GlaxoSmithKline plc
(NYSE:GSK)

GlaxoSmithKline plc, together with its subsidiaries, engages in the creation, discovery, development, manufacture, and marketing of pharmaceutical products, vaccines, over-the-counter medicines, and health-related consumer products in the United Kingdom, the United States, and internationally. It op...

Website: http://www.gsk.com

Founded: 2000

Full Time Employees: 99,437

CEO: Emma Walmsley

Sector: Healthcare

Industry: Drug Manufacturers-General

Healthcare

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At a glance:

Bull Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-10-29	2024-01-31	2023-11-01	2023-07-26	2023-04-26	2023-02-01	2022-12-31	2022-11-02	2022-07-27	2022-04-27	2021-12-31	2021-07-28	2021-04-28	2021-02-03	2020-10-28	2020-07-29	2020-04-29	2020-02-05	2019-10-30	2019-07-24	2019-05-01	2019-02-06	2018-10-31	2018-07-25	2018-02-07

turnover		30,328	8,147	7,178	6,951	29,324						8,092			8,646	7,624		33,754	9,385	7,809	7,661	30,821	8,092	7,310	30,186
cost of sales		-8,565	-2,272	-1,932	-1,943	-9,554						-2,554			-2,885	-2,449		-11,863	-3,245	-2,637	-2,733	-10,241	-2,636	-2,310	-10,342
gross profit		21,763	5,875	5,246	5,008	19,770						5,538			5,761	5,175		21,891	6,140	5,172	4,928	20,580	5,456	5,000	19,844
yoy		10.08%										7.01%			-6.17%	0.06%		6.37%	12.54%	3.44%	-75.17%
qoq		270.43%	11.99%	4.75%	-74.67%										11.32%			256.53%	18.72%	4.95%	-76.05%	277.20%	9.12%	-74.80%
selling, general and administration		-9,385	-2,296	-2,268	-2,143	-8,372						-2,642			-2,669	-2,709		-11,402	-2,892	-2,590	-2,477	-9,915	-2,527	-2,457	-9,672
research and development		-6,223	-1,575	-1,341	-1,260	-5,488						-1,222			-1,140	-1,301		-4,568	-1,206	-1,113	-1,006	-3,893	-988	-925	-4,476
royalty income		953	312	226	180	758						77			85	75		351	118	78	73	299	94	73	356
other operating income		-363	-367	278	297	-235						-76			-179	1,610		689				-1,588	-125	-912
operating profit		6,745	1,949	2,141	2,082	6,433						1,675			1,858	2,850		6,961	2,147	1,484	1,428	5,483	1,910	779	4,087
yoy		4.85%										-41.23%			-13.46%	92.05%		26.96%	12.41%	90.50%	-65.06%
qoq		246.07%	-8.97%	2.83%	-67.64%										-34.81%			224.22%	44.68%	3.92%	-73.96%	187.07%	145.19%	-80.94%
finance income		115	24	33	29	76						7				1		98	32	21	34	81	10	27	65
finance expense		-792	-182	-185	-203	-879						-192			-195	-229		-912	-245	-237	-224	-798	-233	-194	-734
share of after tax profit of associates and joint ventures
profit on disposal of interests in associates		1			1
profit before taxation		6,064	1,791	1,987	1,907	5,628						1,470			1,671	2,641		6,221	1,951	1,264	1,295	4,800	1,705	614	3,525
taxation		-756	-257	-242	-276	-707						68			-241	-201		-953	-235	-214	-310	-754	-193	-139	-1,356
tax rate %		12.5	14.3	12.2	14.5	12.6									14.4	7.6		15.3	12	16.9	23.9	15.7	11.3	22.6	38.5
profit after taxation from continuing operations		5,308	1,534	1,745	1,631
profit after taxation from discontinued operations and other gains from the demerger
remeasurement of discontinued operations distributed to shareholders on demerger
profit after taxation from discontinued operations
profit after taxation for the period		5,308	1,534	1,745	1,631	15,621																	1,512
profit attributable to non-controlling interests from continuing operations		380	70
profit attributable to shareholders from continuing operations		4,928	1,464
profit attributable to non-controlling interests from discontinued operations
profit attributable to shareholders from discontinued operations
profit attributable to non-controlling interests		380	70	121	141	665									186	177						423	94		637
profit attributable to shareholders		4,928	1,464	1,624	1,490	14,956						1,395			1,244	2,263		4,645	1,552	964	830	3,623	1,418	441	1,532
earnings per share from continuing operations		121.6	36.1	40.1	36.8
earnings per share from discontinued operations
total earnings per share		121.6	36.1	40.1	36.8	371.4
diluted earnings per share from continuing operations		119.9	35.6	39.7	36.5
diluted earnings per share from discontinued operations
total diluted earnings per share		119.9	35.6	39.7	36.5	366.2
diluted earnings per share from discontinued operations
share of after tax profit of associates and joint ventures
profit after taxation from discontinued operations and other gains from the demerger						3,049
profit attributable to non-controlling interests from continuing operations				121
profit attributable to shareholders from continuing operations				1,624
