TIDMGSK

RNS Number : 4879D

GlaxoSmithKline PLC

28 October 2020

 
 Issued: Wednesday, 28 October 2020, London U.K. 
 
 
 GSK delivers resilient performance, strong commercial execution and 
  further strategic progress in Q3 
  Sales of GBP8.6 billion -8% AER, -3% CER (Pro-forma -5% CER*) 
  Total EPS 25.0p, -20% AER, -9% CER; Adjusted EPS 35.6p, -8% AER, 
  +1% CER 
 
 
 
 Financial and product highlights 
 
 --   Reported Group sales GBP8.6 billion, -8% AER, -3% CER (Pro-forma 
       -5% CER*, -3% CER excluding divestments/brands under review). Pharmaceuticals 
       GBP4.2 billion, -7% AER, -3% CER; Vaccines GBP2.0 billion, -12% 
       AER, -9% CER; Consumer Healthcare GBP2.4 billion, -4% AER, +2% 
       CER (Pro-forma -6% CER*). Strong performance from key growth drivers 
       in respiratory, HIV, oncology and Consumer Healthcare partly offset 
       by expected disruption from COVID-19 
 --   Sales of new and specialty pharmaceuticals (excluding established 
       products) GBP2.5 billion, +8% AER, +12% CER 
 --   Respiratory sales GBP978 million, +21% AER, +26% CER. Trelegy sales 
       GBP194 million +40% AER, +45% CER. Nucala sales GBP251 million, 
       +24% AER, +29% CER 
 --   HIV sales GBP1.2 billion, -4% AER, flat at CER; two-drug regimen 
       sales GBP222 million, +87% AER, +94% CER 
 --   Oncology sales GBP99 million, +55% AER, +58% CER 
 --   Shingrix sales GBP374 million, -30% AER, -25% CER. US prescriptions 
       rates returned to 2019 levels by quarter-end 
 --   Total Group operating margin 21.5%. Adjusted Group operating margin 
       30.8%. SG&A decline reflecting ongoing and active focus on cost 
       management. R&D costs down in quarter; expect 2020 full year R&D 
       costs to rise mid-to-high single digits as we continue to invest 
       in late-stage pipeline 
 --   Total EPS 25.0p, -20% AER, -9% CER reflecting adverse changes on 
       contingent consideration liabilities offset by asset disposals 
       and improved operating performance 
 --   Adjusted EPS 35.6p, -8% AER, +1% CER reflecting operating profit 
       growth partly offset by higher effective tax rate and non-controlling 
       interest allocation of Consumer Healthcare profits 
 --   Q3 net cash flow from operations GBP0.9 billion. Free cash flow 
       GBP(0.2) billion 
 --   19p dividend declared for the quarter 
 
 Guidance 
 --   On track to deliver full year 2020 Adjusted EPS at the lower end 
       of the -1% to -4% range at CER 
 
 Pipeline highlights 
 --   Continued progress in biopharma pipeline with 3 approvals since 
       Q2 results: FDA and EC approval of Blenrep as first anti-BCMA therapy 
       for multiple myeloma; FDA approval of Trelegy for asthma; FDA approval 
       of Nucala as first biologic treatment for Hypereosinophilic Syndrome 
       (HES) 
 --   Positive European CHMP opinions in HIV for cabotegravir and rilpivirine 
       as long-acting regimen for HIV treatment and for Zejula as first-line 
       monotherapy maintenance treatment in ovarian cancer 
 --   Phase III trials to start in Q4 and Q1 2021 for RSV vaccines in 
       maternal and older adults following positive Phase I/II data 
 --   First participant vaccinated in Phase III clinical trial of 5-in-1 
       meningitis ABCWY vaccine candidate 
 
 COVID-19 Solutions update 
 --   Phase I/II study of Sanofi-GSK adjuvanted recombinant protein-based 
       vaccine candidate initiated. Phase III trial expected to start 
       December 2020 
 --   Supply agreements reached with US, EU, UK, Canada for Sanofi-GSK 
       vaccine. Statement of Intent signed with COVAX facility to support 
       successful and equitable access to COVID-19 vaccines worldwide 
 --   Phase III study underway for Vir-GSK antibody (VIR-7831) for high-risk 
       outpatients with COVID-19, with initial results potentially available 
       by the end of 2020 
 
 
 
