GSK delivers2012 core EPS of 112.7p and returns £6.3 billion to shareholders
6 new drugs filed since start of 2012; Phase III data expected on 14 assets in 2013/14
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Core results* |
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2012 |
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Q4 2012 |
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£m |
CER% |
£% |
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£m |
CER% |
£% |
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Turnover |
26,431 |
(1) |
(3) |
6,802 |
- |
(3) |
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Core operating profit |
8,330 |
(3) |
(5) |
2,287 |
5 |
1 |
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Core earnings per share |
112.7p |
- |
(2) |
32.6p |
9 |
4 |
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Total results |
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2012 |
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Q4 2012 |
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£m |
CER% |
£% |
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£m |
CER% |
£% |
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Turnover |
26,431 |
(1) |
(3) |
6,802 |
- |
(3) |
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Operating profit |
7,392 |
(3) |
(5) |
1,940 |
7 |
3 |
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Earnings per share |
92.9p |
(9) |
(11) |
17.8p |
(24) |
(29) |
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Summary |
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2012 Group sales broadly in-line with 2011 (CER) |
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Group sales -1%; flat excluding disposals of OTC brands |
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Pharmaceuticals and Vaccines -2%; US -2% reflecting discontinuation of certain products, Europe -7% reflecting ongoing austerity measures, continued growth in EMAP +10%, Japan -6% (+5% excluding Cervarix) |
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Consumer Healthcare +5% excluding divestments |
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Successful R&D delivery: 6 new drugs filed since start of 2012 |
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Filings: Relvar/Breo (asthma, COPD), Anoro (LAMA/LABA for COPD), trametinib (MEK) and dabrafenib (BRAF) (melanoma), dolutegravir (HIV), albiglutide (type-2 diabetes) |
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Phase III data expected on 14 assets in 2013 and 2014, including 9 new drugs and vaccines |
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New measures to drive strategic alignment and improve long-term global competitiveness |
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Expansion of new major change programme across manufacturing, Europe and R&D to deliver annual cost savings of at least £1 billion by 2016 with associated total charges of £1.5 billion |
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Strategic options to maximise efficiency and future performance in Europe under evaluation |
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Strategic review for Lucozade and Ribena brands to be initiated |
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Continued delivery of financial efficiencies, strong cash generation and returns to shareholders |
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2012 core tax rate reduced to 24.4%; expect 24% in 2013. |
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Adjusted net cash inflow from operating activities £7 billion |
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£6.3 billion returned to shareholders; £2.5 billion of shares repurchased; 2012 dividend 74p (+6%) |
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EPS and turnover growth expected in 2013 |
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Expect core EPS growth of 3-4% CER (from IAS 19R adjusted 2012 EPS of 111.4p) with turnover growth of around 1% CER |
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Continued dividend growth and targeting share buy-backs of £1-2 billion |
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