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Glaxosmithkline Plc Annual Report for the Year Ended 31St December 2000

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Glaxosmithkline Plc Annual Report for the Year Ended 31St December 2000 GlaxoSmithKline 01 GlaxoSmithKline plc Annual Report for the year ended 31st December 2000 Contents Report of the Directors 02 Financial summary 03 Joint statement by the Chairman and the Chief Executive Officer 05 Description of business 29 Corporate governance 37 Remuneration report 47 Operating and financial review and prospects 69 Financial statements 70 Directors’ statements of responsibility 71 Report by the auditors 72 Consolidated statement of profit and loss 72 Consolidated statement of total recognised gains and losses 74 Consolidated statement of cash flow 76 Consolidated balance sheet 76 Reconciliation of movements in equity shareholders’ funds 77 Company balance sheet 78 Notes to the financial statements 136 Group companies 142 Principal financial statements in US$ 144 Financial record 153 Investor information 154 Shareholder return 156 Taxation information for shareholders 157 Shareholder information 158 Share capital 160 Cross reference to Form 20-F 162 Glossary of terms The Annual Report was approved by the Board 163 Index of Directors on 22nd March 2001 and published on 12th April 2001. Contact details 02 GlaxoSmithKline Financial summary 2000 1999 Increase Business performance £m £m CER % £ % Sales 18,079 16,164 9 12 Trading profit 5,026 4,378 12 15 Profit before taxation 5,327 4,708 11 13 Earnings/Net income 3,697 3,222 13 15 Earnings per Ordinary Share 61.0p 52.7p 14 16 Total results Profit before taxation 6,029 4,236 Earnings/Net income 4,154 2,859 Earnings per Ordinary Share 68.5p 46.7p Business performance: results exclude merger items and restructuring costs; 1999 sales and trading profit exclude the Healthcare Services businesses which were disposed of in 1999. CER% represents growth at constant exchange rates. £% represents growth at actual exchange rates. Financial highlights Pharmaceutical sales up 10 per cent Sales growth in key therapeutic areas: • Central nervous system up 16 per cent • Respiratory up 15 per cent • Anti-virals up 14 per cent New products contributed nearly £1 billion in growth, up 60 per cent: • Avandia achieved sales of £462 million • Seretide achieved sales of £208 million, with US launch planned for April 2001 Business performance pre-tax profit up 11 per cent Business performance earnings per share up 14 per cent Shareholder return 2000 1999 Dividends per GlaxoSmithKline share: former Glaxo Wellcome shareholder 38.0p 37.0p former SmithKline Beecham shareholder 29.7p 26.7p Share price (London Stock Exchange): GlaxoSmithKline share at 31st December 2000 £18.90 – Glaxo Wellcome share at 26th December 2000/31st December 1999 £18.42 £17.50 SmithKline Beecham share at 26th December 2000/31st December 1999 £8.33 £7.90 1 Glaxo Wellcome share is equivalent to 1 GlaxoSmithKline share. 1 SmithKline Beecham share is equivalent to 0.4552 GlaxoSmithKline shares. Cautionary statement regarding forward-looking statements Under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, the company cautions investors that any forward-looking statements or projections made by the company, including those made in this document, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect the company’s operations are discussed under ‘Risk Factors’ on page 57 of this Annual Report. GlaxoSmithKline 03 Joint statement by the Chairman and the Chief Executive Officer Financial outlook Pharmaceutical sales growth is a key driver of GlaxoSmithKline’s current strong business performance. The company will also benefit from the delivery of at least £1.6 billion in cost savings by 2003 as a result of both the merger and the manufacturing restructuring plans already in place. These benefits and the performance of the business have led the company to forecast earnings per share growth (excluding merger and restructuring costs and the effects of currency) for 2001 of around 13 per cent. This is despite the impact of product divestments required by regulatory bodies in order to complete the merger which will have the effect of reducing the company’s earnings per share expectation for the year by six per cent. In 2002, the company expects earnings per share growth to accelerate to the mid teens, reflecting strong business performance boosted by cost savings. This past year has been momentous for everyone at Becoming the industry leader GlaxoSmithKline. Our big event during the Millennium year was We have started life as a new company at a rapid pace, the announcement on 17th January 2000 of our intention to implementing many of the plans we worked on last year. merge Glaxo Wellcome and SmithKline Beecham to create one of the world’s leading research-based healthcare companies. Our mission is nothing less than to improve the quality of human life by enabling people to do more, feel better and live longer. That Following regulatory and shareholder