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GSK Annual Report & Accounts 2011

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Do more, feel better, live longer Annual Report for shareholders 2011 How to navigate To help you find your way – Clicking any of the icon around this around, this report has a buttons will do as marked report navigation strip on the top to the right of this panel. right hand of each page. – Clicking any link in the – Clicking on the section contents below takes you bars, takes you to the start to that specific page. of that section. Home Search Print Previous Next Previous page page view Contents 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 What we do 2 Directors’ statement of responsibilities 134 of the Directors contained on pages 1–133 Where we do it 3 Independent Auditors’ report 135 which includes the Business review on pages How we create value 4 Financial statements 136 1 to 77. Under English law the Directors would be liable to the company, but not to any third How we deliver 6 Notes to the financial statements 141 party, if the Report of the Directors contains How we performed 8 Financial statements of GlaxoSmithKline plc errors as a result of recklessness or knowing prepared under UK GAAP 216 misstatement or dishonest concealment of a material fact, but would not otherwise be liable. + + Report of the Directors Pages 1–133 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 Chairman’s statement 10 Quarterly trend 222 provided by such law. Chief Executive’s review 11 Five year record 232 Website Our marketplace 13 Product development pipeline 235 GlaxoSmithKline’s website www.gsk.com Our strategy for growth Products, competition and intellectual property 239 gives additional information on the Group. Grow a diversified business 16 Share price and dividends 242 Notwithstanding the references we make in this Annual Report to GlaxoSmithKline’s website, Deliver more products of value 28 Annual General Meeting 2012 243 none of the information made available on the Simplify the operating model 38 Investor relations and registrars 244 website constitutes part of this Annual Report Our financial architecture 42 Taxation information for shareholders 245 or shall be deemed to be incorporated by Responsible business 44 Glossary of terms 247 reference herein. Index 248 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 Financial review 51 events. An investor can identify these statements Financial position and resources 60 by the fact that they do not relate strictly to Financial review 2010 67 historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, Risk factors 72 ‘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 Front cover (clockwise from top) include statements relating to future actions, Our PHASE programme educates groups prospective products or product approvals, about the importance of handwashing in reducing the spread of diseases. (Chris Martin) future performance or results of current and anticipated products, sales efforts, expenses, A Diskus inhaler, one of the devices that the outcome of contingencies such as legal Our Board 78 we have developed to deliver inhaled proceedings, and financial results. The Group medicines directly to the respiratory system. undertakes no obligation to update any forward- Our Corporate Executive Team 80 (Inpress Photography) looking statements, whether as a result of new Governance and policy 84 Early research into new biopharmaceuticals, information, future events or otherwise. Share capital and control 95 including treatments based on antibodies, takes place at our large R&D centre in Forward-looking statements involve inherent Committee reports 97 Stevenage, in the UK. (George Brooks) risks and uncertainties. The Group cautions US law and regulation 104 investors that a number of important factors, Total remuneration for 2011 108 including those in this document, could cause Remuneration policy for 2012 110 Page 1 actual results to differ materially from those More than 12,500 people work contained in any forward-looking statement. Directors’ emoluments and total in R&D in the search for new medicines, Such factors include, but are not limited to, vaccines and consumer healthcare products. remuneration 124 (Pierre Charbonneau) those discussed under ‘Risk factors’ on pages Directors and Senior Management 133 72–77 of this Annual Report. Testing for signs of malaria in children in Tanzania. (Tom Whipps) A number of adjusted measures are used to report the performance of our business. + Sensodyne Repair & Protect has boosted performance in our Consumer Healthcare These measures are defined on page 51. business. (Andy Robinson, Photofarm) 01 GSK Annual Report 2011 We are a science-led global healthcare