- 學位論文
跨國藥廠消費保健品事業體分拆之策略分析：以葛蘭素史克及嬌生分拆案為例
The Analysis of Global Pharmaceutical Companies’ Consumer Healthcare Divestment Strategy: Case Study of GSK and Johnson & Johnson
摘要
近年來，各大跨國公司紛紛開始瘦身，將非核心業務出售或分拆為獨立營運的新公司。各大公司開始思考旗下最賺錢的業務為何，他們必須緊緊抓住這些金雞母並灌溉其與大部分資金及注意力。而那些相較穩定卻沒有大幅進步空間的業務此時將會被分割出去，以使公司有限的資源可以被放置在最合適的地方。製藥產業亦躲不過這波“分拆潮”，許多大型製藥公司如輝瑞（Pfizer）、默克（Merck）、嬌生（Johnson & Johnson）等不是已經將部分事業體分拆，就是正在準備分拆的路上。 本研究通過分析目前最大型的消費保健品事業體分拆上市案：GSK – Haleon分拆及嬌生 – Kenvue分拆，探討二者分拆背後的考量因素及分拆後的績效。分拆動機將以四大面向既策略、營運、財務及法律面向進行分析及歸納，績效分析則從股價表現、企業價值倍數（EV/EBITDA）及本益比（P/E ratio）三個指標切入，藉此分析二者的分拆後績效表現。 本研究結果顯示二者在分拆後的獨立估值加總皆比分拆前表現佳，可見通過分拆可以減少企業綜合折讓（Conglomerate Discount），投資者願意給予分別獨立營運、財務透明度更高的公司更高的評價。但在GSK個案中投資者卻因對其所保留下的核心業務缺乏信心，導致GSK在分拆後的績效表現比被分拆事業體來得更差。而對於不管是製藥、醫療器材或消費保健品都為產業領導者的嬌生，則分拆後的績效十分亮眼。
並列摘要
In recent years, we have seen several giant multinational corporations started to slim down, selling off non-core businesses or spinning them off into new, independently operating companies. Companies are starting to think about what their most profitable businesses are, and spend most their capital and attention on to these cash. Businesses that are relatively stable but do not offer much room for improvement will be spun off so that the company's limited resources can be invested in the most effective way. Big pharmas such as Pfizer, Merck, and Johnson & Johnson, have either spun off parts of their businesses or are on their way to do so. Through analysis on the recent largest pharmaceutical spin-offs: GSK-Haleon and Johnson & Johnson (J&J) - Kenvue, this study aims to examine the factors behind these spin-offs and the post-spin-off performance. The motivations for the spin-offs were analyzed and summarized in terms of strategic, operational, financial, and legal aspects, while the post-spin performance analysis was based on three indicators: stock price performance, EV/EBITDA, and P/E ratio, in order to understand the motivations and performance of the two spin-offs. The results of this study show that the post-spin-off performance of both companies is higher than its pre-spin performance, indicating that the spin-off helps to reduce conglomerate discount and investors are willing to give higher valuations to the separately operated companies. However, in the case of GSK, investors’ lack of confidence in its retained core business, resulting in a poorer post-spin-off performance than the spun-off business. In contrast, in the case of J&J, which is the industry leader in pharmaceuticals, and excels at medical devices and consumer healthcare products, its performance after the spin-off was very impressive.