 Q3 2020 results 
                                                      9 months 
                            Q3 2020      Growth           2020     Growth 
                                     --------------             ------------ 
                               GBPm     GBP%   CER%       GBPm   GBP%   CER% 
                           --------  -------  -----  ---------  -----  ----- 
 
 Turnover                     8,646      (8)    (3)     25,360      2      4 
 
 Total operating profit       1,858     (13)    (2)      6,722     33     37 
 Total earnings per 
  share                       25.0p     (20)    (9)     102.0p     51     55 
 
 Adjusted operating 
  profit                      2,665      (4)      4      7,089      -      3 
 Adjusted earnings per 
  share                       35.6p      (8)      1      92.6p    (7)    (4) 
 
 Net cash from operating 
  activities                    861     (66)             4,586      - 
 Free cash flow               (180)   >(100)             2,300    (7) 
 
 
 
 The Total results are presented under 'Financial performance' on 
  pages 12 and 27 and Adjusted results reconciliations are presented 
  on pages 23, 24, 38 and 39. Adjusted results are a non-IFRS measure 
  that may be considered in addition to, but not as a substitute for, 
  or superior to, information presented in accordance with IFRS. Adjusted 
  results are defined on page 10 and GBP% or AER% growth, CER% growth, 
  free cash flow and other non-IFRS measures are defined on page 62. 
  GSK provides guidance on an Adjusted results basis only, for the 
  reasons set out on page 11. All expectations, guidance and targets 
  regarding future performance and dividend payments should be read 
  together with 'Outlook, assumptions and cautionary statements' on 
  pages 63 and 64. 
 *    Reported AER and CER growth rates include one and seven months' 
       results of former Pfizer consumer healthcare business. Pro-forma 
       CER growth rates are calculated as if the equivalent one and seven 
       months of Pfizer consumer healthcare business results, as reported 
       by Pfizer, were included in the comparative period of Q3 2019 and 
       9 months 2019 respectively. See 'Pro-forma growth' on page 11. 
 
 
 Emma Walmsley, Chief Executive Officer, GSK said: 
  "GSK has responded well to a challenging operating environment this 
  year with disciplined cost control and strong commercial momentum 
  in key growth products including Nucala, Trelegy, Benlysta, 2 drug-HIV 
  regimens, Zejula, Shingrix and our priority Consumer Healthcare brands. 
  This, combined with improving vaccination rates this quarter, means 
  we are on track to deliver within our earnings guidance range for 
  2020. In addition, we continue to make good progress on our preparations 
  to separate the Group and create two new companies - in Biopharma 
  and Consumer Health - which we believe will deliver options for sustainable 
  growth and returns to shareholders. 
  "R&D delivery has continued with three product approvals since Q2 
  results and presentation of new clinical data to support the start 
  of Phase III development for our very promising RSV vaccines. We 
  are also urgently advancing possible COVID-19 Solutions with our 
  partners, including clinical trials for antibody therapy VIR-7831 
  and three different adjuvanted vaccines. We expect to see data on 
  all of these before the end of the year." 
 
 
 2020 guidance 
 At full-year 2019 results on 5 February 2020 we provided guidance 
  with respect to expected full-year 2020 Adjusted EPS, being a decline 
  in the range of -1% to -4% at CER. This guidance reflected our expectations 
  for growth in key new products, and the start of a two-year period 
  in which we would continue to increase investment in these products 
  and in our R&D pipeline, alongside implementation of our new programme 
  which will prepare the Group for separation. 
  Our 2020 guidance was set before the COVID-19 pandemic and did not 
  include any potential impact on our business from the pandemic. It 
  also excluded any impact in 2020 from further material divestments 
  beyond those previously announced. 
  The COVID-19 pandemic has impacted Group performance, particularly 
  in the Vaccines business, during the first nine months of 2020. During 
  the third quarter we have seen a recovery in vaccination rates, including 
  adult immunisation rates in the United States returning to prior 
  year levels in the last month of the quarter. 
  This improvement, coupled with strong commercial execution of key 
  growth products and disciplined cost control, mean we are on track 
  to deliver within our earnings guidance range, with 2020 Adjusted 
  EPS now expected to be at the lower end of the -1% to -4% range at 
  CER. Achieving this guidance is supported by the expectation of sustained 
  recovery of adult immunisation rates, particularly in Shingrix. 
  All expectations, guidance and targets regarding future performance 
  and dividend payments should be read together with 'Outlook, assumptions 
  and cautionary statements' on pages 63 and 64. If exchange rates 
  were to hold at the closing rates on 30 September 2020 ($1.28/GBP1, 
  EUR1.10/GBP1 and Yen 136/GBP1) for the rest of 2020, the estimated 
  impact on 2020 Sterling turnover growth would be negative at around 
  1% and if exchange gains or losses were recognised at the same level 
  as in 2019, the estimated negative impact on 2020 Sterling Adjusted 
  EPS growth would be around 2%. 
 
