Our business

GSK is a science-led global healthcare company that aims to deliver growth and improving returns to shareholders through the development of innovative pharmaceutical, vaccine and consumer healthcare products.

  • Our businesses
  • Research & development

Our businesses


Our Pharmaceuticals business develops and makes medicines to treat a broad range of acute and chronic diseases. We have leading global positions in respiratory disease and HIV with a portfolio of innovative and established medicines.

  • £14.2bn

    Total turnover

  • 60%

    of Group turnover



Our Vaccines business is one of the largest in the world, developing, producing and distributing over 1.9 million vaccines every day to people across the world. We have a broad portfolio of 39 paediatric, adolescent, adult and travel vaccines.

  • £3.7bn

    Total turnover

  • 15%

    of Group turnover


Consumer Healthcare

Our Consumer Healthcare business develops and markets products in Wellness, Oral health, Nutrition and Skin health. We have a portfolio of some of the world’s most trusted and best-selling brands which include Sensodyne, Voltaren, Horlicks and Panadol.

  • £6.0bn

    Total turnover

  • 25%

    of Group turnover

Consumer Healthcare

Research & development

R&D innovation underpins all of our businesses. We partner with more than 1,500 other companies and academic organisations around the world, enabling us to increase our understanding of new areas of science and to share the risk of development.

Research and development

We have a deep portfolio of innovation focused across six core areas of scientific research and development:

  • HIV and infectious diseases
  • Oncology
  • Immuno-inflammation
  • Vaccines
  • Respiratory
  • Rare diseases

In 2015, we profiled around 40 new potential medicines and vaccines, 80% of which we believe have the potential to be first-in-class. This means they may offer benefits beyond current standards of care and, in some cases, could radically transform how patients are treated.

Download Research & Development Pipeline (PDF, 531KB)

  • 20

    Potential to file up to 20 assets by 2020

  • Of the 40 assets profiled in 2015, we expect:

    up to 10

    phase III starts in 2016/2017 and

  • up to 20

    phase II starts in 2016/2017

  • ~13

    Estimated internal rate of return on R&D investment

  • £3.1bn

    Core R&D expenditure in 2015


Chairman and CEO statements

Philip Hampton Philip Hampton Chairman
“The Group has made good progress in delivering the strategy and outlook set out to shareholders in May 2015.”

Download Chairman's statement (PDF, 300KB)

Sir Andrew Witty Sir Andrew Witty Chief Executive Officer
“The progress we have made in 2015, strongly positions the Group to deliver the medium-term outlook we set out to investors in May last year and to return to core earnings growth in 2016.”

Download CEO's statement (PDF, 352KB)

Sir Andrew Witty Sir Andrew Witty Chief Executive Officer

Performance summary

  • £23.9bn

    Group turnover(up 6% CER/up 1% CER pro-forma)a

  • £10.3bn

    Total operating profit(up >+100% CER)a

  • £5.7bn

    Core operating profit(down 9% CER/down 3% CER pro-forma)a

  • £3.9bn

    Cash dividends paid in 2015

  • £2.0bn

    New product salesb(up >100%)

  • 174.3p

    Total earnings per share(Up >100%, primarily reflecting impact of transaction gains)

  • 75.7p

    Core earnings per share(down 15% CER, primarily reflecting short-term dilution of the Novartis transaction)a

  • 100%

    Markets now operating new commercial model

  • ~40

    Potential new medicines and vaccines profiled at R&D event, 80% of which have potential to be first-in-classc

  • 20

    Potential to file up to 20 assets with regulators by 2020

  • ~13%

    Estimated internal rate of return in R&D in 2015

  • 1st

    in Access to Medicine Index


  • a. We use a number of adjusted measures to report the performance of our business. These include core results (and CER growth and pro-forma growth), which are used by management for planning and reporting purposes and allow the key trends and factors driving performance to be more easily and clearly identified by shareholders. Core results exclude the following items from total results: amortisation and impairment of intangible assets (excluding computer software) and goodwill; major restructuring costs, including those costs following material acquisitions; legal charges (net of insurance recoveries) and expenses on the settlement of litigation and government investigations, and acquisition accounting adjustments for material acquisitions, disposals of associates, products and businesses, other operating income other than royalty income, and other items, together with the tax effects of all of these items. The calculations of constant exchange rate (CER) growth and pro-forma growth are described on page 54 of our Annual Report 2015.
  • b. New products defined as: Pharmaceuticals: Relvar/Breo Ellipta, Anoro Ellipta, Incruse Ellipta, Arnuity Ellipta, Eperzan/Tanzeum, Nucala, Tivicay, Triumeq. Vaccines: Menveo, Bexsero, Shingrix (not yet approved).
  • c. GSK R&D event on 3 November 2015.

