TIDMGSK
RNS Number : 3811U
GlaxoSmithKline PLC
28 March 2019
28 March 2019, London, U.K.
GSK publishes product sales reporting changes and the impact of
IFRS 16 'Leases'
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.
Respiratory category for reported sales to be updated
Following the approval of a generic alternative to Advair in the
US, GSK has reviewed the presentation of its respiratory product
sales and will report the Ellipta products portfolio and Nucala
under the "Respiratory" category and all other respiratory products
under "Established Pharmaceuticals" (disclosed separately as an
Established Respiratory section) with effect from the first quarter
2019 Results Announcement. This reflects the different stages of
the product life-cycle of the various respiratory products and ensures
consistency of reporting for the sales of products with similar
levels of strategic focus.
The revised Pharmaceutical turnover tables below set out the revised
format for reporting Pharmaceutical product sales that will be used
from the first quarter 2019 results, as applied to the 2018 reported
Pharmaceutical product sales.
New accounting requirements - IFRS 16 "Leases"
IFRS 16 "Leases" was issued in January 2016 and has been implemented
by the Group from 1 January 2019. The Standard replaces IAS 17 "Leases"
and will require lease liabilities and 'right of use' assets to
be recognised on the balance sheet for almost all leases. This has
resulted in a significant increase in both assets and liabilities
recognised. The costs of operating leases previously included within
operating costs will be split and the financing element of the charge
will be reported within finance expense.
GSK has implemented IFRS 16 by applying the modified retrospective
approach. For larger leases, the right of use asset at 1 January
2019 has been calculated based on the original lease inception date
and for smaller leases the right of use asset has been set equal
to the lease liability, adjusted for any prepaid or accrued lease
payments, onerous lease provisions and business combination fair
value adjustments.
The table overleaf shows the amount of adjustment for each financial
statement line item affected by the application of IFRS 16 at 1
January 2019.
As previously IFRS 16
reported adjustments As adjusted
GBPm GBPm GBPm
------------------------------- -------------- ------------- ------------
Property, plant and equipment 11,058 (98) 10,960
Right of use assets - 1,071 1,071
Other non-current assets 1,576 (11) 1,565
Trade and other receivables 6,423 3 6,426
Deferred tax assets 3,887 39 3,926
Short-term borrowings (5,793) (229) (6,022)
Long-term borrowings (20,271) (1,074) (21,345)
Trade and other payables (14,037) 10 (14,027)
Current and non-current
provisions (1,423) 35 (1,388)
Other non-current liabilities (938) 160 (778)
Deferred tax liabilities (1,156) 1 (1,155)
------------------------------- -------------- ------------- ------------
Total effect on net assets 3,672 (93) 3,579
Retained earnings (2,137) (93) (2,230)
------------------------------- -------------- ------------- ------------
Total effect on equity 3,672 (93) 3,579
------------------------------- -------------- ------------- ------------
The adoption of IFRS 16 will have no impact on overall cash
flows for the Group although the presentation of the lease payments
in the cash flow statement will change resulting in an increase to
the net cash inflow from operating activities, and hence free cash
flow, and a corresponding increase in the net cash outflow from
financing items (split between interest paid and net repayment of
obligations under finance leases).
The IFRS 16 impact tables below set out, on a pro forma basis, the
impact of IFRS 16 on the Total and Adjusted results for the quarters
of 2018 assuming the same transition adjustments were made as at
1 January 2018 instead of 1 January 2019. The impact of the change
would have been to increase the operating profit on a Total basis
by GBP18 million and on an Adjusted basis by GBP23 million in 2018
and to increase the net finance expense by GBP28 million on a Total
basis and GBP30 million on an Adjusted basis.
The impact of IFRS 16 for the full years 2019 and 2020 is expected
to be at a similar level to 2018, and so this change is not expected
to affect the Group's previously announced guidance related to its
expectations for Adjusted EPS growth in CER terms for 2019 or the
Group's medium-term outlook for Adjusted EPS growth in CER terms
for the five year period 2016-2020.
An Excel version of this data is available on www.gsk.com.
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)
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 2018 has been derived from the full
Group accounts published in the Annual Report 2018.
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.
Assumptions related to 2019 guidance and 2016-2020 outlook
In outlining the expectations for 2019 and the five-year period 2016-2020, the
Group has made certain assumptions about the healthcare sector, the different
markets in which the Group operates and the delivery of revenues and financial
benefits from its current portfolio, pipeline and restructuring programmes.