 
 Results presentation 
 A webcast of the quarterly results presentation hosted by Emma Walmsley, 
  GSK CEO, will be held at 2pm GMT on 28 October 2020. Presentation 
  materials will be published on www.gsk.com prior to the webcast and 
  a transcript of the webcast will be published subsequently. 
  Information available on GSK's website does not form part of, and 
  is not incorporated by reference into, this Results Announcement. 
 
 
 Operating performance - Q3 2020 
 
 
 Turnover                                                       Q3 2020 
                                   ------------------------------------ 
 
                                                              Pro-forma 
                                            Growth   Growth      growth 
                                     GBPm     GBP%     CER%        CER% 
                                   ------  -------  -------  ---------- 
 
 Pharmaceuticals                    4,192      (7)      (3)         (3) 
 Vaccines                           2,032     (12)      (9)         (9) 
 Consumer Healthcare                2,422      (4)        2         (6) 
                                   ------  -------  -------  ---------- 
 
                                    8,646      (8)      (3)         (5) 
 
 Corporate and other unallocated 
  turnover                              - 
                                   ------  -------  -------  ---------- 
 
 Group turnover                     8,646      (8)      (3)         (5) 
                                   ------  -------  -------  ---------- 
 
 
 
 Group turnover was GBP8,646 million in the quarter, down 8% AER, 
  3% CER and 5% CER on a pro-forma basis. On a pro-forma basis, excluding 
  the impact of divestments in Vaccines and brands divested or under 
  review in Consumer Healthcare, Group turnover was down 3% CER. 
 
  Pharmaceuticals turnover in the quarter was GBP4,192 million, down 
  7% AER, 3% CER. HIV sales were down 4% AER, flat at CER, to GBP1,216 
  million, with growth in Juluca and Dovato offset by declines in 
  Tivicay and Triumeq. Respiratory sales were up 21% AER, 26% CER, 
  to GBP978 million, on growth of Trelegy and Nucala. Sales of Established 
  Pharmaceuticals declined 23% AER, 18% CER, to GBP1,706 million. 
 
  Vaccines turnover declined 12% AER, 9% CER to GBP2,032 million, 
  largely driven by the adverse impact of the COVID-19 pandemic on 
  Shingrix, Established vaccines and Meningitis. This decline was 
  partly offset by strong demand and lower expected returns for Influenza 
  vaccine in the US. 
 
  Reported Consumer Healthcare sales declined 4% AER, but grew 2% 
  CER to GBP2,422 million in the quarter reflecting a full quarter 
  of sales of legacy Pfizer brands compared to two months in the third 
  quarter of 2019. On a pro-forma basis, sales declined 6% CER but 
  grew 3% CER, excluding brands divested/under review. Growth in Oral 
  health and Vitamins, minerals and supplements brands was offset 
  by weaker performance in Respiratory health and Pain relief. 
 
  Operating profit 
  Total operating profit was GBP1,858 million in Q3 2020 compared 
  with GBP2,147 million in Q3 2019. The total operating margin was 
  21.5%. Adjusted operating profit was GBP2,665 million, 4% lower 
  than Q3 2019 at AER but 4% higher at CER on a turnover decrease 
  of 3% CER. The Adjusted operating margin was 30.8%. On a pro-forma 
  basis, Adjusted operating profit was 2% higher at CER on a turnover 
  decrease of 5% CER, reflecting SG&A -10% CER and R&D costs -7% CER. 
  The Adjusted pro-forma operating margin was 30.8%. 
 
  The decrease in Total operating profit reflected higher re-measurement 
  charges on the contingent consideration liabilities and an adverse 
  comparison to an increase in value of shares in Hindustan Unilever 
  Limited in Q3 2019, partly offset by higher asset disposals. 
 
  The increase in pro-forma Adjusted operating profit benefited from 
  continued restructuring across the business including a one-off 
  benefit in the quarter from restructuring of post-retirement benefits, 
  a favourable comparison to increased costs for a number of legal 
  settlements in Q3 2019, a benefit in the quarter from recognition 
  of pre-launch inventory on approval of Blenrep, and tight control 
  of ongoing costs including reduced promotional and variable spending 
  across all three businesses as a result of the COVID-19 lockdowns. 
 
