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Annual Report 2018 Worldreginfo - B9a893fd-6Aeb-4Cd2-Bb83-16693Ba824a1 GSK Annual Report 2018 Annual Report 2018 WorldReginfo - b9a893fd-6aeb-4cd2-bb83-16693ba824a1 GSK Annual Report 2018 Contents Strategic report Corporate Governance Financial statements GSK at a glance 01 Chairman’s Governance statement 66 Directors’ statement of Chairman’s statement 02 Our Board 68 responsibilities 126 CEO’s statement 03 Our Corporate Executive Team 71 Independent Auditor’s report 128 Financial performance 04 Leadership and effectiveness 72 Financial statements 140 Our long-term priorities 07 Nominations Committee report 77 Notes to the financial statements 144 Key performance indicators 08 Accountability 79 Financial statements of Industry trends 09 Audit & Risk Committee report 79 GlaxoSmithKline plc prepared Stakeholder engagement 11 Relations with stakeholders 89 under UK GAAP 219 Our business model 12 Science Committee report 91 Pharmaceuticals 13 Corporate Responsibility Investor information Vaccines 18 Committee report 92 Quarterly trend 224 Consumer Healthcare 21 Five-year record 229 Trust 24 Remuneration report Product development pipeline 235 Risk management 34 Chairman’s annual statement 96 Product, competition and Group financial review 37 Annual report on remuneration 98 intellectual property 238 2017 Remuneration policy summary 120 Principal risks and uncertainties 241 Share capital and share price 251 Dividends 253 Financial calendar 253 Annual General Meeting 2019 254 Tax information for shareholders 254 Shareholder services and contacts 256 Cautionary statement US law and regulation 258 See the inside back cover of this document for the cautionary statement Group companies 260 regarding forward-looking statements. Glossary of terms 271 Non-financial information statement The following aligns to the non-financial reporting requirements contained in sections 414CA and 414CB of the Companies Act 2006. Description of the business model Human rights Policy, due diligence and outcomes GSK at glance 01 Human rights 31 Summary of our principal risks 34 Our business model 12 Data and engagement 31 Principal risks and uncertainties 241 Social matters Third parties 31 Viability statement 44 Anti-corruption and bribery Audit & Risk Committee report 79 Global health 25 Our policies Health security 26 Living our values and expectations 30 Affordability and availability 26 Reporting and investigating concerns 30 All of our public policies, codes and standards Employees Anti-bribery and corruption 30 are available on gsk.com Environmental matters Employee engagement 28 Diversity 28 Carbon, water and waste 32 Wellbeing and development 29 Gender pay gap 28 Living our values and expectations 30 Board diversity 28 Non-IFRS measures We use a number of adjusted, non-IFRS, measures to report the performance of our business. Total reported results represent the Group's overall performance under IFRS. Adjusted results and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. Adjusted results and other non-IFRS measures are defined on pages 40 to 42 and reconciliations to the nearest IFRS measures are on pages 51 and 56. We believe that Adjusted results, when considered together with Total results, provide investors, analysts and other stakeholders with helpful complementary information to understand better the financial performance and position of the Group from period to period, and allow the Group's performance to be more easily compared against the majority of its peer companies. These measures are also used by management for planning and reporting purposes. They may not be directly comparable with similarly described measures used by other companies. WorldReginfo - b9a893fd-6aeb-4cd2-bb83-16693ba824a1 01 GSK Annual Report 2018 Strategic report Governance and remuneration Financial statements Investor information GSK at a glance We are a science-led global healthcare company. Our purpose is to help people do more, feel better, live longer. We have three global businesses that discover, develop Our strategy is to bring differentiated, high-quality and manufacture innovative pharmaceutical medicines, and needed healthcare products to as many people vaccines and consumer healthcare products. Every day, as possible, with our three global businesses, scientific millions of patients and consumers across the world use and technical know-how and talented people. our products. In 2018, we delivered around 2.3 billion We are a science-led healthcare company. In 2018, packs of medicine, 770 million vaccine doses and we invested £3.9 billion in R&D and announced a new 3.8 billion consumer healthcare products. approach to our R&D focusing on science related to In 2018, our turnover was £30.8 billion, up 2% at actual the immune system, human