profit attributable to non-controlling interests from discontinued operations
profit attributable to shareholders from discontinued operations
diluted earnings per share from discontinued operations						257
share of after tax profit of associates and joint ventures
profit after taxation from discontinued operations and other gains from the demerger
profit attributable to non-controlling interests from continuing operations					141
profit attributable to shareholders from continuing operations					1,490
profit attributable to non-controlling interests from discontinued operations
profit attributable to shareholders from discontinued operations
loss on disposal of interests in associates												-36
share of after tax (losses)/profits of associates and joint ventures
profit after taxation from continuing operations						4,921
remeasurement of discontinued operations distributed to shareholders on demerger						7,651
profit after taxation from discontinued operations						10,700
profit attributable to non-controlling interests from continuing operations						460
profit attributable to shareholders from continuing operations						4,461
profit attributable to non-controlling interests from discontinued operations						205
profit attributable to shareholders from discontinued operations						10,495
earnings per share from continuing operations						110.8
earnings per share from discontinued operations						260.6
diluted earnings per share from continuing operations						109.2
share of after tax profits of associates and joint ventures												16						74	17
profit after taxation												1,538			1,430	2,440		5,268	1,716	1,050	985				2,169
profit attributable to non-controlling interests												143						623	164					34
earnings per share												27.9			25	45.5		93.9	31.4	19.5	16.8	73.7	28.8	9	31.4
diluted earnings per share												27.6			24.7	45		92.6	31	19.3		72.9	28.5	8.9
share of after tax profits of associates and joint ventures															11								15
share of after tax profits/(losses) of associates and joint ventures																19
profit on disposal of associates																						3	3		94
other operating expense																			-13	-63	-90
share of after tax (losses)/profits of associates and joint ventures
profit attributable to non-controlling interests																				86	155
share of after tax profits of associates and joint ventures																					57
share of after tax profits of associates and joint ventures																						31
profit after taxation for the period																						4,046
share of after tax profits/(losses) of associates and joint ventures																								2
profit after taxation for the period																								475
other operating income/																									-1,965
share of after tax profits of associates and joint ventures																									13
cost of sales cost of sales as a percentage of turnover was 34.3%, up 1.0 percentage points in sterling terms and up 1.4 percentage points in cer terms compared with 2016. this primarily reflected the phasing of costs of manufacturing restructuring programmes including non-cash write downs as a result of plant closures and the write down of assets related to the progressive withdrawal of tanzeum, as well as continued adverse pricing pressure in pharmaceuticals, primarily respiratory, and additional supply chain investments. this was partly offset by a more favourable product mix across all three businesses, particularly in pharmaceuticals, reflecting the impact of higher hiv sales, and in vaccines, reflecting the benefit of a settlement for lost third party supply volume and a favourable year-on-year comparison to inventory adjustments in 2016. there was also a continued contribution from integration and restructuring savings in all three businesses. selling, general and administration sg&a costs were 32.0% of turnover, 1.5 percentage points lower than in 2016 in sterling and cer terms. this primarily reflected lower restructuring costs and tight control of ongoing operating costs, particularly in consumer healthcare, as well as continued cost reductions in pharmaceuticals, including the benefits of the pharmaceuticals restructuring programme, and integration benefits in vaccines and consumer healthcare. this was partly offset by an increased investment in promotional product support, particularly for new launches in respiratory, hiv and vaccines. research and development r&d expenditure