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Analyst consensus

The consensus estimates are collected by the company and based on the estimates of brokerage firms covering GlaxoSmithKline. Please ensure you have read and acknowledged the disclaimer prior to reviewing the information provided.

  • FY 2021-2026 figures are as at 15/09/2021
  • Q3 2021 figures are as at 20/10/2021
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£m (unless stated) Q321 Q321 n= 2021 2022 2023 2024 2025 2026 2021-2026 n=
Turnover - New GSK 6,297 18 23,774 25,184 26,354 27,968 29,638 30,911 17
Turnover - Consumer Healthcare 2,433 18 9,501 9,811 10,140 10,464 10,781 11,086 17
Turnover -  Group 8,730 18 33,275 34,995 36,494 38,432 40,419 41,997 17
Cost of sales (2,584) 18 (9,991) (10,358) (10,653) (11,140) (11,650) (12,071) 17
Selling, general and administration (2,630) 18 (10,325) (10,607) (10,830) (11,155) (11,530) (11,759) 17
Research and Development (1,267) 18 (4,966) (5,239) (5,424) (5,656) (5,902) (6,081) 17
Royalty income 83 18 335 362 398 215 231 247 17
Operating profit 2,332 18 8,327 9,153 9,984 10,696 11,568 12,333 17
Net finance costs (211) 18 (820) (800) (769) (734) (698) (653) 17
Associates 1 18 34 13 13 13 13 12 17
Profit before tax 2,122 18 7,541 8,366 9,228 9,975 10,882 11,693 17
Taxation (380) 18 (1,360) (1,595) (1,815) (1,975) (2,159) (2,315) 17
Tax Rate 17.9% 18 18.0% 19.1% 19.7% 19.8% 19.8% 19.8% 17
Profit after tax  1,742 18 6,182 6,771 7,413 8,000 8,724 9,377 17
Minority interests (272) 18 (1,043) (1,143) (1,212) (1,271) (1,323) (1,364) 17
Profit attributable to shareholders 1,470 18 5,138 5,628 6,201 6,729 7,400 8,014 17
WANS (m) 5,006 18 4,998 5,018 5,040 5,061 5,077 5,087 17
Earnings per share (p) 29.4 18 102.8 112.2 123.0 133.0 145.8 157.6 17
Dividend per share (p) 19.0 12 79.9 54.1 54.9 56.5 58.5 60.5 15
Free Cash Flow n/a n/a 3,177 4,530 5,480 5,820 6,392 7,079 12
Net Debt n/a n/a (21,452) (20,360) (17,644) (14,647) (11,288) (7,521) 15
                   
USD / GBP 1.39 n/a 1.39 1.39 1.39 1.39 1.39 1.39 17
EUR / GBP 1.17 n/a 1.16 1.16 1.16 1.16 1.16 1.16 16
JPY / GBP 152 n/a 151 153 153 153 153 153 12

The firms included are: Bank of America, Barclays, Berenberg, Citi, Cowen, Credit Suisse, Deutsche Bank, Exane, Goldman Sachs, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Morningstar, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 1 (Cowen) as the model does not extend beyond 2025.

Turnover £m Q321 Q321 n= 2021 2022 2023 2024 2025 2026 2021-2026 n=
Anoro 137 18 539 562 581 595 604 609 17
Trelegy 294 18 1,122 1,350 1,554 1,717 1,850 1,954 17
Nucala 299 18 1,168 1,310 1,414 1,495 1,555 1,561 17
Total Respiratory 730 18 2,829 3,222 3,549 3,806 4,009 4,124 17
                   
Tivicay 332 16 1,345 1,258 1,184 1,109 1,040 998 15
Triumeq 476 16 1,870 1,690 1,546 1,413 1,290 1,182 15
Juluca 144 18 550 618 667 701 727 734 17
Dovato 199 18 735 1,080 1,360 1,576 1,744 1,853 17
Dolutegravir based regimens 1,151 18 4,500 4,645 4,757 4,798 4,801 4,767 17
Cabotegravir +/- rilpivirine 12 18 56 249 483 752 1,023 1,245 17
Rukobia 17 17 60 112 156 193 227 241 17
Other HIV 27 n/a 129 111 111 120 132 155 n/a
HIV 1,207 18 4,745 5,118 5,508 5,864 6,183 6,407 17
                   