For the Group specifically, over the period to 2020, GSK expects further declines
in sales of Seretide/Advair. The introduction of a generic alternative to Advair
in the US has been factored into the Group's assessment of its future performance.
The Group assumes no premature loss of exclusivity for other key products over
the period.
The assumptions for the Group's revenue, earnings and dividend expectations
assume no material interruptions to supply of the Group's products, no material
mergers, acquisitions or disposals, except for the acquisition of Tesaro, the
proposed divestment of Horlicks and other Consumer Healthcare products to Unilever
and the proposed formation of a new Consumer Healthcare Joint Venture with Pfizer,
all announced in December 2018, no material litigation or investigation costs
for the Company (save for those that are already recognised or for which provisions
have been made), no share repurchases by the Company, and no change in the Group's
shareholdings in ViiV Healthcare. The assumptions also assume no material changes
in the macro-economic and healthcare environment. The 2019 guidance and 2016-2020
outlook have factored in all divestments and product exits since 2015, including
the divestment and exit of more than 130 non-core tail brands (GBP0.5 billion
in annual sales) as announced on 26 July 2017 and the product divestments planned
in connection with the proposed Consumer Healthcare transaction with Pfizer.
The Group's expectations assume successful delivery of the Group's integration
and restructuring plans over the period 2016-2020, including the extension and
enhancement to the combined programme announced on 26 July 2017 as well as the
new major restructuring plan announced on 25 July 2018.
They also assume that the proposed Consumer Healthcare nutrition disposal closes
by the end of 2019 and the proposed Consumer Healthcare Joint Venture with Pfizer
closes during H2 2019 and that the integration and investment programmes following
the Tesaro acquisition and the proposed Consumer Healthcare Joint Venture with
Pfizer over this period are delivered successfully.
Material costs for investment in new product launches and R&D have been factored
into the expectations given. Given the potential development options in the
Group's pipeline, the outlook may be affected by additional data-driven R&D
investment decisions. The expectations are given on a constant currency basis
(2016-2020 outlook at 2015 CER).
Subject to material changes in the product mix, the Group's medium-term effective
tax rate is expected to be around 19% of Adjusted profits. This incorporates
management's best estimates of the impact of US tax reform on the Group based
on the information currently available. As more information on the detailed
application of the US Tax Cuts and Jobs Act becomes available, the assumptions
underlying these estimates could change with consequent adjustments to the charges
taken that could have a material impact on the results of the Group.
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 that 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 257-266 of the GSK 2018 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 report.