was £4,476 million (14.8% of turnover), 23% higher than in 2016 at aer and 19% higher at cer. this included charges of £106 million from the utilisation of the priority review voucher in q2 2017 as well as increased investment in the progression of a number of mid and late-stage programmes. in addition, there were higher restructuring costs, primarily as a result of the benefit from future clinical obligations as a result of the progressive withdrawal of tanzeum and the decision to terminate the rights to sirukumab, and higher intangible asset impairments. royalty and other operating income/(expense) net other operating expense of £1,609 million (2016: £3,007 million) primarily reflected lower accounting charges arising from the re-measurement of the contingent consideration liabilities related to the former shionogi-viiv healthcare joint venture and the acquisition of the former novartis vaccines business, the value attributable to the consumer healthcare joint venture put option and the liabilities for the pfizer put option and pfizer and shionogi preferential dividends in viiv healthcare. these re-measurement charges of £2,185 million (2016: £3,914 million) reflected updated trading forecasts and changes in exchange rate assumptions as well as the unwinding of the discount applied to these future liabilities of £1,001 million. they also included charges of £666 million arising from the positive impact of us tax reform on the valuation of the consumer healthcare and hiv businesses. these charges were partly offset by the gain of £250 million on the disposal of the anaesthesia business to aspen and royalty income of £356 million (2016: £398 million). operating profit total operating profit was £4,087 million in 2017 compared with £2,598 million in 2016. the increase primarily reflected a reduced impact from accounting charges related to the re-measurement of the liabilities for contingent consideration, put options and preferential dividends. in addition operating profit benefited from an improved operating margin driven by sales growth across all three businesses, but particularly vaccines, and a more favourable mix in all three businesses. in vaccines, there was also a favourable year-on-year comparison with inventory adjustments in 2016 and the benefit of a one-off settlement in cost of sales. continued tight control of ongoing costs and benefits from restructuring and integration also contributed to improved margins in vaccines and consumer healthcare but were offset by the impact of the priority review voucher, as well as an overall increase in r&d investment in pharmaceuticals, continuing price pressure, particularly in respiratory, and supply chain investments in pharmaceuticals to support new products. net finance costs net finance expense was £669 million compared with £664 million in 2016. taxation a tax charge of £1,356 million on total profit represented an effective tax rate of 38.5% (2016: 45.2%) and included a charge of £1,078 million arising from us tax reform as described in more detail on page 22. this was partly offset by a £483 million benefit from swiss tax reform, arising from the revaluation of deferred tax liabilities on acquired consumer healthcare brands to reflect a reduction in the headline tax rate. non-controlling interests the allocation of earnings to non-controlling interests amounted to £637 million (2016: £150 million), including the non-controlling interest allocations of consumer healthcare profits of £415 million (2016: £203 million) and the allocation of viiv healthcare profits, which increased to £187 million (2016: £83 million loss) including the impact of changes in the proportions of preferential dividends due to each shareholder. the increase in allocation of viiv healthcare profits primarily reflected the negative impact of higher re-measurement charges in 2016 and the increase in allocation of consumer healthcare profits primarily reflected the benefit of swiss tax reform in 2017. earnings per share total earnings per share was 31.4p, compared with 18.8p in 2016. the increase reflected the reduced impact of charges arising from the revaluations of the liabilities for contingent consideration and the put options associated with increases in the sterling value of the group’s hiv and consumer healthcare businesses, the benefit from swiss tax reform and improved performances by the relevant businesses, partly offset by the charges arising from us tax reform.

