6-K 1 a1209k-originalv1edgarver.htm 3RD QUARTER RESULTS a1209k-originalv1edgarver
 
 
美国
证券交易委员会
华盛顿,特区。20549
 
表格 6-K
 
外国私人发行人根据13a-16或15d-16条规定的报告
根据1934年证券交易法
 
 
 
2024年10月
 
备案文件编号001-15170
 
 
GSK 股份有限公司
(将注册人姓名翻译成英文)
 
 
79 伦敦新牛津街,WC1A 1DG
(主要执行办事处的地址)
 
 
 
请用复选标记指示,注册申报者是否已经或者将要提交以20-F表格或40-F表格为封面的年度报告。
 
表格 20-F . . . .X. . . . 表格 40-F . . . . . . . .
 
 
 
 
 
GSk在R&D方面取得了进展,已朝着2024年的目标稳步前进。
 
2024年第三季度销售额和核心盈利增长强劲,特殊药品表现出色,有助于抵消疫苗销售下降。
总计 2024年第三季度销售额80亿英镑,按实际汇率下降2%;按固定汇率增长2%
疫苗销售 下降15%。 Shingrix 下降7% 和 Arexvy-72%反映ACIP指南变更,美国COVID疫苗优先接种和年度化。 Arexvy 2023年第3季度推出
特种药品销售增加19%。HIV销售增长12%。肿瘤学增长94%。呼吸/免疫和其他增长14%
常规药品销售增长7% 曲来吉剂 +16%
总营业利润下降86%,总每股收益下降100%,主要受到与18亿英镑(23亿美元)相关的一项费用的影响 Zantac 结算
核心营业利润增加5%,核心每股收益增加5%,反映出强劲的特种药品表现,以及有效的成本管理
本季度经营活动产生的现金为25亿英镑,自由现金流为13亿英镑
(财务业绩-2024年第三季度结果,除非另有说明,增长率%和评论按照第52页定义的CER计算)。
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年至今
 
£百万
 
% 空中速度
 
% 国内空速
 
£百万
 
% 空中速度
 
% 国内空速
营业额
8,012
 
(2)
 
2
 
23,259
 
4
 
8
新冠疫情之外的营业额
8,012
 
(2)
 
2
 
23,258
 
5
 
9
总营业利润
189
 
(90)
 
(86)
 
3,325
 
(46)
 
(41)
总营业利润率%
2.4%
 
(21.6个百分点)
 
(20.6个百分点)
 
14.3%
 
(13.4个百分点)
 
(12.5个百分点)
总每股收益
(1.4p)
 
>(100)
 
(100)
 
53.0p
 
(53)
 
(48)
核心 营业利润
2,761
 
 
5
 
7,717
 
10
 
16
核心 营业利润率 %
34.5%
 
0.4 百分点
 
1.0 百分点
 
33.2%
 
1.6 百分点
 
2.2 百分点
核心 每股收益
49.7p
 
(1)
 
5
 
136.2p
 
8
 
14
经营活动产生的现金
2,499
 
 
 
 
5,275
 
19
 
 
 
 
 
研发取得进一步进展,增长前景增强 所有关键治疗领域:
传染性 疾病:欧盟批准了 Arexvy 在 50-59 岁的成年人中 风险增加,积极的新数据表明保护已结束 三个呼吸道合胞病毒季节;美国食品药品管理局申请接受格波替达辛 无并发症的尿路感染;bepirovirsen在日本获得SENKU认证 用于慢性乙型肝炎
艾滋病毒: 现实世界的研究表明,99% 的有效性 Apretude, 唯一获批准的长效 HIV PrEP 药物
呼吸/免疫学: 宣布了超长效生物制剂的阳性结果, depemokimab,用于 ANCHOR 三期试验 (crsWnP)(1) 和完整结果 用于支持申报的 SWIFT-1&2 试验(严重哮喘) 年底前出现严重哮喘和 crsWNP,有双重适应症 可能在 2025 年推出。公布了积极的头条结果 三期 MATINEE 试验 努卡拉 在慢性阻塞性肺病中 努卡拉 在日本批准用于 crsWnp
肿瘤学:扩展 美国食品药品管理局批准了 Jemperli 在子宫内膜癌中; Blenrep 在美国、欧盟和 日本并在中国获得突破性疗法称号;美国 美国食品药品管理局认定为 GSK5764227(靶向 b7-H3)的突破性疗法 小细胞肺癌中的抗体(药物偶联物)
 
 
2024年业绩指导确认;宣布2024年第三季度15便士的股息 并继续预计全年60便士的股息:
2024年 营业额增长7%至9%;核心营业利润增长11%至 13%;核心每股收益增长10%至12%。预计将在现有范围的 中间水平左右提供业绩表现
指导所有在CER和不包括COVID-19的解决方案
 
 
Emma Walmsley,GSK首席执行官:
“我们实现了又一个季度的销售和核心营业利润增长,并在研发方面取得了进一步良好的进展。专科药品的强劲增长有助于抵消疫苗销售的下降,并反映出我们在肿瘤学和艾滋病领域成功推出新产品的成果,以及我们现在构建的GSK产品组合和业绩的弹性。我们的研发管线继续加强,今年迄今已报告了11项积极的III期临床试验,我们目前正在计划明年推出5个主要新产品的获批机会: Blenrep,Depemokimab, 这是对Nucala的第三个指示 COPD用药,Gepotidacin,以及我们的新型预防脑膜炎疫苗(MenABCWY)。我们还在本季度解决了绝大部分 Zantac诉讼,以消除不确定性,使我们能够更好地关注未来。所有这些意味着我们正朝着实现2024年预期目标的方向前进,我们对2026年和2031年的前景更加有信心。”
 
总结果概述如上所示,第8页和核心结果对账汇总在第20页和第23页呈现。核心结果是一项非IFRS指标,可以在依据IFRS呈现的信息之外考虑,但不能作为或优于IFRS呈现的替代。以下术语在第52页定义:核心结果,£%或AER%增长,CER%增长,COVID-19解决方案,不包括COVID-19解决方案的营业额;以及其他非IFRS指标。GSK仅提供核心结果指南,原因详见第18页。所有关于未来业绩和股息支付的预期、指引和目标都应与第54页的“指引和展望、假设和警示性声明”一并阅读。 (1) CRSwNP - 慢性鼻窦炎伴有鼻息肉。
 
 
2024年度指导原则
 
GSK确认其全年销售额、核心利润和每股收益指引以固定的汇率(CER)并预计将在现有范围的中间左右提供。所有指引、预期和全年增长率不包括COVID-19解决方案的任何贡献。
 
尽管本季度存在一些挑战,特别是生物-疫苗需求低于预期和艰难的比较基数,GlaxoSmithKline在CER的这一季度销售额和核心利润均实现增长。特殊药品继续强劲增长,特别是反映了肿瘤学和长效HIV药物成功新上市的情况。包括通用药品在内,也继续表现超出预期。 曲来吉剂同样,普通药品也继续表现好于预期。
 
销售预计在CER的7至9%区间内增长。预计特殊药品和普通药品销售表现提升将抵消今年生物-疫苗销售增长较低的情况,主要是由于 Arexvy20,200,000Shingrix。推动 Arexvy 表现的关键因素是指南限制,美国COVID疫苗优先接种,以及与该疫苗去年出色推出的不利比较。
 
 
 
 
所有板块的指引均不包括COVID-19解决方案的贡献
确认2024年经常汇率下的指引
之前的2024年经常汇率下的指引
营业额
增长在7%至9%之间
增长在7%至9%之间
核心 营业利润
增长在11%至13%之间
增长在11%至13%之间
核心每股收益
增长在10%至12%之间
增长在10%至12%之间
 
 
本指南得到了以下修订后的2024年全年CER营业额预期的支持:
 
 
 
 
所有营业额预期都不包括COVID-19解决方案的贡献
修订后的2024年指导原则按地区修正
之前的2024年指导原则按地区修正
生物-疫苗
营业额降低个位数百分比
营业额增长个位数到中位数百分比
专业医药
营业额增长高十几个百分比
营业额增长百分之中到高十位数
一般药品
营业额增长百分之中的个位数
营业额增长百分之低到中的个位数
 
核心营业利润预计将在CER下的11至13%之间增长。尽管2024年初多数Gardasil专利的损失对营业利润增长造成了6个百分点的影响,但预计将继续增长。 SG&A预计将以低个位数增长,有效的成本控制推动经营杠杆作用和进一步提高利润率。研发支出预计会略低于销售增长,专利收入预计全年约为6亿英镑。
 
核心每股盈利预计在CER方面将增长10%至12%。就2023年来说,对非控股利益的预期保持不变,GSk仍然预计核心有效税率会在整个全年实施新的全球最低企业所得税规则后增至约17%,这些规则自2024年1月1日起开始生效,符合经济合作与发展组织的“支柱2”模型框架。
 
 
额外评论
 
分红政策
红利政策和预期的支付比率保持不变。与此一致,反映出第三季度业务表现强劲,GSk宣布2024年第三季度每股15便士的红利,并预计2024年全年每股60便士的红利。
 
COVID-19 解决方案
2024年全年,GSK预计不会有进一步与COVID-19流行相关的销售或营业利润。因此,与2023年相比,预计全年销售额和核心营业利润的增长将分别受到一和两个百分点的不利影响。
 
汇率
如果汇率能够保持在2024年9月30日的收盘汇率(1.34美元/英镑,1.20欧元/英镑和191日元/英镑)的水平直至2024年结束,对GSK 2024年英镑营业额增长的估计影响将为-5%,如果汇兑损益与2023年相同水平被确认,对GSK 2024年英镑核心营业利润增长的估计影响将为-8%。
 
结果展示
艾玛·沃姆斯利,首席执行官,将于2024年10月30日格林尼治时间12:00(美东时间上午8点)主持面向投资者和分析师的季度业绩电话会议和网络直播。网络直播前,会在www.gsk.com上发布演示材料,并随后公布网络直播的抄录。
 
尽管包含网页链接,但公司网站上或非GSK来源的信息并未纳入此成果公告。
 
 
表现: 营业额
 
 
 
 
 
 
 
 
 
 
 
 
 
营业额
Q3 2024
 
年至今
 
£百万
 
增长
AER%
 
增长
比率
 
£百万
 
增长
地域板块AER%
 
增长
比率
带状疱疹
739
 
(10)
 
(7)
 
2,516
 
(1)
 
2
脑膜炎
520
 
18
 
22
 
1,142
 
16
 
20
RSV (Arexvy)
188
 
(73)
 
(72)
 
432
 
(39)
 
(37)
流感
283
 
(24)
 
(22)
 
303
 
(26)
 
(23)
已建立 疫苗
920
 
6
 
10
 
2,533
 
2
 
5
COVID疫苗
2,650
 
(18)
 
(15)
 
6,926
 
(3)
 
大流行 疫苗
 
(100)
 
>(100)
 
 
(100)
 
(100)
疫苗
2,650
 
(18)
 
(15)
 
6,926
 
(5)
 
(2)
艾滋病毒
1,750
 
8
 
12
 
5,120
 
10
 
13
呼吸/免疫及其他
843
 
10
 
14
 
2,389
 
10
 
15
肿瘤学
373
 
86
 
94
 
1,002
 
>100
 
>100
新冠疫情之外的特种药品
2,966
 
14
 
19
 
8,511
 
16
 
20
Xevudy
 
 
 
1
 
(97)
 
(97)
特种药品
2,966
 
14
 
19
 
8,512
 
16
 
20
呼吸系统
1,617
 
6
 
11
 
5,407
 
6
 
11
其他 常规药品
779
 
(5)
 
 
2,414
 
(6)
 
(1)
常规药品
2,396
 
3
 
7
 
7,821
 
2
 
7
总计
8,012
 
(2)
 
2
 
23,259
 
4
 
8
总计不含COVID
8,012
 
(2)
 
2
 
23,258
 
5
 
9
按 地域板块:
 
 
 
 
 
 
 
 
 
 
 
美国
4,321
 
(5)
 
(1)
 
12,057
 
5
 
9
欧洲
1,618
 
4
 
6
 
4,911
 
 
2
国际
2,073
 
2
 
8
 
6,291
 
6
 
12
总费用
8,012
 
(2)
 
2
 
23,259
 
4
 
8
 
非COVID期间营业额不包括2020年至2023年的COVID-19解决方案,是一项非IFRS指标,在第52页定义,并与上表中包含的IFRS指标进行对照。财务业绩-Q3 2024年度结果,除非另有说明,增长率%和CER 下的评论。
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
截至目前的年度
 
 
£百万
AER
欧洲碳排放交易体系
 
£百万
AER
欧洲碳排放交易体系
疫苗
总计
2,650
(18%)
(15%)
 
6,926
(5%)
(2%)
不包括COVID
2,650
(18%)
(15%)
 
6,926
(3%)
–%
2024年第三季度和总疫苗销售额下降, 而截至目前COVID疫苗销售保持稳定。主要受到销售额下降的影响 Arexvy 受ACIP指南变化、本季度COVID-19疫苗优先接种、较低季节性感染率和较难抵消去年推出的库存影响的影响。 Shingrix 本季度销量下降,但截至目前,由于美国需求下降,国际增长弥补。脑膜炎疫苗仍显示出强劲的需求增长,销售额增长两位数。总体疫苗年初至今表现受2023年COVID-19解决方案销售的不利影响。
 
 
 
 
 
 
 
 
带状疱疹
739
(10%)
(7%)
 
2,516
(1%)
2%
生物-疫苗的销售 Shingrix在这个季度,生物-疫苗(带状疱疹疫苗)的销量下降,但年初至今仍在增长。
 
在美国,本季度销售额下降了23%。截至2024年Q2末,美国累积免疫接种率达到了12000万以上美国成年人的39%(1) 目前建议接种的 Shingrix,增加了6个百分点(2),自2023年Q2结束以来。然而,增加渗透率的速度正在放缓,反映了继续面临难以触及的消费者激活难题。 Shingrix 销售年初至今也受到了零售疫苗优先级变更的负面影响,部分是由于过渡到新的康哲药业(CMS)(3) 规则改变了药店处理付款人赔偿的方式。
 
Shingrix 在国际市场中,由澳洲国家免疫计划的推动和向我们在中国的联合推广合作伙伴供应的增长,业务有了显著增长 Shingrix 由于德国需求降低,部分抵消了其他国家扩大的公共资金支持,在本季度和今年截至到今日的销售额较去年同期有所下降。现在,美国以外的市场占2024年第三季度全球销售额的58%(2023年第三季度:50%)Shingrix 在48个国家推出。绝大多数出口美国的业务机会集中在10个市场,这些市场的平均免疫率约为6%。Shingrix 业务机会主要集中在免疫率平均约为6%的10个市场。
 
脚注:
(1)
美国人口普查局,国际数据库,2024年数据(2)反映最新的美国人口普查局数据和交货订单(3)美国医疗保险和医疗服务中心     
 
 
Q3 2024
 
年 迄今为止
 
m 英镑
CER
 
m 英镑
CER
脑膜炎
520
18%
22%
 
1,142
16%
20%
在2024年第三季度和到目前为止,脑膜炎-疫苗增长了两位数,实现了创纪录的季度销售额。 贝索疫苗,一种针对脑膜炎 b的疫苗,主要增长反映了美国疾病控制和预防中心(CDC)的采购模式和良好的定价组合,德国的推荐以及越南的推出部分地抵消了欧洲在2024年上半年的投标阶段。成长曼维奥疫苗,一种针对 脑膜炎 ACWY的疫苗,受益于美国CDC的采购模式和2024年上半年有利的交付时间安排在国际市场。
 
 
 
 
 
 
 
 
 
RSV (Arexvy)
188
(73%)
(72%)
 
432
(39%)
(37%)
Arexvy针对年长成人的呼吸道合胞病毒(RSV)疫苗,在季度和全年表现均有下降。由于美国2024年第3季度的销售额下降,原因是免疫接种顾问委员会(ACIP)向60至74岁个体发布了更为严格的推荐, COVID-19感染率再次上升导致COVID疫苗优先接种,而渠道库存较去年大量上市造成的存货相比减少。 Arexvy 在零售领域,疫苗份额在全年保持在三分之二左右,其中绝大多数剂量被使用。来自8500万美国成年人中已有九百多万人(1) 60岁及以上处于风险群体的澳洲和巴西都已在2023年第3季度推出的疫苗开始新的库存储备,沙特阿拉伯进行了初次招标交付,并且加拿大的消费者接纳量持续增加。 Arexvy 自2013年第3季度推出以来,已有九百万8500万美国成年人中60岁及以上处于风险群体的人得到了保护。全年表现也反映了澳洲和巴西的新上市存货建立,沙特阿拉伯的初次投标交付以及加拿大消费者的持续接受。 Arexvy 在51个市场获得批准,全球范围内,有16个国家面向老年人提出了RSV疫苗接种建议,其中6个国家(包括美国)于季度结束时已实施了报销方案。
 
 
 
 
 
 
 
 
 
流感
283
(24%)
(22%)
 
303
(26%)
(23%)
福利明/流鼻疽乐瓦 由于美国市场的竞争压力和成交量分期以及其他地区需求降低,2024年第三季度销售额下降。
 
 
 
 
 
 
 
 
 
已建立 疫苗
920
6%
10%
 
2,533
2%
5%
成立 2024年第三季度疫苗销量增长,反映了CDC有利的采购模式,多个儿科品牌以及对 Boostrix。这在一定程度上被交付时间和在国际市场的竞争压力部分抵消。迄今为止的销售额也受CDC库存移动对的不利影响 Synflorix Infanrix/Pediarix Rotarix和页面。 在美国,部分抵消了国际间麻疹、腮腺炎、风疹和水痘(MMR/V)疫苗供应增加的情况。
 
 
 
 
 
 
 
 
 
 
特种药品
总计
2,966
14%
19%
 
8,512
16%
20%
不包括COVID
2,966
14%
19%
 
8,511
16%
20%
在本季度,特殊药品销售额增长两位数,反映出疾病领域持续增长,HIV、呼吸免疫学和肿瘤表现强劲。
 
 
 
 
 
 
 
 
艾滋病毒
1,750
8%
12%
 
5,120
10%
13%
HIV销售额在本季度和今年以来均实现了两位数增长,主要反映出与上一时期相比市场份额增加了2个百分点。这主要是由于对口服2DR(Dovato,Juluca)和长效药品(Cabenuva,Apretude)以及有利的年内定价,包括与退货和折扣调整相关的渠道组合对回报和折扣的影响。
 
 
 
 
 
 
 
 
 
口服 2DR
730
13%
17%
 
2,097
17%
21%
季度口服2药疗法的销售额为£73000万,现在占总HIV产品组合的42%。 Dovato 继续成为HIV产品组合中销售额最高的产品,在本季度销售额为£5.67亿,同比增长23%。
 
 
 
 
 
 
 
 
 
长效 药物
314
43%
49%
 
898
54%
59%
长效 该季度的药品销售额现在占艾滋病毒总额的18% 投资组合相比之下,2023年第三季度为13%,贡献率超过50% 艾滋病毒的总增长率。 Cabenuva 销售额达到 245 英镑 2024年第三季度有100万人,增长40%,这要归因于强劲的患者需求。 Apretude 2024 年第三季度的销售额 为6900万英镑,与第三季度相比增长了95% 2023。
 
 
 
 
 
 
 
 
 
呼吸/免疫及其他
843
10%
14%
 
2,389
10%
15%
销售 主要包括来自 这是对Nucala的第三个指示 在呼吸和 Benlysta 在免疫方面。2024年第三季度,双位数销售增长持续为 这是对Nucala的第三个指示和页面。Benlysta受患者需求的推动,全球范围内在美国、欧洲和国际市场上持续增长。
 
 
注释:
(1)
美国人口普查局,国际数据库,2024年
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
m 英镑
CER
 
m 英镑
CER
努卡拉
444
8%
12%
 
1,300
10%
14%
这是对Nucala的第三个指示是一种IL-5拮抗剂单克隆抗体治疗重度哮喘,另外的适应症包括慢性鼻鼻窦炎伴鼻息肉、嗜酸性肉芽肿性多血管炎(EGPA)和高嗜酸性综合征(HES)。2024年第三季度,销售增长继续强劲,特别是在欧洲和国际地区,反映出患者对治疗嗜酸性引发疾病需求较高。
 
 
 
 
 
 
 
 
 
Benlysta
389
11%
16%
 
1,067
11%
15%
Benlysta抗体单克隆治疗系统性红斑狼疮,在2024年第三季度持续稳定增长,代表着美国、欧洲和国际地区的强劲需求和成交量增长,许多市场的生物渗透率也有所提高。
 
 
 
 
 
 
 
 
肿瘤学
373
86%
94%
 
1,002
≥100%
≥100%
在第三季度 2024年,肿瘤学销售的强劲增长继续受到增长的推动 患者需求 泽胡拉, 一个 PARP(1) 抑制剂, 杰梅普利, 一个 PD-1(2) 阻断抗体,以及 Ojjaara/Omjjara,每日 JAK1/JAK2 和 ACVR1(3) 抑制剂。 Jemperli,一个 一线治疗药物与化疗相结合 适用于 DMMR/MSI-H 原发性晚期或复发的患者 子宫内膜癌,在本季度获得美国食品药品管理局的批准 扩大适应证范围以包括所有原发性成年患者 晚期或复发性子宫内膜癌。 Jemperli 销售额持续增长 强劲,本季度销售额为13000万英镑。 Ojjaara/Omjjara,一个 针对贫血骨髓纤维化患者的治疗,于 美国 2023 年第三季度,英国和德国在 2024 年第一季度,日本在第三季度 2024 年,自推出以来一直强劲上涨,交付了 98 英镑 该季度的销售额为百万美元。
 
 
 
 
 
 
 
 
 
Zejula
144
3%
6%
 
450
21%
25%
Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。
 
 
 
 
 
 
 
 
 
常规药品
2,396
3%
7%
 
7,821
2%
7%
销售额包括呼吸道和其他综合医学所有板块的贡献。在2024年第三季度,销售增长主要由驱动 曲来吉剂,一种慢性阻塞性肺病(COPD)和哮喘药物,在所有地区需求强劲。绩效受到美国医疗补助药品价格平均制造商价格(AMP)上限取消的影响。此举影响 ADVAIR,FLOVENT, 拉米托 由于价格大幅下降、商业合同减少以及决定停止品牌化 弗洛维特。然而,这一点已被授权范本的增加完全抵消 Advair 弗洛维特 同时,显著地,继续为患者提供访问权限。
 
 
 
 
 
 
 
 
呼吸系统
1,617
6%
11%
 
5,407
6%
11%
在2024年第三季度和全年至今,销售增长反映出 Trelegy 所有区域的强劲表现以及对 Anoro尤其是在欧洲和国际上的增加需求。 Seretide/Advair 在本季度也出现增长,主要是由于美国比较器调整对退税的有利影响。如上所述,在美国,因为移除了AMP上限所带来的不利影响完全被授权的仿制药版本的增加使用所抵消。 Advair和页面。弗洛维特提供药品 给患者。
 
 
 
 
 
 
 
 
 
崔利吉
600
12%
16%
 
2,033
26%
31%
曲来吉剂 是全球COPD和哮喘患者使用最多的单一吸入三联疗法(SITT),2024年第三季度销售增长16%,在所有地区持续强劲增长,反映了患者需求、单一吸入三联疗法类别增长和市场份额增加。截至目前的增长率为31%,受2024年前六个月美国定价影响的积极影响,包括对回报和返利的调整,在2024年第三季度有所缓和。
 
 
 
 
 
 
 
 
 
色列替/阿德法
218
8%
13%
 
798
(8%)
(4%)
舒利迭/万托林 是一种组合治疗方法,用于治疗哮喘和慢性阻塞性肺疾病(COPD)。2024年第三季度,销售额增长13%,反映出美国销售的增长受益于与竞争对手产品的比较调整对退货和折扣的积极影响,部分抵消了欧洲和国际销售的下降,因为竞争对手产品持续带来的通用药侵蚀。 年至今的下降反映出欧洲和国际持续受到竞争对手产品通用药侵蚀的影响,部分抵消了美国销售的中单位数增长,受益于与竞争对手产品的比较调整对退货和折扣的积极影响,以及授权仿制药的继续使用抵消了对医疗补助(Medicaid)药物价格的AMP上限的取消。
 
 
 
 
 
 
 
 
 
其他 常规药品
779
(5%)
–%
 
2,414
(6%)
(1%)
2024年第三季度的表现与年初至今的表现保持一致,并继续受到全球持续存在的仿制药竞争的影响。
 
 
脚注:
(1)
PARP: 一种聚腺苷二磷酸核糖聚合酶(2) PD-1: 一种程序性死亡受体-1阻断抗体(3) JAK1/JAK2 和 ACVR1: 一种每日一次的口服 JAK1/JAK2 和激动素A受体1(ACVR1)抑制剂
 
 
通过 地域板块
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
m 英镑
CER
 
m 英镑
CER
我们
总计
4,321
(5%)
(1%)
 
12,057
5%
9%
 
不包括 COVID
4,321
(5%)
(1%)
 
12,057
5%
9%
生物-疫苗 销售在2024年第三季度和截至目前主要因为 Arexvy 更严格的建议来自免疫接种咨询委员会(ACIP),针对60至74岁人群的RSV疫苗在当季的优先级降低,因为COVID-19疫苗比较早地推出,以及较低的渠道库存,与对照季度中的重要推出库存相比。 Shingrix 也在下降,反映出继续面临难以触及的消费者挑战的较低需求。已建立疫苗销售增长部分受到增加需求部分抵消的不利CDC储备库存变动。
 
特殊药品在2024年第三季度和YTD继续增长,受肿瘤学和艾滋病学表现和持续增长的推动 这是对Nucala的第三个指示和页面。Benlysta.
 
