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Annual Report 2016 2016 saw good sales momentum across Pharmaceuticals, Vaccines and Consumer Healthcare and further pipeline progress We are a global science-led healthcare company. Our three world-leading businesses research and deliver innovative medicines, vaccines and consumer healthcare products. Front cover case study At GSK, innovation underpins each of our three businesses We are using next generation technology return on R&D investment and accelerate to develop new approaches to disease the development of new products that can management and control. In addition to improve patients’ lives. our own research and development, We have an active pipeline of innovative we gain insights through our network of products across six core areas: respiratory, collaborations with biotechs, other HIV and infectious diseases, vaccines, companies and academic institutions. immuno-inflammation, oncology and This enables more efficient trial design rare diseases. and greater use of software, analytics and new technology, all of which is helping to increase our productivity, maximise our Arthur works at our Upper Providence R&D lab 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. 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 obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. 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, no assurance can be given that any particular expectation will be met and shareholders and investors are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors 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 forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Principal risks and uncertainties’ on pages 253-262 of this Annual Report. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge of and information available to the Directors on the date of this Annual Report. All expectations and targets regarding future performance should also be read together with ‘Assumptions related to 2016-2020 outlook’ on the inside back cover of this document. A number of adjusted measures are used to report the performance of our business. These measures are defined on page 57 and a reconciliation of core results to total results is set out on page 66. 01 GSK Annual Report 2016 Strategic report Governance and remuneration Financial statements Investor information Strategic report 2016 performance summary About us 02 Chairman’s statement 04 CEO’s statement 05 Our integrated approach 06 £27.9 bn £4.5bn The market in which we operate 08 Group turnover New Pharmaceutical Our business model 12 (up 17% AER; 6% CER; and Vaccine salesb A clear strategy for growth 14 5% pro-forma CER)a (up >100% AER; >100% CER)a How we measure success 16 How we manage risks 18 Pharmaceuticals 20 Vaccines 28 £2.6bn £7.8 bn Consumer Healthcare 34 Total operating profit Core operating profit Responsible business 40 (down 75% AER; 86% CER)a,c (up 36% AER; 14% CER; Group financial review 52 17% pro-forma CER)a Governance and remuneration Chairman's Governance statement 80 Our Board 82 18.8p 102.4 p Our Corporate Executive Team 86 Leadership and effectiveness 88 Total earnings per share Core earnings per share Nominations Committee report 94 (down 89% AER; 99% CER)a,c (up 35% AER; 12% CER )a Accountability 97 Audit & Risk Committee report 97 Relations with shareholders 107 bn bn Corporate Responsibility £6.5 £3.1 Committee report 108 Net cash inflow from Free cash flowa operating activities Remuneration report Chairman’s annual statement 112 Annual report on remuneration 115 bn Remuneration policy summary 137 £3.9 20-30 Remuneration policy report 138 Dividends declared Assets with data expected for 2016 by end of 2018 Financial statements Directors’ statement of responsibilities 148 Delivering sustainable performance Independent Auditors' report 149 Financial statements 158 Notes to the financial statements 162 1st in the Access 3rd in the Financial statements of GlaxoSmithKline to Medicine Index pharmaceutical sector plc prepared under UK GAAP 232 Investor information since launch in 2008 for Dow Jones Sustainability Index Quarterly trend 240 Five year record 244 Product development pipeline 247 Product, competition and intellectual property 250 Principal risks and uncertainties 253 Share capital and share price 263 Dividends 265 Financial calendar 265 Footnotes Annual General Meeting 2017 266 a AER growth rates represent growth at actual exchange rates. We use a number of adjusted, non-IFRS, Tax information for shareholders 266 measures to report the performance of our business, as described on page 57, including core results, Shareholder services and contacts 268 free cash flow and CER and pro-forma growth rates. These measures are used by management for planning and reporting purposes and may not be directly comparable with similarly described measures US law and regulation 270 used by other companies. Core results exclude a number of items and are presented as management Group companies 272 believes that core results allow the key trends and factors driving that performance to be more easily Glossary of terms 283 and clearly identified by shareholders. Non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. A reconciliation of total results to core results is set out on page 66. b New products defined as: Pharmaceuticals: Relvar/Breo Ellipta, Incruse Ellipta, Anoro Ellipta, Arnuity Ellipta, Eperzan/Tanzeum, Nucala, Tivicay, Triumeq. Vaccines: Menveo, Bexsero, Shingrix (not yet approved). c Primarily reflecting impact of £9.2 billion profit in 2015 from disposal of Oncology business. 02 GSK Annual Report 2016 About us Three world-leading businesses At GSK, our mission is to improve the Our Pharmaceuticals, Vaccines and Consumer Healthcare quality of human life businesses generated combined turnover of £27.9 billion in 2016. by enabling people Each business benefits from our global commercial infrastructure, to do more, feel better integrated supply networks and innovative R&D. and live longer. 99,300 150+ 87 Number of employees Number of markets Manufacturing sites R&D innovation underpins each of our businesses In 2016, we invested £3.6 billion in R&D across our three businesses. External partnerships and collaborations enable us to develop and access knowledge, and increase our understanding in new areas of science. We focus our research across six core areas and are using next generation technology to develop new approaches to disease management and control. Respiratory diseases HIV/infectious diseases Vaccines Immuno-inflammation Oncology Rare diseases Efficient global operating model We are focused on optimising our operations through restructuring, investment and modernisation to improve profitability and efficiency. Footnote £1.4bn 9.3% 27.9 % a We use a number of adjusted, non-IFRS, measures to report the performance of our business, as described on Incremental annual Total operating profit Core operating profit page 57, including core results, free cash flow and CER savings delivered in 2016 margin in 2016 margin in 2016a and pro-forma growth rates. Non-IFRS measures may be considered in addition to, but not as a substitute for or (including £0.2 billion superior to, information presented in accordance with IFRS. currency benefit) 03 GSK Annual Report 2016 Strategic report Governance and remuneration Financial statements Investor information Pharmaceuticals Vaccines Consumer Healthcare Our Pharmaceuticals business Our Vaccines business has the Our Consumer Healthcare business discovers, develops and broadest portfolio of any company, develops and markets products commercialises medicines to with vaccines for
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