GlaxoSmithKline PLC Consumer Healthcare product sales category changes (1039I)
30 Marzo 2020 - 9:06AM
UK Regulatory
TIDMGSK
RNS Number : 1039I
GlaxoSmithKline PLC
30 March 2020
Issued: 30 March 2020, London, UK - LSE Announcement
GSK publishes Consumer Healthcare product sales category reporting
changes
GSK keeps its financial reporting under regular review to ensure
that it remains current and in line with both the latest regulatory
requirements and developing best practice within the Pharmaceutical
industry.
Consumer Healthcare product sales categories updated
Following the closing of the transaction that combined the assets
of the legacy GSK Consumer Healthcare business with Pfizer consumer
healthcare on 31 July 2019, GSK completed a review of the segment
sales disclosures applicable to the new Consumer Healthcare Joint
Venture business. A revised and more detailed disclosure of category
sales will provide greater transparency to the main drivers of the
Consumer Healthcare Joint Venture's performance.
Previously reported Nutrition and Skin health categories will no
longer be used as a result of GSK's focus in the portfolio on core
categories via targeted divestments. Nutrition, Skin health and
the category previously called "Wellness" will be replaced by four
more specific categories structured around GSK's global power brand
1 portfolio and closely aligned to consumer healthcare industry
standard definitions:
* Oral health (unchanged) includes the power brands
Sensodyne, Parodontax and the Denture care franchise
comprising approximately 85% 2 of category sales. GSK
leads the therapeutic Oral health segment globally 3
.
* Pain relief includes the power brands Voltaren,
Panadol and Advil comprising 86% 2 of category sales
with an additional 11% of sales from leading regional
brands ('local stars'). GSK holds the global #1
position in this category 4 .
* Respiratory health includes cold & flu, allergy and
cough brands. Combined power brands (Theraflu and
Otrivin) and 'local star' brands comprise over 70% 2
of category sales. GSK holds the global #1 position
in this category 4 .
* Vitamins, minerals and supplements includes power
brand Centrum and 'local stars' Caltrate and
Emergen-C as well as smaller brands that were
previously reported in the Nutrition category. Power
brands and 'local stars' comprise over 70% 2 of
category sales and GSK holds the global #1 position
in this category 4 .
* Digestive health and other includes 'local star'
Digestive health brands Tums, Nexium and Eno; the OTC
Smokers' health franchise; small dermatology brands
previously reported in Skin health; and any other
products not reported elsewhere.
* Brands divested and under review includes those
brands that have been divested but remain in the
comparative sales disclosures for 2019 and earlier
years; previously announced divestments including the
sale of the Horlicks and other family nutrition
brands in India and certain other markets to
Hindustan Unilever Ltd; and brands under review as
part of the divestment programme announced at the
time of the formation of the joint venture with
Pfizer.
The revised Consumer Healthcare turnover tables below set out the
new format for reporting Consumer Healthcare product sales that
will be used beginning with the Q1 2020 Results Announcement and
applied to the 2019 reported and pro forma Consumer Healthcare product
sales.
An Excel version of this data is available on www.gsk.com .
___________________________________________________________________________
1 GSK Consumer Healthcare has a portfolio of nine global power brands
and fifteen leading regional ('local star') brands comprising over
70% 2 of total sales excluding brands divested and under review.
2 Percentages are estimated based on 2019 sales of legacy GSK and
Pfizer consumer healthcare brands.
3 GSK analysis based on Nielsen, IRI and Euromonitor data.
4 Nicholas Hall's DB6 Consumer Healthcare database 2018.
GSK - one of the world's leading research-based pharmaceutical and healthcare
companies - is committed to improving the quality of human life by enabling
people to do more, feel better and live longer. For further information please
visit www.gsk.com
Analyst/Investor enquiries: Sarah Elton-Farr +44 (0) 20 8047 (London)
5194
James Dodwell +44 (0) 20 8047 (London)
2406
Danielle Smith +44 (0) 20 8047 (London)
7562
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Brand names
Brand names appearing in italics throughout this document are trademarks
of GSK or associated companies or used under licence by the Group.
This Announcement does not constitute statutory accounts of the
Group within the meaning of sections 434(3) and 435(3) of the Companies
Act 2006. The information for 2019 and 2018 has been derived from
the full Group accounts published in the Annual Report 2019.
CER growth
In order to illustrate underlying performance, it is the Group's
practice to discuss its results in terms of constant exchange rate
(CER) growth. This represents growth calculated as if the exchange
rates used to determine the results of overseas companies in Sterling
had remained unchanged from those used in the comparative period.
Pro-forma growth
The acquisition of the Pfizer consumer healthcare business completed
on 31 July 2019 and so GSK's reported results for 2019 include five
months of results of the former Pfizer consumer healthcare business
from 1 August 2019.
The Group has presented pro-forma growth rates at CER for turnover
taking account of this transaction. Pro-forma growth rates are calculated
for comparing reported results for the periods from 1 August 2019,
calculated applying the exchange rates used in the comparative period,
with the results for periods from 1 August 2018 adjusted to include
the equivalent results of the former Pfizer consumer healthcare
business during 2018, as consolidated (in US$) and included in Pfizer's
US GAAP results.
Cautionary statement regarding pro-forma growth rates
The pro-forma growth rates at CER in the press release have been
provided to illustrate the position in Q3 2019, nine months 2019,
Q4 2019 and year-ended 31 December 2019 relative to the position
in Q3 2018, nine months 2018, Q4 2018 and year-ended 31 December
2018 as if, for the purposes of the Q3 2018, nine months 2018, Q4
2018 and year-ended 31 December 2018, the acquisition of the Pfizer
consumer healthcare business had taken place as at 31 July 2018.
