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Strategic reportStrategic report
Governance and remunerationGovernance and remuneration
Financial stFinancial statementsatements
Investor informationInvestor information
Investor
information
In this section
Quarterly trend 244
Pharmaceuticals turnover 246
248
Vaccines turnover
249
Five year record
Product development pipeline 255
Products, competition and intellectual property 258
Principal risks and uncertainties 261
Share capital and control 276
Dividends 278
Financial calendar 2021 279
Annual General Meeting 2021 279
Tax information for shareholders 280
Shareholder services and contacts 282
US law and regulation 284
Group companies 287
Glossary of terms 299
GGSSK AK Annnnuuaal Rl Reeppoorrt 2t 200220 0 242433
Financial record
Quarterly trend
An unaudited analysis of the Group results is provided by quarter in Sterling for the financial year 2020.
Income statement – Total
12 months 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2020
Reported Pro-forma Reported Reported Reported Reported
£m £% CER% CER% £m £% CER% £m £% CER% £m £% CER% £m £% CER%
Turnover
Pharmaceuticals 17,056 (3) (1) (1) 4,366 (4) (3) 4,192 (7) (3) 4,102 (5) (5) 4,396 6 6
Vaccines 6,982 (2) (1) (1) 2,012 15 16 2,032 (12) (9) 1,133 (29) (29) 1,805 19 19
Consumer Healthcare 10,033 12 14 (2) 2,360 (8) (7) 2,422 (4) 2 2,389 25 25 2,862 44 46
34,071 1 3 (2) 8,738 (1) – 8,646 (8) (3) 7,624 (2) (3) 9,063 18 19
Corporate and other unallocated turnover 28 1 – – 27
Total turnover 34,099 1 3 (2) 8,739 (2) (1) 8,646 (8) (3) 7,624 (2) (3) 9,090 19 19
Cost of sales (11,704) (1) – (3,171) (2) (2) (2,885) (11) (8) (2,449) (7) (7) (3,199) 17 18
Selling, general and administration (11,456) – 2 (3,162) (8) (6) (2,669) (8) (4) (2,709) 5 5 (2,916) 18 19
Research and development (5,098) 12 12 (1,470) 18 19 (1,140) (5) (2) (1,301) 17 15 (1,187) 18 18
Royalty income 318 (9) (9) 91 11 12 85 (28) (26) 75 (4) (10) 67 (8) (5)
Other operating income/(expense) 1,624 34 (179) 1,610 159
Operating profit 7,783 12 15 1,061 (44) (44) 1,858 (13) (2) 2,850 92 90 2,014 41 42
Net finance costs (848) (234) (198) (228) (188)
Share of after-tax profits/(losses) of associates
and joint ventures 33 (6) 11 19 9
Profit before taxation 6,968 12 16 821 (52) (52) 1,671 (14) (2) 2,641 >100 >100 1,835 42 42
Taxation (580) 18 (241) (201) (156)
Tax rate % 8.3% (2.2)% 14.4% 7.6% 8.5%
Profit after taxation for the period 6,388 21 25 839 (45) (45) 1,430 (17) (5) 2,440 >100 >100 1,679 70 71
Profit attributable to non-controlling interests 639 162 186 177 114
Profit attributable to shareholders 5,749 677 1,244 2,263 1,565
Basic earnings per share (pence) 115.5p 23 26 13.6p (48) (48) 25.0p (20) (9) 45.5p >100 >100 31.5p 87 89
Diluted earnings per share (pence) 114.1p 13.4p 24.7p 45.0p 31.2p
Income statement – Adjusted
Total turnover 34,099 1 3 (2) 8,739 (2) (1) 8,646 (8) (3) 7,624 (2) (3) 9,090 19 19
Cost of sales (10,191) 1 2 (3) (2,792) (2) (2) (2,540) (9) (6) (2,249) – – (2,610) 18 20
Selling, general and administration (10,717) – 2 (3) (2,924) (6) (4) (2,477) (11) (7) (2,530) 4 4 (2,786) 16 18
Research and development (4,603) 6 7 6 (1,297) 11 12 (1,049) (10) (6) (1,171) 13 11 (1,086) 12 11
Royalty income 318 (9) (9) (9) 91 11 12 85 (28) (26) 75 (4) (10) 67 (8) (5)
Operating profit 8,906 (1) 2 (3) 1,817 (2) (1) 2,665 (4) 4 1,749 (19) (21) 2,675 24 24
Net finance costs (844) (233) (197) (227) (187)
Share of after-tax profits/(losses) of associates
and joint ventures 33 (6) 11 19 9
Profit before taxation 8,095 (2) 1 1,578 (5) (5) 2,479 (5) 4 1,541 (21) (22) 2,497 23 23
Taxation (1,295) (220) (417) (316) (342)
Tax rate % 16.0% 13.9% 16.8% 20.5% 13.7%
Profit after taxation for the period 6,800 (2) 1 1,358 (6) (6) 2,062 (6) 3 1,225 (26) (27) 2,155 32 32
Profit attributable to non-controlling interests 1,031 195 287 267 282
Profit attributable to shareholders 5,769 1,163 1,775 958 1,873
Adjusted earnings per share (pence) 115.9p (6) (4) 23.3p (6) (5) 35.6p (8) 1 19.2p (37) (38) 37.7p 25 26
The calculation of Adjusted results is described on page 51.