  Earnings per share 
  Total EPS was 25.0p, compared with 31.4p in Q3 2019. The reduction 
  in EPS primarily reflected higher re-measurement charges on the 
  contingent consideration liabilities and an adverse comparison to 
  an increase in value of shares in Hindustan Unilever Limited in 
  Q3 2019, partly offset by higher asset disposals and improved operating 
  performance. 
 
  Adjusted EPS was 35.6p compared with 38.6p in Q3 2019, down 8% AER, 
  but up 1% CER, on a 4% CER increase in Adjusted operating profit. 
  This reflected a higher effective tax rate and a higher non-controlling 
  interest allocation of Consumer Healthcare profits. 
 
  Cash flow 
  The net cash inflow from operating activities for the quarter was 
  GBP861 million (Q3 2019: GBP2,515 million) and free cash outflow 
  was GBP180 million (Q3 2019: GBP1,939 million inflow). The reduction 
  primarily reflected increased trade receivables following lower 
  collections from lower sales in Q2 2020, increased inventory primarily 
  in Vaccines, adverse timing of payments for returns and rebates 
  and taxes, adverse exchange rate impacts, higher dividends to non-controlling 
  interests and increased purchases of intangible assets, partly offset 
  by increased operating profits. 
 
 
 Operating performance - nine months 2020 
 
 
 Turnover                                                             9 months 2020 
                                   ------------------------------------------------ 
 
                                                                          Pro-forma 
                                              Growth    Growth               growth 
                                      GBPm      GBP%      CER%                 CER% 
                                   -------   -------   -------   ------------------ 
 
 Pharmaceuticals                    12,690       (2)       (1)                  (1) 
 Vaccines                            4,970       (8)       (7)                  (7) 
 Consumer Healthcare                 7,673        19        23                    - 
                                   -------   -------   -------   ------------------ 
 
                                    25,333         2         4                  (2) 
 
 Corporate and other unallocated 
  turnover                              27 
                                   -------   -------   -------   ------------------ 
 
 Group turnover                     25,360         2         4                  (2) 
                                   -------   -------   -------   ------------------ 
 
 
 
 
 
 Group turnover was GBP25,360 million in the nine months, up 2% AER, 
  4% CER but down 2% CER on a pro-forma basis. On a pro-forma basis, 
  Group turnover was down 2% CER, but flat at CER excluding the impact 
  of divestments in Vaccines and brands divested or under review in 
  Consumer Healthcare. 
 
  Pharmaceuticals turnover in the nine months was GBP12,690 million, 
  down 2% AER, 1% CER. HIV sales were flat at AER and up 1% CER, to 
  GBP3,608 million, with growth in Juluca and Dovato partly offset 
  by declines in Tivicay and Triumeq. Respiratory sales were up 25% 
  AER, 26% CER, to GBP2,732 million, on growth of Trelegy, Nucala 
  and Relvar/Breo. Sales of Established Pharmaceuticals declined 16% 
  AER, 14% CER to GBP5,572 million. 
 
  Vaccines turnover declined 8% AER, 7% CER to GBP4,970 million, primarily 
  driven by the adverse impact of the COVID-19 pandemic on Hepatitis, 
  DTPa-containing, Shingrix and Meningitis vaccines, together with 
  the Rabipur and Encepur divestment. This decline was partly offset 
  by higher sales of Influenza vaccines in the US. 
 
  Reported Consumer Healthcare sales grew 19% AER, 23% CER to GBP7,673 
  million in the nine months, largely driven by the inclusion of the 
  Pfizer portfolio, partly offset by brands divested/under review. 
  On a pro-forma basis, sales were flat at CER, but grew 6% CER excluding 
  brands divested/under review. This reflected the continued momentum 
  of our Vitamins, minerals and supplements brands as well as continued 
  strong performance in Oral health. 
 
  Operating profit 
  Total operating profit was GBP6,722 million in the nine months compared 
  with GBP5,059 million in 2019. The Adjusted operating profit was 
  GBP7,089 million, flat compared with 2019 at AER and 3% higher at 
  CER on a turnover increase of 4% CER. The Adjusted operating margin 
  of 28.0% was 0.7 percentage points lower at AER, and 0.4 percentage 
  points lower on a CER basis than in 2019. The pro-forma Adjusted 
  operating margin was 28.0%. 
 
