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GSK Annual Review 2006 1 GSK-06-Review-A/W.Qxd 6/3/07 18:39 Page 02 GSK-06-Review-A/W.qxd 8/3/07 10:52 Page 1 Annual Review 2006 A human race Do more, feel better, live longer Note: GSK 06 Review prints: Warm Grey 8 + CMYK - Orange is cmyk breakdown GSK-06-Review-A/W.qxd 6/3/07 19:02 Page ifc2 Performance highlights How we did in 2006 Financial performance Optimising the performance of key products 95.5p £2.6bn £3.3bn £1.6bn Earnings per share Free cashflow Sales of Seretide/Advair Sales of Avandia group 19% growth over 2005 at 44% decrease compared 11% growth over 2005 of products constant exchange rates to 2005, due mainly to at CER 25% growth over 2005 (CER) a tax settlement of See pages 7 and 16 at CER See pages 1 and 17 £1.8 billion in the US See pages 6, 7 and 16 See page 17 Delivering our product pipeline for patients Cervarix H5N1 Tykerb Our vaccine to prevent cervical cancer Our pandemic flu vaccine Our new medicine for advanced breast cancer European approval is expected in 2007 and a US filing by April 2007. Was filed for regulatory Cervarix offers up to 100 per cent protection against the two most approval in Europe in Was filed for approval in the common cancer-causing HPV types, the virus which causes cervical cancer January 2007 US in September and Europe in October 2006, with further See pages 4 and 5 See pages 3 and 5 filings made in markets around the world in the last few months. Seven phase III studies are currently in progress to investigate the 94 23 31 effect of Tykerb in patients with breast cancer and we New chemical entities in Vaccines in clinical Major product expect to file for additional clinical development at development at the end opportunities now in indications as results from the end of February 2007 of February 2007 phase III development these studies become or registration Comprises 15 in phase III/ Comprises 12 in phase III/ available registration, 46 in phase II registration, 8 in phase II Comprises 13 NCEs, See pages 4 and 5 and 33 in phase I and 3 in phase I 6 vaccines and 12 PLEs See pages 3 and 5 See pages 3 and 5 See page 3 Improving access to medicines Being the best place for the best people to do their best work 206m £302m 1st 91% Tablets of Combivir and Value of community Managers rated their overall Of managers believe Epivir HIV/AIDS medicines investment in 2006 satisfaction with GSK higher colleagues show commitment supplied to developing We make donations of than any of our peers in the to performance with countries money, medicines, vaccines, benchmark group of major integrity This includes 120 million time and equipment to companies Result from our biennial Global tablets supplied by generic support good causes Result from our biennial Leadership Opinion Survey 2006 manufacturers licensed by GSK Equivalent to 3.9% of Global Leadership Opinion Maintained at same level 63% increase over 2005 profit before tax Survey 2006 from 2004 survey See page 9 See pages 12 and 13 See pages 10 and 11 See pages 10 and 11 3 Countering a pandemic 5 Offering hope 11 Making a difference 13 Delivering education GSK-06-Review-A/W.qxd 6/3/07 18:38 Page 01 Review of 2006 Chairman’s and CEO’s summary Every day we are involved in a race that unites more than 100,000 people at GSK: in finding new medicines and vaccines that meet unmet medical needs; in ensuring that patients have access to these new medicines regardless of their financial circumstances; and in meeting the expectations of our many stakeholders, including you – our shareholder. It is a race with many stages and we won’t win them all. But, as we take part, we never forget the real focus of our efforts: the human race. 006 was a year of positive achievement Delivering our pipeline for patients Contents for GSK as we continued to make Our pipeline is significant, with 158 projects progress on all fronts. Sales growth is in clinical development at the end of 1 Chairman’s and 2 CEO’s summary coming from an ever-widening portfolio of fast- February 2007. growing products that, combined with good 2 Helping people do more, Although we had some setbacks during the cost control, has enabled us to deliver a strong feel better and live longer year, including cancellation of Redona for financial performance. We also have very 3 Our pipeline: from filling diabetes, we have a great ability to reload our healthy momentum in our pipeline, with ten to flowing pipeline. And it is beginning to flow strongly, new products added to our late-stage delivering much-needed new treatments for 7 Key products are development efforts in the last 12 months. patients and opportunities for us. We now have performing well For all these reasons, we look to the future 31 major product opportunities in phase III 9 