244 GSK Annual Report 2020
Strategic report
Governance and remuneration
Financial statements
Investor information
Financial record continued
Quarterly trend Quarterly trend continued
An unaudited analysis of the Group results is provided by quarter in Sterling for the financial year 2020.
Income statement – Total
12 months 2020Q4 2020 Q3 2020 Q2 2020 Q1 2020
ReportedPro-formaReported Reported Reported Reported
£m£%CER%CER%£m£%CER% £m £% CER% £m £% CER% £m £% CER%
Turnover
Pharmaceuticals17,056(3)(1)(1)4,366(4)(3)4,192 (7) (3) 4,102 (5) (5) 4,396 6 6
Vaccines6,982(2)(1)(1)2,01215162,032 (12) (9) 1,133 (29) (29) 1,805 19 19
Consumer Healthcare 10,0331214(2)2,360(8)(7)2,422(4) 2 2,389 25 25 2,862 44 46
34,07113(2)8,738(1)– 8,646 (8) (3) 7,624 (2) (3) 9,063 18 19
Corporate and other unallocated turnover281– – 27
Total turnover34,09913(2)8,739(2)(1)8,646 (8) (3) 7,624 (2) (3) 9,090 19 19
Cost of sales(11,704)(1)–(3,171)(2)(2)(2,885) (11) (8) (2,449) (7) (7) (3,199) 17 18
Selling, general and administration (11,456)–2(3,162)(8)(6)(2,669)(8)(4) (2,709) 5 5 (2,916) 18 19
Research and development (5,098)1212(1,470)1819(1,140)(5) (2) (1,301) 17 15 (1,187) 18 18
Royalty income318(9)(9)911112 85 (28) (26) 75 (4) (10) 67 (8) (5)
Other operating income/(expense)1,62434(179) 1,610 159
Operating profit7,78312151,061(44)(44)1,858 (13) (2) 2,850 92 90 2,014 41 42
Net finance costs(848)(234) (198) (228) (188)
Share of after-tax profits/(losses) of associates
and joint ventures33(6) 11 19 9
Profit before taxation6,9681216821(52)(52)1,671(14) (2) 2,641 >100 >100 1,835 42 42
Taxation(580)18 (241) (201) (156)
Tax rate %8.3%(2.2)% 14.4% 7.6% 8.5%
Profit after taxation for the period6,3882125839(45)(45)1,430(17)(5) 2,440 >100 >100 1,679 70 71
Profit attributable to non-controlling interests639162186 177 114
Profit attributable to shareholders5,7496771,244 2,263 1,565
Basic earnings per share (pence)115.5p232613.6p(48)(48)25.0p(20)(9) 45.5p >100 >100 31.5p 87 89
Diluted earnings per share (pence)114.1p13.4p24.7p 45.0p 31.2p
Income statement – Adjusted
Total turnover34,09913(2)8,739(2)(1)8,646 (8) (3) 7,624 (2) (3) 9,090 19 19
Cost of sales(10,191)12(3)(2,792)(2)(2)(2,540) (9) (6) (2,249) – – (2,610) 18 20
Selling, general and administration (10,717)–2(3)(2,924)(6)(4)(2,477)(11)(7) (2,530) 4 4 (2,786) 16 18
Research and development (4,603)676(1,297)1112(1,049)(10) (6) (1,171) 13 11 (1,086) 12 11
Royalty income318(9)(9)(9)91111285 (28) (26) 75 (4) (10) 67 (8) (5)
Operating profit8,906(1)2(3)1,817(2)(1)2,665 (4) 4 1,749 (19) (21) 2,675 24 24
Net finance costs(844)(233) (197) (227) (187)
Share of after-tax profits/(losses) of associates
and joint ventures33(6) 11 19 9
Profit before taxation8,095(2)11,578(5)(5)2,479(5) 4 1,541 (21) (22) 2,497 23 23
Taxation(1,295)(220) (417) (316) (342)
Tax rate %16.0%13.9% 16.8% 20.5% 13.7%
Profit after taxation for the period6,800(2)11,358(6)(6)2,062(6)3 1,225 (26) (27) 2,155 32 32
Profit attributable to non-controlling interests1,031195287 267 282
Profit attributable to shareholders5,7691,1631,775 958 1,873
Adjusted earnings per share (pence)115.9p(6)(4)23.3p(6)(5)35.6p(8)1 19.2p (37) (38) 37.7p 25 26
The calculation of Adjusted results is described on page 51.