2024年第三季度和截至目前为止,普通药物的增长主要受到需求增加的驱动 曲来吉剂,成交量增长强劲,主要受患者需求、SIT医疗市场增长以及渠道组合价格优势的推动。 AMP上的太平底价政策取消后,继续受到影响 Advair, 弗洛维特和页面。拉米托。这一影响完全被授权的通用版本的增加所抵消 Advair和页面。弗洛维特,为患者提供药物获取的途径 。
 
 
 
 
 
 
 
 
 
 
欧洲
总费用
1,618
4%
6%
 
4,911
–%
2%
 
不包括COVID
1,618
4%
6%
 
4,911
3%
5%
2024年第三季度,生物-疫苗销售增长基本持平,主要受到 贝索疫苗 德国的推荐和增加的已建立疫苗销售部分抵消了较低的Shingrix 德国需求。 截至目前的年度销售也反映出 Shingrix 几个市场的增长,这是因为公共资金扩大。
 
特殊药品销售在本季度和截至目前的整体销售额中呈两位数增长,这主要是由于肿瘤学方面的表现。 Benlysta 在免疫学方面,呼吸系统方面,以及新适应症推出的影响下。这是对Nucala的第三个指示 HIV增长在本季度和截至目前的整体销售额中继续保持高位一位数百分比增长。
 
本季度一般药品销售强劲,增长率在中位数个位数,反映出在 表现强劲。 曲来吉剂和页面。安络,在一般药品中部分抵消了下降。年初至今的表现总体稳定。
 
 
 
 
 
 
 
 
 
 
国际
总费用
2,073
2%
8%
 
6,291
6%
12%
 
不包括COVID
2,073
2%
8%
 
6,290
7%
13%
2024年第三季度,销售额增长了8%,这反映了与2023年第三季度相比,几个国际市场的年度汇率波动。
 
疫苗在2024年第三季度和截至目前的增长得到推动 Shingrix 与澳洲国家免疫计划相关,并向我们在中国的联合推广合作伙伴供应。已建立的疫苗销售额在2024年第三季度下降,受到该地区交付时间、需求减少和竞争压力的影响 Synflorix和页面。Cervarix,但在供应增加和麻疹/风疹疫苗需求增加的推动下,截至目前的增长。 Boostrix.
 
季度和全年至今,医药行业的专科药品增长率实现了两位数的增长,主要由HIV驱动。 这是对Nucala的第三个指示 在呼吸系统方面, Benlysta 在免疫学领域,以及 Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。 在肿瘤学领域。
 
本季度和本年度,一般药品销售额增长了个位数百分比,主要得益于强劲增长。 曲来吉剂 部分抵消了其他一般药品产品的减少。
 
 
 
财务 业绩
 
 
 
 
 
 
 
 
 
 
 
 
 
总 结果
Q3 2024
 
年至今
 
£百万
 
% 空中速度
 
% 国内空速
 
£百万
 
% 空中速度
 
% 国内空速
 
 
 
 
 
 
 
 
 
 
 
 
营业额
8,012
 
(2)
 
2
 
23,259
 
4
 
8
销售成本
(2,397)
 
6
 
8
 
(6,489)
 
6
 
8
销售、一般及行政费用
(3,800)
 
66
 
72
 
(8,352)
 
25
 
29
研发费用
(1,459)
 
(7)
 
(5)
 
(4,370)
 
5
 
7
版税收入
168
 
(46)
 
(46)
 
463
 
(36)
 
(36)
其他营业收入/(费用)
(335)
 
 
 
 
 
(1,186)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业利润
189
 
(90)
 
(86)
 
3,325
 
(46)
 
(41)
净财务费用
(124)
 
(22)
 
(19)
 
(408)
 
(16)
 
(14)
分红 联营企业和联合企业的税后利润/(损失)
  和合营企业
(1)
 
 
 
 
 
(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税前利润
64
 
(96)
 
(92)
 
2,914
 
(49)
 
(43)
 
 
 
 
 
 
 
 
 
 
 
 
税收
1
 
 
 
 
 
(464)
 
 
 
 
税率 %
(1.6%)
 
 
 
 
 
15.9%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税后利润
65
 
(96)
 
(91)
 
2,450
 
(50)
 
(45)
非控股权益所减少的利润
123
 
 
 
 
 
289
 
 
 
 
股东应占利润/(亏损)
(58)
 
 
 
 
 
2,161
 
 
 
 
 
65
 
(96)
 
(91)
 
2,450
 
(50)
 
(45)
 
 
 
 
 
 
 
 
 
 
 
 
每股盈利/(亏损)
(1.4)p
 
>(100)
 
(100)
 
53.0p
 
(53)
 
(48)
 
财务表现-2024年第三季度结果 除非另有说明,增长百分比和定价汇率下的评论。
 
 
 
核心 结果
第三季度2024年、第三季度2023年、截至目前的2024年和截至目前的2023年的总体结果和核心结果的对账见于第20、21、23和24页。
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
截至目前的年度
 
£百万
 
% 空中速度
 
% 国内空速
 
£百万
 
% 空中速度
 
% 国内空速
 
 
 
 
 
 
 
 
 
 
 
 
营业额
8,012
 
(2)
 
2
 
23,259
 
4
 
8
销售成本
(1,921)
 
(7)
 
(5)
 
(5,531)
 
 
1
销售、一般及管理费用
(2,070)
 
(5)
 
(2)
 
(6,272)
 
(3)
 
1
研究与开发
(1,428)
 
 
3
 
(4,202)
 
6
 
8
版税收入
168
 
(46)
 
(46)
 
463
 
(36)
 
(36)
 
 
 
 
 
 
 
 
 
 
 
 
核心 营业利润
2,761
 
 
5
 
7,717
 
10
 
16
 
 
 
 
 
 
 
 
 
 
 
 
税前核心利润
2,646
 
1
 
7
 
7,320
 
12
 
18
税收
(461)
 
14
 
21
 
(1,288)
 
26
 
33
税率 %
17.4%
 
 
 
 
 
17.6%
 
 
 
 
税后核心利润
2,185
 
(1)
 
5
 
6,032
 
9
 
15
归属于非控股股东的核心利润
利息
157
 
 
 
 
 
481
 
 
 
 
归属于股东的核心利润
2,028
 
 
 
 
 
5,551
 
 
 
 
 
2,185
 
(1)
 
5
 
6,032
 
9
 
15
每股核心盈利
49.7p
 
(1)
 
5
 
136.2p
 
8
 
14
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
截至目前的年度
 
 
£百万
AER
CER
 
£百万
AER
CER
销售成本
总计
2,397
6%
8%
 
6,489
6%
8%
销售额的%
29.9%
2.0%
1.5%
 
27.9%
0.3%
(0.2%)
核心
1,921
(7%)
(5%)
 
5,531
–%
1%
销售额的%
24.0%
(1.5%)
(1.9%)
 
23.8%
(1.1%)
(1.5%)
销售成本总额占销售额的比例在本季度增加,主要是因为额外的摊销费用。 Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。和页面。Jemperli.
 
销售成本核心销售额占销售额的比例在本季度和本年截至目前均有所下降。本季度和本年截至目前受益于渠道组合和美国退货和折让调整的价格优势,以及高毛利特种药品产品持续组合优势。本季度还受益于Q3 2023年对不利存货减值调整的有利比较。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
 
m 英镑
CER
 
m 英镑
CER
销售,一般 和管理
总计
3,800
66%
72%
 
8,352
25%
29%
占销售额的百分比
47.4%
19.2%
19.1%
 
35.9%
5.8%
5.8%
核心
2,070
(5%)
(2%)
 
6,272
(3%)
1%
占销售额的百分比
25.8%
(1.0%)
(1.0%)
 
27.0%
(1.9%)
(2.0%)
本季度和年初至今的总销售、总管理及总行政支出主要增加系因重大法律费用上升,其中包括因赞达克(Zantac)涉及的州法院和解案件而产生的18亿英镑(23亿美元)费用。 不知名检告(Qui Tam)和解,以及其余尚在审理中的7%州法院产品责任案件的和解,部分抵消了未来法律费用的减少(详见第38页)。 本季度和年初至今的总销售、总管理及总行政支出主要增加系因重大法律费用上升,其中包括因赞达克(Zantac)涉及的州法院和解案件而产生的18亿英镑(23亿美元)费用。
 
在季度和到目前为止的全年销售额中,由于持续进行有序投资来支持全球市场拓展和疾病意识,核心SG&A作为销售额的百分比有所改善。Arexvy和页面。Shingrix 以及长效HIV药物背后的投资。本季度还受益于与2023年第三季度的有利比较,这归因于支出分阶段和在2023年投资于美国发布的产品。 Arexvy 到目前为止的全年增长在一定程度上被2023年第一季度reverse的法律准备金所产生的正面影响的2个百分点抵消了。Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。 版税纠纷, 在成功上诉后。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年至今
 
 
£百万
AER
CER
 
£百万
AER
CER
研究 &
发展
总费用
1,459
(7%)
(5%)
 
4,370
5%
7%
销售额的%
18.2%
(1.1%)
(1.4%)
 
18.8%
–%
(0.2%)
核心
1,428
–%
3%
 
4,202
6%
8%
销售额的%
17.8%
0.3%
–%
 
18.1%
0.3%
–%
截至今年到目前为止,总的研发支出增长主要是由核心研发支出增加引起的,部分被与2023年同季度和截至今年到目前为止相比较的较低减值准备费用部分抵消。
 
截至目前为止,核心研发支出增加,因持续在整个投资组合上进行投资。在特殊药品领域,支持长期临床开发项目的投资增加,包括camlixipant(顽固性慢性咳嗽),作为Aiolos Bio公司(Aiolos)收购的一部分获得的长效TSLP资产,以及bepirovirsen(慢性乙型肝炎),同时在depemokimab(哮喘和嗜酸性炎症)方面持续强劲的投资。在肿瘤学领域,投资增加 Jemperli (子宫内膜癌)和一些来自2023年底从瀚索制药收购的抗体药物联合物。这在一定程度上被后续费用的减少抵消,后续费用减少是由于在2023年底推出 Arexvy和页面。奥加拉,并进行该项目的完成进展 Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。和页面。Blenrep 在疫苗方面,与肺炎球菌多抗原呈现系统(MAPS)和mRNA相关的临床试验计划继续推动投资。HIV 投资增加了下一代长效治疗和预防药物。
 
这些也是本季度核心研发支出增长的主要驱动因素。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
 
m 英镑
CER
 
m 英镑
CER
特许权使用费 收入
总计
168
(46%)
(46%)
 
463
(36%)
(36%)
 
核心
168
(46%)
(46%)
 
463
(36%)
(36%)
2024年第三季度和当年截至目前的总和核心版税收入减少,主要是由于2023年底大部分Gardasil版税的终止,2024年第三季度Gardasil版税为800万英镑(2023年第三季度:18900万英镑)。部分地得到Kesimpta和Biktarvy版税的增加抵消了这一部分。
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年至今
 
 
£百万
AER
CER
 
£百万
AER
CER
其他 运营
收入/(支出)
总费用
(335)
9%
9%
 
(1,186)
>(100%)
>(100%)
2024年第三季度,其他营业费用反映了3.59亿英镑的费用(2023年第三季度:57600万英镑),主要源自于对待摊费用负债(CCL)的重新测量,主要反映了改善的长期HIV前景部分抵消了有利的外汇波动,以及用于疫苗CCL的责任增加,以及辉瑞公司(Pfizer)看跌期权的重新计量。在本季度,Haleon plc(Haleon)股票没有录得任何公允价值变动(2023年第三季度:18400万英镑收益),这是因为在2024年5月出售了剩余股份。其他净收入与去年同期持平,为2400万英镑(2023年第三季度:2.5亿英镑)。
 
截至目前为止,其他运营费用反映出一笔142200万英镑的费用(2023年截至目前为止:11600万英镑),主要来自于重新计量CCLs,主要反映了HIV长期前景的改善,部分抵消了有利的外币波动,疫苗CCL的责任增加,以及辉瑞看跌期权的重新计量。这在一定程度上被Haleon保留股权的公允价值增益2200万英镑(2023年截至目前为止:15400万英镑增益)以及其他净收入增加21400万英镑(2023年截至目前为止:1.7亿英镑)部分抵消。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
 
m 英镑
CER
 
m 英镑
CER
运营 利润
总计
189
(90%)
(86%)
 
3,325
(46%)
(41%)
 
占销售额的百分比
2.4%
(21.6%)
(20.6%)
 
14.3%
(13.4%)
(12.5%)
 
核心
2,761
–%
5%
 
7,717
10%
16%
 
占销售额的百分比
34.5%
0.4%
1.0%
 
33.2%
1.6%
2.2%
Q3 2024和本年截至目前 的总营业利润率较低,主要是由于为£18亿($23亿)作出的计提。 Zantac 结算费用(详见第38页),Jemperli的额外摊销费用, Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。和页面。以及Haleon股票没有公允价值变动(Q3 2023和本年截至目前的公允价值增益)。 部分抵消的是ViiV Healthcare CCL季度内的较低费用,反映了有利的外汇波动,而长期HIV前景改善。在本年截至目前,更高的CCL费用受到长期HIV前景的改善和其他再计量的推动,部分抵消有利的外汇波动。
 
本季度和本年度的核心营业利润受益于强劲的特种药品销售业绩,产品和区域结构有利。部分抵消了对研发和成长资产的增加投资以及低版税收入的影响。本年度还包括2023年第一季度提出的法律准备金的逆转带来的有利影响。Zejula,一种PARP抑制剂治疗卵巢癌,持续在全球各地区增长,患者需求稳步增加,并受到美国正价影响的进一步提升。第三季度美国片剂配方上市导致渠道库存增加,对本季度增长造成不利影响,部分抵消了与对照品调整相关的有利影响。 版税争议成功上诉后,低销售COVID-19方案的不利影响对本季度的核心营业利润增长和本年度三个百分点几乎没有影响,对核心营业利润率也几乎没有影响。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年至今
 
 
£百万
AER
CER
 
£百万
AER
CER
净财务费用
总费用
124
(22%)
(19%)
 
408
(16%)
(14%)
 
核心
114
(27%)
(24%)
 
394
(18%)
(16%)
2024年第三季度和截至目前的净融资成本下降主要是由于短期融资利息较低,这是由于成功处置所有Haleon股份获得的现金和到期债券的节省驱动的,部分抵消了较高的租赁利息支出。截至目前,年度也受益于2023年第一季度完成的债券回购的净成本。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
 
m 英镑
CER
 
m 英镑
CER
税收
总计
(1)
> (100%)
(95%)
 
464
(40%)
(33%)
 
税率%
(1.6%)
 
 
 
15.9%
 
 
 
核心
461
14%
21%
 
1,288
26%
33%
 
税率%
17.4%
 
 
 
17.6%
 
 
Total结果反映的有效税率显示了包括在Total结果中的各种调整项目的不同税收影响,包括影响 Zantac 结算。
 
核心利润的有效税率与预期基本一致,包括2024年1月1日起生效的新全球最低企业所得税规则的影响,符合经合组织“支柱2”模式的框架。与税收有关的问题在年度报告2023年第14项“税收”中描述。集团继续相信已经为未经相关税务机关确认的期间可能出现的责任做出了足够的准备。此类事项的最终责任可能有所不同,并且取决于与相关税务机关达成协议的结果。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年至今
 
 
£百万
AER
CER
 
£百万
AER
CER
非控制权益
兴趣 ("NCIs")
总费用
123
76%
84%
 
289
(13%)
(5%)
核心
157
(7%)
(5%)
 
481
15%
20%
季度末的归属于非控股股东的税后总利润的增加主要来源于更高的ViiV Healthcare利润(其中包括CCL的重新计量亏损减少),部分抵消了集团其他实体净利润较低带来的影响。截至目前为止归属于非控股股东的税后总利润下降主要由较低的ViiV Healthcare总利润(其中包括CCL的重新计量亏损增加)导致,分配了27000万英镑(截至2023年的累计: 32400万英镑),部分抵消了集团其他实体净利润增加的影响。
 
2024年第三季度分配给非控股权益的核心税后利润下降主要反映了集团其他实体的净利润下降。今年截至目前为止分配给非控股权益的核心税后利润增加,主要是来自ViiV Healthcare的核心利润分配增加,截至目前为止为46200万英镑(2023年同期为41200万英镑),以及集团其他实体的某些实体净利润增加。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
 
英镑p
CER
 
英镑p
CER
每股收益/(亏损) 分享
总计
(1.4p)
> (100%)
(100%)
 
53.0p
(53%)
(48%)
核心
49.7p
(1%)
5%
 
136.2p
8%
14%
2024年第三季度和今年截至目前的总每股收益主要下降,主要是因为18亿英镑(23亿美元)的费用。Zantac 结算金额(详见第38页)。
 
本季度核心每股收益增长主要反映了核心营业利润的增长,以及较低的融资成本和较低的非控制权益,部分抵消了更高的有效税率。截至目前的核心每股收益增长受到核心营业利润增长和较低融资成本的推动,部分抵消了更高的非控制权益和较高的有效税率。COVID-19解决方案销量的下降使截至目前的核心每股收益降低了三个百分点。
 
 
 
货币 对结果的影响
 
2024年第三季度的结果是基于平均汇率计算的,主要是$1.31/£1,€1.19/£1和¥192/£1。期末汇率为$1.34/£1,€1.20/£1和¥191/£1。比较汇率请参见第40页。
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
年 迄今为止
 
 
英镑/英镑p
CER
 
英镑/英镑p
CER
营业额
 
8,012
(2%)
2%
 
23,259
4%
8%
每股收益/(亏损) 分享
总计
(1.4p)
> (100%)
(100%)
 
53.0p
(53%)
(48%)
核心
49.7p
(1%)
5%
 
136.2p
8%
14%
在2024年第三季度和截至目前,不利的货币影响主要反映了英镑对美元、欧元、日元和新兴市场货币的走强。交易所对跨公司交易结算的汇兑收益或损失对总体和核心每股收益产生了边际影响。
 
 
现金流生成
 
 
 
 
 
 
 
 
 
现金 流动
 
Q3 2024
£百万
 
Q3 2023
£百万
 
2024年9 月
£百万
 
2023年9 月
£百万
经营活动产生的现金流量(百万英镑)
2,499
 
2,508
 
5,275
 
4,415
从经营活动中产生的净现金流量(百万英镑)
2,154
 
2,212
 
4,225
 
3,572
自由现金流入/流出*(百万英镑)
1,322
 
1,655
 
1,939
 
1,314
自由现金流增长率(%)
(20%)
 
≥100%
 
48%
 
(41%)
自由现金流转换率*(%)
≥100%
 
≥100%
 
90%
 
29%
总净债务**(百万英镑)
12,847
 
17,589
 
12,847
 
17,589
 
*
自由现金流和自由现金流转化定义在第52页。自由现金流分析在第43页。
**
净债务在第43页进行分析。
 
 
Q3 2024
 
本季度运营产生的现金为249900万英镑(2023年第三季度:25.08亿英镑)。主要反映了回报和折让的时间安排,包括消除AMP上限的影响,以及其他应付款的不利波动,包括贸易应付款的分期。这些主要被2023年第三季度较高的贸易应收款项抵消,这是由于2023年在美国进行的一项重大交易的优秀发展。 Arexvy 在美国进行的2023年重大交易。
 
本季度的总计未确定对价现金付款为£30900万(2023年第三季度:£281百万),包括支付给Shionogi公司的现金支付£295百万(2023年第三季度:£269百万)。其中£305百万(2023年第三季度:£278百万)被确认为经营活动现金流量。
 
免费现金流入季度为132200万英镑(2023年第三季度:16.55亿英镑)。减少的原因是因为在无形资产方面的更高资本支出,包括向curevac n.v(CureVac)支付的34200万英镑预付款,更高的税费支出和支付给非控制股利的增加,部分抵消了从无形资产销售获得的更高收入。
 
 
9 2024年
 
来自营业活动的现金为£527,500万(2023年前9个月:£441,500万)。主要增长反映了更高的核心营业利润,更高的应收款项收取,特别是对, Arexvy以及较低的养老金缴纳。这在一定程度上得到补偿,包括退货和退款的时间安排,以及消除AMP上限的影响。
 
2024年前9个月的总计可变对价现金支付为9.35亿英镑(2023年前9个月:8.6亿英镑),其中包括支付给株式会社汐畅的9亿英镑(2023年前9个月:8.34亿英镑)。其中9.24亿英镑(2023年前9个月:8.53亿英镑)被确认为经营活动的现金流量。
 
自由现金流入为193900万英镑,为2024年9个月(2023年9个月:131400万英镑)。这一增长主要是由经营活动现金增加导致的,以及来自无形资产出售收益增加,以及向持有非控股利益支付的净利息和分红减少。这些部分被用于更高的无形资产资本支出,包括向curevac支付的34200万英镑预付款,以及更高的税款。
 
 
总 净负债
 
2024年9月30日,净负债为1284700万英镑,较2023年12月31日的1504000万英镑降低,包括总债务1605900万英镑和现金及流动投资32.12亿英镑。请查看第42页和43页的净负债信息。
 
净负债减少了219300万英镑,主要是由于19.39亿英镑的免费现金流入和235400万英镑来自投资出售的收入,主要是出售Haleon剩余持股的交易所净负债为5.04亿英镑。部分抵消了以74800万英镑收购Aiolos和Elsie生物技术的净收购成本,以及支付给股东的183200万英镑分红派息。
 
2024年9月30日,GSk的短期借款(包括透支和租赁负债)中,有2815万英镑在12个月内到期,另有1亿4170万英镑在随后一年到期。
 
 
 
 
页面
2024 年第三季度 管道亮点
14
ESG
16
总计 和核心成果
18
收入 声明
26
的声明 综合收入
27
平衡 工作表
28
的声明 权益变动
29
现金 流量声明
30
销售 桌子
31
分段 信息
36
合法 事情
38
退货 致股东
39
额外 信息
40
网 债务信息
42
帖子 资产负债表事件
43
相关 派对交易
43
研发 评论
44
举报 定义
52
指导和 展望、假设和警示性陈述
54
独立 审计师向 GsK plc 提交的审查报告
55
 
 
联系方式
 
GSK plc (伦敦证券交易所/纽约证券交易所:GSK) 是一家全球生物制药公司,旨在结合科学、科技和人才,共同预防疾病。欲了解更多信息,请访问 www.gsk.com.
 