Registered in England & Wales:
No. 3888792
Registered Office:
980 Great West Road
Brentford, Middlesex
TW8 9GS
Revised format for reporting Pharmaceuticals product sales
The revised format for the reporting of Pharmaceutical product sales
applied to the 2018 Pharmaceutical sales is as follows:
Pharmaceuticals turnover - year ended 31 December 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 2,612 35 38 1,586 28 31 609 55 54 417 40 45
Ellipta products 2,049 29 32 1,245 24 27 457 42 41 347 33 38
Anoro Ellipta 476 39 42 318 36 39 101 46 45 57 46 54
Arnuity Ellipta 44 26 29 39 22 25 - - - 5 67 67
Incruse Ellipta 284 41 44 186 39 42 74 45 45 24 50 56
Relvar/Breo
Ellipta 1,089 8 10 581 (3) (1) 253 25 24 255 26 31
Trelegy Ellipta 156 >100 >100 121 >100 >100 29 >100 >100 6 - -
Nucala/Mepolizumab 563 64 66 341 44 48 152 >100 >100 70 84 89
HIV 4,722 9 11 2,913 8 10 1,194 7 6 615 14 20
Dolutegravir
products 4,420 14 16 2,830 11 13 1,091 18 17 499 28 35
Tivicay 1,639 17 19 1,036 12 15 377 20 18 226 37 47
Triumeq 2,648 8 9 1,670 2 5 706 17 15 272 21 25
Juluca 133 >100 >100 124 >100 >100 8 - - 1 - -
Epzicom/Kivexa 117 (50) (48) 7 (74) (74) 44 (61) (61) 66 (28) (24)
Selzentry 115 (10) (9) 58 (12) (11) 35 (17) (17) 22 10 15
Other 70 (41) (40) 18 (59) (59) 24 (35) (38) 28 (26) (21)
Immuno-inflammation 472 25 28 420 24 27 36 33 33 16 45 64
Benlysta 473 26 29 420 24 27 37 37 33 16 60 80
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 9,463 (11) (8) 2,534 (23) (21) 2,233 (9) (10) 4,696 (4) 1
Established
Respiratory 4,316 (15) (13) 1,782 (23) (21) 924 (13) (14) 1,610 (4) -
Seretide/Advair 2,422 (23) (21) 1,097 (32) (30) 599 (19) (20) 726 (7) (4)
Flixotide/Flovent 595 - 3 333 3 6 93 (2) (3) 169 (5) 1
Ventolin 737 (4) (1) 352 (7) (5) 130 (2) (2) 255 - 7
Avamys/Veramyst 300 7 10 - - - 74 (3) (4) 226 11 16
Other Respiratory 262 (9) (7) - - - 28 4 - 234 (9) (7)
Dermatology 435 (4) - 3 (57) (57) 161 (1) (2) 271 (5) 2
Augmentin 570 (3) 2 - - - 181 (1) (2) 389 (4) 3
Avodart 572 (7) (5) 12 (20) (20) 240 (19) (20) 320 6 11
Imigran/Imitrex 141 (16) (16) 58 (25) (23) 57 (12) (14) 26 - -
Lamictal 617 (5) (3) 310 (7) (5) 113 6 5 194 (8) (4)
Seroxat/Paxil 170 (8) (5) - - - 39 - - 131 (10) (7)
Valtrex 123 (4) (1) 21 5 5 30 3 3 72 (9) (4)
Other 2,519 (6) (9) 348 (34) (32) 488 (3) (4) 1,683 (4) 1
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 17,269 - 2 7,453 (2) 1 4,072 2 1 5,744 - 5
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pharmaceuticals turnover - three months ended 31 December 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 827 38 34 520 32 27 179 58 57 128 36 35
Ellipta products 654 36 33 413 33 28 135 52 51 106 33 31
Anoro Ellipta 144 32 28 98 27 21 29 45 45 17 42 50
Arnuity Ellipta 13 8 - 11 10 10 - - - 2 - (50)
Incruse Ellipta 87 43 38 60 46 39 20 33 33 7 40 40
Relvar/Breo
Ellipta 333 13 9 186 3 (2) 71 31 28 76 25 26
Trelegy Ellipta 77 >100 >100 58 >100 >100 15 >100 >100 4 - -
Nucala/Mepolizumab 173 43 38 107 29 23 44 83 79 22 57 57
HIV 1,276 10 6 786 10 3 317 9 7 173 15 18
Dolutegravir
products 1,205 14 9 766 11 5 291 15 13 148 28 29
Tivicay 452 14 10 281 10 3 104 20 18 67 24 28