Benlysta 223 18 841 958 1,054 1,127 1,132 1,109 17
                   
Xevudy (sotrovimab) 96 18 214 253 133 62 43 38 17
                   
Zejula 108 18 421 573 703 819 920 988 17
Blenrep 28 18 121 251 380 513 623 734 17
Jemperli 6 18 29 86 147 202 249 285 17
                   
Arnuity 13 18 42 45 47 49 50 50 17
Avamys/Veramyst 54 16 283 277 250 227 211 202 15
Flixotide/Flovent 86 18 388 352 332 317 305 307 17
Incruse 54 18 209 212 217 222 226 226 17
Relvar/Breo 272 18 1,108 1,088 1,086 1,086 1,083 1,077 17
Seretide/Advair 304 18 1,283 1,102 977 882 806 760 17
Ventolin 155 18 674 599 563 536 512 508 17
Established Respiratory 968 17 4,116 3,788 3,575 3,415 3,282 3,218 16
Other Established Pharmaceuticals 861 18 3,419 3,188 3,008 2,854 2,715 2,609 16
Established Pharmaceuticals 1,829 18 7,536 6,976 6,584 6,269 5,997 5,827 17
                   
                   
daprodustat - n/a 5 32 102 182 257 319 16
                   
Pharmaceuticals 4,229 18 16,746 17,482 18,223 19,047 19,818 20,464 17

The firms included are: Bank of America, Barclays, Berenberg, Citi, Cowen, Credit Suisse, Deutsche Bank, Exane, Goldman Sachs, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Morningstar, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 1 (Cowen) as the model does not extend beyond 2025.

Turnover £m Q321 Q321 n= 2021 2022 2023 2024 2025 2026 2021-2026 n=
Bexsero 215 17 655 720 755 775 790 798 16
Menveo 107 17 264 279 287 294 298 296 16
Other Meningitis 17 5 50 48 48 47 47 47 5
Meningitis 339 18 969 1,047 1,090 1,116 1,135 1,141 17
Fluarix/Flulaval 416 18 700 725 749 771 793 814 17
Shingrix 412 18 1,891 2,447 2,774 3,305 3,859 4,246 17
Boostrix 147 16 495 517 528 536 544 546 16
Cervarix 42 15 155 151 153 153 154 154 15
Hepatitis 132 16 481 563 618 637 652 653 16
Infanrix, Pediarix 148 16 574 571 567 568 570 565 16
Rotarix 134 16 530 551 558 565 573 575 16
Synflorix 84 16 377 391 390 386 380 368 16
Established Vaccines 831 18 3,160 3,300 3,376 3,416 3,446 3,406 17
Vaccines ex pandemic solutions 1,998 18 6,720 7,520 8,048 8,865 9,783 10,416 n/a
Pandemic solutions 70 18 308 182 83 57 38 31 17
Vaccines 2,068 18 7,028 7,702 8,131 8,921 9,821 10,447 17

The firms included are: Bank of America, Barclays, Berenberg, Citi, Cowen, Credit Suisse, Deutsche Bank, Exane, Goldman Sachs, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Morningstar, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 1 (Cowen) as the model does not extend beyond 2025.

Turnover £m Q321 Q321 n= 2021 2022 2023 2024 2025 2026 2021-2026 n=
Oral Care 713 14 2,763 2,871 2,987 3,099 3,212 3,322 13
Pain Relief 551 14 2,214 2,287 2,369 2,451 2,533 2,613 13
Respiratory health 311 14 1,108 1,165 1,202 1,238 1,273 1,309 13
VMS 363 14 1,465 1,529 1,586 1,643 1,698 1,750 13
Digestive Health and other 468 14 1,821 1,918 1,964 2,005 2,042 2,069 13
Brands divested and under review 27 15 130 41 32 28 23 23 13
Consumer Health 2,433 18 9,501 9,811 10,140 10,464 10,781 11,086 17

The firms included are: Bank of America, Barclays, Berenberg, Citi, Cowen, Credit Suisse, Deutsche Bank, Exane, Goldman Sachs, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Morningstar, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 1 (Cowen) as the model does not extend beyond 2025.

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