  The increase in total operating profit reflected the profit on disposal 
  of the Horlicks and other Consumer Healthcare brands and resultant 
  sale of shares in Hindustan Unilever as well as increased income 
  from asset disposals. This was partly offset by higher re-measurement 
  charges on the contingent consideration liabilities. 
 
  The reduction in pro-forma Adjusted operating profit primarily reflected 
  the adverse impact from the reduction in sales in Vaccines as a 
  result of the COVID-19 pandemic, continuing price pressure, particularly 
  in Respiratory, investment in R&D , and investments in promotional 
  product support, particularly for new launches in Vaccines, HIV 
  and Respiratory. This was partly offset by reduced promotional and 
  variable spending across all three businesses as a result of the 
  COVID-19 lockdowns, the continuing benefit of restructuring in Pharmaceuticals 
  and Consumer Healthcare and the tight control of ongoing costs, 
  particularly in non-promotional spending across all three businesses. 
 
  Earnings per share 
  Total EPS was 102.0p, compared with 67.7p in 2019. The increase 
  in EPS primarily reflected the net profit on disposal of Horlicks 
  and other Consumer Healthcare brands as well as increased income 
  from asset disposals, partly offset by higher re-measurement charges 
  on the contingent consideration liabilities and a one-off benefit 
  in 2019 from increased share of after tax profits of the associate 
  Innoviva. 
 
  Adjusted EPS was 92.6p compared with 99.2p in 2019, down 7% AER, 
  4% CER, on a 3% CER increase in Adjusted operating profit. The reduction 
  primarily resulted from a higher non-controlling interest allocation 
  of Consumer Healthcare profits, reduced share of after tax profits 
  of associates resulting from a non-recurring income tax benefit 
  in Innoviva and partly offset by a reduced effective tax rate. 
 
  Cash flow 
  The net cash inflow from operating activities for the nine months 
  was GBP4,586 million (2019: GBP4,567 million) and free cash flow 
  was GBP2,300 million (2019: GBP2,474 million). The reduction primarily 
  reflected higher dividends to non-controlling interests and adverse 
  exchange impacts, partly offset by a lower seasonal increase in 
  trade receivables, beneficial timing of payments for returns and 
  rebates, higher proceeds from disposals of intangible assets and 
  improved operating profits. 
 
 
 R&D pipeline 
 
 
 Pipeline news flow highlights since Q2 2020 
 
 
 40 medicines in development, 18 Vaccines 
 
 
 COVID-19 
 
 
 Vaccine collaborations 
 --   Sanofi and GSK signed a statement of intent to support the COVAX 
       Facility with 200 million doses of adjuvanted, recombinant protein-based 
       COVID-19 vaccine. COVAX is a global collaboration co-led by Gavi, 
       the WHO, and CEPI, and aims to secure successful and equitable 
       access to COVID-19 vaccines worldwide. 
 --   Sanofi and GSK initiated a Phase I/II clinical trial of COVID-19 
       adjuvanted recombinant protein-based vaccine candidate. If data 
       are positive, Sanofi and GSK aim to move into a Phase III trial 
       by the end of 2020. 
 --   Agreement signed with the Government of Canada to supply up to 
       72 million doses of GSK's pandemic adjuvant for use in a COVID-19 
       vaccine, beginning in 2021. 
 --   Sanofi and GSK confirmed agreement with the European Union to supply 
       up to 300 million doses of adjuvanted COVID-19 vaccine, once the 
       vaccine is approved. 
 --   Sanofi and GSK selected for Operation Warp Speed to supply United 
       States Government with 100 million doses of COVID-19 vaccine. 
 
 
 VIR-7831/GSK4182136 
 --   The COMET-ICE study of VIR-7831 (GSK'136) expanded to a global 
       Phase III study following positive evaluation of safety and tolerability 
       data from the Phase II lead-in by an Independent Data Monitoring 
       Committee. Initial Phase III results may be available as early 
       as the end of 2020, results for the primary endpoint are expected 
       Q1 2021. 
 --   The first patient was dosed in the Phase II/III COMET-ICE study 
       of VIR-7831 (GSK'136), a fully humanised anti-SARS-CoV-2 monoclonal 
       antibody, for the early treatment of COVID-19 in patients who are 
       at high risk of hospitalisation. 
 