genetics and advanced exchange rates (AER), 5% at constant exchange rates technologies. (CER). The US is our largest single commercial market, Our three long-term priorities of Innovation, Performance representing 39% of revenue, followed by International and Trust are designed to create long-term value for at 35% and Europe at 26%. patients, consumers and shareholders. Our values – Our 95,490 employees across the world are driven patient focus, transparency, respect and integrity – by our purpose and our goal to become one of the and our expectations – courage, accountability, world’s most innovative, best-performing and trusted development and teamwork – define our culture. healthcare companies. Pharmaceuticals Vaccines Consumer Healthcare Our Pharmaceuticals business We are the leading Vaccines company Our Consumer Healthcare business has a broad portfolio of innovative in the world, delivering over 2 million develops and markets a portfolio and established medicines, with vaccine doses every day to people of globally recognised consumer- leadership positions in respiratory living in 158 countries. Our portfolio preferred and expert-recommended and HIV. We are strengthening and pipeline help protect individuals brands in the oral health, pain relief, our pipeline through a focus on throughout their lives. We have respiratory, skin health, nutrition and immunology, human genetics and recently introduced breakthrough digestive health categories. These advanced technologies to help vaccines Shingrix for shingles and category-leading brands include us identify the most promising Bexsero, the first vaccine for Sensodyne, parodontax, Poligrip, new medicines. meningitis B. Voltaren, Panadol, Otrivin and Theraflu. Read more on page 13 Read more on page 18 Read more on page 21 Turnover £m Turnover £m Turnover £m Respiratory 6,928 Meningitis 881 Wellness 3,940 HIV 4,722 Shingles 784 Oral health 2,496 Immuno-inflammation 472 Influenza 523 Nutrition 643 Established Pharmaceuticals 5,147 Established Vaccines 3,706 Skin health 579 Total 17,269 Total 5,894 Total 7,658 WorldReginfo - b9a893fd-6aeb-4cd2-bb83-16693ba824a1 02 GSK Annual Report 2018 Chairman’s statement I am pleased to report that 2018 was a year of good financial performance for GSK with improvements in sales, earnings and, particularly, cash flow generation. The delivery against operating targets was excellent, with notably successful launches of new products. It was also a year in which the strategic shape of GSK in the coming years has been redefined. Research & development Capital allocation Success in R&D will always be fundamental to shareholder returns. Improving GSK’s pipeline of new medicines remains the first priority A renewed focus on R&D was set out by Emma Walmsley when she for investment. We also continue to invest behind key products, became CEO in 2017, and a new plan to improve the pipeline of new including increasing the manufacturing capacity of Shingrix, medicines has now been launched by Dr Hal Barron, our new Chief GSK’s very successful new vaccine to help prevent shingles. Scientific Officer. Dividend payments form part of the Group’s capital allocation Progress is most evident in oncology, with some promising assets framework and the Board recognises the importance of dividends in our own laboratories. We have also acquired Tesaro, an oncology to shareholders. Total dividends of 80p per share were paid in 2018 focused biotechnology company based in Boston, which has and for the first time in several years the cash flow has covered the a marketed oncology product and several pipeline assets with dividend payments. The same level of dividend is expected in 2019. development potential. Even more recently, we have proposed Cash generation should remain a key focus given the marked an alliance with Merck KGaA, Darmstadt, Germany to develop increase in net debt, most of which arose from taking full control a promising new oncology medicine. of the Consumer Healthcare business. Through the Board Science Committee, the Directors continue Financial reporting to engage closely with the executives on the actions being taken to improve scientific innovation. A focus on world-class innovation I have noted before that commercial structures and reporting is essential to drive long-term value for investors. requirements sometimes lead to more complexity in reporting than we would like. We continue to evolve our financial reporting Future direction and over the course of 2018 we made further changes to give In addition to increasing investment in Pharmaceuticals, we also greater prominence to Total results, which represent the Group’s took steps to strengthen the Consumer Healthcare business in 2018. overall performance experienced by shareholders. The
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