GSK Annual Report 2002

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148 GlaxoSmithKline Financial record Five year record A record of financial performance is provided analysed in accordance with current reporting practice. <strong>2002</strong> 2001 2000 1999 1998 Sales by business segment £m £m £m £m £m Pharmaceuticals 17,995 17,205 15,429 13,618 12,563 Consumer Healthcare 3,217 3,284 2,650 2,546 2,375 Retained businesses 21,212 20,489 18,079 16,164 14,938 Healthcare Services – – – 632 1,064 Pharmaceutical sales by therapeutic area 21,212 20,489 18,079 16,796 16,002 Central nervous system 4,511 4,007 3,279 2,720 2,400 Respiratory 3,987 3,537 2,789 2,382 2,096 Anti-bacterials 2,210 2,604 2,472 2,383 2,278 Anti-virals 2,299 2,128 1,899 1,610 1,347 Metabolic and gastro-intestinal 1,429 1,480 1,232 886 908 Vaccines 1,080 948 842 776 726 Oncology and emesis 977 838 710 613 549 Cardiovascular 655 591 463 449 390 Arthritis 23 156 210 275 301 Others 824 916 1,086 1,096 1,192 Continuing business 17,995 17,205 14,982 13,190 12,187 Divested products – – 447 428 376 Pharmaceutical sales by geographic area 17,995 17,205 15,429 13,618 12,563 USA 9,797 9,037 7,705 6,276 5,635 Europe 4,701 4,561 4,268 4,288 4,059 International: Asia Pacific 1,177 1,119 1,049 929 876 Japan 712 741 832 704 592 Latin America 606 790 682 636 662 Middle East, Africa 575 539 511 461 468 Canada 427 418 382 324 271 International 3,497 3,607 3,456 3,054 2,869 Consumer Healthcare sales 17,995 17,205 15,429 13,618 12,563 OTC medicines 1,586 1,603 1,454 1,434 1,328 Oral care 1,052 1,106 642 614 584 Nutritional healthcare 579 575 535 488 459 Continuing business 3,217 3,284 2,631 2,536 2,371 Divested products – – 19 10 4 3,217 3,284 2,650 2,546 2,375
Financial record GlaxoSmithKline 149 2001 2000 1999 1998 <strong>2002</strong> (restated) (restated) (restated) (restated) Statutory results £m £m £m £m £m Sales 21,212 20,489 18,079 16,796 16,002 Profit before taxation 5,506 4,517 6,029 4,236 3,564 Earnings (profit attributable to shareholders) 3,915 3,053 4,106 3,077 2,436 Dividends (2,346) (2,356) (2,097) (2,005) (1,903) Retained profit 1,569 697 2,009 1,072 533 Return on capital employed (per cent) 70.4 52.9 78.5 71.8 74.6 Return on capital employed is calculated as statutory profit before taxation as a percentage of average capital employed over the year. Merger, restructuring and disposal of subsidiaries Manufacturing and other restructuring (362) (162) (171) (443) (90) Merger costs and product divestments (599) (1,069) 895 – – Other items (50) (421) (22) (29) (721) (Loss)/profit before taxation (1,011) (1,652) 702 (472) (811) (Loss)/profit attributable to shareholders (712) (1,330) 452 (347) (512) Business performance results - retained businesses Sales 21,212 20,489 18,079 16,164 14,938 R&D expenditure 2,732 2,555 2,510 2,285 2,072 per cent of sales 13 12 14 14 14 Trading profit 6,694 6,053 5,026 4,378 4,191 per cent of sales 32 30 28 27 28 Net interest payable (141) (88) (182) (162) (192) Profit before taxation 6,517 6,169 5,327 4,683 4,299 Adjusted earnings (profit attributable to shareholders) 4,627 4,383 3,654 3,406 2,892 Business performance, which is the primary performance measure used by management, is presented after excluding merger items, integration and restructuring costs and the disposal of businesses. Management believes that exclusion of these non-recurring items provides a better comparison of business performance for the periods presented. Accordingly, this information is provided as a supplement to that included in the ‘Consolidated statement of profit and loss’ on pages 76 and 77 prepared in accordance with UK GAAP. Statutory results include these non-recurring items. Share statistics Earnings per Share (p) 66.2 50.3 67.7 50.3 39.9 Dividends per GlaxoSmithKline share (p): GlaxoSmithKline shareholder 40.0 39.0 Glaxo Wellcome shareholder 38.0 37.0 36.0 SmithKline Beecham shareholder 29.66 26.69 24.02 Dividends per GlaxoSmithKline ADS ($): GlaxoSmithKline shareholder 1.24 1.11 Glaxo Wellcome shareholder 1.10 1.14 1.19 SmithKline Beecham shareholder 0.87 0.86 0.81 Dividends are expressed in terms of a GlaxoSmithKline share/ADS. On the merger between Glaxo Wellcome and SmithKline Beecham on 27th December 2000, shareholders and ADR holders received shares in GlaxoSmithKline in the following ratios: for 1 Glaxo Wellcome share – 1 GlaxoSmithKline share for 1 SmithKline Beecham share – 0.4552 GlaxoSmithKline shares for 1 Glaxo Wellcome ADS – 1 GlaxoSmithKline ADS for 1 SmithKline Beecham ADS – 1.138 GlaxoSmithKline ADSs 1 GlaxoSmithKline ADS represents 2 GlaxoSmithKline shares.
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Do more, feel better, live longer T
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The Annual Report was approved by t
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Joint statement by the Chairman and
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04 GlaxoSmithKline Joint statement
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Products - Pharmaceuticals Descript
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Additionally, GlaxoSmithKline marke
