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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 24/05/2021

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£m (unless stated) 2021 2022 2023 2024 2025 2026 2021-2025 n=
Turnover 32,781 34,605 36,108 37,929 39,687 41,084 17
Cost of sales (9,833) (10,230) (10,581) (11,063) (11,538) (11,933) 17
Selling, general and administration (10,216) (10,526) (10,774) (11,055) (11,384) (11,560) 17
Research and Development (5,002) (5,246) (5,431) (5,633) (5,838) (5,956) 17
Royalty income 341 366 399 212 228 238 17
Operating profit 8,071 8,969 9,721 10,391 11,154 11,874 17
Net finance costs (857) (823) (790) (756) (720) (671) 17
Associates 33 31 31 31 32 34 17
Profit before tax 7,247 8,178 8,962 9,667 10,466 11,236 17
Taxation (1,308) (1,562) (1,755) (1,905) (2,067) (2,210) 17
Tax Rate 18.1% 19.1% 19.6% 19.7% 19.7% 19.7% 17
Profit after tax  5,939 6,616 7,207 7,761 8,399 9,026 17
Minority interests (1,061) (1,151) (1,213) (1,259) (1,300) (1,307) 17
Profit attributable to shareholders 4,878 5,465 5,994 6,502 7,099 7,718 17
WANS (m) 4,998 5,017 5,039 5,059 5,076 5,090 17
Earnings per share (p) 97.6 108.9 118.9 128.5 139.9 151.6 17
Dividend per share (p) 80.0 54.6 55.6 57.0 58.6 61.5 15
Free Cash Flow 3,352 4,778 5,601 5,991 6,488 6,915 11
Net Debt (22,034) (20,665) (18,040) (15,052) (11,711) (8,284) 15
               
USD / GBP 1.39 1.39 1.39 1.39 1.39 1.39 17
EUR / GBP 1.16 1.17 1.17 1.17 1.17 1.17 16
JPY / GBP 150 152 152 152 152 152 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, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 3 (Cowen, Exane and Goldman Sachs) as those models don't extend beyond 2025.

Turnover £m 2021 2022 2023 2024 2025 2026 2021-2025 n=
Anoro 546 570 589 603 613 612 17
Trelegy 1,043 1,253 1,438 1,588 1,709 1,798 17
Nucala 1,134 1,265 1,359 1,430 1,485 1,491 17
Total Respiratory 2,722 3,087 3,386 3,621 3,806 3,902 17
               
Tivicay 1,301 1,228 1,166 1,105 1,050 994 15
Triumeq 1,955 1,804 1,675 1,557 1,446 1,346 15
Juluca 559 629 677 711 738 736 17
Dovato 667 960 1,192 1,378 1,523 1,604 17
Dolutegravir based regimens 4,483 4,620 4,710 4,751 4,757 4,680 17
Cabotegravir +/- rilpivirine 86 262 456 651 836 993 17
Rukobia (fostemsavir) 65 118 162 200 233 244 17
Epzicom/Kivexa 18 16 13 11 9 6 9
HIV 4,756 5,102 5,424 5,698 5,925 6,032 17
               
Benlysta 798 895 981 1,049 1,056 1,025 17
               
Zejula 432 571 703 819 922 962 17
Blenrep 149 284 435 584 708 818 17
               
Seretide/Advair 1,278 1,109 990 896 807 748 17
Arnuity 42 43 44 45 45 43 17
Incruse 208 212 217 223 228 231 17
Relvar/Breo 1,036 1,035 1,038 1,044 1,047 1,058 17
Flixotide/Flovent 368 340 323 308 294 290 17
Ventolin 639 570 536 512 490 476 17
Avamys/Veramyst 279 273 246 223 207 206 15
Established Respiratory 4,004 3,716 3,520 3,367 3,226 3,151 16
Other Established Pharmaceuticals 3,498 3,259 3,067 2,902 2,753 2,650 16
Established Pharmaceuticals 7,502 6,975 6,588 6,269 5,979 5,801 17
               
dostarlimab 33 107 182 248 302 327 15
daprodustat 6 35 97 163 221 271 15
               
Pharmaceuticals 16,470 17,195 17,927 18,652 19,274 19,734 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, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 3 (Cowen, Exane and Goldman Sachs) as those models don't extend beyond 2025.

Turnover £m 2021 2022 2023 2024 2025 2026 2021-2025 n=
Bexsero 637 702 734 753 766 772 16
Menveo 256 270 277 282 285 274 16
Other Meningitis 94 90 89 88 87 86 5
Meningitis 987 1,062 1,100 1,123 1,138 1,132 17
Fluarix/Flulaval 684 705 726 746 766 783 17
Shingrix 2,033 2,512 2,791 3,372 3,940 4,373 17
Boostrix 468 496 506 514 522 527 16
Cervarix 154 151 152 151 151 156 15
Hepatitis 503 589 633 652 667 672 16
Infanrix, Pediarix 571 571 568 573 578 581 16
Rotarix 535 555 560 567 576 572 16
Synflorix 385 401 400 397 392 372 16
Established Vaccines 3,081 3,235 3,300 3,342 3,378 3,344 17
Vaccines 6,794 7,549 7,986 8,761 9,587 10,261 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, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 3 (Cowen, Exane and Goldman Sachs) as those models don't extend beyond 2025.

Turnover £m 2021 2022 2023 2024 2025 2026 2021-2025 n=
Oral Care 2,763 2,864 2,965 3,065 3,163 3,256 14
Pain Relief 2,187 2,265 2,338 2,411 2,483 2,538 14
Respiratory health 1,109 1,179 1,222 1,261 1,299 1,298 14
VMS 1,489 1,545 1,601 1,658 1,714 1,767 14
Digestive Health and other 1,850 1,970 2,036 2,094 2,144 2,210 14
Brands divested and under review 120 38 32 27 23 21 14
Consumer Health 9,518 9,861 10,194 10,516 10,826 11,090 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, Redburn, SVB Leerink, UBS, Wolfe Research.

From 2026, the number of total contributors to consensus reduces by 3 (Cowen, Exane and Goldman Sachs) as those models don't extend beyond 2025.

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