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-10-29	2024-01-31	2023-11-01	2023-07-26	2023-04-26	2023-02-01	2022-11-02	2021-07-28	2021-04-28	2020-10-28	2020-07-29	2020-02-05	2019-10-30	2019-07-24	2019-02-06	2018-10-31	2018-07-25

assets
non-current assets
property, plant and equipment	9,342	9,020	8,814	8,661	8,758	8,933	8,901	9,831	9,842	10,307	10,490	10,348	10,668	10,385	11,058	10,923	10,823
right of use assets	790	937	640	654	656	687	749	758	791	898	941	966	1,032	1,023
goodwill	7,117	6,811	6,973	6,716	6,857	7,046	7,195	10,435	10,442	10,888	10,998	10,562	11,046	7,026	5,789	5,848	5,778
other intangible assets	16,865	14,768	15,295	15,531	14,160	14,318	15,589	29,333	29,418	30,664	31,263	30,955	32,455	20,134	17,202	17,263	17,294
investments in associates and joint ventures	129	55	75	64	70	74	71	76	370	396	390	314	334	309	236	221	202
other investments	954	1,137	1,067	1,286	1,270	1,467	1,559	3,159	3,385	2,576	2,174	1,837	1,592	1,380	1,322	1,393	1,067
deferred tax assets	6,168	6,049	5,610	5,799	5,610	5,658	4,818	4,711	4,312	4,381	4,455	4,096	3,909	3,668	3,887	3,412	3,472
derivative instruments
other non-current assets	2,132	1,584	1,148	1,402	1,496	1,194	1,170	1,136	989	932	946	1,020	1,058	1,393	1,576	2,075	1,919
total non-current assets	43,497	40,361	39,622	40,113	38,877	39,377	40,064	59,445	59,555	61,046	61,662	60,201	62,255	45,404	41,139	41,186	40,591
current assets
inventories	6,118	5,498	5,480	5,512	5,355	5,146	4,659	6,330	6,216	6,440	6,396	5,947	6,776	5,959	5,476	5,788	5,943
current tax recoverable	367	373	330	319	296	405	586	605	691	567	328	262	169	186	229	257	252
trade and other receivables	7,937	7,385	8,544	6,776	6,833	7,053	7,508	6,902	6,492	7,854	7,168	7,202	8,173	6,875	6,423	7,292	6,559
derivative financial instruments	107	130	143	164	125	190	12	6	6	4	5	103	161	86	69	51	36
liquid investments	10	42	70	114	65	67	73	59	60	83	87	79	86	84	84	80	81
cash and cash equivalents	3,296	2,936	3,177	3,140	2,890	3,723	3,606	3,503	4,757	4,283	8,166	4,707	4,305	4,123	3,874	3,793	4,046
assets held for sale	7	76	60	73	135	98	119	63	74	448	412	873	963	790	653	152	78
total current assets	17,842	18,644	21,240	19,348	19,719	20,769	20,249	17,566	18,524	19,881	22,978	19,491	20,990	18,228	16,927	17,418	17,044
total assets	61,339	59,005	60,862	59,461	58,596	60,146	60,313	77,011	78,079	80,927	84,640	79,692	83,245	63,632	58,066	58,604	57,635
liabilities
current liabilities
short-term borrowings	-2,856	-2,813	-4,843	-5,921	-4,261	-3,952	-2,793	-5,041	-3,172	-4,914	-5,964	-6,918	-8,216	-10,147	-5,793	-2,902	-3,470
contingent consideration liabilities	-1,236	-1,053	-1,024	-947	-962	-1,289	-967	-743	-746	-776	-804	-755	-838	-816	-837	-818	-806