Triumeq 691 5 1 429 - (6) 182 10 8 80 29 29
Juluca 62 >100 >100 56 >100 >100 5 - - 1 - -
Epzicom/Kivexa 30 (29) (31) 4 - (25) 11 (35) (35) 15 (29) (29)
Selzentry 31 3 (3) 16 - (13) 9 (10) (10) 6 50 50
Other 10 (63) (52) - - - 6 (50) (50) 4 (56) (33)
Immuno-inflammation 136 40 34 121 39 31 10 43 43 5 67 >100
Benlysta 138 42 34 121 39 31 10 43 43 7 >100 >100
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 2,571 (4) (5) 692 (17) (22) 604 (3) (4) 1,275 4 6
Established
Respiratory 1,164 (10) (12) 503 (18) (23) 236 (12) (13) 425 3 4
Seretide/Advair 647 (18) (20) 299 (27) (31) 150 (18) (20) 198 1 2
Flixotide/Flovent 166 2 - 94 3 (2) 26 - (4) 46 2 7
Ventolin 215 - (1) 110 (1) (6) 36 - (3) 69 1 7
Avamys/Veramyst 73 12 12 - - - 17 - - 56 17 17
Other Respiratory 63 (5) (5) - - - 7 17 33 56 (2) (4)
Dermatology 115 (1) 2 1 (80) (80) 43 8 5 71 - 6
Augmentin 146 2 3 - - - 49 7 7 97 - 2
Avodart 149 - (1) 3 - (67) 60 (6) (8) 86 5 7
Imigran/Imitrex 40 11 8 19 27 27 14 (7) (13) 7 17 17
Lamictal 159 (5) (8) 83 (2) (9) 30 15 15 46 (19) (18)
Seroxat/Paxil 46 (2) (4) - - - 10 - - 36 (3) (5)
Valtrex 33 6 6 7 75 50 7 17 17 19 (10) (5)
Other 719 3 3 76 (33) (34) 155 5 3 488 11 13
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 4,810 6 4 2,119 4 (1) 1,110 7 6 1,581 7 9
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pharmaceuticals turnover - nine months ended 30 September 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 1,785 34 40 1,066 26 33 430 54 53 289 42 50
Ellipta products 1,395 26 31 832 20 27 322 38 37 241 34 42
Anoro Ellipta 332 42 48 220 40 48 72 47 45 40 48 56
Arnuity Ellipta 31 35 43 28 27 32 - - - 3 >100 >100
Incruse Ellipta 197 41 46 126 35 43 54 50 50 17 55 64
Relvar/Breo
Ellipta 756 6 11 395 (6) (1) 182 23 22 179 27 33
Trelegy Ellipta 79 - - 63 - - 14 - - 2 - -
Nucala/Mepolizumab 390 75 81 234 53 61 108 >100 >100 48 100 >100
HIV 3,446 8 12 2,127 7 13 877 7 6 442 14 21
Dolutegravir
products 3,215 14 19 2,064 10 16 800 20 19 351 29 37
Tivicay 1,187 18 23 755 13 19 273 20 18 159 43 56
Triumeq 1,957 8 12 1,241 3 9 524 19 18 192 19 24
Juluca 71 - - 68 - - 3 - - - - -
Epzicom/Kivexa 87 (54) (52) 3 (87) (83) 33 (66) (66) 51 (28) (23)
Selzentry 84 (14) (10) 42 (16) (10) 26 (19) (19) 16 - 6
Other 60 (35) (37) 18 (53) (53) 18 (28) (32) 24 (17) (17)
Immuno-inflammation 336 20 26 299 19 25 26 30 30 11 37 50
Benlysta 335 21 27 299 19 25 27 35 30 9 29 71
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 6,892 (13) (9) 1,842 (25) (21) 1,629 (11) (12) 3,421 (6) -
Established
Respiratory 3,152 (16) (13) 1,279 (25) (21) 688 (14) (15) 1,185 (6) (1)
Seretide/Advair 1,775 (24) (21) 798 (34) (30) 449 (19) (20) 528 (10) (5)
Flixotide/Flovent 429 (1) 4 239 3 9 67 (3) (3) 123 (8) (2)
Ventolin 522 (5) - 242 (10) (5) 94 (2) (2) 186 (1) 7
Avamys/Veramyst 227 5 9 - - - 57 (3) (5) 170 9 15
Other Respiratory 199 (10) (8) - - - 21 - (10) 178 (11) (7)
Dermatology 320 (6) (1) 2 - - 118 (3) (4) 200 (7) 1
Augmentin 424 (5) 1 - - - 132 (3) (4) 292 (5) 3
Avodart 423 (9) (6) 9 (25) (8) 180 (23) (24) 234 7 12
Imigran/Imitrex 101 (23) (23) 39 (37) (35) 43 (14) (14) 19 (5) (5)
Lamictal 458 (5) (1) 227 (8) (3) 83 2 1 148 (4) 1
Seroxat/Paxil 124 (9) (6) - - - 29 - - 95 (12) (7)
