ANNUAL REPORT 2016 - Nissan Global
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Annual Report 2016
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Annual Report 2016 PDF - GSK
01 GSK Annual Report 2016 Investor information Financial statements Governance
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Annual Report 2016 the International Financial Reporting Standards (IFRS) as
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Annual Report 2016
2016 saw good sales momentum
across Pharmaceuticals, Vaccines and Consumer Healthcare and further pipeline progress Cautionary statement regarding forward-looking statementsThe Group"s reports led with or furnished to the US Securities and Exchange Commission (SEC), including this document and written information released, or oral s
tatements made, to the public in the future by or on behalf of the Group, may cont ain forward-looking statements. Forward-looking statements give the Group"s current expectations orforecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or c
urrent 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 dis
cussion of future operating or nancialperformance. In particular, these include statements relating to future actions, prospective products or product app
rovals, future performance or results of current andanticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and nancial results. Other than in accordance wit
h its legal or regulatoryobligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undert
akes no obligation to update any forward-looking statements, whether as a result of new information, future events or other wise. The reader should, however, consult any additional disclosures that the Group may make in any docu ments which it publishes and/or les with the SEC. All readers, whereverlocated, 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 result
s to differ materially from those expressedor implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under Pri
ncipal risks and uncertainties" on pages 253-262 of thisAnnual Report. Any forward-looking statements made by or on behalf of the Group speak only as of the date the
y are made and are based upon the knowledge of and information available to the Directors on the date of this Annual Report All expectations and targets regarding future performance should also be read together with Assumptions related to 2016-2020 outlook" on the inside back cover of this document. A number of adjusted measures are used to report the performance of our business. These measures are dened on page 57 and a reconciliation of core results to total results is set out on page 66.Front cover case study
We are a global science-led
healthcare company.Our three world-leading businesses
research and deliver innovative medicines, vaccines and consumer healthcare products. At GSK, innovation underpins each of our three businessesWe are using next generation technology
to develop new approaches to disease management and control. In addition to our own research and development, we gain insights through our network of collaborations with biotechs, other companies and academic institutions.This enables more efcient trial design
and greater use of software, analytics and new technology, all of which is helping to increase our productivity, maximise our return on R&D investment and accelerate the development of new products that can improve patients" lives.We have an active pipeline of innovative
products across six core areas: respiratory,HIV and infectious diseases, vaccines,
immuno-inammation, oncology and rare diseases.Arthur works at our Upper Providence R&D lab
01 GSK Annual Report 2016
Investor information
Financial statements
Governance and remuneration
Strategic report
Strategic report
About us
02Chairman"s statement
04CEO"s statement
05Our integrated approach
06The market in which we operate
08Our business model
12A clear strategy for growth
14How we measure success
16How we manage risks
18Pharmaceuticals
20Vaccines
28Consumer Healthcare
34Responsible business
40Group nancial review
52Governance and remuneration
Chairman's Governance statement
80Our Board
82Our Corporate Executive Team
86Leadership and effectiveness 88
Nominations Committee report
94Accountability 97
Audit & Risk Committee report
97Relations with shareholders 107
Corporate Responsibility
Committee report 108
Remuneration report
Chairman"s annual statement
112Annual report on remuneration
115Remuneration policy summary
137Remuneration policy report 138
Financial statements
Directors" statement of responsibilities
148Independent Auditors' report
149Financial statements
158Notes to the nancial statements
162Financial statements of GlaxoSmithKline
plc prepared under UK GAAP 232Investor information
Quarterly trend
240Five year record
244Product development pipeline
247Product, competition and
intellectual property 250Principal risks and uncertainties
253Share capital and share price
263Dividends
265Financial calendar
265Annual General Meeting 2017
266Tax information for shareholders
266Shareholder services and contacts
268US law and regulation
270Group companies
272Glossary of terms
2832016 performance summary
£27.9bn
Group turnover
(up 17% AER; 6% CER;5% pro-forma CER)
a£2.6bn
Total operating prot
(down 75% AER; 86% CER) a,c 18.8pTotal earnings per share
(down 89% AER; 99% CER) a,c£6.5bn
Net cash inow from
operating activities£3.9bn
Dividends declared
for 2016£4.5bn
New Pharmaceutical
and Vaccine sales b (up >100% AER; >100% CER) a£7.8bn
Core operating prot
(up 36% AER; 14% CER;17% pro-forma CER)
a102.4p
Core earnings per share
(up 35% AER; 12% CER) a£3.1bn
Free cash ow
a 20-30Assets with data expected
by end of 2018Footnotes
a AER growth rates represent growth at actual exchange rates. We use a number of adjusted, non-IFRS,
measures to report the performance of our business, as described on page57, including core results,
free cash ow and CER and pro-forma growth rates. These measures are used by management for planning and reporting purposes and may not be directly comparable with similarly described measures used by other companies. Core results exclude a number of items and are presented as management believes that core results allow the key trends and factors driving that performance to be more easily and clearly identied by shareholders. Non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. A reconciliation of total results to core results is set out on page 66. b New products dened as: Pharmaceuticals: Relvar/Breo Ellipta, Incruse Ellipta, Anoro Ellipta, Arnuity Ellipta, Eperzan/T anzeum,Nucala, Tivicay, Triumeq.
