GSK plc was incorporated as GlaxoSmithKline
plc, an English public limited company on
6 December 1999. We were formed by a merger
between Glaxo Wellcome plc and SmithKline
Beecham plc. GSK acquired these two English
companies on 27 December 2000 as part of the
merger arrangements. Effective 15 May 2022
GlaxoSmithKline plc changed its name to
GSK plc. On 18 July 2022, GSK plc separated
its Consumer Healthcare business from the
GSK Group to form Haleon, an independent
listed company.
Our shares are listed on the London Stock
Exchange and the New York Stock Exchange.
gsk.com
Brand names appearing in italics throughout this report are trade marks
either owned by and/or licensed to GSK or associated companies. All other
trade marks are the property of their respective owners.
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Download PDFs:
– Annual Report 2023
– Form 20-F
– ESG Performance Report 2023
– Full-year and Fourth Quarter 2023 Results
Cautionary statement regarding forward-looking
statements
This document and the Group’s other reports published or
filed with or furnished to the US Securities and Exchange
Commission (SEC), and any other 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’, ‘target’ 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, dividend
payments and financial results. Other than in accordance
with its legal or regulatory obligations (including under
the Market Abuse Regulation, 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 which 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 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 284 to 294 of this 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 and information available to the
Directors on the date of this report.
A number of non-IFRS measures are used to report the
performance of our business. These measures are defined
on pages 83 to 84 and a reconciliation of Adjusted results
to Total results is set out on pages 93 to 95.
The information in this document does not constitute an
offer to sell or an invitation to buy shares in GSK plc or an
invitation or inducement to engage in any other
investment activities. Past performance cannot be relied
upon as a guide to future performance. Nothing in this
Annual Report should be construed as a profit forecast.
Assumptions and basis of preparation related to 2024
guidance, 2021-26 and 2031 outlooks
All guidance, outlooks and expectations should be read
together with the guidance and outlooks, assumptions
and cautionary statements in this annual report and the
Group's Q4 2023 earnings release.
In outlining the guidance for 2024 and outlooks for the
period 2021-2026 and for 2031, the Group has made
certain assumptions about the macro-economic
environment, the healthcare sector (including regarding
existing and possible additional governmental legislative
and regulatory reform), the different markets and
competitive landscape in which the Group operates and
the delivery of revenues and financial benefits from its
current portfolio, its development pipeline and
restructuring programmes.
2024 Guidance
These planning assumptions as well as operating profit
and earnings per share guidance and dividend
expectations assume no material interruptions to supply of
the Group’s products, no material mergers, acquisitions or
disposals, no material litigation or investigation costs for
the Company (save for those that are already recognised
or for which provisions have been made) and no change
in the Group’s shareholdings in ViiV Healthcare. The
assumptions also assume no material changes in the
healthcare environment or unexpected significant
changes in pricing as a result of government or competitor
action. The 2024 guidance factors in all divestments and
product exits announced to date.
2021-26 and 2031 outlooks
The assumptions for GSK’s updated revenue, operating
profit, operating margin and cash flow outlooks, 2031
revenue outlook and margin expectations through
Dolutegravir loss of exclusivity assume the delivery of
revenues and financial benefits from its current and
development pipeline portfolio of drugs and vaccines
(which have been assessed for this purpose on a risk-
adjusted basis, as described further below); regulatory
approvals of the pipeline portfolio of drugs and vaccines
that underlie these expectations (which have also been
assessed for this purpose on a risk-adjusted basis, as
described further below); no material interruptions to
supply of the Group’s products; successful delivery of the
ongoing and planned integration and restructuring plans;
no material mergers, acquisitions or disposals or other
material business development transactions; 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 shareholdings in ViiV Healthcare.
GSK assumes no premature loss of exclusivity for key
products over the period.
The assumptions for GSK’s updated revenue, operating
profit, operating margin and cash flow outlooks, 2031
revenue outlook and margin expectations through
Dolutegravir loss of exclusivity also factor in all
divestments and product exits announced to date as well
as material costs for investment in new product launches
and R&D. Risk-adjusted sales includes sales for potential
planned launches which are risk-adjusted based on the
latest internal estimate of the probability of technical and
regulatory success for each asset in development.
Potential future sales contribution from Blenrep has been
excluded.
Notwithstanding these guidance, outlooks and
expectations, there is still uncertainty as to whether our
assumptions, guidance, outlooks and expectations will be
achieved, including based on the other assumptions
outlined above.
All outlook statements are given on a constant currency
basis and use 2023 average exchange rates as a base
(£1/ $1.24, £1/€1.15, £1/Yen 175). 2021-2026 outlook refers
to the 5 years to 2026 with 2021 as the base year.
Notice regarding limitations on Director Liability under
English Law
Under the UK Companies Act 2006, a safe harbour limits
the liability of Directors in respect of statements in and
omissions from the Directors’ Report (for which see page
161), the Strategic report and the Remuneration report.
Under English law the Directors would be liable to the
company, but not to any third party, if one or more of
these reports contained errors as a result of recklessness
or knowing misstatement or dishonest concealment of a
material fact, but would otherwise not be liable. Pages 97,
131, 166 to 167, and 285 to 314 inclusive comprise the
Directors’ Report, pages 1 to 95 inclusive comprise the
Strategic report and pages 133 to 164 inclusive comprise
the Remuneration report, each of which have been drawn
up and presented in accordance with and in reliance
upon English company law and the liabilities of the
Directors in connection with these reports shall be subject
to the limitations and restrictions provided by such law.
Website
GSK’s website www.gsk.com gives additional information
on the Group. Notwithstanding the references we make in
this Annual Report to GSK’s website, none of the
information made available on the website constitutes
part of this Annual Report or shall be deemed to be
incorporated by reference herein.