Valtrex 90 (7) (3) 14 (12) (6) 23 - - 53 (9) (3)
Other 1,800 (13) (9) 272 (34) (31) 333 (6) (7) 1,195 (8) (3)
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 12,459 (2) 2 5,334 (4) 2 2,962 1 (1) 4,163 (2) 4
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pharmaceuticals turnover - three months ended 30 September 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 645 39 40 395 36 37 151 51 50 99 34 39
Ellipta products 500 34 35 308 34 36 110 37 36 82 28 33
Anoro Ellipta 115 34 34 77 33 34 24 33 33 14 40 30
Arnuity Ellipta 10 43 43 9 50 50 - - - 1 - -
Incruse Ellipta 75 34 38 51 31 33 18 38 38 6 50 75
Relvar/Breo
Ellipta 258 15 16 139 9 11 59 20 20 60 22 24
Trelegy Ellipta 42 - - 32 - - 9 - - 1 - -
Nucala/Mepolizumab 145 59 62 87 43 44 41 >100 >100 17 70 80
HIV 1,209 11 12 754 11 12 290 2 1 165 27 34
Dolutegravir
products 1,138 16 17 733 13 14 267 12 11 138 42 51
Tivicay 432 19 21 271 11 12 93 16 15 68 70 85
Triumeq 669 8 9 427 5 6 172 9 8 70 23 26
Juluca 37 - - 35 - - 2 - - - - -
Epzicom/Kivexa 24 (51) (47) 1 (50) - 9 (65) (65) 14 (33) (29)
Selzentry 26 (16) (13) 14 (18) (18) 8 (27) (27) 4 33 67
Other 21 (30) (37) 6 (54) (54) 6 (25) (37) 9 - (11)
Immuno-inflammation 122 28 29 108 27 28 9 29 29 5 67 67
Benlysta 121 29 31 108 27 29 10 43 29 3 50 100
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 2,245 (11) (9) 636 (18) (17) 501 (10) (11) 1,108 (8) (4)
Established
Respiratory 1,021 (11) (9) 451 (14) (13) 200 (15) (15) 370 (5) (1)
Seretide/Advair 619 (17) (15) 309 (20) (19) 132 (20) (20) 178 (7) (2)
Flixotide/Flovent 117 (6) (6) 59 (9) (11) 19 6 6 39 (7) (2)
Ventolin 172 8 12 83 26 29 29 (6) (3) 60 (3) 2
Avamys/Veramyst 60 - 2 - - - 15 - (7) 45 5 9
Other Respiratory 53 (10) (10) - - - 5 (17) (33) 48 (8) (4)
Dermatology 109 (5) - 1 (50) (50) 40 - - 68 (7) 1
Augmentin 133 (10) (5) - - - 40 (2) (2) 93 (13) (7)
Avodart 144 - 1 3 - 33 59 (11) (12) 82 9 12
Imigran/Imitrex 33 (13) (13) 13 (19) (19) 13 (19) (19) 7 17 17
Lamictal 148 (11) (10) 74 (14) (13) 30 11 11 44 (19) (17)
Seroxat/Paxil 42 (9) (4) - - - 9 (10) - 33 (8) (6)
Valtrex 32 (6) (3) 6 (14) (14) 8 - - 18 (5) -
Other 583 (16) (14) 88 (36) (37) 102 (11) (12) 393 (12) (8)
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 4,221 1 3 1,893 3 4 951 1 - 1,377 (3) 2
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pharmaceuticals turnover - six months ended 30 June 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 1,140 32 39 671 21 30 279 56 54 190 46 55
Ellipta products 895 22 29 524 13 22 212 39 37 159 37 47
Anoro Ellipta 217 48 56 143 44 56 48 55 52 26 53 71
Arnuity Ellipta 21 31 44 19 19 25 - - - 2 >100 >100
Incruse Ellipta 122 45 52 75 39 50 36 57 57 11 57 57
Relvar/Breo
Ellipta 498 3 8 256 (13) (6) 123 24 23 119 29 37
Trelegy Ellipta 37 - - 31 - - 5 - - 1 - -
Nucala/Mepolizumab 245 86 95 147 60 73 67 >100 >100 31 >100 >100
HIV 2,237 7 12 1,373 5 14 587 9 8 277 7 14
Dolutegravir
products 2,077 14 20 1,331 9 17 533 24 22 213 21 30
Tivicay 755 18 25 484 14 24 180 22 20 91 28 39
Triumeq 1,288 9 14 814 2 10 352 25 23 122 16 23
Juluca 34 - - 33 - - 1 - - - - -
Epzicom/Kivexa 63 (56) (54) 2 (90) (90) 24 (66) (66) 37 (26) (20)
