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Annual Report 2015

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Annual Report 2015 Annual Report 2015 2015 saw substantial progress to accelerate new product sales growth and strengthen our Pharmaceuticals, Vaccines and Consumer Healthcare businesses Overview of 2015 Strategic report “ In 2015, we made substantial progress to accelerate new product sales growth, integrate new businesses in Vaccines and Consumer Healthcare and restructure our global Pharmaceuticals business. This progress means the Group is well positioned to return to core earnings growth in 2016.” Sir Andrew Witty, Chief Executive Officer Governance & remunerationPerformance Financial statements summary Investor information £23.9bn £10.3bn £5.7bn £3.9bn Group turnover Total operating profit Core operating profit Cash dividends paid (up 6% CER/up 1% CER (up >100% CER) a (down 9% CER/down 3% in 2015 pro-forma) a CER pro-forma)a £2.0bn 174.3p 75.7p 10 0 % New product sales b Total earnings per share Core earnings per share Markets now operating (up >100%) (up >100%, primarily (down 15% CER, primarily new commercial model reflecting impact of reflecting short-term dilution transaction gains) of the Novartis transaction)a ~40 20 ~13 % 1st Potential new medicines Potential to file up to Estimated internal In Access to Medicine and vaccines profiled at R&D 20 assets with regulators rate of return in R&D Index event, 80% of which have by 2020 in 2015 potential to be first-in-classc Footnotes a We use a number of adjusted measures to report the performance of our business, as described on page 54. These include core results, CER growth rates and pro-forma CER growth rates. A reconciliation of total results to core results is set out on page 62. b New products defined as: Pharmaceuticals: Relvar/Breo Ellipta, Anoro Ellipta, Incruse Ellipta, Arnuity Ellipta, Eperzan/Tanzeum, Nucala, Tivicay, Triumeq. Vaccines: Menveo, Bexsero, Shingrix (not yet approved). c GSK R&D event on 3 November 2015. Front cover story Innovation is at the heart of all we do Katherine, pictured left, is one of a team of scientists continuing to develop Nucala after almost 20 years of focused R&D, including nine distinct patient studies. Nucala is a monoclonal antibody that stops IL-5 from binding to its receptor on the surface of eosinophils. In people with asthma, eosinophils – a type of white blood cell – cause inflammation in the lungs, making it difficult to breathe and increasing the risk of asthma attacks. The 2015 European and US regulatory approvals of Nucala – the first-in-class approved targeted biologic therapy for people with eosinophilic-driven severe asthma – consolidates GSK’s leading global position in respiratory medicine. Katherine, GSK senior scientist, Stevenage, UK B GSK Annual Report 2015 Contents Strategic report At GSK, our mission is to Strategic report Our investor proposition 02 Our business 04 improve the quality of human Chairman’s statement 06 CEO’s statement 07 life by enabling people to do Our global marketplace 08 Our business model 11 more, feel better, live longer. Our strategic priorities 12 How we performed 14 Our approach to risk 16 Pharmaceuticals 18 Vaccines 26 Consumer Healthcare 32 Responsible business 38 Group financial review 50 Governance & remuneration Financial statements Investor information Governance & remuneration Our Board 74 Our Corporate Executive Team 78 Board governance 80 Corporate governance framework 82 Committee reports Audit & Risk 88 Nominations 95 Corporate Responsibility 98 Remuneration report Chairman’s annual statement 102 Annual report on remuneration 103 Remuneration policy summary 127 Find out more www.gsk.com Financial statements Directors’ statement of responsibilities 130 Independent Auditor’s report 131 Financial statements 138 Notes to the financial statements 142 Financial statements of GlaxoSmithKline plc prepared under UK GAAP 211 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 Investor information 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 Quarterly trend 218 future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current Five year record 222 facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’ and other words and Product development pipeline 225 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 Product, competition and of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, intellectual property 228 and financial results. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakes no Risk factors 231 obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Share capital and share price 241 The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the SEC. All readers, wherever located, should take note of these disclosures. Accordingly, Dividends 243 no assurance can be given that any particular expectation will be met and shareholders are cautioned not to place Financial calendar 243 undue reliance on the forward-looking statements. Annual General Meeting 2016 243 Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors Tax information for shareholders 244 that are beyond the Group’s control or precise estimate. The Group cautions investors that a number of important factors, including those in this document, could cause actual results to differ materially from those expressed or implied in any Shareholder services forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Risk factors’ on pages and contacts 246 231-240 of this Annual Report. Any forward-looking statements made by or on behalf of the Group speak only as of the US law and regulation 248 date they are made and are based upon the knowledge and information available to the Directors on the date of this Annual Report. Group companies 250 All expectations and targets regarding future performance should also be read together with ‘Assumptions related Glossary of terms 259 to 2016-2020 outlook’ on the inside back cover. A number of adjusted measures are used to report the performance of our business. These measures are defined on page 54 and a reconciliation of core results to total results is set out on page 62. GSK Annual Report 2015 1 Our investor proposition Strategic report GSK is a science-led global healthcare company that aims to deliver growth and improving returns to shareholders through the development of innovative pharmaceutical, vaccine and consumer healthcare products. Three world-leading businesses Governance & remunerationEach Financial statementshas a broad range Investor information of growth drivers and the Pharmaceuticals Vaccines Consumer Healthcare global presence to access increasing demand for bn bn bn £14.2 £3.7 £6.0 healthcare. 2015 turnover 2015 turnover 2015 turnover Leadership in key The most comprehensive One of the world's therapeutic areas vaccines portfolio in the leading global Consumer including Respiratory industry Healthcare companies and HIV (by retail sales) Strong R&D innovation Around 40 new potential medicines and R&D underpins all vaccines in our pipeline our businesses with Vaccines Respiratory Rare diseases profiled at R&D event b diseases research focused in % six core therapy areas. 80 of which we believe are potentially first-in-class Immuno- HIV/infectious Oncology 20 inflammation diseases Potential to file up to 20 assets by 2020 b GSK R&D event on 3 November 2015. Efficient global bn bn operating model £2.5 £1 2015 adjusted free cash flow excluding in incremental annual cost We are focused on costs funded by divestmentsc savings delivered in 2015 and optimising our operations bn bn through restructuring, £6.7 investments and £3 net proceeds from disposals in annual cost savings modernisation to generated in 2015 expected by end of 2017d improve profitability and efficiency. bn £3.7 reduction in net debt in 2015 c Excluding legal payments and also non-core d £1.6 billion annual savings restructuring and integration costs and the initial achieved by 31 December 2015. tax payments on the sale of the Oncology business. £ 2 GSK Annual Report 2015 Strategic report bn Earnings 150+ £6 • Core EPS percentage Presence in more in annual revenues growth expected to Governance & remuneration Financial statements Investor information than 150 markets expected from new Pharmaceutical and reach double digits Vaccine product sales CER in 2016 (£2bn sales achieved in 2015)a • Medium-term outlook for Group to grow Core EPS mid-to-high single digitsg CAGR over five a At its Investor event on 6 May 2015, h GSK outlined a series of expectations for years to 2020 CER its performance over the five year period 2016-2020. See inside back cover. Returns • Ordinary dividend of % 80p per share for 2015 ~13 1,500 Estimated internal We partner with over 1,500 • Special dividend of rate of return on organisations around the world, 20p per share for 2015 R&D investment including academic institutions, (£1 billion from Novartis public-private partnerships and other pharmaceutical and transaction proceeds) biotechnology companies • Expect to pay ordinary dividend of 80p per share for both 2016 and 2017 100 % No.1 on time supply for all in customer trust for key new pharmaceutical both GSK Respiratory f product introduction and Vaccines in the US launches in 2015 across m all markets 1.8 e Legacy GSK brands.
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