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Competition - Consumer Healthcare T
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Operating activities Marketing and
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Description of business GlaxoSmithK
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Description of business GlaxoSmithK
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Product approvals Country/Region Pr
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As part of GlaxoSmithKline’s majo
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Operating resources Intellectual pr
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Compensation philosophy and program
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Access to healthcare in the develop
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GlaxoSmithKline gave unrestricted g
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Corporate governance This section d
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Corporate Executive Team (CET) JP G
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The Annual General Meeting takes pl
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Research and development Safety of
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Remuneration report GlaxoSmithKline
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The majority of the competitor pane
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Performance graph 100 90 80 70 60 N
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Non-Executive Directors Non-Executi
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Non-Executive Directors’ share ar
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Incentive plans Remuneration report
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Operating and financial review and
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2002 Year World economy The world
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Pharmaceutical sales by therapeutic
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Consumer Healthcare sales 2002 2001
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Earnings 2001 2002 (restated) CER%
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Contractual obligations and commitm
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Funding, maturity and counterparty
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Stricter regulatory controls also h
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Operating and financial review and
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Latin America reported eight per ce
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Selected financial data UK/US GAAP
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Financial statements GlaxoSmithKlin
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Independent Auditors’ report to t
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Consolidated statement of profit an
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Consolidated statement of cash flow
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Company balance sheet at 31st Decem
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2 Accounting policies Consolidation
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2 Accounting policies continued Sto
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6 Segment information continued Not
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7 Merger items, restructuring costs
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Notes to the financial statements G
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13 Earnings per share Notes to the
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Notes to the financial statements G
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Page 105 and 106: 30 Legal proceedings The Group is i
Page 107 and 108: 30 Legal proceedings continued In F
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Page 111 and 112: 31 Acquisitions and disposals conti
Page 113 and 114: 32 Financial instruments and relate
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Page 117 and 118: 33 Employee costs continued Notes t
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Page 121 and 122: 34 Employee share schemes continued
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Page 125 and 126: 37 Reconciliation to US accounting
Page 141 and 142: 38 Principal Group companies Notes
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Page 145 and 146: Financial record GlaxoSmithKline 14
Page 147 and 148: Financial record GlaxoSmithKline 14
Page 149: Financial record GlaxoSmithKline 14
Page 153 and 154: Investor information GlaxoSmithKlin
Page 155 and 156: Shareholder information Ordinary sh
Page 157 and 158: Share capital GlaxoSmithKline 155 A
Page 159 and 160: Cross reference to Form 20-F GlaxoS
Page 161 and 162: Index A Access to healthcare 27 Acc
Page 163: Contact details INTERNET Informatio
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GSK Annual Report 2002

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