Analyst consensus

Q1 2024 Income statement and product revenue figures are as at 22/04/2024
2024-28 Income statement and product revenue figures are as at 15/03/2024

£m (unless stated)	Q1'24	Q1'24 n=	2024	2025	2026	2027	2028	2024-2028 n=
Turnover - Vaccines ex pandemic solutions	2,176	14	10,591	11,560	12,408	13,012	13,246	13
Turnover - Specialty ex pandemic solutions	2,496	14	11,314	12,259	13,175	13,946	13,778	13
Turnover - General Medicines	2,395	14	9,621	9,570	9,521	9,269	8,730	13
Turnover - GSK excluding pandemic solutions	7,067	14	31,526	33,388	35,104	36,227	35,754	13
Turnover - pandemic solutions	-	14	1	0	0	0	0	13
Turnover - GSK	7,067	14	31,526	33,389	35,104	36,227	35,754	13
Cost of sales	(1,739)	14	(7,828)	(8,190)	(8,511)	(8,730)	(8,770)	13
Selling, general and administration	(2,045)	14	(9,153)	(9,438)	(9,691)	(9,857)	(9,748)	13
Research and Development	(1,262)	14	(5,943)	(6,176)	(6,402)	(6,585)	(6,549)	13
Royalty income	121	14	521	569	608	584	485	13
Operating profit	2,142	14	9,123	10,154	11,109	11,640	11,172	13
Net finance costs	(152)	14	(622)	(576)	(541)	(487)	(433)	13
Associates	(1)	14	(2)	(2)	(2)	(2)	(2)	13
Profit before tax	1,989	14	8,499	9,577	10,566	11,152	10,737	13
Taxation	(338)	14	(1,446)	(1,650)	(1,830)	(1,942)	(1,871)	13
Tax Rate	17.0%	14	17.0%	17.2%	17.3%	17.4%	17.4%	13
Profit after tax	1,651	14	7,053	7,927	8,736	9,209	8,866	13
Minority interests	(136)	14	(642)	(676)	(709)	(733)	(671)	13
Profit attributable to shareholders	1,515	14	6,411	7,251	8,027	8,476	8,194	13
WANS (m)	4,064	14	4,075	4,093	4,107	4,112	4,101	13
Earnings per share (p)	37.3	14	157.3	177.2	195.4	206.2	199.8	13
Dividend per share (p)	14.7	9	59.7	62.4	65.1	67.2	68.0	12
Free Cash Flow	n/a	n/a	4,944	6,094	6,825	7,351	7,061	9
Net Debt	n/a	n/a	(11,790)	(8,516)	(4,684)	(794)	2,490	10

USD / GBP	1.27	14	1.27	1.27	1.27	1.27	1.27	13
EUR / GBP	1.16	13	1.17	1.17	1.17	1.17	1.17	12
JPY / GBP	187	10	185	185	185	185	185	9

The firms included are: Bank of America, Barclays, Berenberg, Citi, TD Cowen, Deutsche Bank, BNPP Exane, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Redburn Atlantic , UBS, Wolfe Research

Turnover £m	Q1'24	Q1'24 n=	2024	2025	2026	2027	2027	2024-2028 n=
Shingrix	905	14	3,946	4,412	4,772	4,904	4,931	13
Arexvy	191	14	1,610	2,023	2,384	2,687	2,683	13
Bexsero	219	14	884	904	913	918	924	13
Menveo	59	14	397	400	401	401	402	13
Other Meningitis	4	8	28	28	28	28	28	7
Meningitis	282	14	1,309	1,332	1,342	1,347	1,354	13
Fluarix/Flulaval	11	14	482	472	464	459	453	13
Boostrix	137	14	616	627	636	646	652	13
Cervarix	27	13	119	118	117	116	115	12
Hepatitis	173	14	631	651	664	674	684	13
Infanrix, Pediarix	165	14	537	536	535	534	534	13
Priorix	57	8	261	261	262	263	263
Rotarix	132	14	610	620	626	632	637	13
Synflorix	55	14	251	235	224	217	211	13
*Established Vaccines*	*787*	14	*3,226*	*3,245*	*3,260*	*3,275*	*3,291*	13
Other Vaccines pipeline	-	14	18	76	187	340	534	13
Vaccines ex pandemic solutions	2,176	14	10,591	11,560	12,408	13,012	13,246	13
Pandemic solutions	-	14	-	-	-	-	-	13
Vaccines	2,176	14	10,591	11,560	12,408	13,012	13,246	13

Turnover £m	Q1'24	Q1'24 n=	2024	2025	2026	2027	2028	2024=2028 n=

Tivicay	315	13	1,251	1,114	1,012	916	598	12
Triumeq	312	13	1,296	1,102	947	822	510	12
Juluca	153	14	677	678	682	687	647	13
Dovato	472	14	2,151	2,368	2,526	2,604	2,436	13
Dolutegravir based regimens	1,252	14	5,374	5,262	5,167	5,029	4,191	13
Cabenuva	216	14	1,047	1,337	1,589	1,794	1,953	13
Apretude	59	14	313	481	649	788	904	13
Cabotegravir based regimens	275	14	1,360	1,818	2,238	2,582	2,857	13
Rukobia	32	14	143	161	175	186	189	13
Other HIV (including pipeline)	13	14	51	41	42	81	139	n/a
HIV	1,572	14	6,929	7,283	7,622	7,878	7,376	13

Benlysta	291	14	1,514	1,618	1,651	1,583	1,513	13
Nucala	392	14	1,811	1,922	1,961	1,927	1,716	13

Zejula	127	14	559	607	657	702	709	13
Blenrep	8	14	31	45	93	153	218	13
Jemperli	63	14	269	367	444	499	540	13
Ojjaara	37	14	167	297	427	547	632	13
Other Oncology (including pipeline)	-	14	(0)	7	28	61	92	n/a
Oncology	235	14	1,026	1,323	1,649	1,962	2,191	13

camlipixant	-	-	-	7	44	115	195	11
daprodustat	-	-	24	47	63	77	89	13
depemokimab	-	-	-	47	169	327	489	11

Specialty Medicines ex pandemic solutions	2,496	14	11,314	12,259	13,175	13,946	13,778	13

Xevudy	-	14	1	0	0	0	0	13

Specialty Medicines	2,496	14	11,314	12,259	13,175	13,946	13,779	13

Turnover £m	Q1'24	Q1'24 n=	2024	2025	2026	2027	2028	2024=2028 n=
Anoro	116	14	545	543	540	527	495	13
Flixotide/Flovent	89	14	306	285	267	252	238	13
Relvar/Breo	253	14	1,034	1,020	1,008	959	867	13
Seretide/Advair	249	14	903	816	740	677	625	13
Trelegy	537	14	2,510	2,743	2,918	2,912	2,654	13
Ventolin	178	14	676	643	614	585	559	13
Other respiratory	180	14	584	556	540	517	460	13
*Respiratory*	*1,602*	13	*6,557*	*6,606*	*6,627*	*6,428*	*5,897*	13
Augmentin	167	11	615	610	596	581	566	13
Lamictal	88	12	320	292	267	250	235	12
Other General Medicines	793	13	3,064	2,964	2,895	2,841	2,833	13

General Medicines	2,395	14	9,621	9,570	9,521	9,269	8,730	13