trade and other payables	-15,675	-15,844	-15,582	-13,951	-14,268	-16,263	-16,115	-14,267	-14,610	-15,142	-15,450	-14,939	-14,737	-13,385	-14,037	-13,093	-12,545
current tax payable	-324	-500	-286	-544	-424	-471	-129	-411	-660	-428	-685	-629	-610	-502	-965	-813	-771
short-term provisions	-1,130	-744	-534	-609	-683	-652	-624	-834	-861	-792	-776	-621	-803	-674	-732	-706	-522
total current liabilities	-21,334	-21,068	-22,390	-22,108	-20,696	-22,810	-20,953	-21,387	-20,275	-22,179	-23,924	-24,050	-25,514	-25,779	-22,491	-18,395	-18,198
non-current liabilities
long-term borrowings	-14,894	-15,205	-15,993	-15,553	-16,644	-17,035	-19,322	-20,442	-23,047	-23,334	-25,726	-23,590	-24,833	-23,313	-20,271	-24,808	-24,592
deferred tax liabilities	-390	-311	-402	-500	-290	-289	-364	-3,587	-3,566	-3,917	-3,967	-3,810	-3,914	-1,233	-1,156	-1,223	-1,214
pensions and other post-employment benefits	-1,663	-2,340	-2,278	-2,337	-2,480	-2,579	-2,928	-3,357	-3,468	-3,771	-3,999	-3,457	-3,793	-3,352	-3,125	-3,079	-3,210
other provisions	-673	-495	-546	-544	-537	-532	-561	-653	-672	-782	-814	-670	-686	-625	-691	-652	-658
other non-current liabilities	-1,020	-1,107	-1,064	-904	-892	-899	-890	-809	-784	-789	-828	-844	-884	-878	-938	-1,038	-982
total non-current liabilities	-24,253	-25,142	-25,853	-25,194	-26,588	-27,240	-30,644	-34,046	-36,794	-38,123	-40,579	-37,285	-39,671	-34,886	-31,903	-36,486	-36,414
total liabilities	-45,587	-46,210	-48,243	-47,302	-47,284	-50,050	-51,597	-55,433	-57,069	-60,302	-64,503	-61,335	-65,185	-60,665	-54,394	-54,881	-54,612
net assets	15,752	12,795	12,619	12,159	11,312	10,096	8,716	21,578	21,010	20,625	20,137	18,357	18,060	2,967	3,672	3,723	3,023
equity
share capital	1,349	1,348	1,348	1,348	1,348	1,347	1,347	1,347	1,346	1,346	1,346	1,346	1,345	1,345	1,345	1,344	1,343
share premium account	3,486	3,451	3,450	3,450	3,449	3,440	3,440	3,299	3,296	3,280	3,278	3,174	3,165	3,157	3,091	3,049	3,042
retained earnings	10,016	7,239	7,017	6,418	5,655	4,363	2,592	7,379	6,700	7,055	6,622	5,109	5,265	-2,804	-2,137	-2,081	-2,680
other reserves	1,297	1,309	1,318	1,475	1,368	1,448	1,773	3,352	3,523	2,605	2,347	2,355	1,997	1,916	2,061	2,164	1,974
shareholders’ equity	16,148	13,347		12,691	11,820	10,598	9,152	15,377	14,865	14,286	13,593	11,984	11,772			4,476	3,679
non-controlling interests	-396	-552	-514	-532	-508	-502	-436	6,201	6,145	6,339	6,544	6,373	6,288	-647	-688	-753	-656
total equity	15,752	12,795	12,619	12,159	11,312	10,096	8,716	21,578	21,010	20,625	20,137	18,357	18,060	2,967	3,672	3,723	3,023
current equity investments		2,204	3,436	3,250	4,020	4,087	3,482
corporation tax payable		-75	-78	-76	-123	-127	-218	-176	-175	-195	-195	-189	-273	-273	-272	-272	-394
shareholders' equity			13,133											3,614	4,360

