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Chairman's letter

Dear Shareholder
2007 turned out to be a very challenging year for the company as we unexpectedly faced a severe decline in sales of Avandia, our second biggest product. In spite of this, I am pleased to report that the company was able to respond and deliver a very good financial performance. I am grateful to our dedicated people for their efforts and passion which contributed so much to our success. I also extend the company's thanks to you, our shareholders, for your continuing support.

The AGM sees the retirement of our Chief Executive Officer JP Garnier, who has served GSK with great style and distinction since the merger in December 2000. JP brought wit, wisdom and hugely impressive business acumen to his role. He was directly responsible for many of the innovations of the last seven years, including the introduction of our Centres of Excellence in Drug Discovery, which have transformed the way we approach R&D, and driving a renewed focus and energy behind our vaccines business. Thank you, JP, on behalf of the Board and the stakeholders of GSK.

Andrew Witty becomes our new Chief Executive Officer at the AGM. Having worked for us since 1985, Andrew is experienced, enthusiastic and well-respected both inside GSK and beyond. I have no doubt that he will ensure that GSK fulfils its rich potential, and I look forward to working alongside him.

There have been further changes in the management team in the past 12 months including the departure of David Stout. David served in many capacities, most recently as President of Pharmaceutical Operations, and I wish him every success for the future. I would also like to thank Rupert Bondy, Senior Vice President and General Counsel who will be leaving GSK at the end of March 2008. We also welcomed Professor Sir Roy Anderson to the Board as a Non-Executive Director and Andrew Witty and Chris Viehbacher as Executive Directors.

Overall, I am confident in GSK's strength as an organisation and that we have the expertise to deal with the changing environment we face.

Thank you again for your support.

 

Sir Christopher Gent
Chairman

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