Accordingly, two months of results of the former Pfizer consumer
healthcare business were included in Q3 2018 and nine months 2018,
three months of results of the Pfizer consumer healthcare business
were included in Q4 2018 and five months of results of the former
Pfizer consumer healthcare business were included in the year-ended
31 December 2018. The results of the former Pfizer consumer healthcare
business included for Q3 2018, nine months 2018, Q4 2018 and year-ended
31 December 2018 are as consolidated (in US$) and included in Pfizer's
US GAAP results. The results for Q3 2019, nine months 2019, Q4 2019
and the year-ended 31 December 2019 used to calculate the pro-forma
growth rates are as reported at CER.
The pro forma growth rates have been provided for illustrative purposes
only and, by their nature, address a hypothetical situation and
therefore do not represent the Group's actual growth rates. The
pro-forma growth rates do not purport to represent what the Group's
results of operations would have actually been if the Pfizer acquisition
had been completed on the date indicated, nor do they purport to
represent the results of operations at any future date. In addition,
the pro-forma growth rates do not reflect the effect of anticipated
synergies and efficiencies or accounting and reporting differences
associated with the acquisition of the Pfizer consumer healthcare
business.
Registered in England & Wales:
No. 3888792
Registered Office:
980 Great West Road
Brentford, Middlesex
TW8 9GS
Revised format for reporting Consumer Healthcare product sales
The revised format for the reporting of Consumer Healthcare product
sales applied to the 2019 quarterly and 2018 full year Consumer Healthcare
sales is as follows:
Consumer Healthcare turnover - year ended 31 December 2019
2019
--------------------------------------
Reported Pro-forma
Growth Growth Growth
------
GBPm GBP% CER% CER%
------ ------- --------- ----------
Oral health 2,673 7 7 7
Pain relief 1,781 24 24 4
Respiratory health 1,186 9 8 (2)
Vitamins, minerals and supplements 611 >100 >100 (3)
Digestive health and other 1,646 15 13 -
7,897 20 20 3
Brands divested and under review 1,098 - (1) (4)
8,995 17 17 2
Consumer Healthcare turnover - three months ended 31 December
2019
Q4 2019
--------------------------------------
Reported Pro-forma
Growth Growth Growth
------
GBPm GBP% CER% CER%
------ ------- --------- ----------
Oral health 651 4 7 7
Pain relief 501 42 45 2
Respiratory health 354 21 22 (3)
Vitamins, minerals and supplements 332 >100 >100 (7)
Digestive health and other 473 35 38 2
2,311 41 43 1
Brands divested and under review 260 (3) - (10)
2,571 35 37 -
Consumer Healthcare turnover - nine months ended 30 September 2019
9 months 2019
--------------------------------------
Reported Pro-forma
Growth Growth Growth
------
GBPm GBP% CER% CER%
------ ------- --------- ----------
Oral health 2,022 8 6 6
Pain relief 1,280 18 17 5
Respiratory health 832 5 3 (2)
Vitamins, minerals and supplements 279 >100 >100 2
Digestive health and other 1,173 8 5 (1)
5,586 14 12 3
Brands divested and under review 838 1 (1) (3)
6,424 12 10 2
Consumer Healthcare turnover - three months ended 30 September
2019
Q3 2019
--------------------------------------
Reported Pro-forma
Growth Growth Growth
------
GBPm GBP% CER% CER%
------ ------- --------- ----------
Oral health 709 14 10 10
Pain relief 526 43 40 6
Respiratory health 344 15 12 (1)
Vitamins, minerals and supplements 224 >100 >100 2
Digestive health and other 425 20 15 (3)
2,228 33 29 4
Brands divested and under review 298 8 3 (3)
2,526 30 25 3
Consumer Healthcare turnover - six months ended 30 June 2019
6 months 2019
----------------------------
Reported
Growth Growth
------
GBPm GBP% CER%
------ ------- ---------
Oral health 1,313 5 5
Pain relief 754 5 5
Respiratory health 488 (1) (3)
Vitamins, minerals and supplements 55 2 4
Digestive health and other 748 2 1
3,358 3 3
Brands divested and under review 540 (2) (3)
3,898 2 2
Consumer Healthcare turnover - three months ended 30 June
2019
Q2 2019
----------------------------
Reported
Growth Growth
------
GBPm GBP% CER%
------ ------- ---------
Oral health 651 7 5
Pain relief 383 11 10
Respiratory health 197 4 2
Vitamins, minerals and supplements 29 7 11
Digestive health and other 398 4 2
1,658 7 5
Brands divested and under review 259 (5) (7)
1,917 5 4
Consumer Healthcare turnover - three months ended 31 March 2019
3 months 2019
----------------------------
Reported
Growth Growth
------
GBPm GBP% CER%
------ ------- ---------
Oral health 662 4 4
Pain relief 371 (1) -
Respiratory health 291 (5) (5)
Vitamins, minerals and supplements 26 (4) (4)
Digestive health and other 350 - -
1,700 - -
Brands divested and under review 281 - 1
1,981 - 1
Consumer Healthcare turnover - twelve months ended 31 December
2018
2018
------
GBPm
------
Oral health 2,496
Pain relief 1,440
Respiratory health 1,085
Vitamins, minerals and supplements 103
Digestive health and other 1,435
6,559
Brands divested and under review 1,099
7,658
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END
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