Access to medicines: with confidence. development or registration and we plan to making the difference Financial performance and outlook launch five major new pharmaceutical products 11 Being the best place Your company delivered a strong financial in 2007: Tykerb for breast cancer, Cervarix to for the best people to do performance in 2006. Turnover of £23.2 billion prevent cervical cancer, Allermist/Avamys for their best work is an increase of 9 per cent at constant exchange allergic rhinitis, Coreg CR for heart conditions 13 Running our business rates (CER)*. Earnings per share (EPS) were 95.5 and Trexima for migraine. responsibly and playing our pence, with growth of 19 per cent. part in the community Our Consumer Healthcare portfolio will also be This performance was driven by sales of key strengthened in 2007 with the launch of ten 14 2006 performance pharmaceutical products including Seretide/ products, including alli, the first FDA-approved overview Advair for asthma and chronic obstructive OTC treatment for weight loss in the US. 16 Business operating review pulmonary disease (COPD), the Avandia Best place to work 18 The Board group of products for diabetes, Coreg for We work hard to create a working environment 19 The Corporate heart disease, Lamictal for epilepsy and where the best people can do their best work Executive Team bipolar disorder, Valtrex for herpes, and and the results of our biennial employee opinion our vaccines. 20 Summary Remuneration survey demonstrated that we are enjoying real Report Although we performed well in a tough success. For overall satisfaction, GSK scored 23 Corporate governance environment, the US political climate together higher than any of our peers in the benchmark with investor concern over pipeline delays group of major companies and 90 per cent of 24 Responsibility statements resulted in our share price ending the year 9 managers are proud to work for GSK. 25 Summary financial per cent lower than at 1 January 2006. statements Playing our part Looking ahead, we expect new clinical data to In 2006, our global community investment 26 Summary information under US GAAP help deliver growth from Seretide/Advair and contributions were valued at £302 million, the Avandia group of products, and continued equivalent to 3.9 per cent of Group profit 27 Shareholder information good performance from our vaccines business. before tax. This is a significant sum, but such 29 Chairman’s and CEO’s We plan to launch new products in both our commitment is no less than should be expected closing letter Pharmaceutical and Consumer Healthcare from a company in our industry. We have the businesses. In addition, we expect to continue capability and the desire to reach out to patients * The Group’s practice is to to achieve savings through improved and to find solutions to healthcare challenges discuss its results in terms of operational efficiency. The combination of new worldwide, helping people do more, feel better constant exchange rate (CER) products and enhanced efficiency will help and live longer. growth (see page 16). offset the impact of generic competition to Zofran and Wellbutrin XL during the coming 12 months and we expect to deliver 2007 EPS Sir Christopher Gent JP Garnier To find out more please visit growth of 8 to 10 per cent in CER terms. Chairman Chief Executive Officer www.gsk.com GSK Annual Review 2006 1 GSK-06-Review-A/W.qxd 6/3/07 18:39 Page 02 Helping people do more, feel better and live longer Our business is built on four strategic objectives and we made good progress on all of them in 2006. Cancer: This time it’s personal Diabetes: Life is bittersweet In 2006, we made excellent progress with our In 2006, our key products continued to grow, pipeline, particularly with medicines for cancer. including the Avandia group of products for Our unique structure for R&D lets innovation diabetes. Our medicines, vaccines and consumer thrive and is delivering new breakthrough healthcare products meet patient needs and treatments for patients. deliver value for those paying – individuals, organisations or governments. Delivering our product pipeline for patients. Optimising the performance of key products. See page 3 See page 6 Malaria: Reality bites People: Joined-up thinking In 2006, we continued to provide products such In 2006, our leadership opinion survey showed as antimalarials, antiretrovirals and vaccines at that 90 per cent of managers are proud to work preferential prices. We are finding innovative ways for GSK. People thrive in our distinctive culture to bring medicines, vaccines and health education of high performance, responsible business to patients in all countries, including those practices and openness to new ideas.
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