 
 
 
GSK 咨询:
 
 
 
媒体
tim Foley
+44 (0) 20 8047 5502
(伦敦)
 
Kathleen Quinn
+1 202 603 5003
(华盛顿)
 
 
 
 
投资者关系
安娜贝尔 布朗里格-格里森
+44 (0) 7901 101944
(伦敦)
 
詹姆斯 多德韦尔
+44 (0) 7881 269066
(伦敦)
 
米克 雷迪
+44 (0) 7990 339653
(伦敦)
 
杰夫 麦克劳林
+1 215 589 3774
(费城)
 
 
 
 
在英格兰和威尔士注册:
No. 3888792
 
注册办公室:
79 新牛津街
伦敦,
WC1A 1DG.
 
 
2024年第三季度管道亮点(自2024年7月31日起)
 
 
药品/生物-疫苗
试验 (指征,展示)
2024年6月4日发布的新闻稿。
监管 批准或其他监管措施
Arexvy
RSV, 50-59岁成年人增加风险
监管批准 (欧盟)
Bexsero
脑膜炎 B
获得正式监管批准(美国)
门比奥
液体配方,包含脑膜炎ACWY
CHMP持积极意见(欧盟)
努卡拉
慢性鼻窦炎伴有鼻息肉
获得监管批准(日本)
Jemperli
RUBY 部分 1 (OS 总人口,1L子宫内膜癌)
监管批准 (美国)
监管 提交或接受
gepotidacin
EAGLE-2/3 (非并发性尿路感染)
监管 提交已接受 (美国) 并获优先审查
Blenrep
DREAMm-7/8 (2L+) 多发性骨髓瘤
具有孤儿药和优先审评地位的监管提交被接受(JP)
III期数据公布或其他重大事件
Arexvy
RSV,60岁及以上成年人
积极的III期数据公布(第三季度)
Arexvy
RSV,18-49岁的增加风险群体;免疫受损的18岁及以上成年人
III期和IIIb阶段的数据公布
季节性流感生物-疫苗mRNA候选
季节性流感,老年人和年轻人
积极的II期数据公布
depemokimab
ANCHOR-1/2(慢性鼻窦炎伴有鼻息肉)
积极的III期数据公布
Nucala
MATINEE (慢性阻塞性肺疾病)
第三期积极结果 数据结果
监管 指定和其他重要事件
bepirovirsen
b-Clear; b-Sure (慢性乙型肝炎)
SENKU 授予的指定(JP)
Blenrep
DREAMm-7 (2L+ 多发性骨髓瘤)
突破性治疗认定和优先审查已获批(CN)
GSK5764227(B7-H3靶向抗体-药物结合物)
广泛期-小细胞肺癌
突破性治疗认定已获批(US)
 
预期的 资讯流
 
 
时机
药品/疫苗
试用 (指示、演示)
事件
H2 2024
Arexvy
呼吸道感染, 50-59 岁的成年人风险增加
监管决定 (JP)
Menveo
液体 制剂,脑膜炎 ACWY
监管决定 (欧盟)
depemokimab
Swift-1/2(严重 哮喘)
监管 提交(美国)
depemokimab
ANCHOR-1/2(慢性) 鼻窦炎(伴有鼻息肉)
监管 提交(美国)
努卡拉
日场 (慢性阻塞性肺病)
监管 提交(美国)
Blenrep
Dreamm-7/8 (2L +) 多发性骨髓瘤)
监管档案 接受(美国)
Blenrep
Dreamm-7 (2L +) 多发性骨髓瘤)
监管 提交 (中国)
泽胡拉
第一 (1L 维持性卵巢癌)
阶段 III 数据读取
泽胡拉
热情 (1L 维持型非小细胞肺癌)
阶段 III 数据读取
linerixibat
闪闪发光 (原发性胆源性胆管炎中的胆汁淤积性瘙痒)
阶段 III 数据读取
 
 
预期的资讯流 持续
 
 
 
 
 
时机
药品/疫苗
试验(适应症、演示)
事件
H1 2025
Menabcwy (第 1 代)候选疫苗
脑膜炎球菌 ABCWY
监管 决定(美国)
Shingrix
带状疱疹, 18 岁以上的成年人
监管 决定 (中国)
gepotidacin
EAGLE-2/3 (无并发症的尿路感染)
监管 决定(美国)
gepotidacin
EAGLE-1 (泌尿生殖系统淋病)
监管 提交(美国)
depemokimab
Swift-1/2 (严重哮喘)
监管 提交
(欧盟, 中国、日本)
depemokimab
锚-1/2 (慢性鼻窦炎伴鼻息肉)
监管 提交
(欧盟, 中国、日本)
depemokimab
敏捷 (严重哮喘)
阶段 III 数据读取
努卡拉 
慢性 鼻窦炎伴鼻息肉
监管 决定 (中国)
努卡拉
日场 (慢性阻塞性肺病)
监管 决定(美国)
努卡拉
日场 (慢性阻塞性肺病)
监管 提交
(中国, 欧盟)
文托林
低 碳 MDI(哮喘)
阶段 III 数据读取
Blenrep
Dreamm-7/8 (2L+ 多发性骨髓瘤)
监管 决定 (JP)
cobolimab
COSTAR (非小细胞肺癌)
阶段 III 数据读取
Jemperli
红宝石 第 1 部分(操作系统总人口,1L 子宫内膜癌)
监管 决定(欧盟)
linerixibat
闪闪发光 (原发性胆源性胆管炎中的胆汁淤积性瘙痒)
监管 提交
(我们, 欧盟,中国)
H2 2025
Arexvy
呼吸道感染, 18-49 岁的成年人风险增加
监管 提交(美国)
Bexsero
脑膜炎球菌 b(婴儿)
阶段 III 数据读出
Bexsero
脑膜炎球菌 b(婴儿)
监管 提交(美国)
gepotidacin
EAGLE-1 (泌尿生殖系统淋病)
监管 决定(美国)
gepotidacin
EAGLE-J (无并发症的尿路感染)
监管 提交 (JP)
替比培南 pivoxil
Pivot-PO (复杂的尿路感染)
阶段 III 数据读取
替比培南 pivoxil
Pivot-PO (复杂的尿路感染)
监管 提交(美国)
camlipixant
冷静-1/2 (难治性慢性咳嗽)
阶段 III 数据读取
camlipixant
冷静-1/2 (难治性慢性咳嗽)
监管 提交
(我们, 欧盟)
depemokimab
Swift-1/2 (严重哮喘)
监管 决定(美国)
depemokimab
锚-1/2 (慢性鼻窦炎伴鼻息肉)
监管 决定(美国)
depemokimab
灵活 (哮喘)
阶段 III 数据读取
文托林
低 碳 MDI(哮喘)
监管 提交(欧盟)
Blenrep
Dreamm-7/8 (2L+ 多发性骨髓瘤)
监管 决定
(我们, 欧盟)
Blenrep
Dreamm-8 (2L + 多发性骨髓瘤)
监管 提交 (中国)
cobolimab
联合主演, (2L 非小细胞肺癌)
监管 提交
(我们, 欧盟)
linerixibat
闪闪发光 (原发性胆源性胆管炎中的胆汁淤积性瘙痒)
监管 决定(美国)
linerixibat
闪闪发光 (原发性胆源性胆管炎中的胆汁淤积性瘙痒)
监管 提交 (JP)
 
 
请参考页码44至51,了解各个治疗领域正在开发的几种重要药品和疫苗的详细信息。
 
trust:我们在负责任业务的六个重点领域取得了进展
 
通过负责任的运营来建立信任是GSK策略和文化的重要组成部分。这将支持增长和回报股东,降低风险,帮助GSK的员工茁壮成长,同时提供可持续的健康影响规模。公司确定了六个环保母基(ESG)焦点领域,涉及对GSK业务最重要的内容以及对其利益相关者最重要的问题。以下重点包括自2024年第二季度以来的活动情况。 有关年度更新的更多详细信息,请参阅 GSK的ESG绩效报告2023(1).
 
访问
承诺: 使GSK的疫苗和药物以可持续的基于价值的价格可得,并实施增加GSK疫苗和药物使用率的访问策略,以治疗和保护被忽视的人群。
 
进展至今 Q2 2024:
 
 
在 10 月 ViiV Healthcare 宣布承诺至少做两个 百万剂用于PrEP的洛杉矶CaB可供采购 2025-2026 年期间的低收入和中等收入国家。这个新的 承诺将可用供应量比2024年增加三倍以加速 在艾滋病毒负担和需求未得到满足的地方,获得并满足不断增长的需求 是最伟大的。
ViiV 医疗保健继续取得进展,首款医疗保健的推出 用于 HIV 暴露前预防的长效注射剂(CaB LA for PrEP)在撒哈拉以南非洲(SSA)和较低收入的地区以创纪录的速度增长 国家。2024 年第三季度,ViiV 开始再推出 2 个 国家-埃斯瓦蒂尼和乌克兰-与我们的全球合作伙伴一起 美国总统的艾滋病紧急救援计划 (PEPFAR)计划。在低收入和低收入人群中推出针对PrEP的洛杉矶CaB 赞比亚于2月开始以非营利价格出售SSA国家 2024 年,距离美国 FDA 批准仅两年,目前是 提供给 5 个国家的关键合作伙伴。
在 九月,葛兰素史克 捐赠(2) 第 120亿 阿苯达唑片剂,将有助于根除 淋巴丝虫病(LF)和土壤传播的治疗 蠕虫(STH)。自 2000 年以来,葛兰素史克一直致力于改变 通过消除LF作为公共卫生问题来发展NTD的轨迹 世界各地。9月底,巴西成为第20个国家 消除 LF 这一公共卫生问题。葛兰素史克为此做出了贡献 通过支持诊断和传播评估 调查。
绩效指标 与访问权限相关的每年更新一次,相关详细信息请参见 葛兰素史克的ESG绩效报告 2023(1) 在页面上 10。
 
全球卫生与健康安全
承诺:开发新产品和技术,用于治疗和预防优先疾病,包括大流行威胁。
 
进展至今 Q2 2024:
 
 
九月份宣布,全球抗生素研究与开发合作伙伴关系(Gard-P)将在未来三年内向全球投入450万欧元,以确保低收入国家公平获取抗生素。这笔资金旨在解决阻碍急需抗生素的人获得的挑战。更多信息请参阅 这里(3).
九月份,欧盟的IMI2计划TRIC-Tb成功推出了第二阶段准备就绪的肺结核临床候选药物alpibectir,该药物由BioVersys和GSK共同开发。更多信息请参阅 这里(4).
全球健康和健康安全相关的绩效指标每年更新,有关详细信息可以在GSK的2023年ESG绩效报告第15页找到。
 
环境
致力于2030年和2045年设定雄心勃勃的目标,实现零排放、对自然积极、更健康的地球。
 
进展至今 Q2 2024:
 
 
葛兰素史克的 沃辛制造工厂已成为 第一(5) 在英国到 获得 BSI 风筝标志认证,将风险降至最低 抗微生物药物耐药性。实现这一严格的国际化目标 认证表明了葛兰素史克对责任人的承诺 抗生素的制造以及确保全球范围内的目标 抗生素生产场所将在年底前获得认证 2026。
这个 Energize 计划,由 GsK 共同创立并支持 供应商获得可再生能源,宣布了第一笔交易 其中包括葛兰素史克在欧洲的四家供应商,并将 支持西班牙的七个新的太阳能项目,以及 为欧洲电网带来额外的可再生能源产能。这个 标志着我们缩小价值链计划的重要一步 从 2020 年到 2030 年,排放量减少了 80%。
绩效指标 与环境相关的每年更新一次,相关详细信息请参见 葛兰素史克的《2023 年环境、社会及管治绩效报告》第 18 页。
 
多样性、公平和包容
承诺:打造一个多元化、公平和包容的工作场所;增强GSK临床试验中招募多样化患者群体的能力;并支持不同社区。
 
 
关于多样性、公平性和包容性的绩效指标每年更新,相关细节可在GSK的ESG绩效报告2023年第26页找到。有关GSK的DEI更多信息可在此查阅。 这里(6).
 
道德标准
承诺:通过支持员工做正确的事情,并与符合GSK标准且负责任经营的供应商合作,促进GSK业务中的道德行为。
 
 
绩效指标 与道德标准相关的内容每年更新,相关细节可在GSK的ESG绩效报告2023年第30页找到。
 
产品治理
承诺: 保持强大的质量和安全流程,并负责使用数据和新技术。
 
 
与产品治理相关的绩效指标每年更新,在GSK的2023年ESG绩效报告第35页有相关详情。
 
ESG评级表现
 
以下详细介绍了GSk在关键的esg评级中的表现。
 
 
 
 
 
外部 基准
当前
评分/排名
评分/排名
 
评论
标普全球企业可持续性评估
78
80
当前 分数更新于2024年9月
药品准入指数
4.06
4.23
自2008年创立以来一直领先这一半年度指数;每年更新,2022年11月的最新结果
抗菌药物​​​​​​​抵抗​​​​​​​基准
84%
86%
自2018年成立以来一直领先这一半年度基准;2021年11月更新的最新排名
CDP气候变化
A-
A-
每年更新,2024年2月更新的当前分数(供应商参与度,2023年3月)
CDP水安防
A-
B
CDP森林(棕榈油)
B
A-
CDP 森林 (木材)
B
B
CDP 供应商参与评级
领导者
领导者
Sustainalytics
15.4
16.7
在制药行业群体中排名第2百分位;得分越低 代表风险越低。当前排名更新至2024年5月
MSCI
AA
AA
最近一次评级行动日期: 2023年9月
穆迪esg解决方案
62
61
当前得分已于2023年8月更新
ISS企业评级
BB- 1.000%
BB- 1.000%
当前得分已于2024年10月更新
FTSE4Good
成员
成员
自2004年成为会员,最新审核于2024年6月
ShareAction的劳工披露倡议
79%
77%
当前分数更新至2024年1月
 
 
脚注:
(1)
https://www.gsk.com/media/11009/esg-performance-report-2023.pdf
(2)
https://unitingtocombatntds.org/en/news-and-views/zanzibar-marks-historic-milestone-with-12-billionth-medicine-dose-in-fight-against-ntds
(3)
https://gardp.org/funders-invest-an-unprecedented-eur-60-million-in-innovative-antibiotic-rd-and-access-partnership
(4)
https://www.bioversys.com/nature-reviews-highlights-significant-successes-of-antibiotic-collaboration-and-calls-for-sustainable-rd-funding-schemes/
(5)
https://www.bsigroup.com/en-GB/insights-and-media/media-centre/press-releases/2024/september/gsk-site-announced-as-first-in-the-uk-to-achieve-bsi-amr-kitemark-certification-showcasing-responsible-approach-to-antibiotic-manufacturing
(6)
https://www.gsk.com/en-gb/responsibility/diversity-equity-and-inclusion/
 
总体和核心 结果
 
总报告的结果代表了集团的整体表现。
 
葛兰素史克在2024年第一季度对其报告框架进行了一次更新,即将调整后的结果的描述更改为核心以与欧洲同行药品行业对齐,但基础或数字未发生变化。2024年第二季度对核心结果的定义进行了更新,排除外汇储备中大于2500万英镑的金额,这些金额在子公司清算时重新分类至损益表。总体结果未发生变化。
 
GSK使用多项非IFRS措施来报告其业务的表现。核心业绩和其他非IFRS措施可能被视为IFRS规定的信息的补充,但并非替代或优越之处。下文中对核心业绩进行了定义,其他非IFRS措施的定义在第52页。
 
葛兰素史克认为,在考虑总结果时,核心结果提供给投资者、分析师和其他利益相关者有助于更好地了解集团的财务表现和地位,使得集团的表现更容易与其大多数同行公司进行比较。这些指标也被管理层用于规划和报告目的。它们可能与其他公司使用的类似描述的指标并非直接可比。
 
GSK鼓励投资者和分析师不要依赖任何单一财务指标,而是要全面审阅GSK的季度业绩公告,包括基本报表和附注。
 
GSk致力于不断改进其财务报告,符合不断发展的监管要求和最佳实践。根据这一做法,GSk预计将继续审查和完善其报告框架。
 
核心 结果不包括与我们的业务有关的以下项目 及其全部税收影响 从总体上排除:
 
 
 
无形资产的摊销(不包括计算机-半导体软件和资本化的开发成本)
无形资产的减值(不包括计算机-半导体软件)和商誉
主要重组成本,包括有形资产和计算机-半导体软件的减值(在董事会批准的特定项目中,这些项目具有结构性、规模显著,并且个别或相关项目的成本超过£2500万),包括根据实质性收购进行的整合成本
相关交易的会计或其他调整,涉及重大收购
处置联营企业、产品和业务的收益和成本; 重大和解收入; 重大法律费用(扣除保险索赔)和诉讼和政府调查解决时的费用; 除版税收入外的其他营业收入,以及其他项目,包括从外币翻译储备中重新分类到损益表的金额,在子公司清算时,金额超过£2500万
 
所有其他普通规模的重新结构和与运营相关的法律费用和支出,都保留在总体和核心结果中。
 
作为核心结果,其中包括重大重组项目的好处,但不包括重大法律、主要重组和交易项目等重要成本,因此不应将其视为集团财务表现的完整画面,该画面会在总结果中展示。排除其他调整项目可能导致核心收益高于或低于总收益。特别是在排除重大减值、重组费用和法律成本时,核心收益将高于总收益。
 
高盛已经在应对集团交易环境或整体策略变化或者跟随重大收购之后,开展了多项重大重组项目。在制药业板块内,严格监管的制造业运营和供应链以及业务的长周期意味着重组项目,特别是涉及制造或研发基地的合理化或关闭的项目可能需要数年才能完成。这些项目的现金成本和非现金成本将在批准并符合会计确认标准的每个元素的基础上提供。因此,重大重组项目启动后可能需要数年才会产生费用。
 
重大的法律费用和开支是指由解决诉讼或政府调查而产生的费用,这些费用不属于正常业务范围,并且规模明显较正常发生的一般事项更大。它们还包括某些重大的历史遗留问题。
 
调整项目的总体和核心结果对账,进一步提供关于关键调整项目的信息,详见第20页和第23页。
 
GSK根据核心业绩向投资者社区提供盈利指引。这与同行公司以及投资者社区的预期一致,支持更容易地将集团的表现与同行进行比较。GSK无法为总体业绩提供指引,因为它无法可靠地预测总体业绩的某些重要因素,特别是未来与偶发业务相关的公允价值变动以及看跌期权,这可能导致由货币和资本市场等外部因素驱动的重大调整。
 
 
 
ViiV 医疗
 
ViiV医疗是集团的子公司,其营业额、营业利润、税后利润全部纳入集团利润表。
 
收益根据各股东(GSK 78.3%,辉瑞11.7%和塞信奥基10%)的股权份额和他们对优先分红的权利分配给维持健康的三名股东,这些权利是通过每个股东贡献的某些产品的表现来确定的。随着这些产品的相对表现随时间变化,分配给每个股东的整体收益的比例也会发生变化。特别是,哌拉巴尼和氟喹诺齐制剂类产品销售比例的增加对分配给GSK的优先分红比例产生了有利影响。根据其股权利益,调整项目分配给股东。 GSK有权获得2023年维持健康的总收益约84%和核心收入的83%。
 