Selzentry 58 (13) (9) 28 (15) (6) 18 (14) (14) 12 (8) (8)
Other 39 (37) (37) 12 (52) (56) 12 (29) (29) 15 (25) (20)
Immuno-inflammation 214 16 24 191 14 23 17 31 31 6 20 40
Benlysta 214 16 25 191 15 23 17 31 31 6 20 60
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 4,647 (14) (10) 1,206 (28) (23) 1,128 (11) (12) 2,313 (5) 1
Established
Respiratory 2,131 (19) (14) 828 (30) (24) 488 (13) (14) 815 (7) (1)
Seretide/Advair 1,156 (28) (24) 489 (40) (35) 317 (18) (19) 350 (12) (7)
Flixotide/Flovent 312 1 7 180 8 16 48 (6) (6) 84 (8) (1)
Ventolin 350 (11) (5) 159 (22) (16) 65 - (2) 126 1 10
Avamys/Veramyst 167 7 12 - - - 42 (5) (5) 125 11 18
Other Respiratory 146 (10) (7) - - - 16 7 - 130 (13) (9)
Dermatology 211 (6) (1) 1 - - 78 (5) (6) 132 (7) 1
Augmentin 291 (2) 4 - - - 92 (3) (5) 199 (1) 8
Avodart 279 (13) (10) 6 (33) (22) 121 (28) (28) 152 6 12
Imigran/Imitrex 68 (28) (27) 26 (43) (41) 30 (12) (12) 12 (14) (14)
Lamictal 310 (2) 4 153 (5) 2 53 (2) (4) 104 4 10
Seroxat/Paxil 82 (10) (7) - - - 20 5 - 62 (14) (8)
Valtrex 58 (8) (3) 8 (11) - 15 - - 35 (10) (5)
Other 1,217 (11) (7) 184 (33) (28) 231 (4) (5) 802 (7) -
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 8,238 (4) 1 3,441 (7) - 2,011 - (1) 2,786 (2) 5
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pharmaceuticals turnover - three months ended 30 June 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 650 31 37 405 21 28 145 53 53 100 47 59
Ellipta products 509 20 26 317 12 18 109 36 36 83 38 50
Anoro Ellipta 120 41 48 83 41 47 24 41 35 13 44 78
Arnuity Ellipta 10 25 38 9 13 13 - - - 1 - -
Incruse Ellipta 74 48 54 48 41 50 20 54 54 6 100 100
Relvar/Breo
Ellipta 279 (1) 4 156 (15) (10) 61 22 24 62 29 35
Trelegy Ellipta 26 - - 21 - - 4 - - 1 - -
Nucala/Mepolizumab 141 93 >100 88 76 86 36 >100 >100 17 >100 >100
HIV 1,189 7 11 744 7 13 288 3 4 157 11 16
Dolutegravir
products 1,113 13 18 727 10 16 263 16 17 123 24 31
Tivicay 407 20 25 256 15 21 92 18 19 59 51 62
Triumeq 682 5 9 448 2 7 170 15 16 64 7 12
Juluca 24 - - 23 - - 1 - - - - -
Epzicom/Kivexa 26 (59) (56) (1) >(100) >(100) 10 (69) (69) 17 (29) (21)
Selzentry 29 - - 13 - 8 9 (18) (18) 7 40 20
Other 21 (43) (46) 5 (55) (73) 6 (45) (45) 10 (31) (23)
Immuno-inflammation 114 23 29 102 23 30 9 29 29 3 - -
Benlysta 114 23 29 102 23 29 8 14 29 4 33 33
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 2,276 (14) (11) 620 (28) (25) 542 (11) (11) 1,114 (5) -
Established
Respiratory 1,046 (20) (17) 432 (32) (29) 234 (12) (12) 380 (6) (2)
Seretide/Advair 590 (30) (28) 260 (45) (43) 151 (17) (17) 179 (6) (2)
Flixotide/Flovent 154 6 12 94 21 27 21 (9) (4) 39 (11) (7)
Ventolin 170 (5) - 78 (9) (6) 31 3 3 61 (3) 6
Avamys/Veramyst 69 6 11 - - - 22 (4) - 47 9 14
Other Respiratory 63 (6) (10) - - - 9 29 - 54 (14) (17)
Dermatology 104 (6) (2) - - - 39 (5) (5) 65 (7) -
Augmentin 127 (10) (5) - - - 37 (12) (12) 90 (9) (2)
Avodart 138 (14) (11) 3 (25) (25) 57 (32) (32) 78 8 14
Imigran/Imitrex 36 (12) (12) 14 (13) (12) 15 (17) (17) 7 - -
Lamictal 164 10 13 82 14 19 27 (4) (7) 55 12 16
Seroxat/Paxil 42 (9) (9) - - - 10 - (10) 32 (11) (8)
Valtrex 30 (6) (3) 5 - - 8 - - 17 (11) (5)
Other 589 (12) (7) 84 (35) (34) 115 - 3 390 (8) (2)
