Summary remuneration report

The following is a summary of the material adjustments to profit and shareholders' funds which would be required if US Generally Accepted Accounting Principles (US GAAP) had been applied instead of IFRS.

Summary information under US GAAP

PROFIT	2005 £m	2004 £m
Profit after taxation for the year under IFRS	4,816	4,022
Profit attributable to minority interests	(127)	(114)
Profit attributable to shareholders under IFRS	4,689	3,908
US GAAP adjustments:
- Product rights	(1,682)	(1,651)
- Capitalised interest	(1)	(17)
- Disposal of interests in associates and subsidiaries	-	(97)
- Equity investments	(2)	(30)
- Employee costs	(121)	(113)
- Derivative instruments and hedging	(30)	50
- Restructuring	1	(12)
- Taxation	538	747
- Other	(56)	(53)
Net income under US GAAP	3,336	2,732
Basic income per share under US GAAP	58.8p	47.6p
Diluted income per share under US GAAP	58.3p	47.5p
EQUITY SHAREHOLDERS' FUNDS	2005 £m	2004 £m
Total equity under IFRS	7,570	5,937
Minority interests	(259)	(213)
Shareholders’ equity under IFRS	7,311	5,724
US GAAP adjustments:
- Product rights and goodwill	30,041	31,573
- Fixed assets	212	223
- Marketable securities	-	49
- Other investments	576	532
- Employee costs	1,249	1,230
- Restructuring	65	80
- Derivative instruments and hedging	(33)	2
- Dividends	(568)	(571)
- Deferred taxation	(4,531)	(4,840)
- Other	(40)	40
Shareholders’ equity under US GAAP	34,282	34,042

A summary of the material differences between IFRS and US GAAP that apply to the Group is set out in the Annual Report 2005.