作为对株式会社塩野義製藥公司在2012年收购时救赎了塩野義製藥公司与ViiV Healthcare合资公司在其全球合资事业中的权益的补偿,塩野義製藥公司收到了ViiV Healthcare的10%股权,并且ViiV Healthcare还同意支付未来现金作为对塩野義製藥公司的额外未来现金作为,该现金是基于由该合资公司开发的产品杜洛替韦和卡博替韦的未来销售业绩。根据国际财务报告准则第3号《业务合并》,必须在收购时提供对该未来现金支付的估计公允价值的准备,并且在随后的每个期末更新债务的估计公允价值。在收购日期的资产负债表中确认的有关未来现金支付的债务为65900万英镑。随后的重估数额反映在其他营业所得/(费用)中,以及在每个期间的损益表中的调整项目中。
 
根据上一个季度相关产品的实际销售业绩和其他收入,ViiV Healthcare每个季度向Shionogi进行现金支付以偿还待定偿付款。这些支付将减少资产负债表中的负债,因此不会记录在损益表中。2024年9月30日结束的9个月内,ViiV Healthcare向Shionogi支付的现金支付为£90000万。
 
由于需要按照预计未来付款的公允价值记录负债,因此在总收入表中记录的费用与用于反映负债公允价值变动和实际支付的现金支付之间存在重大时间差。
 
关于与ViiV Healthcare相关的收购安排的进一步解释详见《2023年年度报告》的第84页和第85页。
 
 
调整项目
 
2024年第三季度和2023年第三季度总成绩与核心成绩的调和情况如下。
 
 
2024年9月30日结束的三个月
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
总费用
结果
£百万
 
无形资产
分期偿还-
投资者-
£百万
 
无形资产
impair-
处理
£百万
 
主要的
restruct-
uring
£百万
 
Trans-
action-
相关的
£百万
 
显著的
legal, Divest-
ments and
其他
项目
£百万
 
核心
结果
£百万
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业额
8,012
 
 
 
 
 
 
 
 
 
 
 
8,012
销售成本
(2,397)
 
402
 
 
 
67
 
2
 
5
 
(1,921)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
毛利润
5,615
 
402
 
 
 
67
 
2
 
5
 
6,091
 
 
 
 
 
 
 
 
 
 
 
 
 
 
销售、一般及行政费用
(3,800)
 
 
 
 
 
33
 
 
 
1,697
 
(2,070)
研发费用
(1,459)
 
13
 
17
 
1
 
 
 
 
 
(1,428)
版税收入
168
 
 
 
 
 
 
 
 
 
 
 
168
其他营业收入/(费用)
(335)
 
 
 
 
 
(1)
 
359
 
(23)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业利润
189
 
415
 
17
 
100
 
361
 
1,679
 
2,761
 
 
 
 
 
 
 
 
 
 
 
 
 
 
净财务费用
(124)
 
 
 
 
 
1
 
 
 
9
 
(114)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
分红 联营企业和联合企业的税后利润/(损失)
  和合营企业
(1)
 
 
 
 
 
 
 
 
 
 
 
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税前利润
64
 
415
 
17
 
101
 
361
 
1,688
 
2,646
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税收
1
 
(88)
 
(3)
 
(22)
 
(103)
 
(246)
 
(461)
税率 %
(1.6%)
 
 
 
 
 
 
 
 
 
 
 
17.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税后利润
65
 
327
 
14
 
79
 
258
 
1,442
 
2,185
 
 
 
 
 
 
 
 
 
 
 
 
 
 
归属于非控股股东的利润
利息
123
 
 
 
 
 
 
 
34
 
 
 
157
 
 
 
 
 
 
 
 
 
 
 
 
 
 
股东应占利润/(亏损)
(58)
 
327
 
14
 
79
 
224
 
1,442
 
2,028
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65
 
327
 
14
 
79
 
258
 
1,442
 
2,185
 
 
 
 
 
 
 
 
 
 
 
 
 
 
每股收益/(亏损)
(1.4)p
 
8.0p
 
0.3p
 
1.9p
 
5.5p
 
35.4p
 
49.7p
 
 
 
 
 
 
 
 
 
 
 
 
 
 
加权平均股数(百万股)
4,080
 
 
 
 
 
 
 
 
 
 
 
4,080
 
 
 
 
2023年9月30日结束的三个月
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
总费用
结果
£百万
 
无形资产
分期偿还-
£百万
 
无形资产
损害-
处理
£百万
 
主要的
重组-
uring
£百万
 
转-
行动-
相关的
£百万
 
显著的
法律, 剥离-
部门 和
其他
项目
£百万
 
核心
结果
£百万
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业额
8,147
 
 
 
 
 
 
 
 
 
 
 
8,147
销售成本
(2,272)
 
162
 
 
 
29
 
 
 
8
 
(2,073)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
毛利润
5,875
 
162
 
 
 
29
 
 
 
8
 
6,074
 
 
 
 
 
 
 
 
 
 
 
 
 
 
销售、一般及行政费用
(2,296)
 
 
 
 
 
83
 
1
 
27
 
(2,185)
研发费用
(1,575)
 
20
 
129
 
(2)
 
 
 
(1)
 
(1,429)
版税收入
312
 
 
 
 
 
 
 
 
 
 
 
312
其他营业收入/(费用)
(367)
 
 
 
 
 
 
 
576
 
(209)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业利润
1,949
 
182
 
129
 
110
 
577
 
(175)
 
2,772
 
 
 
 
 
 
 
 
 
 
 
 
 
 
净财务费用
(158)
 
 
 
 
 
 
 
 
 
2
 
(156)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税前利润
1,791
 
182
 
129
 
110
 
577
 
(173)
 
2,616
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税收
(257)
 
(40)
 
(30)
 
(19)
 
(61)
 
3
 
(404)
税率 %
14.3%
 
 
 
 
 
 
 
 
 
 
 
15.4%
税后利润
1,534
 
142
 
99
 
91
 
516
 
(170)
 
2,212
 
 
 
 
 
 
 
 
 
 
 
 
 
 
非控制权益 归属利润
利息
70
 
 
 
 
 
 
 
99
 
 
 
169
股东 应占利润
1,464
 
142
 
99
 
91
 
417
 
(170)
 
2,043
 
1,534
 
142
 
99
 
91
 
516
 
(170)
 
2,212
 
 
 
 
 
 
 
 
 
 
 
 
 
 
每股收益
36.1p
 
3.5p
 
2.4p
 
2.2p
 
10.3p
 
(4.1)p
 
50.4p
 
 
 
 
 
 
 
 
 
 
 
 
 
 
加权平均 股数(百万)
4,055
 
 
 
 
 
 
 
 
 
 
 
4,055
 
 
调整项目至2024年第三季度
 
重大 重组和整合
 
 
2024年第三季度发生的重大重组费用总额为1亿英镑(2023年第三季度:11000万英镑),具体分析如下:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
Q3 2023
 
现金
£百万
 
非公司治理股份
现金
£百万
 
总费用
£百万
 
现金
£百万
 
非公司治理股份
现金
£百万
 
总费用
£百万
 
 
 
 
 
 
 
 
 
 
 
 
分离 重组计划
42
 
(2)
 
40
 
45
 
50
 
95
重大 收购
15
 
 
15
 
18
 
(1)
 
17
传统 项目
45
 
 
45
 
(1)
 
(1)
 
(2)
 
102
 
(2)
 
100
 
62
 
48
 
110
 
 
分离重组计划主要源自部分商业和行政职能以及全球供应链的重组,现金支出为4200万英镑。200万英镑的非现金信贷主要反映了在制造地点资产减记调整。
 
重大收购成本包括2022年第三季度收购的Sierra Oncology Inc.(Sierra)和Affinivax Inc.(Affinivax)的整合成本,2023年第二季度收购的BELLUS Health Inc.(Bellus),以及2024年第一季度收购的Aiolos。
 
现金支出 4500万英镑主要是由头孢菌素业务的剥离所致。
 
 
 
与交易相关的 调整
 
与交易相关的调整导致净支出为36100万英镑(2023年第三季度:57700万英镑),其中大部分与重新计量应计考虑负债、辉瑞看跌期权的负债以及在ViiV Healthcare中辉瑞和Shionogi的优先股息有关。
 
 
 
 
 
充值/贷方
Q3 2024
£百万
 
Q3 2023
£百万
辉瑞-维富Healthcare合资公司以前的创业公司的有条件款项
(包括Shionogi优先分红)
292
 
479
维富Healthcare看跌期权和辉瑞优先分红
(16)
 
40
诺华疫苗业务以前的有条件款项
46
 
(12)
Affinivax收购的有条件款项
15
 
69
其他 调整
24
 
1
 
 
 
 
总共 与交易相关的费用
361
 
577
 
与百时美施贵宝-ViiV Healthcare 原联营企业合作暨分账关系相关的29200万英镑费用,代表由于更新后的销售预测和汇率部分抵消,而导致给百时美施贵宝的动态分账关系估值增加了18500万英镑,以及对10700万英镑贴现的解除。与ViiV Healthcare看跌期权和辉瑞优先股息相关的1600万英镑贷项,代表由于更新后的汇率和更高的优先股息,而部分抵消由于更新后的销售预测,主要导致看跌期权估值增加。ViiV Healthcare动态分账关系负债按照国际财务报告准则进行公允估值。对ViiV Healthcare中非控股权益的会计处理解释请参见第19页。
 
与前诺华疫苗业务相关的4600万英镑费用主要与未来销售预测的变化有关。
 
与Affinivax收购中的相关的1500万英镑费用主要涉及折价部分的取消。
 
 
 
重要的 法律费用、剥离以及其他项目
 
本季度重大的法律费用主要反映了与国家法院和解有关的18亿英镑(23亿美元)的费用。 Zantac 用于国家法院和解的结算, 不知名检告(Qui Tam)和解,以及其余尚在审理中的7%州法院产品责任案件的和解,部分抵消了未来法律费用的减少(详见第38页)。 解决方案,以及未决待处理的7%国家法院产品责任案件,部分抵消了未来法律费用的减少。
 
法律费用涵盖所有重大法律事项,不单独列出诉讼或调查。
 
剥离和其他项目包括净利润2300万英镑,其中包括里程碑和版税收入。
 
 
 
 
总公司2024年9个月和2023年9个月的财务和核心结果之间的对账如下。
 
 
2024年9月30日结束的九个月
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
总费用
结果
£百万
 
无形资产
分期偿还-
£百万
 
无形资产
损害-
处理
£百万
 
主要的
重组-
uring
£百万
 
转-
行动-
相关的
£百万
 
显著的
法律, 剥离-
部门 和
其他
项目
£百万
 
核心
结果
£百万
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业额
23,259
 
 
 
 
 
 
 
 
 
 
 
23,259
销售成本
(6,489)
 
764
 
 
 
141
 
40
 
13
 
(5,531)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
毛利润
16,770
 
764
 
 
 
141
 
40
 
13
 
17,728
 
 
 
 
 
 
 
 
 
 
 
 
 
 
销售、一般及行政费用
(8,352)
 
 
 
 
 
125
 
1
 
1,954
 
(6,272)
研发费用
(4,370)
 
40
 
118
 
10
 
 
 
 
 
(4,202)
版税收入
463
 
 
 
 
 
 
 
 
 
 
 
463
其他营业收入/(费用)
(1,186)
 
 
 
 
 
5
 
1,422
 
(241)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业利润
3,325
 
804
 
118
 
281
 
1,463
 
1,726
 
7,717
 
 
 
 
 
 
 
 
 
 
 
 
 
 
净财务费用
(408)
 
 
 
 
 
1
 
 
 
13
 
(394)
分红 联营企业和联合企业的税后利润/(损失)
和创业公司
(3)
 
 
 
 
 
 
 
 
 
 
 
(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税前利润
2,914
 
804
 
118
 
282
 
1,463
 
1,739
 
7,320
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税收
(464)
 
(172)
 
(28)
 
(69)
 
(300)
 
(255)
 
(1,288)
税率 %
15.9%
 
 
 
 
 
 
 
 
 
 
 
17.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税后利润
2,450
 
632
 
90
 
213
 
1,163
 
1,484
 
6,032
 
 
 
 
 
 
 
 
 
 
 
 
 
 
非控制权益 归属利润
利息
289
 
 
 
 
 
 
 
192
 
 
 
481
 
 
 
 
 
 
 
 
 
 
 
 
 
 
股东 应占利润
2,161
 
632
 
90
 
213
 
971
 
1,484
 
5,551
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,450
 
632
 
90
 
213
 
1,163
 
1,484
 
6,032
 
 
 
 
 
 
 
 
 
 
 
 
 
 
每股收益
53.0p
 
15.5p
 
2.2p
 
5.2p
 
23.8p
 
36.5p
 
136.2p
 
 
 
 
 
 
 
 
 
 
 
 
 
 
加权平均 股数(百万)
4,076
 
 
 
 
 
 
 
 
 
 
 
4,076
 
 
 
九 2023年9月30日结束的九个月
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
总费用
结果
£百万
 
无形资产
分期偿还-
£百万
 
无形资产
损害-
处理
£百万
 
主要的
重组-
uring
£百万
 
转-
行动-
相关的
£百万
 
显著的
legal,
Divest-
部门 和
其他
项目
£百万
 
核心
结果
£百万
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业额
22,276
 
 
 
 
 
 
 
 
 
 
 
22,276
销售成本
(6,147)
 
477
 
 
 
97
 
 
 
20
 
(5,553)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
毛利润
16,129
 
477
 
 
 
97
 
 
 
20
 
16,723
 
 
 
 
 
 
 
 
 
 
 
 
 
 
销售、一般及行政费用
(6,707)
 
 
 
 
 
163
 
1
 
102
 
(6,441)
研发费用
(4,176)
 
58
 
149
 
4
 
 
 
(1)
 
(3,966)
版税收入
718
 
 
 
 
 
 
 
 
 
 
 
718
其他营业收入/(费用)
208
 
 
 
 
 
 
 
116
 
(324)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
营业利润
6,172
 
535
 
149
 
264
 
117
 
(203)
 
7,034
 
 
 
 
 
 
 
 
 
 
 
 
 
 
净财务费用
(484)
 
 
 
 
 
1
 
 
 
5
 
(478)
分享 税后利润/(亏损)
  联营企业和合营企业
(4)
 
 
 
 
 
 
 
 
 
 
 
(4)
对利润/(损失)处分兴趣
与企业合伙人
1
 
 
 
 
 
 
 
 
 
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税前利润
5,685
 
535
 
149
 
265
 
117
 
(199)
 
6,552
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税收
(775)
 
(116)
 
(35)
 
(52)
 
(29)
 
(15)
 
(1,022)
税率 %
13.6%
 
 
 
 
 
 
 
 
 
 
 
15.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
税后利润
4,910
 
419
 
114
 
213
 
88
 
(214)
 
5,530
 
 
 
 
 
 
 
 
 
 
 
 
 
 
非控制权益 归属利润
利息
332
 
 
 
 
 
 
 
88
 
 
 
420
股东 应占利润
4,578
 
419
 
114
 
213
 
 
(214)
 
5,110
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,910
 
419
 
114
 
213
 
88
 
(214)
 
5,530
每股收益
113.0p
 
10.3p
 
2.8p
 
5.3p
 
 
(5.2)p
 
126.2p
加权平均 股数(百万)
4,050
 
 
 
 
 
 
 
 
 
 
 
4,050
 
 
 
Adjusting items year to date 2024
 
Major restructuring and integration
 
 
Total Major restructuring charges incurred in nine months ended 30 September 2024 were £281 million (nine months ended 30 September 2023: £264 million), analysed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9 months 2024
 
9 months 2023
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
£m
 
Non-
cash
£m
 
Total
£m
 
Cash
£m
 
Non-
cash
£m
 
Total
£m
 
 
 
 
 
 
 
 
 
 
 
 
Separation restructuring programme
169
 
14
 
183
 
107
 
101
 
208
Significant acquisitions
50
 
1
 
51
 
54
 
1
 
55
Legacy programmes
47
 
 
47
 
1
 
 
1
 
266
 
15
 
281
 
162
 
102
 
264
 
 
The Separation restructuring programme incurred cash charges of £169 million primarily from the restructuring of some commercial and administrative functions as well as Supply Chain. The non-cash charges of £14 million primarily reflected the write-down of assets in manufacturing locations.
 
The programme is now largely complete and has delivered its target of £1.1 billion of annual savings, with total costs still expected at £2.4 billion, with slightly higher cash charges of £1.7 billion but lower non-cash charges of £0.7 billion.
 
Costs of significant acquisitions relate to integration costs of Sierra and Affinivax which were acquired in Q3 2022, Bellus acquired in Q2 2023 and Aiolos acquired in Q1 2024.
 
Cash charges of £47 million under Legacy programmes primarily arose from the divestment of the cephalosporins business.
 
 
Transaction-related adjustments
 
Transaction-related adjustments resulted in a net charge of £1,463 million (YTD 2023: £117 million net charge), the majority of which related to charges/(credits) for the remeasurement of contingent consideration liabilities, the liabilities for the Pfizer put option, and Pfizer and Shionogi preferential dividends in ViiV Healthcare.
 
 
 
 
 
Charge/(credit)
9 months 2024
£m
 
9 months 2023
£m
 
 
 
 
Contingent consideration on former Shionogi-ViiV Healthcare joint Venture
  (including Shionogi preferential dividends)
1,106
 
406
ViiV Healthcare put options and Pfizer preferential dividends
54
 
(203)
Contingent consideration on former Novartis Vaccines business
206
 
(134)
Contingent consideration on acquisition of Affinivax
31
 
47
Other adjustments
66
 
1
 
 
 
 
Total transaction-related charges
1,463
 
117
 
 
The £1,106 million charge relating to the contingent consideration for the former Shionogi-ViiV Healthcare joint venture represented an increase in the valuation of the contingent consideration due to Shionogi, driven by £789 million from updated future sales forecasts and exchange rates, and the unwind of the discount for £317 million. The £54 million charge relating to the ViiV Healthcare put option and Pfizer preferential dividends represented an increase in the valuation of the put option primarily as a result of updated sales forecasts. The ViiV Healthcare contingent consideration liability is fair valued under IFRS. An explanation of the accounting for the non-controlling interests in ViiV Healthcare is set out on page 19.
 
The £206 million charge relating to the contingent consideration on the former Novartis Vaccines business primarily related to changes to future sales forecasts.
 
The £31 million charge relating to the contingent consideration on the acquisition of Affinivax primarily related to the unwind of the discount.
 
 
Significant legal charges, Divestments, and other items
 
Significant legal charges in the year to date primarily reflected the Q3 2024 charge of £1.8 billion ($2.3 billion) in relation to Zantac for the State Courts Settlement, the Qui Tam Settlement, and the remaining 7% of pending state court product liability cases, partially offset by reduced future legal costs.
 
Legal charges provide for all significant legal matters and are not broken out separately by litigation or investigation.
 
Divestments and other items primarily included £241 million of other net income from milestones and dividends related to investments, including a £16 million final dividend received from the investment in Haleon, as well as a fair value gain of £22 million on the investment in Haleon, which was sold in May 2024.
 
Financial information
 
Income statement
 
 
Q3 2024
£m
 
Q3 2023
£m
 
9 months 2024
£m
 
9 months 2023
£m
 
 
 
 
 
 
 
 
TURNOVER
8,012
 
8,147
 
23,259
 
22,276
 
 
 
 
 
 
 
 
Cost of sales
(2,397)
 
(2,272)
 
(6,489)
 
(6,147)
Gross profit
5,615
 
5,875
 
16,770
 
16,129
 
 
 
 
 
 
 
 
Selling, general and administration
(3,800)
 
(2,296)
 
(8,352)
 
(6,707)
Research and development
(1,459)
 
(1,575)
 
(4,370)
 
(4,176)
Royalty income
168
 
312
 
463
 
718
Other operating income/(expense)
(335)
 
(367)
 
(1,186)
 
208
 
 
 
 
 
 
 
 
OPERATING PROFIT
189
 
1,949
 
3,325
 
6,172
 
 
 
 
 
 
 
 
Finance income
32
 
24
 
88
 
86
Finance expense
(156)
 
(182)
 
(496)
 
(570)
Share of after tax profit/(loss) of associates and joint ventures
(1)
 
 
(3)
 
(4)
Profit/(loss) on disposal of interests in associates and joint
  ventures
 
 
 
1
 
 
 
 
 
 
 
 
PROFIT BEFORE TAXATION
64
 
1,791
 
2,914
 
5,685
 
 
 
 
 
 
 
 
Taxation
1
 
(257)
 
(464)
 
(775)
Tax rate %
(1.6%)
 
14.3%
 
15.9%
 
13.6%
 
 
 
 
 
 
 
 
PROFIT AFTER TAXATION
65
 
1,534
 
2,450
 
4,910
 
 
 
 
 
 
 
 
Profit attributable to non-controlling interests
123
 
70
 
289
 
332
Profit/(loss) attributable to shareholders
(58)
 
1,464
 
2,161
 
4,578
 
65
 
1,534
 
2,450
 
4,910
 
 
 
 
 
 
 
 
EARNINGS/(LOSS) PER SHARE
(1.4)p
 
36.1p
 
53.0p
 
113.0p
 
 
 
 
 
 
 
 
Diluted earnings/(loss) per share
(1.4)p
 
35.6p
 
52.2p
 
111.4p
 
 
 
 
 
 
 
 
 
 
 
Statement of comprehensive income
 
 
Q3 2024
£m
 
Q3 2023
£m
 
9 months 2024
£m
 
9 months 2023
£m
 
 
 
 
 
 
 
 
Total profit for the period
65
 
1,534
 
2,450
 
4,910
 
 
 
 
 
 
 
 
Items that may be reclassified subsequently to income statement:
 
 
 
 
 
 
 
Exchange movements on overseas net assets and net
  investment hedges
164
 
(94)
 
(47)
 
(87)
Reclassification of exchange movements on liquidation or
  disposal of overseas subsidiaries and associates
(57)
 
(7)
 
(56)
 
(20)
Fair value movements on cash flow hedges
(1)
 
 
(1)
 
1
Cost of hedging
(5)
 
 
(5)
 
Deferred tax on fair value movements on cash flow hedges
(1)
 
 
(1)
 
(1)
Reclassification of cash flow hedges to income statement
2
 
1
 
4
 
4
 
 
 
 
 
 
 
 
 
102
 
(100)
 
(106)
 
(103)
 
 
 
 
 
 
 
 
Items that will not be reclassified to income statement:
 
