Debt investors

GSK’s Treasury department monitors and manages the Group’s external and internal funding requirements and financial risks in support of our strategic objectives. GSK operates on a global basis, primarily through subsidiary companies, and we manage our capital to ensure that our subsidiaries are able to operate as going concerns and to optimise returns to shareholders through an appropriate balance of debt and equity.

GSK plc has solicited credit ratings from S&P and Moody’s:

As at 19th July 2022

GSK’s policy is to borrow centrally in order to meet anticipated funding requirements. The strategy is to diversify liquidity sources using a range of facilities and to maintain broad access to financial markets.

Short-term liquidity

GSK has access to short-term finance under a $10 billion US commercial paper programme; £5 billion Euro commercial paper programme; £1.6 billion of medium-term committed facilities; $2.2 billion of 364 day committed facilities as well as the use of cash and cash equivalents and liquid investments.

The committed facilities were undrawn as at 19th July 2022.

Medium / long-term liquidity

GSK has a £20 billion Euro Medium Term Note (EMTN) programme and a US shelf registration.

Issuing entities listed under EMTN programme:

• GSK plc
• GlaxoSmithKline Capital plc
• GSK Capital K.K.
• GSK Capital B.V.

Issuing entities listed under US shelf programme:

• GSK plc
• GlaxoSmithKline Capital plc
• GlaxoSmithKline Capital Inc.

Below is a table of the bonds guaranteed by GSK plc as at 19th July 2022

Bond debt maturity profiles (£bn equivalent)

USD and EUR bonds converted to GBP using the spot rates on 30th June 2022 as follows:

GBPEUR 1.1643
GBPUSD 1.2109

Total gross bond debt in issue as at 19th July 2022: £21.1bn

Timothy Woodthorpe ​
Senior Vice President and Group Treasurer
Email: cf.treasury@gsk.com

GSK Investor Relations
Email: GSK.Investor-Relations@gsk.com
Tel: +44 (0)20 8047 5000