approval, the two companies mission gives us purpose. Our size gives us opportunity. But it is our became one on 27th December 2000. Throughout the year, our spirit as a company – our passion for innovation and achievement, employees worked hard to achieve two objectives: maintain the coupled with an unmatched sense of urgency – that we believe will momentum of both existing businesses and plan the merger of enable us to attain success as a world class leader. two strong companies, each with a rich heritage of pharmaceutical discovery and development and a proven record of success in the Bringing two companies together is complex and full of challenge. marketplace. They have succeeded in doing both. We must complete the integration quickly to realise the full benefits of the merger, with proper respect for our employees. That will Delivering results be done. Beyond integration, our priorities are to improve R&D productivity, achieve excellence in product commercialisation, Despite all the uncertainty of the integration planning process, be the partner of choice for in-licensing and work in partnership we were able to turn in a strong set of results for the year 2000. with governments, agencies and charities to expand access Sales for the combined group reached £18 billion with growth to our medicines. of nine per cent (at constant exchange rates, excluding Healthcare Services). Pharmaceuticals had a great year, with particularly good Building our new product portfolio results in the United States – our largest market – which reported sales of £7.7 billion, up 15 per cent. New products – those In 2000 we invested £2.5 billion in R&D. That, and our previous launched in a major market within the last five years – investment in key technologies – now fully integrated into our contributed £2.6 billion of sales, represent 17 per cent of our business – have yielded a formidable early stage pipeline of total pharmaceutical sales, and grew at 60 per cent in 2000. promising compounds that offer great hope for better medicines against diseases such as cancer, obesity, diabetes and heart disease. The business climate in Europe remains demanding but our growth there of six per cent in 2000 was broadly in line with the market. We have also radically redesigned our R&D organisation to achieve In the rest of the world, sales grew by eight per cent reflecting the benefits of scale without sacrificing the advantages of a small, double-digit growth in Asia Pacific, the Middle East and Africa flexible working environment. The strong link between research and Canada. Zeffix and Paxil were launched in Japan in late 2000 and commercial operations built into the new structure will also and both products are off to a strong start. enable us to maximise the value of our medicines through excellence in product commercialisation – another key driver of our business. Our Consumer Healthcare business performance was affected by As a current market leader in four of the five top therapeutic competition in the smoking cessation area. We are confident that areas – central nervous system (CNS), respiratory, metabolic/gastro- the business performance will improve in 2001 and we will also be intestinal (GI) and anti-infectives – we are in a strong position to realising the benefits from our acquisition of Block Drug, completed achieve that goal. in January 2001. Block Drug, with sales in more than 100 countries, adds approximately £600 million to GlaxoSmithKline’s Consumer CNS is our largest product sales category, led by Seroxat/Paxil which Healthcare business and some well-known brands such as became number one in the US selective serotonin reuptake inhibitor Sensodyne. market for new retail prescriptions in 2000. We expect to expand its value in 2001 from approvals to market the product to treat general Our vaccines business continues to do well with double-digit anxiety disorder and post traumatic stress disorder. growth (11 per cent) resulting from new products such as our combination vaccine, Infanrix, which grew by 47 per cent. In respiratory, Flixotide/Flovent remains the world’s leading asthma Continued strength in the near term is expected to be driven by our medicine. Seretide has enjoyed strong launches in Europe and will new vaccines, including the launch in 2001 of five new vaccines. be launched in the USA as Advair in April 2001 where we have high hopes for its success. 04 GlaxoSmithKline Joint statement by the Chairman and the Chief Executive Officer We are also the industry leaders in medicines that treat HIV/AIDS As the world leader in the discovery and development of medicines with Combivir and Ziagen both growing well. In December 2000, that effectively treat HIV/AIDS, GlaxoSmithKline is determined to we launched the first triple combination medicine to fight play its full part in dealing with this desperate humanitarian crisis HIV/AIDS – Trizivir – in the USA and will be launching it across which is blighting and destroying the lives of so many millions of Europe in 2001.
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