 
 
 
 
 
 
Exchange movements on overseas net assets of
  non-controlling interests
(24)
 
5
 
(17)
 
(17)
Fair value movements on equity investments
(27)
 
(242)
 
(108)
 
(359)
Tax on fair value movements on equity investments
3
 
18
 
6
 
35
Fair value movements on cash flow hedges
3
 
 
2
 
(34)
Remeasurement gains/(losses) on defined benefit plans
192
 
(266)
 
373
 
(216)
Tax on remeasurement losses/(gains) on defined benefit
  plans
(45)
 
63
 
(87)
 
55
 
 
 
 
 
 
 
 
 
102
 
(422)
 
169
 
(536)
 
 
 
 
 
 
 
 
Other comprehensive income/(expense) for the period
204
 
(522)
 
63
 
(639)
 
 
 
 
 
 
 
 
Total comprehensive income for the period
269
 
1,012
 
2,513
 
4,271
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income for the period attributable to:
 
 
 
 
 
 
 
  Shareholders
170
 
937
 
2,241
 
3,956
  Non-controlling interests
99
 
75
 
272
 
315
 
 
 
 
 
 
 
 
 
269
 
1,012
 
2,513
 
4,271
 
 
 
Balance sheet
 
 
 
 
 
 
 
30 September 2024
£m
 
31 December 2023
£m
ASSETS
 
 
 
Non-current assets
 
 
 
Property, plant and equipment
8,885
 
9,020
Right of use assets
840
 
937
Goodwill
6,680
 
6,811
Other intangible assets
15,010
 
14,768
Investments in associates and joint ventures
81
 
55
Other investments
1,023
 
1,137
Deferred tax assets
6,288
 
6,049
Derivative instruments
4
 
Other non-current assets
1,940
 
1,584
 
 
 
 
Total non-current assets
40,751
 
40,361
 
 
 
 
Current assets
 
 
 
Inventories
5,918
 
5,498
Current tax recoverable
484
 
373
Trade and other receivables
7,383
 
7,385
Derivative financial instruments
241
 
130
Current equity investments
 
2,204
Liquid investments
20
 
42
Cash and cash equivalents
3,192
 
2,936
Assets held for sale
60
 
76
 
 
 
 
Total current assets
17,298
 
18,644
 
 
 
 
TOTAL ASSETS
58,049
 
59,005
 
 
 
 
LIABILITIES
 
 
 
Current liabilities
 
 
 
Short-term borrowings
(2,815)
 
(2,813)
Contingent consideration liabilities
(1,105)
 
(1,053)
Trade and other payables
(14,375)
 
(15,844)
Derivative financial instruments
(146)
 
(114)
Current tax payable
(568)
 
(500)
Short-term provisions
(2,450)
 
(744)
 
 
 
 
Total current liabilities
(21,459)
 
(21,068)
 
 
 
 
Non-current liabilities
 
 
 
Long-term borrowings
(13,244)
 
(15,205)
Corporation tax payable
(19)
 
(75)
Deferred tax liabilities
(294)
 
(311)
Pensions and other post-employment benefits
(2,028)
 
(2,340)
Other provisions
(492)
 
(495)
Contingent consideration liabilities
(6,020)
 
(5,609)
Other non-current liabilities
(1,040)
 
(1,107)
 
 
 
 
Total non-current liabilities
(23,137)
 
(25,142)
 
 
 
 
TOTAL LIABILITIES
(44,596)
 
(46,210)
 
 
 
 
NET ASSETS
13,453
 
12,795
 
 
 
 
EQUITY
 
 
 
Share capital
1,348
 
1,348
Share premium account
3,473
 
3,451
Retained earnings
8,187
 
7,239
Other reserves
1,000
 
1,309
 
 
 
 
Shareholders’ equity
14,008
 
13,347
 
 
 
 
Non-controlling interests
(555)
 
(552)
 
 
 
 
TOTAL EQUITY
13,453
 
12,795
 
 
 
 
Statement of changes in equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share
capital
£m
 
Share
premium
£m
 
Retained
earnings
£m
 
Other
reserves
£m
 
Share-
holder’s
equity
£m
 
Non-
controlling
interests
£m
 
Total
equity
£m
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 1 January 2024
1,348
 
3,451
 
7,239
 
1,309
 
13,347
 
(552)
 
12,795
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit for the period
 
 
 
 
2,161
 
 
 
2,161
 
289
 
2,450
  Other comprehensive
    income/(expense) for the period
 
 
 
 
146
 
(66)
 
80
 
(17)
 
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income/(expense)
  for the period
 
 
 
 
2,307
 
(66)
 
2,241
 
272
 
2,513
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions to non-controlling interests
 
 
 
 
 
 
 
 
 
 
(288)
 
(288)
Dividends to shareholders
 
 
 
 
(1,832)
 
 
 
(1,832)
 
 
 
(1,832)
Realised after tax losses on disposal
  or liquidation of equity investments
 
 
 
 
15
 
(15)
 
 
 
 
 
Share of associates and joint ventures
  realised profit/(loss) on disposal of
  equity investments
 
 
 
 
52
 
(52)
 
 
 
 
 
Shares issued
 
 
20
 
 
 
 
 
20
 
 
 
20
Write-down on shares held by ESOP Trusts
 
 
 
 
(283)
 
283
 
 
 
 
 
Shares acquired by ESOP Trusts
 
 
2
 
457
 
(459)
 
 
 
 
 
Share-based incentive plans
 
 
 
 
232
 
 
 
232
 
 
 
232
Contributions from non-controlling interests
 
 
 
 
 
 
 
 
 
 
9
 
9
Changes to non-controlling interests
 
 
 
 
 
 
 
 
 
4
 
4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 30 September 2024
1,348
 
3,473
 
8,187
 
1,000
 
14,008
 
(555)
 
13,453
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share
capital
£m
 
Share
premium
£m
 
Retained
earnings
£m
 
Other
reserves
£m
 
Share-
holder’s
equity
£m
 
Non-
controlling
interests
£m
 
Total
equity
£m
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 1 January 2023
1,347
 
3,440
 
4,363
 
1,448
 
10,598
 
(502)
 
10,096
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit for the period
 
 
 
 
4,578
 
 
4,578
 
332
 
4,910
  Other comprehensive
    income/(expense) for the period
 
 
 
 
(279)
 
(343)
 
(622)
 
(17)
 
(639)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income/(expense)
  for the period
 
 
 
 
4,299
 
(343)
 
3,956
 
315
 
4,271
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions to non-controlling interests
 
 
 
 
 
 
 
 
 
 
(334)
 
(334)
Contributions from non-controlling
  interests
 
 
 
 
 
 
 
 
 
 
7
 
7
Dividends to shareholders
 
 
 
 
(1,679)
 
 
 
(1,679)
 
 
 
(1,679)
Realised after tax losses on disposal or
  liquidation of equity investments
 
 
 
 
(33)
 
33
 
 
 
 
 
Share of associates and joint ventures
  realised profit/(loss) on disposal of
  equity investments
 
 
 
 
2
 
(2)
 
 
 
 
 
Share issued
1
 
8
 
 
 
 
 
9
 
 
 
9
Write-down of shares held by ESOP Trusts
 
 
 
 
(153)
 
153
 
 
 
 
 
Shares acquired by ESOP Trusts
 
 
2
 
1
 
(3)
 
 
 
 
 
Share-based incentive plans
 
 
 
 
217
 
 
 
217
 
 
 
217
Hedging gain/(loss) after taxation
  transferred to non-financial assets
 
 
 
 
 
 
32
 
32
 
 
 
32
At 30 September 2023
1,348
 
3,450
 
7,017
 
1,318
 
13,133
 
(514)
 
12,619
 
 
 
 
Cash flow statement nine months ended 30 September 2024
 
 
9 months 2024
£m
 
9 months 2023
£m
Profit after tax
2,450
 
4,910
Tax on profits
464
 
775
Share of after tax loss/(profit) of associates and joint ventures
3
 
4
(Profit)/loss on disposal of interest in associates and joint ventures
 
(1)
Net finance expense
408
 
484
Depreciation, amortisation and other adjusting items
2,139
 
1,671
(Increase)/decrease in working capital
(1,669)
 
(2,669)
Contingent consideration paid
(924)
 
(853)
Increase/(decrease) in other net liabilities (excluding contingent consideration paid)
2,404
 
94
Cash generated from operations
5,275
 
4,415
Taxation paid
(1,050)
 
(843)
Total net cash inflow/(outflow) from operating activities
4,225
 
3,572
 
 
 
 
Cash flow from investing activities
 
 
 
Purchase of property, plant and equipment
(855)
 
(828)
Proceeds from sale of property, plant and equipment
4
 
21
Purchase of intangible assets
(992)
 
(733)
Proceeds from sale of intangible assets
126
 
12
Purchase of equity investments
(76)
 
(92)
Proceeds from sale of equity investments
2,354
 
834
Purchase of businesses, net of cash acquired
(748)
 
(1,459)
Investment in joint ventures and associates
(42)
 
Contingent consideration paid
(11)
 
(7)
Disposal of businesses
(13)
 
56
Interest received
91
 
83
(Increase)/decrease in liquid investments
21
 
47
Dividends from joint ventures and associates
15
 
1
Dividend and distributions from investments
16
 
201
Proceeds from disposal of associates and Joint ventures
 
1
Total net cash inflow/(outflow) from investing activities
(110)
 
(1,863)
 
 
 
 
Cash flow from financing activities
 
 
 
Issue of share capital
20
 
9
Repayment of long-term loans
 
(144)
Issue of long-term notes
 
238
Repayment of short-term loans
(787)
 
(1,088)
Net increase/(repayment) of other short-term loans
(623)
 
1,394
Repayment of lease liabilities
(170)
 
(148)
Interest paid
(385)
 
(480)
Dividends paid to shareholders
(1,832)
 
(1,679)
Distribution to non-controlling interests
(288)
 
(334)
Contributions from non-controlling interests
9
 
7
Other financing items
172
 
176
Total net cash inflow/(outflow) from financing activities
(3,884)
 
(2,049)
Increase/(decrease) in cash and bank overdrafts in the period
231
 
(340)
Cash and bank overdrafts at beginning of the period
2,858
 
3,425
Exchange adjustments
(61)
 
(65)
Increase/(decrease) in cash and bank overdrafts
231
 
(340)
Cash and bank overdrafts at end of the period
3,028
 
3,020
Cash and bank overdrafts at end of the period comprise:
 
 
 
Cash and cash equivalents
3,192
 
3,177
Overdrafts
(164)
 
(157)
 
3,028
 
3,020
 
 
 
 
Sales tables
 
 
Vaccines turnover – three months ended 30 September 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
Shingles
739
 
(10)
 
(7)
 
307
 
(26)
 
(23)
 
194
 
(15)
 
(13)
 
238
 
29
 
35
Shingrix
739
 
(10)
 
(7)
 
307
 
(26)
 
(23)
 
194
 
(15)
 
(13)
 
238
 
29
 
35
Meningitis
520
 
18
 
22
 
316
 
16
 
20
 
122
 
12
 
15
 
82
 
37
 
47
Bexsero
334
 
26
 
30
 
168
 
27
 
31
 
120
 
15
 
17
 
46
 
53
 
73
Menveo
173
 
3
 
7
 
148
 
6
 
10
 
1
 
(67)
 
(33)
 
24
 
(4)
 
(8)
Other
13
 
86
 
100
 
 
 
 
1
 
(50)
 
(50)
 
12
 
>100
 
>100
RSV
188
 
(73)
 
(72)
 
177
 
(75)
 
(74)
 
5
 
>100
 
>100
 
6
 
(14)
 
(29)
Arexvy
188
 
(73)
 
(72)
 
177
 
(75)
 
(74)
 
5
 
>100
 
>100
 
6
 
(14)
 
(29)
Influenza
283
 
(24)
 
(22)
 
243
 
(23)
 
(21)
 
15
 
(29)
 
(29)
 
25
 
(31)
 
(22)
Fluarix, FluLaval
283
 
(24)
 
(22)
 
243
 
(23)
 
(21)
 
15
 
(29)
 
(29)
 
25
 
(31)
 
(22)
Established Vaccines
920
 
6
 
10
 
415
 
21
 
26
 
186
 
9
 
12
 
319
 
(10)
 
(6)
Infanrix, Pediarix
151
 
4
 
8
 
95
 
16
 
21
 
27
 
4
 
8
 
29
 
(22)
 
(19)
Boostrix
211
 
25
 
30
 
141
 
15
 
19
 
35
 
21
 
21
 
35
 
>100
 
>100
Hepatitis
183
 
17
 
22
 
112
 
18
 
22
 
46
 
15
 
20
 
25
 
14
 
27
Rotarix
153
 
6
 
10
 
52
 
53
 
59
 
29
 
4
 
7
 
72
 
(12)
 
(10)
Synflorix
50
 
(44)
 
(42)
 
 
 
 
4
 
(50)
 
(50)
 
46
 
(43)
 
(41)
Priorix, Priorix Tetra,
  Varilrix
83
 
1
 
4
 
12
 
>100
 
>100
 
32
 
(9)
 
(6)
 
39
 
(9)
 
(5)
Cervarix
18
 
(42)
 
(42)
 
 
 
 
4
 
100
 
100
 
14
 
(52)
 
(52)
Other
71
 
39
 
41
 
3
 
(40)
 
 
9
 
>100
 
>100
 
59
 
34
 
34
Vaccines excluding
  COVID-19 solutions
2,650
 
(18)
 
(15)
 
1,458
 
(29)
 
(26)
 
522
 
(1)
 
1
 
670
 
4
 
10
Pandemic vaccines
 
(100)
 
>(100)
 
 
 
 
 
 
 
 
(100)
 
>(100)
Pandemic adjuvant
 
(100)
 
>(100)
 
 
 
 
 
 
 
 
(100)
 
>(100)
Vaccines
2,650
 
(18)
 
(15)
 
1,458
 
(29)
 
(26)
 
522
 
(1)
 
1
 
670
 
4
 
9
 
 
 
 
Vaccines turnover – nine months ended 30 September 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
Shingles
2,516
 
(1)
 
2
 
1,078
 
(23)
 
(20)
 
667
 
(2)
 
(1)
 
771
 
68
 
76
Shingrix
2,516
 
(1)
 
2
 
1,078
 
(23)
 
(20)
 
667
 
(2)
 
(1)
 
771
 
68
 
76
Meningitis
1,142
 
16
 
20
 
580
 
14
 
17
 
339
 
3
 
5
 
223
 
52
 
60
Bexsero
783
 
15
 
19
 
325
 
18
 
22
 
331
 
5
 
7
 
127
 
46
 
56
Menveo
337
 
15
 
19
 
255
 
8
 
11
 
5
 
(44)
 
(33)
 
77
 
60
 
65
Other
22
 
37
 
44
 
 
 
 
3
 
(25)
 
(25)
 
19
 
58
 
67
RSV
432
 
(39)
 
(37)
 
387
 
(45)
 
(43)
 
6
 
>100
 
>100
 
39
 
>100
 
>100
Arexvy
432
 
(39)
 
(37)
 
387
 
(45)
 
(43)
 
6
 
>100
 
>100
 
39
 
>100
 
>100
Influenza
303
 
(26)
 
(23)
 
244
 
(23)
 
(21)
 
14
 
(33)
 
(33)
 
45
 
(36)
 
(31)
Fluarix, FluLaval
303
 
(26)
 
(23)
 
244
 
(23)
 
(21)
 
14
 
(33)
 
(33)
 
45
 
(36)
 
(31)
Established Vaccines
2,533
 
2
 
5
 
1,012
 
1
 
4
 
542
 
(2)
 
 
979
 
4
 
9
Infanrix, Pediarix
390
 
(4)
 
(1)
 
206
 
(8)
 
(5)
 
87
 
10
 
13
 
97
 
(7)
 
(2)
Boostrix
532
 
13
 
16
 
337
 
7
 
10
 
104
 
13
 
15
 
91
 
42
 
50
Hepatitis
521
 
7
 
11
 
295
 
7
 
10
 
143
 
8
 
11
 
83
 
8
 
14
Rotarix
431
 
(8)
 
(4)
 
137
 
(14)
 
(11)
 
88
 
(1)
 
1
 
206
 
(6)
 
Synflorix
157
 
(31)
 
(28)
 
 
 
 
7
 
(74)
 
(74)
 
150
 
(25)
 
(22)
Priorix, Priorix Tetra,
  Varilrix
240
 
27
 
31
 
26
 
>100
 
>100
 
93
 
(5)
 
(3)
 
121
 
51
 
58
Cervarix
66
 
(40)
 
(38)
 
 
 
 
11
 
(63)
 
(63)
 
55
 
(31)
 
(29)
Other
196
 
41
 
44
 
11
 
(42)
 
(37)
 
9
 
80
 
60
 
176
 
53
 
57
Vaccines excluding
  COVID-19 solutions
6,926
 
(3)
 
 
3,301
 
(16)
 
(13)
 
1,568
 
(1)
 
1
 
2,057
 
27
 
33
Pandemic vaccines
 
(100)
 
(100)
 
 
 
 
 
(100)
 
(100)
 
 
(100)
 
(100)
Pandemic adjuvant
 
(100)
 
(100)
 
 
 
 
 
(100)
 
(100)
 
 
(100)
 
(100)
Vaccines
6,926
 
(5)
 
(2)
 
3,301
 
(16)
 
(13)
 
1,568
 
(8)
 
(7)
 
2,057
 
25
 
31
 
 
 
Specialty Medicines turnover – three months ended 30 September 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
HIV
1,750
 
8
 
12
 
1,172
 
8
 
12
 
363
 
5
 
7
 
215
 
13
 
18
Dolutegravir products
1,388
 
2
 
6
 
867
 
 
4
 
318
 
2
 
4
 
203
 
12
 
15
Tivicay
335
 
(1)
 
2
 
187
 
(3)
 
1
 
60
 
(6)
 
(5)
 
88
 
5
 
8
Triumeq
323
 
(13)
 
(10)
 
230
 
(13)
 
(9)
 
52
 
(20)
 
(20)
 
41
 
(9)
 
(2)
Juluca
163
 
(5)
 
(1)
 
128
 
(4)
 
1
 
31
 
(9)
 
(9)
 
4
 
33
 
Dovato
567
 
19
 
23
 
322
 
16
 
21
 
175
 
17
 
20
 
70
 
40
 
44
Rukobia
39
 
30
 
37
 
37
 
32
 
36
 
2
 
 
 
 
 
Cabenuva
245
 
35
 
40
 
200
 
32
 
38
 
39
 
50
 
54
 
6
 
20
 
20
Apretude
69
 
86
 
95
 
66
 
78
 
86
 
 
 
 
3
 
 
Other
9
 
(31)
 
(31)
 
2
 
(60)
 
>(100)
 
4
 
(20)
 
 
3
 
 
33
Respiratory/Immunology
  and Other
843
 
10
 
14
 
555
 
5
 
9
 
139
 
17
 
20
 
149
 
22
 
29
Nucala
444
 
8
 
12
 
235
 
(2)
 
2
 
114
 
18
 
19
 
95
 
27
 
36
Benlysta
389
 
11
 
16
 
318
 
11
 
15
 
28
 
12
 
16
 
43
 
16
 
22
Other
10
 
43
 
43
 
2
 
>100
 
>100
 
(3)
 
 
67
 
11
 
10
 
Oncology
373
 
86
 
94
 
264
 
>100
 
>100
 
88
 
22
 
24
 
21
 
24
 
41
Zejula
144
 
3
 
6
 
72
 
1
 
4
 
55
 
2
 
4
 
17
 
13
 
27
Blenrep
3
 
(70)
 
(80)
 
 
 
 
3
 
(70)
 
(80)
 
 
 
Jemperli
130
 
>100
 
>100
 
106
 
>100
 
>100
 
21
 
>100
 
>100
 
3
 
>100
 
>100
Ojjaara/Omjjara
98
 
>100
 
>100
 
86
 
>100
 
>100
 
11
 
 
 
1
 
 
Other
(2)
 
>(100)
 
>(100)
 
 
 
 
(2)
 
>(100)
 
>(100)
 
 
>(100)
 
Specialty Medicines
  excluding COVID-19
  solutions
2,966
 
14
 
19
 
1,991
 
15
 
20
 
590
 
10
 
12
 
385
 
17
 
23
Pandemic
 
 
 
 
 
 
 
 
 
 
 
Xevudy
 
 
 
 
 
 
 
 
 
 
 
Specialty Medicines
2,966
 
14
 
19
 
1,991
 
15
 
20
 
590
 
10
 
12
 
385
 
17
 
23
 
 
 
Specialty Medicines turnover – nine months ended 30 September 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
HIV
5,120
 
10
 
13
 
3,394
 
11
 
14
 
1,109
 
6
 
8
 
617
 
10
 
16
Dolutegravir products
4,083
 
3
 
6
 
2,520
 
2
 
5
 
981
 
3
 
4
 
582
 
9
 
14
Tivicay
1,007
 
(3)
 
 
566
 
(4)
 
(1)
 
190
 
(5)
 
(3)
 
251
 
 
5
Triumeq
979
 
(14)
 
(11)
 
682
 
(13)
 
(10)
 
172
 
(20)
 
(19)
 
125
 
(13)
 
(8)
Juluca
496
 
2
 
6
 
391
 
5
 
9
 
95
 
(8)
 
(6)
 
10
 
 
Dovato
1,601
 
23
 
26
 
881
 
21
 
24
 
524
 
19
 
21
 
196
 
50
 
56
Rukobia
110
 
34
 
39
 
104
 
37
 
41
 
6
 
20
 
20
 
 
>(100)
 
Cabenuva
703
 
45
 
49
 
575
 
43
 
48
 
110
 
55
 
58
 
18
 
50
 
58
Apretude
195
 
>100
 
>100
 
189
 
95
 
>100
 
 
 
 
6
 
 
Other
29
 
(34)
 
(32)
 
6
 
(57)
 
(64)
 
12
 
(25)
 
(19)
 
11
 
(21)
 
(14)
Respiratory/Immunology
  and Other
2,389
 
10
 
15
 
1,570
 
6
 
10
 
409
 
19
 
22
 
410
 
19
 
29
Nucala
1,300
 
10
 
14
 
702
 
2
 
6
 
335
 
19
 
21
 
263
 
21
 
32
Benlysta
1,067
 
11
 
15
 
866
 
10
 
13
 
85
 
16
 
19
 
116
 
17
 
25
Other
22
 
22
 
33
 
2
 
>100
 
 
(11)
 
