than expected start same for glaxo's shingles vaccine, but a lot of that is because you're not supposed to take that with other vaccines, and right now people are focused on protecting themselves from covid. glaxosmithkline has a vaccine business and they've been working with jewel to come up with one for covid-19. then in december when fiz pfized moderna were ready to go they created an immune response for older adults glaxo is still plugging away and they reached phase 2 dat

glaxosmithkline. ♪ ♪ ♪ aloha! isn't this a cozy little room?st took so long to get approved, so you missed out on the suite special. but lucky for you, they had this. when employees are forced to wait for vacation request approvals,it can really cramp their style. i'm gonna leave you to it. um, just— with paycom, employees enter and manage their own hr data in a single, easy-to-use software. visit paycom.com and schedule a demo today. >>> fed chairman powell calling a kol am the bouncy ride on crypto going negative on the year we'll talk about that much more. the ceo of glaxosmithkline shares business strategy the second hour of "squawk box" begins right now >>> good morning welcome back to "squawk box" here at this hour on a tuesday morning, the dow will open about 32 points higher the nasdaq up and s&p up a margin did i say tuesday morning. we are not on tuesday morning. it is wednesday. >> it is wednesday >> here is what's making headlines this hour, if i even knew what day it was microsoft is the second company to be worth $2 trillion. appl

. >> that was the ceo of gsk, glaxosmithkline. >> i think what people need to know is that was better than -- people thought it was more in jeopardy people might have said how can a stock go up with a dividend cut? the answer is she allayed a lot of fears and the targets she's picking are very aggressive. i have to feel that it's gone from being a stock that has not done, mch to being a stock where people might be saying, you know what, i have another shot to make money here. i applaud what she's doing making it this far, that's good stuff. >> they'll prioritize r&d and commercial investment in vaccines and specialty medicines. >>> they're very good at vaccines they did not do -- they did not get the -- going back and forth. like the also ran, also ran, also ran covid vaccine and will it be needed but there are 7 billion people in the world so maybe we can take whatever we can get >> those cheers, carl, are not being piped in those cheers are real. >> the loudest it's been in a long time. [ bell ] let's get the opening bell celebrating ipos we'll talk to a ceo at 11:00 a.m. the nasdaq

. ♪ guy: pharma giant glaxosmithkline is going to be spinning out its consumer unit in an effort to reviveagging drug unit. let's talk to bloomberg's health reporter about what exactly we've had today. walk us through the details. reporter: the key details we got today is that the spinoff is going to happen through a merger. there was some speculation about whether they will be an ipo. that is not on to be happening. it is happening in mid 2022, and we know the dividend is going to be cut next year, which is down over the last seven or eight years. so they were the three details we were looking for. so far, investors seem to be responding positively to those, with the dividend higher than what was expect it. alix: joining us for a closer look at the challenges facing glaxo's emily field, head of u.s. pharmaceutical research at barclays. they are still underway to the stock. what do you think? emily: it is good to get some clarity on a lot of these financial measures such as the dividend, though i do agree that part of the reason the stock is up is that that cut is less than what we were ex

glaxosmithkline says it will carve out its consumer unit via a spinoff and cut its dividend by abouttement, glaxo says it will list the unit in mid-2022 on the london stock exchange, part of a strategy set out to sharpen the company's focus on developing drugs for cancer, hiv, and other diseases. the wait time for semiconductors has had a record of 18 weeks, thinking industries from auto, makers -- from automakers to consumer electronics. it is up seven days from the previous months. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> i look at bitcoin in particular as digital gold, so if you're going to belong gold, bitcoin is a better version because it's got the same metro -- same macro tailwinds, but is also very early in the adoption curve. now hedge funds are ok with it. real money managers are ok with it. insurance companies ok with it. you are playing an adoption game and playing a macro game, so i am still a big buyer of bitcoin. jonathan: that

from framingham, massachusetts, right outside boston i wanted to get the investor's opinion of glaxosmithkline i have owned it for a while, and even though it is part of the biopharma space, it always seems to perform terribly. thanks. >> thanks for the question jenny? >> so, we've owned it for a long time, too. it has performed terribly. it has been too long we've owned it the only money we really made is from the dividend. one of the reason we owned it so long is we believe there's a lot of locked up value in the company. now that they're spinning off the consumer health care business, we think some of the value will start to be unlocked. they are spinning off, like i said, consumer health care which is like toth paste they will be able to focus and invest more on pharma and vaccine businesslike for shingles and cancer drugs. as that happens we think we will see 5% to 8% earnings growth ahead. it is trading really cheap hopefully it is the beginning of value being unlocked hopefully there's upside from here >> thanks for that steve weiss, a video question for you. >> hi, my name is elaine i'

mark: glaxosmithkline is in the headlines for expectations around new vaccines. >> quite a lot of headlinesweekend actually. the times talking about the hiv drug pipeline because they have missed out on the big vaccine pushed by the company like astrazeneca and also they have a lot of competition from generic drug makers. there is another report in the mail saying the company could cut its dividend, which would be a big negative. they are two to report results at the end of july and the mail sunday saying this could come to give more money to boost their drug making productivity and other areas, make up for that vaccine myth. anna: -- vaccine myths. -- miss anna: what is the story with porsche? >> porsche going into a joint venture with a german company -- another german company. they will be taking around and 85% stake in the company. they say that the report says it will be high millions of dollars in terms of spending. it is of course in the face of teslas world domination in that battery area and other companies trying to get a piece of that. porsche is of course owned by volkswagen. an

they're collaborating with a company we heard of glaxosmithkline for a cancer treatment.ay. meme stocks. it's a new one. it is called orpazime. up big time, 85% last week. we don't know why it is moving up so much. corsair gaming up 15%. it is the top trending stock, what we call stock twists on social media. whole reddit trade going on. finally since we're doing the meme thing again, amc higher again today. i like looking at annual chart of this. 2230%. why? i like what dennis gartman said i like to invest my money in stocks that fall on my foot are painful to me. some of the list keeps growing. they just don't. stuart: i went to see a movie first time back to a movie probably in two years. i went to see. "in the heights." enjoyed it. interesting show. probably will win a few oscars. wonderful to be back at the cinema. >> were you the only one? stuart: there was about 10 others in the theater cinema, that's it. i went. it was fun. i will go back again soon. >> i'm jealous. stuart: lauren, well, you're back, you don't look nervous at all, great stuff. see you in a couple

is the same advisor that dealt with treasury secretary steven mnuchin, now he's dealing with glaxosmithklinen administration hasn't made clear what the approach to china will be, especially on issues of economics and trade. really, prior to that, china was treated like it was an add less ant growing -- adolescent growing up. there was a lot of debate about tariffs. the biden administration has not said which direction it wants to go on this. the american people and voters remain very skeptical and concerned about unfair trade practices by china and there really haven't been a lot of proposals out of the biden administration to this point to suggest what they will do to try to shape that relationship. to date, it's more of the same and of course president joe biden was a senator and vice president before and was an advocate for the 40 to 50 years of engagement that brought us to where we are now in this economic competition. maria: he was also watching his son do deals with chinese companies and that e-mail that he has never addressed where the e-mail says 10% of this company will be held by