Responsible business

Being a responsible business is central to our strategy, and how we deliver success is just as important as what we achieve. We ensure our values are embedded in our culture and decision making to help us better meet the expectations of society.

We have well established, long-term responsible business commitments which reflect global health needs and sit across four key focus areas: Health for all, Our behaviour, Our people and Our planet. We detail our progress against these commitments in our Responsible Business Supplement, which can be downloaded below.


people reached through our training of 40,000 frontline health workers in least developed countries since 2009


markets operating our new commercial model


children reached with life-saving immunisation, treatments and other interventions, through our ground-breaking partnership with Save the Children


employees and family members in 52 countries have access to preventative healthcare through our Partnership for Prevention programme


We have led the Access to Medicine Index since 2008


We have reduced the value chain carbon footprint of the products shipped in 2015 by an average of 25% versus 2010

Download Responsible Business Supplement (PDF, 5.8MB)

After 30 years of research, we have reached two significant milestones in our journey to develop a vaccine to protect young children from malaria. In July 2015, the European Medicines Agency adopted a positive scientific opinion for our malaria candidate vaccine Mosquirix, or RTS,S, in children aged six weeks to 17 months. Additionally, the World Health Organisation (WHO) has recommended that RTS,S should be introduced through a pilot roll-out. GSK developed RTS,S, which we will supply at a not-for-profit price, in partnership with the PATH Malaria Vaccine Initiative and with funding from the Bill & Melinda Gates Foundation

Ghana lab

Our investor proposition

GSK is a science-led global healthcare company that aims to deliver growth and improving returns to shareholders through the development of innovative pharmaceutical, vaccine and consumer healthcare products.

Three world-leading businesses

Each has a broad range of growth drivers and the global presence to access increasing demand for healthcare.


2015 turnover

Leadership in key therapeutic areas including Respiratory and HIV


2015 turnover

The most comprehensive vaccines portfolio in the industry

Consumer Healthcare

2015 turnover

One of the world's leading global Consumer Healthcare companies (by retail sales)


Presence in more than 150 markets


in annual revenues expected from new Pharmaceutical and Vaccine product sales (£2bn sales achieved in 2015)a

Strong R&D innovation

R&D underpins all our businesses with research focused in six core therapy areas.




HIV/infectious diseases

Rare diseases

Respiratory diseases


Around 40 new potential medicines and vaccines in our pipeline profiled at R&D eventb


of which we believe are potentially first-in-class


Potential to file up to 20 assets by 2020


Estimated internal rate of return on R&D investment


We partner with over 1,500 organisations around the world, including academic institutions, public-private partnerships and other pharmaceutical and biotechnology companies

Efficient global
operating model

We are focused on optimising our operations through restructuring, investments and modernisation to improve profitability and efficiency.


2015 adjusted free cash flow excluding costs funded by divestmentsc


net proceeds from disposals generated in 2015


reduction in net debt in 2015


in incremental annual cost savings delivered in 2015 and


in annual cost savings expected by end of 2017d


on time supply for all key new pharmaceutical product introduction launches in 2015 across all markets


Consumer Healthcare supply: average service levels of 93% OTIF (on time in full) in 2015e


in customer trust for both GSK Respiratory and Vaccines in the USf


unique visitors to GSK HCP digital portals, +21% in 2015


  • Core EPS percentage growth expected to reach double digits CER in 2016
  • Medium-term outlook for Group to grow Core EPS mid-to-high single digitsg CAGR over five years to 2020 CERh


  • Ordinary dividend of 80p per share for 2015
  • Special dividend of 20p per share for 2015 (£1 billion from Novartis transaction proceeds)
  • Expect to pay ordinary dividend of 80p per share for both 2016 and 2017

a. At its Investor Event on 6 May 2015, GSK outlined a series of expectations for its performance over the five year period 2016-2020.

b. GSK R&D event on 3 November 2015.

c. Excluding legal payments and also non-core restructuring and integration costs and the initial tax payments on the sale of the Oncology business.

d. £1.6 billion annual savings achieved by 31 December 2015.

e. Legacy GSK brands.

f. Customer trust rankings as demonstrated in GSK annual customer value survey of over 4,000 customers.

g. At its Investor event on 6 May 2015, GSK outlined a series of expectations for its performance over the five year period 2016-2020.

h. Expected compound annual growth rate (CAGR) to 2020, using 2015 as the base year.