 
9
 
31
 
11
 
18
Oncology
1,002
 
>100
 
>100
 
701
 
>100
 
>100
 
249
 
14
 
16
 
52
 
49
 
57
Zejula
450
 
21
 
25
 
232
 
35
 
39
 
174
 
5
 
7
 
44
 
33
 
39
Blenrep
1
 
(97)
 
(97)
 
(3)
 
(50)
 
(50)
 
4
 
(88)
 
(88)
 
 
 
Jemperli
318
 
>100
 
>100
 
259
 
>100
 
>100
 
52
 
>100
 
>100
 
7
 
>100
 
>100
Ojjaara/Omjjara
235
 
>100
 
>100
 
213
 
>100
 
>100
 
21
 
 
 
1
 
 
Other
(2)
 
>(100)
 
>(100)
 
 
 
 
(2)
 
>(100)
 
>(100)
 
 
>(100)
 
Specialty Medicines
  excluding COVID-19
  solutions
8,511
 
16
 
20
 
5,665
 
19
 
22
 
1,767
 
10
 
12
 
1,079
 
15
 
22
Pandemic
1
 
(97)
 
(97)
 
 
100
 
100
 
 
>(100)
 
>(100)
 
1
 
(97)
 
(97)
Xevudy
1
 
(97)
 
(97)
 
 
100
 
100
 
 
>(100)
 
>(100)
 
1
 
(97)
 
(97)
Specialty Medicines
8,512
 
16
 
20
 
5,665
 
19
 
23
 
1,767
 
10
 
12
 
1,080
 
11
 
18
 
 
 
General Medicines turnover – three months ended 30 September 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
Respiratory
1,617
 
6
 
11
 
820
 
10
 
15
 
338
 
7
 
9
 
459
 
1
 
7
Anoro Ellipta
146
 
3
 
6
 
67
 
(6)
 
(1)
 
56
 
17
 
19
 
23
 
 
4
Flixotide/Flovent
113
 
15
 
20
 
73
 
11
 
15
 
15
 
25
 
33
 
25
 
25
 
30
Relvar/Breo Ellipta
241
 
1
 
5
 
86
 
 
3
 
85
 
5
 
7
 
70
 
(3)
 
4
Seretide/Advair
218
 
8
 
13
 
61
 
>100
 
>100
 
50
 
(9)
 
(7)
 
107
 
(17)
 
(12)
Trelegy Ellipta
600
 
12
 
16
 
420
 
8
 
13
 
79
 
14
 
17
 
101
 
26
 
31
Ventolin
176
 
1
 
5
 
90
 
(2)
 
1
 
25
 
4
 
4
 
61
 
3
 
12
Other Respiratory
123
 
(3)
 
2
 
23
 
(12)
 
(4)
 
28
 
 
 
72
 
(1)
 
4
Other General Medicines
779
 
(5)
 
 
52
 
30
 
37
 
168
 
(5)
 
(4)
 
559
 
(7)
 
(1)
Augmentin
146
 
(8)
 
(1)
 
 
 
 
43
 
5
 
7
 
103
 
(12)
 
(4)
Lamictal
94
 
13
 
18
 
37
 
61
 
70
 
27
 
(4)
 
(4)
 
30
 
(6)
 
Other "Other General Medicines"
539
 
(6)
 
(2)
 
15
 
(12)
 
(6)
 
98
 
(9)
 
(8)
 
426
 
(6)
 
General Medicines
2,396
 
3
 
7
 
872
 
11
 
16
 
506
 
2
 
4
 
1,018
 
(4)
 
2
 
 
 
 
General Medicines turnover – nine months ended 30 September 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
Respiratory
5,407
 
6
 
11
 
2,912
 
15
 
19
 
1,055
 
1
 
3
 
1,440
 
(5)
 
2
Anoro Ellipta
425
 
6
 
9
 
192
 
1
 
4
 
164
 
15
 
18
 
69
 
 
6
Flixotide/Flovent
384
 
9
 
13
 
259
 
15
 
19
 
51
 
2
 
4
 
74
 
(3)
 
3
Relvar/Breo Ellipta
792
 
(1)
 
3
 
300
 
(2)
 
1
 
275
 
1
 
4
 
217
 
(3)
 
5
Seretide/Advair
798
 
(8)
 
(4)
 
273
 
4
 
7
 
166
 
(13)
 
(12)
 
359
 
(12)
 
(7)
Trelegy Ellipta
2,033
 
26
 
31
 
1,512
 
29
 
33
 
230
 
13
 
15
 
291
 
24
 
33
Ventolin
532
 
(3)
 
 
276
 
(4)
 
(1)
 
76
 
6
 
7
 
180
 
(6)
 
(1)
Other Respiratory
443
 
(11)
 
(7)
 
100
 
25
 
29
 
93
 
(16)
 
(15)
 
250
 
(19)
 
(13)
Other General Medicines
2,414
 
(6)
 
(1)
 
179
 
(16)
 
(13)
 
521
 
(4)
 
(3)
 
1,714
 
(5)
 
1
Augmentin
474
 
1
 
6
 
 
 
 
138
 
1
 
2
 
336
 
1
 
8
Lamictal
304
 
(7)
 
(3)
 
123
 
(15)
 
(12)
 
81
 
(2)
 
(1)
 
100
 
1
 
8
Other "Other General Medicines"
1,636
 
(8)
 
(2)
 
56
 
(19)
 
(14)
 
302
 
(7)
 
(5)
 
1,278
 
(7)
 
(1)
General Medicines
7,821
 
2
 
7
 
3,091
 
13
 
16
 
1,576
 
(1)
 
1
 
3,154
 
(5)
 
1
 
 
 
 
Commercial Operations turnover
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
Three months ended 30 September 2024
8,012
 
(2)
 
2
 
4,321
 
(5)
 
(1)
 
1,618
 
4
 
6
 
2,073
 
2
 
8
Nine months ended 30 September 2024
23,259
 
4
 
8
 
12,057
 
5
 
9
 
4,911
 
 
2
 
6,291
 
6
 
12
 
 
 
 
Commercial Operations turnover excluding COVID-19 solutions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
US
 
Europe
 
International
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
 
 
Growth
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
 
£m
 
£%
 
CER%
Three months ended 30 September 2024
8,012
 
(2)
 
2
 
4,321
 
(5)
 
(1)
 
1,618
 
4
 
6
 
2,073
 
2
 
8
Nine months ended 30 September 2024
23,258
 
5
 
9
 
12,057
 
5
 
9
 
4,911
 
3
 
5
 
6,290
 
7
 
13
 
 
Segment information
 
 
Operating segments are reported based on the financial information provided to the Chief Executive Officer and the responsibilities of the GSK Leadership Team (GLT). GSK reports results under two segments: Commercial Operations and Total R&D. Members of the GLT are responsible for each segment.
 
R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial operating profits exclude allocations of globally funded R&D.
 
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating costs of this segment includes R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some SG&A costs relating to regulatory and other functions.
 
The Group’s management reporting process allocates intra-Group profit on a product sale to the market in which that sale is recorded, and the profit analyses below have been presented on that basis.
 
Adjusting items reconciling segment profit and operating profit comprise items not specifically allocated to segment profit. These include impairment and amortisation of intangible assets, major restructuring costs, which include impairments of tangible assets and computer software, transaction-related adjustments related to significant acquisitions, proceeds and costs of disposals of associates, products and businesses, Significant legal charges and expenses on the settlement of litigation and government investigations, other operating income other than royalty income, and other items including amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds £25 million.
 
 
 
 
 
 
 
 
 
Turnover by segment
 
Q3 2024
£m
 
Q3 2023
£m
 
Growth
£%
 
Growth
CER%
 
 
 
 
 
 
 
 
Commercial Operations (total turnover)
8,012
 
8,147
 
(2)
 
2
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit by segment
 
Q3 2024
£m
 
Q3 2023
£m
 
Growth
£%
 
Growth
CER%
 
 
 
 
 
 
 
 
Commercial Operations
4,195
 
4,188
 
 
5
Research and Development
(1,334)
 
(1,371)
 
(3)
 
 
 
 
 
 
 
 
 
Segment profit
2,861
 
2,817
 
2
 
7
Corporate and other unallocated costs
(100)
 
(45)
 
 
 
 
 
 
 
 
 
 
 
 
Core operating profit
2,761
 
2,772
 
 
5
Adjusting items
(2,572)
 
(823)
 
 
 
 
 
 
 
 
 
 
 
 
Total operating profit
189
 
1,949
 
(90)
 
(86)
 
 
 
 
 
 
 
 
Finance income
32
 
24
 
 
 
 
Finance costs
(156)
 
(182)
 
 
 
 
Share of after tax profit/(loss) of associates and
  joint ventures
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit before taxation
64
 
1,791
 
(96)
 
(92)
 
 
Commercial Operations Core operating profit of £4,195 million grew in the quarter from strong Specialty Medicines sales performance, favourable product and regional mix as well as price benefits from channel mix and adjustments to returns and rebates in the US, partly offset by continued disciplined investment in growth assets and lower royalty income.
 
The R&D segment operating expense of £1,334 million in the quarter reflected continued spend across the portfolio, with Specialty Medicines spend driven by camlipixant, bepirovirsen and depemokimab as well as the long acting TSLP asset acquired as part of the Aiolos acquisition, and in HIV on long-acting medicines. In Vaccines, pneumococcal (MAPS) and mRNA continued to drive investment, and, in Oncology, increased investment in Jemperli and ADC assets was offset by cost decreases following the launches of Arexvy and Ojjaara, and progression to completion of Zejula and Blenrep studies.
 
 
 
 
 
 
 
 
 
 
 
Turnover by segment
 
9 months 2024
£m
 
9 months 2023
£m
 
Growth
£%
 
Growth
CER%
 
 
 
 
 
 
 
 
Commercial Operations (total turnover)
23,259
 
22,276
 
4
 
8
 
 
 
 
 
 
 
 
 
 
Operating profit by segment
 
9 months 2024
£m
 
9 months 2023
£m
 
Growth
£%
 
Growth
CER%
 
 
 
 
 
 
 
 
Commercial Operations
12,012
 
11,044
 
9
 
14
Research and Development
(4,055)
 
(3,876)
 
5
 
7
 
 
 
 
 
 
 
 
Segment profit
7,957
 
7,168
 
11
 
17
Corporate and other unallocated costs
(240)
 
(134)
 
 
 
 
 
 
 
 
 
 
 
 
Core operating profit
7,717
 
7,034
 
10
 
16
Adjusting items
(4,392)
 
(862)
 
 
 
 
 
 
 
 
 
 
 
 
Total operating profit
3,325
 
6,172
 
(46)
 
(41)
 
 
 
 
 
 
 
 
Finance income
88
 
86
 
 
 
 
Finance costs
(496)
 
(570)
 
 
 
 
Share of after tax profit/(loss) of associates
  and joint ventures
(3)
 
(4)
 
 
 
 
Profit/(loss) on disposal of associates and joint ventures
 
1
 
 
 
 
 
 
 
 
 
 
 
 
Profit before taxation
2,914
 
5,685
 
(49)
 
(43)
 
 
Commercial Operations Core operating profit of £12,012 million grew year to date driven by continued leverage from strong sales and favourable product and regional mix, as well as price benefits from channel mix and adjustments to returns and rebates in the US, and a reversal of the Zejula royalty dispute legal provision in Q1 2024, partly offset by continued disciplined investment in growth assets and lower royalty income.
 
The R&D segment operating expense of £4,055 million grew year to date driven by continued spend across the portfolio, with a significant increase in investment in Specialty Medicines including camlipixant, bepirovirsen and depemokimab as well as the long acting TSLP asset acquired as part of the Aiolos acquisition. In addition, there was continued spend in HIV on long-acting medicines. In Vaccines, pneumococcal (MAPS) and mRNA continued to drive investment, and, in Oncology, increased investment in Jemperli and ADC assets was offset by cost decreases following the launches of Arexvy and Ojjaara, and progression to completion of Zejula and Blenrep studies.
 
 
Legal matters
 
The Group is involved in significant legal and administrative proceedings, principally product liability, intellectual property, tax, anti-trust, consumer fraud and governmental investigations, which are more fully described in the ‘Legal Proceedings’ note in the Annual Report 2023. At 30 September 2024, the Group’s aggregate provision for legal and other disputes (not including tax matters described on page 10) was £2,033 million (31 December 2023: £267 million).
 
The Group may become involved in significant legal proceedings in respect of which it is not possible to meaningfully assess whether the outcome will result in a probable outflow, or to quantify or reliably estimate the liability, if any, that could result from ultimate resolution of the proceedings. In these cases, the Group would provide appropriate disclosures about such cases, but no provision would be made.
 
The ultimate liability for legal claims may vary from the amounts provided and is dependent upon the outcome of litigation proceedings, investigations and possible settlement negotiations. The Group’s position could change over time, and, therefore, there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed by a material amount the amount of the provisions reported in the Group’s financial accounts.
 
Significant legal developments since the date of the Q2 2024 results:
 
 
Product Liability
 
 
Zantac
 
On 9 October 2024 GSK reached agreements with 10 plaintiff firms who together represent 93% (approximately 80,000 claimants) of the Zantac state court product liability cases pending against GSK in the United States. Under these agreements, GSK will make an aggregate payment of up to $2.2 billion to resolve all U.S. state court product liability cases handled by these plaintiff firms that meet agreed eligibility and participation criteria (the “State Courts Settlement”). The participating plaintiff firms are unanimously recommending to their clients that they accept the terms of the State Courts Settlement, which is expected to be fully implemented by the end of H1 2025. Terms of the agreements are confidential.
 
On 9 October 2024 GSK also reached an agreement in principle to pay a total of $70 million to resolve the Zantac qui tam complaint previously filed by Valisure. The agreement in principle is subject to final approval from the Department of Justice (the “Qui Tam Settlement”).
 
GSK has not admitted any liability in the State Courts Settlement or in the agreement in principle for the Qui Tam Settlement. While the scientific consensus remains that there is no consistent or reliable evidence that Zantac increases the risk of any cancer, GSK strongly believes that these settlements are in the best long-term interests of the company and its shareholders as they remove significant financial uncertainty, risk and distraction associated with protracted litigation.
 
There remain approximately 6,000 cases filed in various state court jurisdictions, the vast majority of which are in Delaware. On 27 August 2024, the Delaware Supreme Court accepted Defendants’ appeal of the Superior Court’s decision allowing Plaintiffs to present expert evidence of general causation on all ten cancer types to a jury.
 
The State Courts Settlement resolved all state court product liability trials which were scheduled for 2024 and 2025.
 
As previously disclosed, approximately 14,000 product liability cases were dismissed following the grant of defendants’ Daubert motions in December 2022 in the MDL proceeding. These are now on appeal by the plaintiffs to the United States Court of Appeals for the Eleventh Circuit, along with appeals in the medical monitoring and consumer class action cases. GSK remains confident in its position and will continue to vigorously defend against those appeals.
 
The trial in the Mayor & City of Baltimore action is scheduled to begin 1 June 2026.
 
GSK took a charge in Q3 2024 of £1.8 billion ($2.3 billion) in relation to the State Courts Settlement, the Qui Tam Settlement, and the remaining 7% of pending state court product liability cases, partially offset by reduced future legal costs.
 
 
Intellectual Property
 
RSV
 
On 5 August 2024, GSK filed a patent infringement suit against Pfizer in the European Unified Patent Court (“UPC”) alleging infringement of a single GSK patent by Pfizer’s RSV vaccine, Abrysvo. On 14 August 2024, Pfizer filed a separate action in the UPC seeking revocation of the patent. First instance decisions on the merits are not expected until late 2025.
 
On 7 October 2024, the London High Court ruled in Pfizer’s favour and invalidated two of GSK’s patents relating to RSV vaccine technology. GSK plans to appeal that decision.
 
mRNA
 
On 14 August 2024, GSK filed a First Amended Complaint in the United States District Court for the District of Delaware asserting 3 additional GSK patents against Pfizer/BioNTech bringing the total number of asserted patents to 8. Pfizer/BioNTech filed an Answer and Counterclaims to GSK’s First Amended Complaint on 30 August 2024. Trial has yet to be scheduled.
 
On 12 October 2024, GSK filed two separate patent infringement suits against Moderna, Inc. in the United States District Court for the District of Delaware. The first suit alleges infringement of 7 GSK patents by the COVID-19 vaccine, SPIKEVAX. The second suit alleges infringement of 6 GSK patents by the RSV vaccine, mRESVIA.
 
Returns to shareholders
 
Quarterly dividends
 
The Board has declared a third interim dividend for Q3 2024 of 15p per share (Q3 2023: 14p per share).
 
Dividends remain an essential component of total shareholder return and GSK recognises the importance of dividends to shareholders. On 23 June 2021, at the GSK Investor Update, GSK set out that from 2022 a progressive dividend policy will be implemented guided by a 40 to 60 percent pay-out ratio through the investment cycle. Consistent with this, GSK has declared a dividend of 15p for Q3 2024 and expects to declare a dividend of 60p per share for full year 2024. In setting its dividend policy, GSK considers the capital allocation priorities of the Group and its investment strategy for growth alongside the sustainability of the dividend.
 
Payment of dividends
 
The equivalent interim dividend receivable by ADR holders will be calculated based on the exchange rate on 7 January 2025. An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by the Depositary. The ex-dividend and record dates will be 15 November 2024 with a payment date of 9 January 2025.
 
 
 
 
 
 
 
 
Paid/
Payable
 
Pence per
share
 
£m
 
 
 
 
 
 
2024
 
 
 
 
 
First interim
11 July 2024
 
15
 
612
Second interim
10 October 2024
 
15
 
612
Third interim
9 January 2025
 
15
 
612
 
 
 
 
 
 
2023
 
 
 
 
 
First interim
13 July 2023
 
14
 
567
Second interim
12 October 2023
 
14
 
568
Third interim
11 January 2024
 
14
 
568
Fourth interim
11 April 2024
 
16
 
652
 
 
 
 
 
 
 
 
 
58
 
2,355
 
 
Share capital in issue
 
At 30 September 2024, 4,080 million shares (Q3 2023: 4,056 million) were in free issue (excluding Treasury shares and shares held by the ESOP Trusts). No Treasury shares have been repurchased since 2014. In the quarter, the company issued a small number of shares under employee share schemes for proceeds of £1 million (Q3 2023: nil).
 
At 30 September 2024, the ESOP Trusts held 64.6 million shares of GSK shares, of which 64.3 million were held for the future exercise of share options and share awards and 0.3 million were held for the Executive Supplemental Savings plan. The carrying value of £431 million has been deducted from other reserves. The market value of these shares was £980 million.
 
At 30 September 2024, the company held 169 million Treasury shares at a cost of £2,958 million which has been deducted from retained earnings.
 
 
Weighted average number of shares
 
The numbers of shares used in calculating basic and diluted earnings per share are reconciled below:
 
 
 
 
 
 
 
 
 
Weighted average number of shares
 
 
 
 
 
Q3 2024
millions
 
Q3 2023
millions
 
9 months 2024
millions
 
9 months 2023
millions
 
 
 
 
 
 
 
 
Weighted average number of shares – basic
4,080
 
4,055
 
4,076
 
4,050
Dilutive effect of share options and share awards
61
 
57
 
61
 
58
 
 
 
 
 
 
 
 
Weighted average number of shares – diluted
4,141
 
4,112
 
4,137
 
4,108
 
 
Additional information
 
Accounting policies and basis of preparation
 
This unaudited Results Announcement contains condensed financial information for the three and nine months ended 30 September 2024 and should be read in conjunction with the Annual Report 2023, which was prepared in accordance with United Kingdom adopted International Financial Reporting Standards. This Results Announcement has been prepared applying consistent accounting policies to those applied by the Group in the Annual Report 2023.
 
The Group has not identified any changes to its key sources of accounting judgements or estimations of uncertainty compared with those disclosed in the Annual Report 2023.
 
This Results 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 full Group accounts for 2023 were published in the Annual Report 2023, which has been delivered to the Registrar of Companies and on which the report of the independent auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006.
 
Exchange rates
 
GSK operates in many countries and earns revenues and incurs costs in many currencies. The results of the Group, as reported in Sterling, are affected by movements in exchange rates between Sterling and other currencies. Average exchange rates, as modified by specific transaction rates for large transactions, prevailing during the period, are used to translate the results and cash flows of overseas subsidiaries, associates and joint ventures into Sterling. Period-end rates are used to translate the net assets of those entities. The currencies which most influenced these translations and the relevant exchange rates were:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2024
 
Q3 2023
 
9 months 2024
 
9 months 2023
 
2023
 
 
 
 
 
 
 
 
 
 
Average rates:
 
 
 
 
 
 
 
 
 
 
 
US$/£
1.31
 
1.26
 
1.28
 
1.24
 
1.24
 
 
Euro/£
1.19
 
1.16
 
1.18
 
1.15
 
1.15
 
 
Yen/£
192
 
182
 
192
 
173
 
175
 
 
 
 
 
 
 
 
 
 
Period-end rates:
 
 
 
 
 
 
 
 
 
 
 
US$/£
1.34
 
1.23
 
1.34
 
1.23
 
1.27
 
 
Euro/£
1.20
 
1.16
 
1.20
 
1.16
 
1.15
 
 
Yen/£
191
 
183
 
191
 
183
 
180
 
Contingent liabilities
 
There were contingent liabilities at 30 September 2024 in respect of arrangements entered into as part of the ordinary course of the Group’s business. No material losses are expected to arise from such contingent liabilities. Provision is made for the outcome of legal and tax disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable estimate of that outflow. Descriptions of the Significant legal disputes to which the Group is a party are set out on page 38, and pages 263 to 266 of the 2023 Annual Report.
 
Net assets
 
The book value of net assets increased by £658 million from £12,795 million at 31 December 2023 to £13,453 million at 30 September 2024. This primarily reflected contribution from Total comprehensive income for the period partly offset by dividends paid to shareholders.
 
At 30 September 2024, the net deficit on the Group’s pension plans was £175 million compared with £764 million at 31 December 2023. This decrease in the net deficit is primarily due to an increase in the UK discount rate, partly offset by a decrease in the US discount rate.
 
The estimated present value of the potential redemption amount of the Pfizer put option related to ViiV Healthcare, recorded in Other payables in Current liabilities, was £902 million (31 December 2023: £848 million).
 