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 4,229 (3) 1 1,871 (5) - 984 (1) (1) 1,374 (1) 4
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pharmaceuticals turnover - three months ended 31 March 2018
Total US Europe International
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
Growth Growth Growth Growth
----------------------- ----------------------- ----------------------- -----------------------
GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER% GBPm GBP% CER%
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Respiratory 490 34 42 266 20 34 134 60 56 90 45 52
Ellipta products 386 25 34 207 16 29 103 41 38 76 36 43
Anoro Ellipta 97 56 68 60 50 67 24 71 71 13 62 62
Arnuity Ellipta 11 37 50 10 25 37 - - - 1 >100 >100
Incruse Ellipta 48 41 50 27 35 50 16 60 60 5 25 25
Relvar/Breo
Ellipta 219 7 14 100 (10) 1 62 27 22 57 30 39
Trelegy Ellipta 11 - - 10 - - 1 - - - - -
Nucala/Mepolizumab 104 76 86 59 40 57 31 >100 >100 14 >100 >100
HIV 1,048 6 14 629 3 15 299 15 12 120 3 11
Dolutegravir
products 964 15 23 604 8 20 270 32 28 90 17 27
Tivicay 348 15 24 228 14 27 88 26 21 32 - 13
Triumeq 606 12 20 366 2 13 182 36 32 58 29 38
Juluca 10 - - 10 - - - - - - - -
Epzicom/Kivexa 37 (53) (52) 3 (79) (79) 14 (64) (64) 20 (23) (19)
Selzentry 29 (24) (16) 15 (25) (15) 9 (10) (10) 5 (37) (25)
Other 18 (30) (26) 7 (50) (43) 6 - - 5 (14) (14)
Immuno-inflammation 100 9 20 89 6 17 8 33 33 3 50 100
Benlysta 100 10 21 89 7 18 9 50 33 2 - >100
Oncology - - - - - - - - - - - -
Established
Pharmaceuticals 2,371 (14) (8) 586 (28) (21) 586 (11) (13) 1,199 (5) 2
Established
Respiratory 1,085 (18) (12) 396 (27) (20) 254 (15) (17) 435 (8) -
Seretide/Advair 566 (25) (20) 229 (32) (25) 166 (19) (21) 171 (17) (12)
Flixotide/Flovent 158 (4) 4 86 (3) 7 27 (4) (7) 45 (4) 4
Ventolin 180 (16) (9) 81 (31) (23) 34 (3) (6) 65 5 15
Avamys/Veramyst 98 8 13 - - - 20 (5) (10) 78 11 20
Other Respiratory 83 (13) (4) - - - 7 (12) - 76 (12) (2)
Dermatology 107 (5) - 1 >100 >100 39 (5) (7) 67 (7) 3
Augmentin 164 6 12 - - - 55 4 - 109 7 19
Avodart 141 (12) (9) 3 (40) (20) 64 (23) (24) 74 3 10
Imigran/Imitrex 32 (40) (38) 12 (60) (57) 15 (6) (6) 5 (29) (29)
Lamictal 146 (12) (5) 71 (20) (11) 26 - - 49 (4) 4
Seroxat/Paxil 40 (11) (4) - - - 10 11 11 30 (17) (8)
Valtrex 28 (10) (3) 3 (25) - 7 - - 18 (10) (5)
Other 628 (11) (6) 100 (31) (24) 116 (8) (12) 412 (6) 1
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Pharmaceuticals 4,009 (4) 2 1,570 (9) 1 1,027 2 (1) 1,412 (3) 5
-------- -------- -------- -------- ---------- -------- -------- --------- -------- -------- --------- --------
Pro forma IFRS 16 impact on 2018 total and adjusted income
statement
As stated above, GSK has implemented IFRS 16 by applying the
modified retrospective approach with an effective transition date
of 1 January 2019. As a result, the reported results for 2018 on
both a Total and Adjusted basis are not required to be restated for
the impact of the adoption of IFRS 16. The information in the
tables below is therefore presented on a pro forma basis as
indicative of the impact that IFRS 16 would have had on the Total
and Adjusted income statements of the Group in 2018.
