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Glaxosmithkline Annual Report 2010

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Do more, feel better, live longer GlaxoSmithKline Annual Report 2010 Contents Business review P08–P57 Business review 2010 Performance overview 08 Research and development 10 Pipeline summary 12 Products, competition and intellectual property 14 Regulation 18 Manufacturing and supply 19 Business review World market 20 This discusses our financial and non-financial activities, GSK sales performance 21 resources, development and performance during 2010 Segment reviews 22 and outlines the factors, including the trends and the Responsible business 29 principal risks and uncertainties, which are likely to Financial review 2010 34 affect future development. Financial position and resources 41 Financial review 2009 47 Governance and remuneration Risk factors 53 This discusses our management structures and governance procedures. It also sets out the Governance and remuneration P58–P101 Governance and remuneration Governance and remuneration remuneration policies operated for our Directors and Our Board 58 Corporate Executive Team members. Our Corporate Executive Team 60 Governance and policy 64 Financial statements Dialogue with shareholders 69 The financial statements provide a summary of the Internal control framework 71 Group’s financial performance throughout 2010 and its Committee reports 74 position as at 31st December 2010. The consolidated Remuneration policy 84 financial statements are prepared in accordance with Director terms and conditions 91 IFRS as adopted by the European Union and also IFRS as Director and Senior Management remuneration 94 issued by the International Accounting Standards Board. Directors’ interests 96 Directors’ interests in contracts 101 Shareholder information This includes the full product development pipeline and discusses shareholder return in the form of dividends and share price movements. Financial statements Financial statements Directors’ statement of responsibilities 102 Independent Auditors’ report 103 Financial statements 104 Notes to the financial statements 109 Financial statements of GlaxoSmithKline plc prepared under UK GAAP 188 P102–P191 Shareholder information Shareholder information Quarterly trend 192 Five year record 200 Product development pipeline 203 Share price and dividends 207 Nature of trading market 208 Annual General Meeting 208 Underlying sales growth excludes pandemic products, Investor relations and Registrar 208 Avandia and Valtrex. See page 21. Taxation information for shareholders 210 P192–P212 Glossary of terms 211 CER% represents growth at constant exchange rates. Index 212 Sterling % or £% represents growth at actual exchange rates. See page 21. The calculation of results before major restructuring is described in Note 1 to the financial statements, ‘Presentation of the financial statements’. GSK Annual Report 2010 01 We exist to improve the quality of human life by enabling people to do more, feel better and live longer. We work by respecting people, maintaining our focus on the patient and consumer whilst operating with both integrity and transparency. We are looking to deliver shareholder value through growth of a diversified and global business, by delivering more products of value, simplifying our operating model and by running our business responsibly. What follows is our report to shareholders for 2010. Progress we have made in the year can also be seen by visiting our website: www.gsk.com/corporatereporting Notice regarding limitations on Director Liability under English Law Under the UK Companies Act 2006, a safe harbour limits the liability of Directors in respect of statements in and omissions from the Report of the Directors contained on pages 8 to 101. Under English law the Directors would be liable to the company, but not to any third party, if the Report of the Directors contains errors as a result of recklessness or knowing misstatement or dishonest concealment of a material fact, but would not otherwise be liable. Report of the Directors Pages 8 to 101 inclusive comprise the Report of the Directors that has been drawn up and presented in accordance with and in reliance upon English company law and the liabilities of the Directors in connection with that report shall be subject to the limitations and restrictions provided by such law. Website GlaxoSmithKline’s website www.gsk.com gives additional information on the Group. Notwithstanding the references we make in this Annual Report to GlaxoSmithKline’s website, none of the information made available on the website constitutes part of this Annual Report or shall be deemed to be incorporated by reference herein. Cautionary statement regarding forward-looking statements The Group’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document and written information released, or oral statements made, to the public in the future by or on behalf of the Group, may contain forward-looking statements. Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results. The Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements involve inherent risks and uncertainties. The Group cautions investors that a number of important factors, including those in this document, could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Risk factors’ on pages 53 to 57 of this Annual Report. GSK Annual Report 2010 02 GSK at a glance We are one of the world’s leading Our 2010 numbers research-based pharmaceutical and healthcare companies. We are £28.4bn 32.1p committed to improving the quality Turnover Earnings per share of human life by enabling people to do more, feel better and live longer. 53.9p 65p Earnings per share before Dividend per share How we do it major restructuring GSK has focused its business on the delivery of three strategic priorities, which aim to increase growth, reduce risk and Group sales improve GSK’s long-term financial performance: 7 • Grow a diversified global business 1 US Pharmaceuticals: £7.6bn 6 • Deliver more products of value 2 Europe Pharmaceuticals: £6.5bn 5 1 • Simplify GSK’s operating model 3 Consumer Healthcare: £5.0bn Where we do it 4 Emerging Markets GSK is a global organisation with offices in over 100 countries Pharmaceuticals: £3.6bn and major research centres in the UK, USA, Belgium and China. 4 Our shares are listed on the London and New York Stock 5 Asia Pacific/Japan Exchanges and our corporate head office is in Brentford, UK. Pharmaceuticals: £3.1bn 6 ViiV Healthcare: £1.6bn 2 3 7 Other: £1.0bn Research & development Consumer Healthcare c. 30 £3.96bn 20% No.1 A peer-leading In 2010, we spent £3.96bn Growth of Horlicks Sensodyne has been the pipeline with around in R&D before major in India in 2010. world’s fastest growing 30 late-stage assets. restructuring, or 14% toothpaste brand over of our total sales. the last 5 years. We are one of the world’s biggest investors in R&D and are the biggest private sector funder of R&D in the UK. 10 14% c.1bn 2 10 new compounds and We are committed to Units of Lucozade, New Consumer Healthcare vaccines starting phase III improving returns in R&D, Ribena and Horlicks Research and Innovation clinical trials since the start aiming to increase our manufactured in centres opened in China of 2010. estimated return the UK every year. and India. on investment in this area to 14%. Vaccines Emerging markets 1.4 bn 24% Doses of our vaccines Of total GSK turnover supplied to 179 countries from emerging markets, around the world in 2010. by the broader definition (Pharmaceutical and Consumer Healthcare turnover in all markets excluding USA, Western Europe, Canada, Japan, Australia and New Zealand). GSK Annual Report 2010 03 GSK at a glance A global company Business review P08–P57 411 2 3 6 5 32 3 2 3 2 2 2 7 3 3 2 2 3 7 5 4 6 2 5 4 3 6 2 3 2 Governance and remuneration P58–P101 Governance and remuneration 2 Sites with over 100 employees: Biologicals Corporate Consumer Healthcare GMS Pharmaceuticals Research and Development % 96,500 5 3 Financial statements Employees. Share of world Leading presence in pharmaceutical market. Consumer Healthcare (Source: IMS Health) global categories: OTC, Oral Care, Nutritionals. GSK’s business model Responsible business A balanced, synergistic business, with multiple growth drivers Malaria vaccine P102–P191 supporting a core pharmaceutical R&D operation. Potentially the first malaria vaccine with phase III trials ongoing in 7 African countries. 300 million Commitment to supply 300m doses of Synflorix at a reduced price to developing countries over the next decade through the AMC financing mechanism. 5-year commitment Shareholder information To treat school age children in Africa at risk of intestinal worms. Leader GSK ranked first in both Access to Medicine Indexes in 2008 Core and 2010. Pharmaceutical 2050 R&D Target date for value chain, from raw materials to product disposal, to be carbon neutral. P192–P212 To find out more visit us at www.gsk.com/corporatereporting GSK Annual Report 2010 04 Chairman & CEO summary Dear Shareholder GSK is also a business built on strong values and a deep commitment to operating with integrity. In 2010 we have taken Over the last two and a half years we have been implementing a further steps to make our company more responsive, more flexible strategy to transform our business model to address the significant and more open to society’s expectations.
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