Contingent consideration amounted to £7,125 million at 30 September 2024 (31 December 2023: £6,662 million), of which £5,924 million (31 December 2023: £5,718 million) represented the estimated present value of amounts payable to Shionogi relating to ViiV Healthcare, £575 million (31 December 2023: £424 million) represented the estimated present value of contingent consideration payable to Novartis related to the Vaccines acquisition, £520 million (31 December 2023: £516 million) represented the estimated present value of contingent consideration payable to Affinivax, and £95 million (31 December 2023: £nil) represented the estimated present value of contingent consideration payable in relation to the Aiolos acquisition. Of the contingent consideration payable to Shionogi at 30 September 2024, £1,054 million (31 December 2023: £1,017 million) is expected to be paid within one year.
 
Movements in contingent consideration are as follows:
 
 
 
 
 
9 months 2024
ViiV
Healthcare
£m
 
Group
£m
 
 
 
 
Contingent consideration at beginning of the period
5,718
 
6,662
Additions
 
104
Remeasurement through income statement and other movements
1,106
 
1,294
Cash payments: operating cash flows
(900)
 
(924)
Cash payments: investing activities
 
(11)
 
 
 
 
Contingent consideration at end of the period
5,924
 
7,125
 
 
 
 
 
 
9 months 2023
ViiV
Healthcare
£m
 
Group
£m
 
 
 
 
Contingent consideration at beginning of the period
5,890
 
7,068
Remeasurement through income statement and other movements
406
 
302
Cash payments: operating cash flows
(834)
 
(853)
Cash payments: investing activities
 
(7)
 
 
 
 
Contingent consideration at end of the period
5,462
 
6,510
 
Business acquisitions
 
On 9 January 2024, GSK announced it had entered into an agreement to acquire 100% of Aiolos Bio, Inc. (Aiolos), a clinical stage biopharmaceutical company focused on addressing the unmet treatment needs of patients with certain respiratory and inflammatory conditions, for a total consideration of US$1,004 million (£800 million) as adjusted for working capital acquired paid upon closing and up to US$400 million (£319 million) in certain success-based regulatory milestone payments. The estimated fair value of the contingent consideration payable was US$120 million (£96 million). In addition, GSK will also be responsible for success-based milestone payments as well as tiered royalties owed to Jiangsu Hengrui Pharmaceuticals Co. Ltd. (Hengrui). The acquisition completed on 14 February 2024. The values in the table below are provisional and subject to change.
 
Goodwill of £191 million has been recognised. The goodwill represents specific synergies available to GSK from the business combination. The goodwill has been allocated to the Group’s R&D segment.
 
The provisional fair values of the net assets acquired, including goodwill, are as follows:
 
 
 
 
 
 
 
 
£m
 
 
 
 
Net assets acquired:
 
 
 
Intangible assets
 
 
886
Cash and cash equivalents
 
 
23
Other net liabilities
 
 
(16)
Deferred tax liabilities
 
 
(188)
 
 
 
 
 
 
 
705
Goodwill
 
 
191
 
 
 
 
Total consideration
 
 
896
 
As at 30 September 2024, the present value of the contingent consideration payable was £95 million.
 
On 6 June 2024, GSK announced that it had acquired Elsie Biotechnologies, a San Diego-based private biotechnology company dedicated to unlocking the full potential of oligonucleotide therapeutics, for a total cash consideration of up to US$51 million (approximately £40 million). The acquisition is accounted for as a business combination but is not considered a significant acquisition for the Group. This agreement is not subject to closing conditions and the acquisition has been completed.
 
 
Net debt information
 
 
Reconciliation of cash flow to movements in net debt
 
 
 
 
 
 
9 months 2024
£m
 
9 months 2023
£m
 
 
 
 
Total Net debt at beginning of the period
(15,040)
 
(17,197)
 
 
 
 
Increase/(decrease) in cash and bank overdrafts
231
 
(340)
Increase/(decrease) in liquid investments
(21)
 
(47)
Net (increase)/repayment of short-term loans
1,410
 
(306)
Repayment of long-term notes
 
(94)
Repayment of lease liabilities
170
 
148
Net debt of subsidiary undertakings acquired
 
50
Exchange adjustments
504
 
304
Other non-cash movements
(101)
 
(107)
 
 
 
 
(Increase)/decrease in net debt
2,193
 
(392)
Total Net debt at end of the period
(12,847)
 
(17,589)
 
 
Net debt analysis
 
 
30 September 2024
£m
 
31 December 2023
£m
 
 
 
 
Liquid investments
20
 
42
Cash and cash equivalents
3,192
 
2,936
Short-term borrowings
(2,815)
 
(2,813)
Long-term borrowings
(13,244)
 
(15,205)
 
 
 
 
Total Net debt at the end of the period
(12,847)
 
(15,040)
 
 
 
 
Free cash flow reconciliation
 
 
Q3 2024
£m
 
Q3 2023
£m
 
9 months 2024
£m
 
9 months 2023
£m
 
 
 
 
 
 
 
 
Net cash inflow/(outflow) from operating activities
2,154
 
2,212
 
4,225
 
3,572
Purchase of property, plant and equipment
(305)
 
(299)
 
(855)
 
(828)
Proceeds from sale of property, plant and equipment
1
 
11
 
4
 
21
Purchase of intangible assets
(537)
 
(198)
 
(992)
 
(733)
Proceeds from disposals of intangible assets
98
 
 
126
 
12
Net finance costs
(13)
 
(11)
 
(294)
 
(397)
Dividends from associates and joint ventures
 
 
15
 
1
Contingent consideration paid (reported in investing activities)
(4)
 
(3)
 
(11)
 
(7)
Distributions to non-controlling interests
(80)
 
(57)
 
(288)
 
(334)
Contributions from non-controlling interests
8
 
 
9
 
7
 
 
 
 
 
 
 
 
Free cash inflow/(outflow)
1,322
 
1,655
 
1,939
 
1,314
 
Post balance sheet event
 
GSK plc announced on 9 October 2024 that it has reached agreements with 10 plaintiff firms who together represent 93% (approximately 80,000) of the Zantac state court product liability cases pending against GSK in the United States. Under these agreements, GSK will make an aggregate payment of up to $2.2 billion to resolve all U.S. state court product liability cases handled by those plaintiff firms that meet agreed eligibility and participation criteria (the “State Courts Settlement”). GSK also confirmed that it has reached an agreement in principle to pay a total of $70 million to resolve the Zantac qui tam complaint previously filed by Valisure. The agreement in principle is subject to final approval from the Department of Justice (the “Qui Tam Settlement”). GSK has not admitted any liability in the State Courts Settlement or in the agreement in principle for the Qui Tam Settlement.
 
GSK has recognised a charge in Q3 2024 of £1.8 billion ($2.3 billion) in relation to the State Courts Settlement, the Qui Tam Settlement, and the remaining 7% of pending state court product liability cases, partially offset by reduced future legal costs. Further details are set out on page 38.
 
Related party transactions
 
Details of GSK’s related party transactions are disclosed on page 235 of our 2023 Annual Report.
 
 
R&D commentary
 
 
Pipeline overview
 
Medicines and vaccines in phase III development (including major lifecycle innovation or under regulatory review)
18
Infectious Diseases (7)
Arexvy (RSV vaccine) RSV older adults (18-59 years of age at increased risk (AIR))
gepotidacin (bacterial topoisomerase inhibitor) uncomplicated urinary tract infection and urogenital gonorrhoea
bepirovirsen (HBV ASO) hepatitis B virus
Bexsero infants vaccine (US)
MenABCWY (gen 1) vaccine candidate
tebipenem pivoxil (antibacterial carbapenem) complicated urinary tract infection
ibrexafungerp (antifungal glucan synthase inhibitor) invasive candidiasis
 
 
Respiratory/Immunology (6)
 
 
Nucala (anti-IL5 biologic) chronic obstructive pulmonary disease
 
 
depemokimab (ultra long-acting anti-IL5 biologic) severe eosinophilic asthma, eosinophilic granulomatosis with polyangiitis (EGPA), chronic rhinosinusitis with nasal polyps (CRSwNP), hyper-eosinophilic syndrome (HES)
 
 
latozinemab (AL001, anti-sortilin) frontotemporal dementia
 
 
camlipixant (P2X3 receptor antagonist) refractory chronic cough
 
 
Ventolin (salbutamol, Beta 2 adrenergic receptor agonist) asthma
 
 
linerixibat (IBATi) cholestatic pruritus in primary biliary cholangitis
 
 
Oncology (5)
 
 
Blenrep (anti-BCMA ADC) multiple myeloma
 
 
Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer, rectal cancer, head and neck cancer
 
 
Zejula (PARP inhibitor) 1L ovarian and non-small cell lung cancer, glioblastoma
 
 
belrestotug (anti-TIGIT) 1L non-small cell lung cancer
 
 
cobolimab (anti-TIM-3) 2L non-small cell lung cancer
Total vaccines and medicines in all phases of clinical development
67
 
 
Total projects in clinical development (inclusive of all phases and indications)
88
 
 
 
Our key growth assets by therapy area
 
The following outlines several key vaccines and medicines by therapy area that will help drive growth for GSK to meet its outlooks for 2021-2026 and beyond.
 
Infectious Diseases
 
Arexvy (respiratory syncytial virus vaccine, adjuvanted)
 
In August 2024, the European Commission authorised the extended use of Arexvy for the prevention of lower respiratory tract disease (LRTD) caused by RSV to adults 50 to 59 years of age at increased risk. This follows US approval in this population earlier this year. Regulatory review is ongoing in Japan and other countries.
 
New data from the AReSVi-006 (Adult Respiratory Syncytial Virus) phase III trial showed clinically meaningful efficacy over three full RSV seasons against RSV-LRTD and severe LRTD with one dose in adults aged 60 years and older. These results were presented at the CHEST 2024 Annual Meeting, and included efficacy against different RSV subtypes, in adults with advancing age (70-79 years of age), and those with certain underlying medical conditions. Safety and reactogenicity data were consistent with initial observation from the phase III programme.
 
Positive data were also reported showing the vaccine’s efficacy and safety in adults aged 18 and above at increased risk from RSV, including immunocompromised patients. In addition, positive data on its co-administration with Shingrix were presented at the European Geriatric Medicine Society meeting (EuGMS) in September 2024. These results indicated a non-inferior immune response of both AS01-adjuvanted vaccines when administered together, with acceptable reactogenicity and safety profiles, further strengthening the body of evidence supporting their use.
 
Key phase III trials for Arexvy:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
RSV OA=ADJ-004
(Adults ≥ 60 years old)
 
NCT04732871
III
A randomised, open-label, multi-country trial to evaluate the immunogenicity, safety, reactogenicity and persistence of a single dose of the RSVPreF3 OA investigational vaccine and different revaccination schedules in adults aged 60 years and above
Trial start:
Q1 2021
 
Primary data reported:
Q2 2022
Active, not recruiting; primary endpoint met
RSV OA=ADJ-006
(ARESVI-006; Adults ≥ 60 years old)
 
NCT04886596
III
A randomised, placebo-controlled, observer-blind, multi-country trial to demonstrate the efficacy of a single dose of GSK’s RSVPreF3 OA investigational vaccine in adults aged 60 years and above
Trial start:
Q2 2021
 
Primary data reported:
Q2 2022;
two season data reported:
Q2 2023;
three season data reported: Q3 2024
Complete; primary endpoint met
RSV OA=ADJ-007
(Adults ≥ 60 years old)
 
NCT04841577
III
An open-label, randomised, controlled, multi-country trial to evaluate the immune response, safety and reactogenicity of RSVPreF3 OA investigational vaccine when co-administered with FLU-QIV vaccine in adults aged 60 years and above
Trial start:
Q2 2021
 
Primary data reported:
Q4 2022
Complete; primary endpoint met
RSV OA=ADJ-008
 
(Adults ≥ 65 years old)
 
NCT05559476
III
A phase III, open-label, randomised, controlled, multi country trial to evaluate the immune response, safety and reactogenicity of RSVPreF3 OA investigational vaccine when co-administered with FLU HD vaccine in adults aged 65 years and above
Trial start:
Q4 2022
 
Primary data reported:
Q2 2023
Complete; primary endpoint met
RSV OA=ADJ-009
(Adults ≥ 60 years old)
 
NCT05059301
III
A randomised, double-blind, multi-country trial to evaluate consistency, safety, and reactogenicity of 3 lots of RSVPreF3 OA investigational vaccine administrated as a single dose in adults aged 60 years and above
Trial start:
Q4 2021
 
Trial end:
Q2 2022
Complete; primary endpoint met
RSV OA=ADJ-017
(Adults ≥ 65 years old)
 
NCT05568797
III
A phase III, open-label, randomised, controlled, multi-country trial to evaluate the immune response, safety and reactogenicity of an RSVPreF3 OA investigational vaccine when co-administered with FLU aQIV (inactivated influenza vaccine – adjuvanted) in adults aged 65 years and above
Trial start:
Q4 2022
 
Primary data reported:
Q2 2023
Complete; data analysis ongoing
 
Key phase III trials for Arexvy (continued):
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
RSV OA=ADJ-018
(Adults 50-59 years)
 
NCT05590403
III
A phase III, observer-blind, randomised, placebo-controlled trial to evaluate the non-inferiority of the immune response and safety of the RSVPreF3 OA investigational vaccine in adults 50-59 years of age, including adults at increased risk of respiratory syncytial virus lower respiratory tract disease, compared to older adults ≥60 years of age
Trial start:
Q4 2022
 
Primary data reported:
Q4 2023
Complete; primary endpoint met
RSV OA=ADJ-019
(Adults ≥ 60 years old)
 
NCT05879107
III
An open-label, randomised, controlled, multi-country trial to evaluate the immune response, safety and reactogenicity of RSVPreF3 OA investigational vaccine when co-administered with PCV20 in adults aged 60 years and older
Trial start:
Q2 2023
Data anticipated:
H2 2024
Complete
RSV OA=ADJ-023
(Immunocompromised Adults 50-59 years)
 
NCT05921903
IIb
A randomised, controlled, open-label trial to evaluate the immune response and safety of the RSVPreF3 OA investigational vaccine in adults (≥50 years of age) when administered to lung and renal transplant recipients comparing one versus two doses and compared to healthy controls (≥50 years of age) receiving one dose
Trial start:
Q3 2023
Primary data reported:
Q4 2024
Active, not recruiting; primary endpoint met
RSV-OA=ADJ-020
(Adults aged >=50 years of age)
NCT05966090
III
A study on the safety and immune response of investigational RSV OA vaccine in combination with herpes zoster vaccine in healthy adults
Trial start:
Q3 2023
Primary data reported:
Q3 2024
Active, not recruiting; primary endpoint met
RSV-OA=ADJ-013
(Adults aged 50 years and above)
NCT06374394
III
An open-label, randomized, controlled study to evaluate the immune response, safety and reactogenicity of RSVPreF3 OA investigational vaccine when co-administered with a COVID-19 mRNA vaccine
Trial start:
Q2 2024
Data anticipated:
H2 2024
Active, not recruiting
RSV OA=ADJ-025
(Adults, 18-49 years of age, at increased risk for RSV disease and older adults participants, >=60 YOA)
NCT06389487
IIIb
An open-label study to evaluate the non-inferiority of the immune response and to evaluate the safety of the RSVPreF3 OA investigational vaccine in adults 18-49 years of age at increased risk for Respiratory Syncytial Virus disease, compared to older adults >=60 years of age
Trial start:
Q2 2024
Primary data reported:
Q4 2024
Active, not recruiting; primary endpoint met
RSV OA=ADJ-021
(Adults aged 60 years and above)
NCT06551181
III
A study on the immune response, safety and the occurrence of Respiratory Syncytial Virus (RSV)-associated respiratory tract illness after administration of RSV OA vaccine in adults 60 years and older
Trial start:
Q3 2024
Data anticipated:
H2 2025
Recruiting
RSV OA+ADJ-012
(Adults aged 60 years and above)
NCT06534892
 
An Extension and Crossover Vaccination Study on the Immune Response and Safety of a Vaccine Against Respiratory Syncytial Virus Given to Adults 60 Years of Age and Above Who Participated in RSV OA=ADJ-006 Study
Trial start: Q3 2024
Data anticipated: 2026
Recruiting
 
bepirovirsen (HBV ASO)
 
Bepirovirsen, a triple-action antisense oligonucleotide, is a potential new treatment option for people with chronic hepatitis B (CHB). Based on the potential to address an unmet medical need for a serious and life-threatening condition, bepirovirsen has been granted Fast Track designation by the US FDA and SENKU designation by the Japanese Ministry of Health, Labour and Welfare for the treatment of CHB. The B-Well 1 and 2 phase III trials are on track and have achieved full recruitment ahead of schedule.
 
This quarter GSK received FDA approval to start phase II combination studies with daplusiran/tomligisiran (GSK5637608, formerly JNJ-3989), an investigational hepatitis B virus-targeted small interfering ribonucleic acid (siRNA) therapeutic, as a novel sequential regimen to pursue functional cure in an even broader CHB patient population.
 
Key trials for bepirovirsen:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
B-Well 1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis B)
NCT05630807
III
A multi-centre, randomised, double-blind, placebo-controlled trial to confirm the efficacy and safety of treatment with bepirovirsen in participants with chronic hepatitis B virus
Trial Start:
Q1 2023
Data anticipated: 2026+
Active, not recruiting
B-Well 2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis B)
 
NCT05630820
III
A multi-centre, randomised, double-blind, placebo-controlled trial to confirm the efficacy and safety of treatment with bepirovirsen in participants with chronic hepatitis B virus
Trial Start:
Q1 2023
 
Data anticipated: 2026+
Active, not recruiting
bepirovirsen sequential combination therapy with targeted immunotherapy
(chronic hepatitis B)
 
NCT05276297
II
A trial on the safety, efficacy and immune response following sequential treatment with an anti-sense oligonucleotide against chronic hepatitis B (CHB) and chronic hepatitis B targeted immunotherapy (CHB-TI) in CHB patients receiving nucleos(t)ide analogue (NA) therapy
Trial start:
Q2 2022
 
Data anticipated: 2026+
Active, not recruiting
 
gepotidacin (bacterial topoisomerase inhibitor)
 
Gepotidacin is an investigational bactericidal, first-in-class antibiotic with a novel mechanism of action for the treatment of uncomplicated urinary tract infections (uUTI) and urogenital gonorrhoea. Positive data from three pivotal trials demonstrate its potential to provide a new oral treatment option for patients, including against drug resistant infections.
 
In October 2024, a regulatory submission in uUTI was accepted by the US FDA under Priority Review. A decision on approval is expected in March 2025. If approved, gepotidacin could be the first in a new class of oral antibiotics in uUTI in over 20 years. Filings for gonorrhoea are expected to follow in 2025.
 
Key phase III trials for gepotidacin:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
EAGLE-1 (uncomplicated urogenital gonorrhoea)
 
NCT04010539
III
A randomised, multi-centre, open-label trial in adolescent and adult participants comparing the efficacy and safety of gepotidacin to ceftriaxone plus azithromycin in the treatment of uncomplicated urogenital gonorrhoea caused by Neisseria gonorrhoeae
Trial start:
Q4 2019
 
Data reported:
Q1 2024
Complete;
primary endpoint met
EAGLE-2 (females with uUTI / acute cystitis)
 
NCT04020341
III
A randomised, multi-centre, parallel-group, double-blind, double-dummy trial in adolescent and adult female participants comparing the efficacy and safety of gepotidacin to nitrofurantoin in the treatment of uncomplicated urinary tract infection (acute cystitis)
Trial start:
Q4 2019
 
Data reported:
Q2 2023
Complete; primary endpoint met
EAGLE-3 (females with uUTI / acute cystitis)
 
NCT04187144
III
A randomised, multi-centre, parallel-group, double-blind, double-dummy trial in adolescent and adult female participants comparing the efficacy and safety of gepotidacin to nitrofurantoin in the treatment of uncomplicated urinary tract infection (acute cystitis)
Trial start:
Q2 2020
 
Data reported:
Q2 2023
Complete; primary endpoint met
 
MenABCWY vaccine candidate
 
GSK’s 5-in-1 meningococcal ABCWY (MenABCWY) vaccine candidate combines the antigenic components of its two well-established meningococcal vaccines with demonstrated efficacy and safety profiles: Bexsero (Meningococcal Group B Vaccine) and Menveo (Meningococcal Groups A, C, Y, and W-135). Combining the protection offered by these vaccines aims to reduce the number of injections, simplifying immunisation and potentially increasing series completion and vaccination coverage of adolescents and young adults in the US.
 
A Biologics License Application (BLA) is currently under review by the US FDA with a Prescription Drug User Fee Act (PDUFA) action date of 14 February 2025. In October 2024, the cost effectiveness analysis and grading for MenABCWY were discussed at the CDC’s ACIP meeting ahead of a potential vote in February 2025.
 
Key trials for MenABCWY vaccine candidate:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
MenABCWY – 019
 
NCT04707391
IIIb
A randomised, controlled, observer-blind trial to evaluate safety and immunogenicity of GSK’s meningococcal ABCWY vaccine when administered in healthy adolescents and adults, previously primed with meningococcal ACWY vaccine
Trial start:
Q1 2021
 
Data reported:
Q1 2024
Complete, primary endpoints met
MenABCWY – V72 72
 
NCT04502693
III
A randomised, controlled, observer-blind trial to demonstrate effectiveness, immunogenicity, and safety of GSK's meningococcal Group B and combined ABCWY vaccines when administered to healthy adolescents and young adults
Trial start:
Q3 2020
 
Data reported:
Q1 2023
Complete; primary endpoints met
 
HIV
 
GSK continues to transform the HIV marketplace through its oral two-drug and long-acting injectable regimens for the treatment and prevention of HIV.
 
cabotegravir
 
In October 2024, ViiV Healthcare presented 22 abstracts at the ID Week congress. These data included real-world evidence from the OPERA and Trio Health cohorts showing more than 99% effectiveness of Apretude (cabotegravir long-acting (LA)) for HIV pre-exposure prophylaxis (PrEP). In addition, patient-reported results from the implementation study, PILLAR, were reported, showing a reduction in stigma and anxiety when using long-acting injectable PrEP. These studies add to the growing body of evidence reinforcing the real-world impact of this medicine today and offer new insight for healthcare providers seeking to optimise care to suit individual needs and circumstances.
 