company We make innovative medicines, vaccines and consumer healthcare products that are used by millions of people around the world, allowing them to do more, feel better and live longer. The products we develop and manufacture and how we do this contributes directly to the health of patients and consumers, and indirectly to the wider well-being of the economy and society. We have been fundamentally changing in recent years to create a more balanced business to address market challenges and deliver sustainable performance and returns for shareholders. We are committed to generating that performance in a responsible way. + visit our website: www.gsk.com 02 GSK Annual Report 2011 Overview What we do We are a science-led global healthcare company that researches and develops a broad range of innovative products Our business We have three primary areas of business: Pharmaceuticals, Vaccines and Consumer bn Healthcare. Our objective is to deliver sustainable growth across this portfolio. £ 27.4 Group turnover In 2011, our total turnover was £27.4 billion. Pharmaceuticals Vaccines Consumer Healthcare £18.7bn 68% £3.5bn 13% £5.2bn 19 % Turnover of Group Turnover of Group Turnover of Group Our Pharmaceuticals business develops Our Vaccines business is one of We develop and market a range of and makes available medicines to the largest in the world, producing consumer health products based on treat a broad range of serious and paediatric and adult vaccines against scientific innovation. We have leading chronic diseases. Our portfolio is made a range of infectious diseases. In 2011, positions in three main categories: up of established brands and newer we distributed 1.1 billion doses to 173 Over-the-counter (OTC) medicines, Oral innovative patent-protected medicines. countries, of which over 80% were healthcare and Nutritional healthcare. supplied to developing countries. Our portfolio includes a number of well-known brands such as Panadol, Sensodyne, Lucozade and Horlicks. Sales by therapy area £m Sales by vaccine £m Sales by category £m Respiratory 7,298 Boostrix 192 OTC 2,453 Anti-virals 807 Cervarix 506 Oral healthcare 1,717 Central nervous system 1,721 Fluarix, FluLaval 230 Nutritional healthcare 1,025 Cardiovascular and urogenital 2,740 Flu pandemic 18 Metabolic 362 Hepatitis 688 Anti-bacterials 1,390 Infanrix, Pediarix 690 Oncology and emesis 693 Rotarix 300 Dermatology 1,087 Synflorix 350 ViiV Healthcare (HIV) 1,569 Other 523 Other 1,028 R&D Our business is sustained through investment in R&D. bn R&D expenditure allocation in 2011 In 2011 we spent £3.9 billion before major restructuring*, £4.0 £4.0 billion in total, in our search to develop new total R&D expenditure 3 4 1 medicines, vaccines and innovative consumer products. in 2011 2 We allocate our R&D investment based on our view of the scientific opportunities in different disease areas, our c.30 assets in late ability to provide significant improvements on existing stage pipeline treatments and the level of returns we can generate. We also have dedicated research programmes for diseases % £m that affect the developing world. We are one of the few 12 estimated internal 1 Pharmaceuticals 3,160 healthcare companies researching both new vaccines 2 Vaccines 599 rate of return from and new medicines for all three of the World Health 3 Consumer Healthcare 153 R&D expenditure Organization’s priority diseases: HIV/AIDS, malaria 4 Major restructuring 97 and tuberculosis. 30 – 35 + * The calculation of results before major restructuring is described in Note 1 to the financial statements, ‘Presentation of the financial statements’ and presented in the Consolidated income statement on pages 136 and 137. 03 GSK Annual Report 2011 Where we do it Our geographic presence covers more than 100 countries Our global reach Since 2008, we have been re-shaping our business to capitalise on the higher growth potential of markets outside Europe and the USA. These territories now account for 97, 389 Employees 38% of our total sales. At the same time, we have restructured our developed markets Employees by region business to reflect the challenging commercial environment in those markets. 6 1 We have a significant global manufacturing and R&D presence with a network of 74 5 manufacturing sites and large R&D centres in the UK, USA, Spain, Belgium and China. 4 2 3 No. 1 USA 16,707 2 Europe 38,696 3 Emerging Markets 29,466 4 Asia Pacific 7,039 5 Japan 3,573 6 Other 1,908 + 236 Turnover by region 6 1 5 4 2 3 £bn 1 USA 8.7 2 Europe 8.3 3 Emerging Markets 5.3 4 Asia Pacific 1.8 5 Japan 2.3 6 Other 1.0 + 234 How we’re structured Our commercial businesses are structured around regional Turnover by segment units or areas of focus.
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