GSK Annual Report 2020 245
Financial record continued
Pharmaceutical turnover by therapeutic area 2020
Total US Europe International
2020 2019 Growth 2020 Growth 2020 Growth 2020 Growth
Therapeutic area/major products £m £m £% CER% £m £% CER% £m £% CER% £m £% CER%
Respiratory 3,749 3,081 22 23 2,114 21 23 944 21 20 691 24 27
Ellipta products 2,755 2,313 19 20 1,516 18 19 706 22 22 533 19 22
Anoro Ellipta 547 514 6 8 327 1 2 142 18 17 78 11 17
Arnuity Ellipta 45 48 (6) (6) 37 (10) (7) – – – 8 14 –
Incruse Ellipta 220 262 (16) (15) 117 (27) (27) 74 1 1 29 4 7
Relvar/Breo Ellipta 1,124 971 16 17 474 24 25 322 14 13 328 6 9
Trelegy Ellipta 819 518 58 59 561 47 48 168 65 65 90 >100 >100
Nucala 994 768 29 30 598 32 33 238 16 15 158 45 46
HIV 4,876 4,854 – 1 3,005 – 1 1,213 5 4 658 (5) (1)
Dolutegravir products 4,702 4,633 1 2 2,941 – 1 1,163 7 6 598 (2) 3
Tivicay 1,527 1,662 (8) (7) 871 (11) (10) 368 (7) (8) 288 (1) 5
Triumeq 2,306 2,549 (10) (9) 1,454 (10) (9) 568 (9) (10) 284 (9) (6)
Juluca 495 366 35 36 387 28 29 97 73 71 11 57 71
Dovato 374 56 >100 >100 229 >100 >100 130 >100 >100 15 >100 >100
Epzicom/Kivexa 31 75 (59) (59) 1 (67) (67) 9 (61) (61) 21 (57) (57)
Selzentry 91 97 (6) (5) 47 (11) (11) 27 (7) (7) 17 13 20
Rukobia 11 – – – 11 – – – – – – – –
Other 41 49 (16) (12) 5 (50) (40) 14 (22) (17) 22 5 5
Immuno-inflammation 727 613 19 20 612 14 16 56 22 20 59 84 91
Benlysta 719 613 17 19 612 14 16 56 22 20 51 59 66
Oncology 372 230 62 62 231 72 74 136 42 40 5 – –
Zejula 339 229 48 48 206 54 55 128 35 33 5 – –
Blenrep 33 – – – 25 – – 8 – – – – –
Pharmaceuticals
excluding established
products 9,724 8,778 11 12 5,962 10 11 2,349 13 12 1,413 10 14
Established pharmaceuticals 7,332 8,776 (16) (15) 1,489 (25) (24) 1,755 (14) (15) 4,088 (14) (11)
Established Respiratory 3,251 3,900 (17) (15) 1,048 (26) (25) 738 (9) (9) 1,465 (13) (10)
Seretide/Advair 1,535 1,730 (11) (10) 434 (14) (13) 449 (11) (11) 652 (10) (7)
Flixotide/Flovent 419 629 (33) (32) 183 (50) (50) 80 (9) (10) 156 (10) (5)
Ventolin 785 938 (16) (14) 430 (21) (20) 116 (3) (4) 239 (12) (7)
Avamys/Veramyst 297 324 (8) (6) – – – 66 (4) (4) 231 (10) (7)
Other Respiratory 215 279 (23) (23) 1 >100 >100 27 (4) – 187 (25) (26)
Dermatology 425 445 (4) (1) 1 (67) (67) 140 (12) (13) 284 – 6
Augmentin 490 602 (19) (15) – – – 145 (16) (16) 345 (20) (15)
Avodart 466 574 (19) (17) 5 25 25 158 (24) (25) 303 (16) (13)
Imigran/Imitrex 118 138 (14) (14) 42 (29) (29) 51 (2) (4) 25 (7) (4)
Lamictal 537 566 (5) (4) 269 (5) (5) 120 7 6 148 (13) (9)
Seroxat/Paxil 146 160 (9) (6) – – – 37 – (3) 109 (11) (7)
Valtrex 103 107 (4) (2) 15 7 7 32 3 – 56 (10) (5)
Other 1,796 2,284 (21) (20) 109 (48) (47) 334 (28) (28) 1,353 (16) (14)
Pharmaceuticals 17,056 17,554 (3) (1) 7,451 1 2 4,104 (1) (1) 5,501 (9) (5)
246 GSK Annual Report 2020
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