Respiratory/Immunology
 
camlipixant (P2X3 receptor antagonist)
 
Camlipixant (BLU-5937) is an investigational, highly selective oral P2X3 antagonist currently in development for first-line treatment of adult patients suffering from refractory chronic cough (RCC). The CALM phase III development programme to evaluate the efficacy and safety of camlipixant for use in adults with RCC is ongoing.
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
CALM-1 (refractory chronic cough)
 
NCT05599191
III
A 52-week, randomised, double-blind, placebo-controlled, parallel-arm efficacy and safety trial with open-label extension of camlipixant in adult participants with refractory chronic cough, including unexplained chronic cough
Trial start:
Q4 2022
 
Data anticipated:
H2 2025
Recruiting
CALM-2 (refractory chronic cough)
 
NCT05600777
III
A 24-week, randomised, double-blind, placebo-controlled, parallel-arm efficacy and safety trial with open-label extension of camlipixant in adult participants with refractory chronic cough, including unexplained chronic cough
Trial start:
Q1 2023
 
Data anticipated:
H2 2025
Recruiting
 
depemokimab (long acting anti-IL5)
 
Depemokimab is in late-stage development in a range of IL-5 mediated conditions including, severe asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), hypereosinophilic syndrome (HES) and eosinophilic granulomatosis with polyangiitis (EGPA). It is the first ultra-long-acting biologic engineered to have an extended half-life and high binding affinity and potency for IL-5, enabling six-month dosing intervals for patients with severe asthma.
 
The phase III programme for depemokimab continues to make progress. In September 2024, the full positive results from the pivotal SWIFT-1 and SWIFT-2 trials evaluating the efficacy and safety of depemokimab in severe asthma with type 2 inflammation were presented at the European Respiratory Society International Conference with simultaneous publication in the New England Journal of Medicine. Both trials met their primary endpoints with statistically significant reductions in the annualised rate of clinically significant exacerbations (asthma attacks) over 52 weeks versus placebo. The pre-specified pooled analysis showed a 54% reduction in exacerbations (Rate Ratio 0.46, 95% CI, 0.36 – 0.59, p<0.001) (AER depemokimab = 0.51 exacerbations per year versus placebo = 1.11) and a 72% reduction(*) in the secondary endpoint of clinically significant exacerbations requiring hospitalisation or emergency department visit compared to placebo (RR 0.28, 95% CI 0.13 – 0.61, p=0.002) (AER: depemokimab = 0.02 versus placebo = 0.09).
 
In October 2024, positive headline results were announced from the ANCHOR-1 and ANCHOR-2 phase III trials assessing the safety and efficacy of depemokimab in patients with CRSwNP. Both trials met their co-primary endpoints with a statistically significant reduction in nasal polyp size and nasal obstruction versus placebo plus standard of care, at 52 weeks. Further analysis of these data is ongoing and the full results will be presented at an upcoming scientific congress.
 
Data from SWIFT-1 and -2 along with ANCHOR-1 and -2 will be used to support regulatory submissions to health authorities worldwide.
 
 
Footnotes:
(*)
As the pooled analysis of SWIFT-1 and SWIFT-2 did not control for multiple comparisons, results with a significant p-value (>0.05) are termed nominally significant.
 
Key phase III trials for depemokimab:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
SWIFT-1 (severe eosinophilic asthma)
 
NCT04719832
III
A 52-week, randomised, double-blind, placebo-controlled, parallel-group, multi-centre trial of the efficacy and safety of depemokimab adjunctive therapy in adult and adolescent participants with severe uncontrolled asthma with an eosinophilic phenotype
Trial start:
Q1 2021
 
Data reported:
Q2 2024
Complete; primary endpoint met
SWIFT-2 (severe eosinophilic asthma)
 
NCT04718103
III
A 52-week, randomised, double-blind, placebo-controlled, parallel-group, multi-centre trial of the efficacy and safety of depemokimab adjunctive therapy in adult and adolescent participants with severe uncontrolled asthma with an eosinophilic phenotype
Trial start:
Q1 2021
 
Data reported:
Q2 2024
Complete; primary endpoint met
AGILE (SEA)
 
NCT05243680
III
(exten
  sion)
A 52-week, open label extension phase of SWIFT-1 and SWIFT-2 to assess the long-term safety and efficacy of depemokimab adjunctive therapy in adult and adolescent participants with severe uncontrolled asthma with an eosinophilic phenotype
Trial start:
Q1 2022
 
Data anticipated:
H1 2025
Active, not recruiting
NIMBLE (SEA)
 
NCT04718389
III
A 52-week, randomised, double-blind, double-dummy, parallel group, multi-centre, non-inferiority trial assessing exacerbation rate, additional measures of asthma control and safety in adult and adolescent severe asthmatic participants with an eosinophilic phenotype treated with depemokimab compared with mepolizumab or benralizumab
Trial start:
Q1 2021
 
Data anticipated:
H2 2025
Active, not recruiting
ANCHOR-1 (chronic rhinosinusitis with nasal polyps; CRSwNP)
 
NCT05274750
III
Efficacy and safety of depemokimab in participants with CRSwNP
Trial start:
Q2 2022
 
Data reported: Q3 2024
Complete; primary endpoint met
ANCHOR-2 (CRSwNP)
 
NCT05281523
III
Efficacy and safety of depemokimab in participants with CRSwNP
Trial start:
Q2 2022
 
Data reported:
Q3 2024
Complete; primary endpoint met
OCEAN (eosinophilic granulomatosis with polyangiitis; EGPA)
 
NCT05263934
III
Efficacy and safety of depemokimab compared with mepolizumab in adults with relapsing or refractory EGPA
Trial start:
Q3 2022
 
Data anticipated:
2026+
Recruiting
DESTINY (hyper-eosinophilic syndrome; HES)
 
NCT05334368
III
A 52-week, randomised, placebo-controlled, double-blind, parallel group, multicentre trial of depemokimab in adults with uncontrolled HES receiving standard of care (SoC) therapy
Trial start:
Q3 2022
 
Data anticipated:
2026+
Recruiting
 
Nucala (mepolizumab)
 
Nucala, is a first in class anti-IL-5 biologic and the only treatment approved for use in the US and Europe across four IL-5 medicated conditions: severe asthma with an eosinophilic phenotype, EGPA, HES and CRSwNP.
 
In September 2024, positive results from MATINEE, a phase III trial investigating Nucala in patients with chronic obstructive pulmonary disease (COPD) were announced. MATINEE met its primary endpoint with the addition of Nucala to inhaled maintenance therapy showing a statistically significant and clinically meaningful reduction in the annualised rate of moderate/severe exacerbations versus placebo, with patients treated for up to 104 weeks.
 
The full results of MATINEE will be presented at a future scientific congress and will inform ongoing discussions with regulatory authorities.
 
Key trials for Nucala:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
MATINEE (chronic obstructive pulmonary disease; COPD)
 
NCT04133909
III
A multicentre randomised, double-blind, parallel-group, placebo-controlled trial of mepolizumab 100 mg subcutaneously as add-on treatment in participants with COPD experiencing frequent exacerbations and characterised by eosinophil levels
Trial start:
Q4 2019
 
Data reported:
Q3 2024
Active, not recruiting; primary endpoint met
 
Oncology
 
Blenrep (belantamab mafodotin)
 
GSK continues to explore the potential for Blenrep to help address unmet need for patients with multiple myeloma, in early treatment lines and in combination with novel therapies and standard of care treatments.
 
GSK is pursuing regulatory approvals based on positive results from the phase III head-to-head DREAMM-7 and DREAMM-8 trials, which found that the belantamab-mafodotin-based combinations studied reduced the risk of disease progression or death by nearly 60% and 50% respectively versus standards of care in patients with relapsed or refractory multiple myeloma.
 
In September 2024, Japan’s Ministry of Health, Labour and Welfare (MHLW) accepted for review a new drug application (NDA) based on DREAMM-7 and DREAMM-8. MHLW also granted an orphan drug designation for belantamab mafodotin, which reflects the high unmet medical need and ensures priority NDA review. This follows earlier marketing authorisation application acceptances by regulatory agencies in Europe and the UK. A regulatory application has been filed in the US.
 
In September 2024, the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in China granted Breakthrough Therapy Designation (BTD) for belantamab mafodotin combined with bortezomib plus dexamethasone based on the results of DREAMM-7. NMPA BTD is intended to expedite the development of therapies for serious and life-threatening diseases for which there are no existing treatments or where initial evidence has shown an improvement in patient outcomes over available treatment options. A regulatory authorisation application in China is expected to be filed by the end of 2024.
 
Key phase III trials for Blenrep:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
DREAMM-7 (2L+ multiple myeloma; MM)
 
NCT04246047
III
A multi-centre, open-label, randomised trial to evaluate the efficacy and safety of the combination of belantamab mafodotin, bortezomib, and dexamethasone (B-Vd) compared with the combination of daratumumab, bortezomib and dexamethasone (D-Vd) in participants with relapsed/refractory multiple myeloma
Trial start:
Q2 2020
 
Primary data reported:
Q4 2023
Primary endpoint met
DREAMM-8 (2L+ MM)
 
NCT04484623
III
A multi-centre, open-label, randomised trial to evaluate the efficacy and safety of belantamab mafodotin in combination with pomalidomide and dexamethasone (B-Pd) versus pomalidomide plus bortezomib and dexamethasone (P-Vd) in participants with relapsed/refractory multiple myeloma
Trial start:
Q4 2020
 
Primary data reported:
Q1 2024
Primary endpoint met
 
Jemperli (dostarlimab)
 
Jemperli (dostarlimab) is the foundation of GSK’s ongoing immuno-oncology-based research and development programme. In August 2024, the US FDA approved Jemperli plus chemotherapy followed by Jemperli as a single agent for the treatment of adult patients with primary advanced or recurrent endometrial cancer. This approval broadens the previous indication to include patients with mismatch repair proficient (MMRp)/microsatellite stable (MSS) tumours who represent 70-75% of patients diagnosed with endometrial cancer and who have limited treatment options.
 
The expanded approval was based on results from Part 1 of the RUBY phase III trial, which is the only clinical trial in this setting to show a statistically significant overall survival benefit in the full population of patients with primary advanced or recurrent endometrial cancer, demonstrating a 31% reduction in risk of death (HR: 0.69; 95% CI: 0.54–0.89) compared to chemotherapy alone.
 
The application received Priority Review and was approved ahead of the Prescription Drug User Fee Act action date.
 
Key trials for Jemperli:
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
RUBY (1L stage III or IV endometrial cancer)
 
NCT03981796
III
A randomised, double-blind, multi-centre trial of dostarlimab plus carboplatin-paclitaxel with and without niraparib maintenance versus placebo plus carboplatin-paclitaxel in patients with recurrent or primary advanced endometrial cancer
Trial start:
Q3 2019
Part 1 data reported:
Q4 2022
Part 2 data reported:
Q4 2023
Active, not recruiting; primary endpoints met
PERLA (1L metastatic non-small cell lung cancer)
 
NCT04581824
II
A randomised, double-blind trial to evaluate the efficacy of dostarlimab plus chemotherapy versus pembrolizumab plus chemotherapy in metastatic non-squamous non-small cell lung cancer
Trial start:
Q4 2020
Primary data reported:
Q4 2022
Active, not recruiting; primary endpoint met
GARNET (advanced solid tumours)
 
NCT02715284
I/II
A multi-centre, open-label, first-in-human trial evaluating dostarlimab in participants with advanced solid tumours who have limited available treatment options
Trial start:
Q1 2016
Primary data reported:
Q1 2019
Recruiting
AZUR-1 (locally advanced rectal cancer)
 
NCT05723562
II
A single-arm, open-label trial with dostarlimab monotherapy in participants with untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
Trial start:
Q1 2023
Data anticipated: 2026+
Active, not recruiting
AZUR-2 (untreated perioperative T4N0 or stage III colon cancer)
 
NCT05855200
III
An open-label, randomised trial of perioperative dostarlimab monotherapy versus standard of care in participants with untreated T4N0 or stage III dMMR/MSI-H resectable colon cancer
Trial start:
Q3 2023
Data anticipated: 2026+
Recruiting
COSTAR Lung (advanced non-small cell lung cancer that has progressed on prior PD-(L)1 therapy and chemotherapy)
 
NCT04655976
II/III
A multi-centre, randomised, parallel group treatment, open label trial comparing cobolimab + dostarlimab + docetaxel to dostarlimab + docetaxel to docetaxel alone in participants with advanced non-small cell lung cancer who have progressed on prior anti-PD-(L)1 therapy and chemotherapy
Trial start:
Q4 2020
 
Data anticipated:
H1 2025
Active, not recruiting
JADE (locally advanced unresected head and neck cancer)
NCT06256588
III
A randomised, double-blind, study to evaluate dostarlimab versus placebo as sequential therapy after chemoradiation in participants with locally advanced unresected head and neck squamous cell carcinoma
Trial start:
Q1 2024
Data anticipated: 2026+
Recruiting
 
 Zejula (niraparib)
 
GSK continues to assess the potential of Zejula across multiple tumour types and in combination with other agents. The ongoing development programme includes several phase III combination studies including the RUBY Part 2 trial of niraparib and dostarlimab in recurrent or primary advanced endometrial cancer; the FIRST trial of niraparib and dostarlimab in stage III or IV nonmucinous epithelial ovarian cancer; and the ZEAL trial of niraparib plus pembrolizumab in advanced/metastatic non-small cell lung cancer. In addition, niraparib is being evaluated in patients with newly diagnosed, MGMT unmethylated glioblastoma in a recently initiated phase III trial sponsored by the Ivy Brain Tumor Center and supported by GSK.
 
Key ongoing phase III trials for Zejula (see also RUBY Part 2 in Jemperli section):
 
 
 
 
 
Trial name (population)
Phase
Design
Timeline
Status
ZEAL-1L (1L advanced non-small cell lung cancer maintenance)
 
NCT04475939
III
A randomised, double-blind, placebo-controlled, multi-centre trial comparing niraparib plus pembrolizumab versus placebo plus pembrolizumab as maintenance therapy in participants whose disease has remained stable or responded to first-line platinum-based chemotherapy with pembrolizumab for Stage IIIB/IIIC or IV non-small cell lung cancer
Trial start:
Q4 2020
 
Data anticipated:
H2 2024
Active, not recruiting
FIRST (1L ovarian cancer maintenance)
 
NCT03602859
III
A randomised, double-blind, comparison of platinum-based therapy with dostarlimab (TSR-042) and niraparib versus standard of care platinum-based therapy as first-line treatment of stage III or IV non-mucinous epithelial ovarian cancer
Trial start:
Q4 2018
 
Data anticipated:
H2 2024
Active, not recruiting
 
Reporting definitions
 
CER and AER 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. CER% represents growth at constant exchange rates. For those countries which qualify as hyperinflationary as defined by the criteria set out in IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ (Argentina and Turkey) CER growth is adjusted using a more appropriate exchange rate reflecting depreciation of their respective currencies in order to provide comparability and not to distort CER growth rates.
 
£% or AER% represents growth at actual exchange rates.
 
Core Operating Margin
 
Core Operating margin is Core operating profit divided by turnover.
 
 
COVID-19 solutions
 
COVID-19 solutions include the sales of pandemic adjuvant and other COVID-19 solutions during the years from 2020-2023 and includes vaccine manufacturing and Xevudy and the associated costs but does not include reinvestment in R&D. This categorisation is used by management who believe it is helpful to investors through providing clarity on the results of the Group by showing the contribution to growth from COVID-19 solutions during this period.
 
Free cash flow
 
Free cash flow is defined as the net cash inflow/outflow from operating activities less capital expenditure on property, plant and equipment and intangible assets, contingent consideration payments, net finance costs, and dividends paid to non-controlling interests, contributions from non-controlling interests plus proceeds from the sale of property, plant and equipment and intangible assets, and dividends received from joint ventures and associates. The measure is used by management as it is considered a good indicator of net cash generated from business activities (excluding any cash flows arising from equity investments, business acquisitions or disposals and changes in the level of borrowing) available to pay shareholders dividends and to fund strategic plans. Free cash flow growth is calculated on a reported basis. A reconciliation of net cash inflow from operations to free cash flow from operations is set out on page 43.
 
Free cash flow conversion
 
Free cash flow conversion is free cash flow from operations as a percentage of profit attributable to shareholders.
 
General Medicines
 
General Medicines are usually prescribed in the primary care or community settings by general healthcare practitioners. For GSK, this includes medicines for inhaled respiratory, dermatology, antibiotics and other diseases.
 
Non-controlling interest
 
Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to a parent.
 
Percentage points
 
Percentage points of growth which is abbreviated to ppts.
 
RAR (Returns and Rebates)
 
GSK sells to customers both commercial and government mandated contracts with reimbursement arrangements that include rebates, chargebacks and a right of return for certain pharmaceutical products principally in the US. Revenue recognition reflects gross-to-net sales adjustments as a result. These adjustments are known as the RAR accruals and are a source of significant estimation uncertainty and fluctuation which can have a material impact on reported revenue from one accounting period to the next.
 
Risk adjusted sales
 
Pipeline risk-adjusted sales are based on the latest internal estimate of the probability of technical and regulatory success for each asset in development.
 
Specialty Medicines
 
Specialty Medicines are typically prescription medicines used to treat complex or rare chronic conditions. For GSK, this comprises medicines for infectious diseases, HIV, Respiratory/Immunology and Other, and Oncology.
 
Total Net debt
 
Net debt is defined as total borrowings less cash, cash equivalents, liquid investments, and short-term loans to third parties that are subject to an insignificant risk of change in value. The measure is used by management as it is considered a good indicator of GSK's ability to meet its financial commitments and the strength of its balance sheet.
 
Total and Core results
 
Total reported results represent the Group’s overall performance. GSK uses a number of non-IFRS measures to report the performance of its business. Core results and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. Core results are defined on page 18 and other non-IFRS measures are defined below.
 
Turnover excluding COVID-19 solutions
 
Turnover excluding COVID-19 solutions excludes the impact of sales of pandemic adjuvant within Vaccines and Xevudy within Specialty Medicines related to the COVID-19 pandemic during the years 2020-2023. Management believes that the exclusion of the impact of these COVID-19 solutions sales aids comparability in the reporting periods and understanding of GSK’s growth including by region versus prior periods and also 2024 Guidance which excludes any contributions from COVID-19 solutions in current year or comparator periods.
 
Total Operating Margin
 
Total Operating margin is Total operating profit divided by turnover.
 
Total Earnings/(loss) per share 
 
Unless otherwise stated, Total earnings/(loss) per share refers to Total basic earnings/(loss) per share.
 
Working capital
 
Working capital represents inventory and trade receivables less trade payables.
 
Year to date
 
Year to date is the nine-month period in the year to 30 September 2024 or the same prior period in 2023 as appropriate.
 
Brand names and partner acknowledgements: brand names appearing in italics throughout this document are trademarks of GSK or associated companies or used under licence by the Group.
 
 
Guidance and outlooks, assumptions and cautionary statements
 
2024 Guidance
 
GSK confirms its full-year sales, core profit and EPS guidance at constant exchange rates (CER) and expects to deliver broadly around the middle of the existing ranges. Turnover is expected to increase between 7 to 9 per cent. Core operating profit is expected to increase between 11 to 13 per cent and Core Earnings per share is expected to increase between 10 to 12 per cent.
 
The Group revises turnover expectations for Vaccines to a decrease of low-single digit per cent, for Specialty Medicines to an increase of high teens per cent and for General Medicines to an increase of mid-single digit per cent.
 
This guidance is provided at CER and excludes any contribution from COVID-19 related solutions.
 
Assumptions and basis of preparation related to 2024 guidance
 
In outlining the guidance for 2024, the Group has made certain planning 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.
 
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.
 
Notwithstanding our guidance, outlooks and expectations, there is still uncertainty as to whether our assumptions, guidance, outlooks and expectations will be achieved.
 
The guidance is given on a constant currency basis.

Assumptions and cautionary statement regarding forward-looking statements
 
The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance, outlooks, and expectations described in this report are achievable based on those assumptions. However, given the forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in legislation, regulation, government actions or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate.
 
This document contains statements that are, or may be deemed to be, “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.
 
All guidance, outlooks and expectations should be read together with the guidance and outlooks, assumptions and cautionary statements in this Q3 2024 earnings release and in the Group's 2023 Annual Report on Form 20-F.
 
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 Item 3.D ‘Risk Factors’ in the Group’s Annual Report on Form 20-F for 2023. 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.
 
 
Independent review report to GSK plc
 
 
Conclusion
 
We have been engaged by GSK plc (“the company”) to review the condensed financial information in the Results Announcement of the company for the three and nine months ended 30 September 2024.
 
The condensed financial information comprises:
 
 
 
the income statement and statement of comprehensive income for the three and nine month periods ended 30 September 2024 on page 26 and 27;
the balance sheet as at 30 September 2024 on page 28;
the statement of changes in equity for the nine-month period then ended on page 29;
the cash flow statement for the nine-month period then ended on page 30; and
the accounting policies and basis of preparation and the explanatory notes to the condensed financial information on pages 31 to 43 that have been prepared applying consistent accounting policies to those applied by GSK plc and its subsidiaries (“the Group”) in the Annual Report 2023, which was prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the United Kingdom.
 
Based on our review, nothing has come to our attention that causes us to believe that the condensed financial information in the Results Announcement for the three and nine months ended 30 September 2024 is not prepared, in all material respects in accordance with the accounting policies set out in the accounting policies and basis of preparation section on page 40.
 
Basis for Conclusion
 
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
 
As disclosed on page 40, the annual financial statements of the Company are prepared in accordance with United Kingdom adopted international accounting standards. The condensed set of financial information included in this Results Announcement have been prepared in accordance with the accounting policies set out in the accounting policies and basis of preparation section on page 40.
 
Conclusion Relating to Going Concern
 
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
 
This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the entity to cease to continue as a going concern.
 
Responsibilities of the directors
 
The directors are responsible for preparing the Results Announcement of the company in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.
 
In preparing the Results Announcement, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
 
Auditor’s Responsibilities for the review of the financial information
 
In reviewing the Results Announcement, we are responsible for expressing to the company a conclusion on the condensed financial information in the Results Announcement based on our review. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
 
Use of our report
 
This report is made solely to the company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
 
 
 
 
 
 
 
Deloitte LLP
 
Statutory Auditor
 
London, United Kingdom
 
29 October 2024
 
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
 
GSK plc
 
(Registrant)
 
 
Date: October 30, 2024
 
 
 
 
By:/s/ VICTORIA WHYTE
--------------------------
 
 
 
Victoria Whyte
 
Authorised Signatory for and on
 
behalf of GSK plc