Vaccines: Menveo, Bexsero, Shingrix (not yet approved). c Primarily reecting impact of £9.2 billion prot in 2015 from disposal of Oncology business.Delivering sustainable performance
1st in the Access
to Medicine Index since launch in 20083rd in the
pharmaceutical sector for Dow Jones Sustainability Index02 GSK Annual Report 2016
In 2016, we invested £3.6 billion in R&D across our three businesses. External partnerships and collaborations enable us to develop and access knowledge, and increase our understanding in new areas of science. We focus our research across six core areas and are using next generation technology to develop new approaches to disease management and control.Immuno-inammationHIV/infectious diseases
VaccinesRespiratory diseases
Rare diseasesOncology
We are focused on optimising our operations through restructuring, investment and modernisation to improve protability and efciency.£1.4bn
Incremental annual
savings delivered in 2016 (including £0.2 billion currency benet) 9.3%Total operating prot
margin in 2016 27.9%Core operating prot
margin in 2016 a Our Pharmaceuticals, Vaccines and Consumer Healthcare businesses generated combined turnover of £27.9 billion in 2016. Each business benets from our global commercial infrastructure, integrated supply networks and innovative R&D.At GSK, our mission
is to improve the quality of human life by enabling people to do more, feel better and live longer. 150+Number of markets
99,300
Number of employees
87Manufacturing sites
Three world-leading businesses
R&D innovation underpins each of our businesses
Efcient global operating model
About us
Footnote
a We use a number of adjusted, non-IFRS, measures to report the performance of our business, as described on page 57, including core results, free cash ow and CER and pro-forma growth rates. Non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS.03 GSK Annual Report 2016
Investor information
Financial statements
Governance and remuneration
Strategic report
Our Pharmaceuticals business
discovers, develops and commercialises medicines to treat a range of acute and chronic diseases. We have a broad portfolio of innovative and established medicines in respiratory and HIV, in which we are global leaders.We focus our research across
respiratory, HIV and infectious diseases, immuno-inflammation, oncology and rare diseases.Read more on pages 20 to 27
Top three categories by sales
£mRespiratory 6,510
HIV 3,556
Established products 2,541
£16.1bn
Turnover
% of Group turnover 58%2bn packs of medicines produced in 2016
Our Vaccines business has the
broadest portfolio of any company, with vaccines for people of all ages - from babies and adolescents to adults and older people. We deliver over two million vaccine doses per day to people living in over 160countries.Read more on pages 28 to 33
Top three categories by sales
£mInfanrix/Pediarix 769
Hepatitis 602
Meningitis 592
£4.6bn
Turnover
% of Group turnover 16% 833mvaccines delivered in 2016
Our Consumer Healthcare business
develops and markets products in Wellness, Oral health, Nutrition and Skin health categories. Our seven global power brands -Otrivin,
Panadol, parodontax, Poligrip,
Sensodyne, Therau and Voltaren,
include some of the most trusted and best-selling brands in the world.Read more on pages 34 to 39
Sales by category
£mWellness 3,726
Oral health
2,223Nutrition 674
Skin health 570
£7.2bn
Turnover
% of Group turnover 26%5bn