Total income statement
2018
----------------------------------------------------------------------------------
Quarter Quarter 6 months Quarter 9 months Quarter Full
1 2 3 4 Year
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------- ---------- ---------- ---------- ---------- ---------- ----------
Turnover 7,222 7,310 14,532 8,092 22,624 8,197 30,821
Cost of sales (2,390) (2,311) (4,701) (2,637) (7,338) (2,906) (10,244)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross profit 4,832 4,999 9,831 5,455 15,286 5,291 20,577
Selling, general
and administration (2,304) (2,452) (4,756) (2,524) (7,280) (2,617) (9,897)
Research and
development (903) (924) (1,827) (988) (2,815) (1,075) (3,890)
Royalty income 53 73 126 94 220 79 299
Other operating
income/(expense) (429) (912) (1,341) (125) (1,466) (122) (1,588)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Operating profit 1,249 784 2,033 1,912 3,945 1,556 5,501
Net finance
costs (149) (174) (323) (230) (553) (192) (745)
Profit on disposal
of associates - - - 3 3 - 3
Share of after
tax profit
of associates
and joint ventures 9 2 11 15 26 5 31
---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit before
taxation 1,109 612 1,721 1,700 3,421 1,369 4,790
Taxation (348) (139) (487) (192) (679) (73) (752)
Tax rate % 31.4% 22.7% 28.3% 11.3% 19.8% 5.3% 15.7%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit after
taxation 761 473 1,234 1,508 2,742 1,296 4,038
---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit attributable
to non-controlling
interests 210 34 244 94 338 85 423
Profit attributable
to shareholders 551 439 990 1,414 2,404 1,211 3,615
---------- ---------- ---------- ---------- ---------- ---------- ----------
761 473 1,234 1,508 2,742 1,296 4,038
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings per
share 11.2p 8.9p 20.2p 28.8p 49.0p 24.6p 73.6p
---------- ---------- ---------- ---------- ---------- ---------- ----------
Previously
reported operating
profit 1,240 779 2,019 1,910 3,929 1,554 5,483
Previously
reported net
finance costs (142) (167) (309) (223) (532) (185) (717)
Previously
reported earnings
per share 11.2p 9.0p 20.2p 28.8p 49.0p 24.7p 73.7p
Adjusted income statement
2018
----------------------------------------------------------------------------------
Quarter Quarter 6 months Quarter 9 months Quarter Full
1 2 3 4 Year
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------- ---------- ---------- ---------- ---------- ---------- ----------
Turnover 7,222 7,310 14,532 8,092 22,624 8,197 30,821
Cost of sales (2,177) (2,078) (4,255) (2,387) (6,642) (2,533) (9,175)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Gross profit 5,045 5,232 10,277 5,705 15,982 5,664 21,646
Selling, general
and administration (2,279) (2,329) (4,608) (2,310) (6,918) (2,526) (9,444)
Research and
development (887) (868) (1,755) (961) (2,716) (1,017) (3,733)
Royalty income 53 73 126 94 220 79 299
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted operating
profit 1,932 2,108 4,040 2,528 6,568 2,200 8,768
Net finance
costs (146) (172) (318) (229) (547) (181) (728)
Share of after
tax profit
of associates
and joint ventures 9 2 11 15 26 5 31
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted profit
before taxation 1,795 1,938 3,733 2,314 6,047 2,024 8,071
Taxation (362) (388) (750) (430) (1,180) (354) (1,534)
Tax rate % 20.2% 20.0% 20.1% 18.6% 19.5% 17.5% 19.0%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted profit
after taxation 1,433 1,550 2,983 1,884 4,867 1,670 6,537
---------- ---------- ---------- ---------- ---------- ---------- ----------
Profit attributable
to non-controlling
interests 224 170 394 141 535 139 674
Profit attributable
to shareholders 1,209 1,380 2,589 1,743 4,332 1,531 5,863
---------- ---------- ---------- ---------- ---------- ---------- ----------
1,433 1,550 2,983 1,884 4,867 1,670 6,537
---------- ---------- ---------- ---------- ---------- ---------- ----------
Adjusted earnings
per share 24.7p 28.1p 52.7p 35.4p 88.2p 31.1p 119.3p
---------- ---------- ---------- ---------- ---------- ---------- ----------
Previously
reported Adjusted
operating profit 1,923 2,102 4,025 2,524 6,549 2,196 8,745
Previously
reported Adjusted
net finance
costs (139) (165) (304) (221) (525) (173) (698)
Previously
reported Adjusted
earnings per
share 24.6p 28.1p 52.7p 35.5p 88.3p 31.2p 119.4p
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPGUUGWUPBGQR
(END) Dow Jones Newswires
March 28, 2019 12:15 ET (16:15 GMT)
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