Cashflow Statements:

Quarterly

Annual

Unit: USD

u.s. gaap ☐
part i
part ii
part iii
signatures
item 1.
item 2.
item 3.
3.a
3.b
3.c
3.d
item 4.
4.a
4.b
•
4.c
4.d
item 4a.
item 5.
5.a
gross profit from continuing operations
operating profit from continuing operations
profit before taxation from continuing operations
profit after taxation from continuing operations
profit after taxation from discontinued operations
total profit after taxation
profit attributable to shareholders from continuing operations
profit attributable to shareholders from discontinued operations
total profit attributable to shareholders
basic earnings per share (pence) from continuing operations
basic earnings per share (pence) from discontinued operations
total basic earnings per share
weighted-average number of shares
the following adjustments are made in arriving at adjusted gross profit from continuing operations
cost of sales
the following adjustments are made in arriving at adjusted operating profit from continuing operations
selling, general and administration
research and development
other operating (expense)/income
the following adjustments are made in arriving at adjusted profit before tax from continuing operations
net finance costs
share of after tax losses of associates and joint ventures
the following adjustments are made in arriving at adjusted profit after tax from continuing operations
taxation
the following adjustments are made in arriving at adjusted profit attributable to shareholders
profit attributable to non-controlling interests from continuing operations
profit attributable to non-controlling interests from discontinued operations
total profit attributable to non-controlling interests
loss on disposal of interest in associates
turnover
total continuing operating profit
total eps
total continuing eps
total discontinued eps
adjusted operating profit
adjusted eps
cash generated from operations attributable to continuing operations
free cash flow
gross profit
royalty income
other operating (expenses)/income
operating profit
share of after-tax (losses)/profits of associates and joint ventures
profit before taxation
profit after taxation from continuing operations for the year
profit after taxation from discontinued operations and other gains from the demerger
remeasurement of discontinued operations distributed to shareholders on demerger
total profit after taxation for the year
earnings per share from continuing operations
earnings per share from discontinued operations
total earnings per share
earnings per ads from continuing operations
earnings per ads from discontinued operations
total earnings per ads
adjusted profit attributable to shareholders
adjusted profit attributable to non-controlling interest
adjusted profit after tax
adjusted earnings per share
–
total operating profit from continuing operations
intangible amortisation
intangible impairment
major restructuring
transaction-related items
divestments, significant legal and other items
adjusted results
contingent consideration on former shionogi-viiv healthcare jv
viiv healthcare put options and pfizer preferential dividends
contingent consideration on former novartis vaccines business
contingent consideration on acquisition of affinivax, inc
other adjustments
contingent consideration at beginning of the year
remeasurement through income statement and other movements
cash payments: operating cash flows
cash payments: investing activities
contingent consideration at end of the year
pfizer put option
hiv
oncology
immuno-inflammation, respiratory and other
pandemic
specialty medicines
meningitis
influenza
shingles
established vaccines
pandemic vaccines
vaccines
respiratory
other general medicines
general medicines
total cost of sales
adjusted cost of sales
total selling, general and administration
adjusted selling, general and administration
total research and development
adjusted research and development
finance income
interest and other income
fair value movements
finance expense
interest expense
unwinding of discounts on provisions
remeasurements and fair value movements
finance expense on lease liabilities
other finance expense
uk current year charge
rest of world current year charge
charge/(credit) in respect of prior periods
total current taxation
total deferred taxation
taxation on total profits
separation preparation restructuring programme
significant acquisitions
legacy programmes
total major restructuring costs from continuing operations
charge/
contingent consideration on former shionogi-viiv healthcare joint venture
contingent consideration on acquisition of affinivax
total transaction-related charges
total net cash inflow from operating activities
total net cash (outflow) from investing activities
total net cash inflow/(outflow) from financing activities
decrease in cash and bank overdrafts
cash and bank overdrafts at beginning of year
exchange adjustments
cash and bank overdrafts at end of year
cash and bank overdrafts at end of year comprise:
cash and cash equivalents
overdrafts
net cash inflow from continuing operating activities
purchase of property, plant and equipment
purchase of intangible assets
proceeds from sale of property, plant and equipment
proceeds from sale of intangible assets
dividends from joint ventures and associates
contingent consideration paid
contribution from non-controlling interests
distributions to non-controlling interests
free cash inflow
assets
non-current assets
property, plant and equipment
right of use assets
goodwill
other intangible assets
investments in associates and joint ventures
other investments
deferred tax assets
derivative financial instruments
other non-current assets
total non-current assets
current assets
inventories
current tax recoverable
trade and other receivables
current equity investments
liquid investments
assets held for sale
total current assets
total assets
liabilities
current liabilities
short-term borrowings
contingent consideration liabilities
trade and other payables
current tax payable
short-term provisions
total current liabilities
non-current liabilities
long-term borrowings
corporation tax payable
deferred tax liabilities
pensions and other post-employment benefits
other provisions
other non-current liabilities
total non-current liabilities
total liabilities
net assets
total equity
short term borrowings
long term borrowings
net debt the end of the year
bank balances and deposits
us treasury and treasury repo only money market funds
liquidity funds
liquid investments – government securities
gross debt – fixed
– floating
net debt
total net debt at beginning of year
decrease in liquid investments
net decrease in long-term loans
net decrease of short-term loans
repayment of lease liabilities
debt of subsidiary undertaking acquired
other non-cash movements
decrease/(increase) in net debt from continuing operations
decrease/(increase) in net debt from discontinued operations
total net debt at end of year
total equity at beginning of year
total comprehensive income for the year
non-cash distribution to non-controlling interests
deconsolidation of former subsidiaries
dividends to shareholders
ordinary shares issued
changes in non-controlling interests
non-cash dividends to shareholders
hedging gain/loss transferred to non-financial assets
transaction with non-controlling interest
share-based incentive plans
tax on share-based incentive plans
contributions from non-controlling interests
total equity at end of year
loans
interest on loans
finance lease obligations
future finance charges on leases
lease contracts that have not yet commenced
intangible assets
property, plant & equipment
investments
purchase commitments
pensions and post-retirement benefits
total
guarantees
other contingent liabilities
pfizer preferential dividend
consumer healthcare
(increase)/decrease in cash and bank overdrafts
gross turnover
market-driven segments
government mandated and state programmes
cash discounts
customer returns
prior year adjustments
other items
total deductions
net turnover
5.b
5.c
5.d
5.e
item 6.
6.a
6.b
6.c
6.d
6.e
6.f
item 7.
7.a
7.b
7.c
item 8.
8.a
8.b
item 9.
9.a
9.b
9.c
9.d
9.e
9.f
item 10.
10.a
10.b
10.c
10.d
10.e
10.f
10.g
10.h
10.i
10.j
item 11.
item 12.
12.a
12.b
12.c
12.d
item 13.
item 14.
item 15.
item 16.
item 16a.
item 16.b
item 16.c
16.c
item 16.d
item 16.e
item 16.f
item 16.g
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
item 16.h
item 16.i
item 17
item 18
o
item 19
1.1
2.1
2.2
2.3
4.3
4.4
4.5
4.6
4.7
4.8
8.1
12.1
12.2
13.1
15.1
15.2
17
101.ins**
101.sch**
101.cal**
*
**
march 10, 2023
as that person’s apparent interest is concerned) to any other shares held by the approved depositary.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
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51.
quorum for all purposes. a shareholder which is a company is to be considered present if it is represented by a duly authorised representative.
52.
53.
in the circumstances and the board shall be entitled in its absolute discretion to, or to authorise some one or more persons who shall include a director or the secretary or the chair of the meeting to, refuse entry to, or to eject from, such general meeting any person who fails to submit to such health arrangements or searches or otherwise to comply with such security arrangements or restrictions.
54.
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if:
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90.
entitled to receive notice of all meetings of the board or of committees of the board of which their appointor is a member. they shall also be entitled to attend and vote as a director at any such meeting at which the director appointing them is not personally present and at such meeting to exercise and discharge all the functions, powers, rights and duties of their appointor as a director and for the purposes of the proceedings at such meeting the provisions of these articles shall apply as if they were a director.
91.
92.
93.
94.
95.
96.
97.
98.
99.
100.
101.
102.
103.
104.
105.
106.
107.
108.
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111.
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123.
124.
125.
126.
127.
128.
129.
130.
131.
132.
133.
134.
135.
136.
137.
have been properly served, sent or supplied in respect of any share registered in the name of that member as sole or joint holder.
138.
139.
140.
141.
☒

GlaxoSmithKline plc(NYSE:GSK)

GlaxoSmithKline plc
(NYSE:GSK)