 
 Oncology 
 
 
 Zejula (niraparib, PARP inhibitor) 
 --   The EMA's Committee for Medicinal Products for Human Use issued 
       a positive opinion recommending approval of Zejula as first-line 
       monotherapy maintenance treatment for women with platinum-responsive 
       advanced ovarian cancer regardless of biomarker status. 
 
 
 Blenrep (GSK2857916, BCMA immunoconjugate) 
 --   The first patient was dosed in the pivotal second line multiple 
       myeloma study, DREAMM-8, of Blenrep in combination with pomalidomide 
       and dexamethasone. 
 --   The European Commission approved Blenrep for the treatment of patients 
       with relapsed and refractory multiple myeloma. 
 --   The US FDA approved Blenrep for the treatment of patients with 
       relapsed and refractory multiple myeloma. 
 
 
 Dostarlimab (TSR-042, PD-1) 
 --   New data from the GARNET study of dostarlimab in patients with 
       advanced or recurrent DNA mismatch repair deficient (dMMR) or proficient 
       (MMRp) endometrial cancer were presented at ESMO 2020 as a late-breaking 
       presentation. 
 
 
 Bintrafusp alfa (TGF beta trap/ anti-PDL1) 
 --   Merck KGaA announced on 20 October 2020 that an interim analysis 
       including review by an independent data monitoring committee (IDMC) 
       had previously taken place for the INTR@PID Lung 037 study of bintrafusp 
       alfa vs pembrolizumab. The results of this analysis will not be 
       made public nor will data be published. The study will continue 
       as planned and recruitment has closed at approximately 300 study 
       participants. Having passed futility, the study continues with 
       event-driven PFS and OS analyses. 
 
 
 Bintrafusp alfa (TGF beta trap/ anti-PDL1)/cont. 
 --   Three-year follow-up data for first-in-class bifunctional immunotherapy 
       bintrafusp alfa targeting TGF-<BETA>/PD-L1, in second-line NSCLC, 
       were shared at ESMO 2020. 
 --   Twenty-eight month follow-up data for bintrafusp alfa in patients 
       with pre-treated biliary tract cancer were shared at ESMO 2020. 
 
 
 GSK3359609 (ICOS receptor agonist) 
 --   The first patient was dosed in the INDUCE-4 Phase II/III gated 
       study of GSK'609 in combination with pembrolizumab and chemotherapy 
       in patients with recurrent or metastatic head and neck squamous 
       cell carcinoma. 
 
 
 Letetresgene-autoleucel (GSK3377794, NY-ESO-1 TCR) 
 --   First subject first apheresis for the pivotal study of letetresgene-autoleucel 
       in patients with synovial sarcoma was achieved. 
 
 
 GSK3901961 (NY-ESO-1 CD8 TCR) 
 --   Generation 2 NY-ESO-1 CD8 TCR was transitioned from pre-clinical 
       to clinical development. 
 
 
 GSK3845097 (NY-ESO-1 TGFbR2 TCR) 
 --   Generation 2 NY-ESO-1 TGFb TCR was transitioned from pre-clinical 
       to clinical development. 
 
 
 HIV/Infectious diseases 
 
 
 Dovato (dolutegravir + lamivudine) 
 --   Long-term safety and efficacy data, GEMINI 144-week and TANGO 96-week, 
       for 2-drug regimen Dovato were presented at HIV Glasgow 2020 congress, 
       reinforcing the potential to shift the treatment paradigm to 2-drug 
       regimens for people living with HIV. 
 
 
 Cabotegravir + rilpivirine 
 --   Positive findings from two studies of investigational, long-acting 
       cabotegravir and rilpivirine, including five-year data showing 
       long-term durability, efficacy, safety and tolerability were presented 
       at IDWeek 2020. 
 --   The EMAs Committee for Medicinal Products for Human Use issued 
       a positive opinion recommending approval of Vocabria (cabotegravir 
       injection) used in combination with Johnson & Johnson's Rekambys 
       (rilpivirine injection) for the treatment of HIV. 
 --   Implementation science study initiated to identify and evaluate 
       approaches to integrating investigational, every-two-month, injectable 
       HIV treatment in European healthcare practices. 
 
 
 Cabotegravir (long acting integrase inhibitor) 
 --   The first patient was dosed in a Phase I study of cabotegravir 
       400, an every-three-month, injectable regimen, for the treatment 
       of HIV. 
 
 
 GSK3739937 (maturation inhibitor) 
 --   The first patient was dosed in a Phase I study of GSK'937 for the 
       treatment of HIV. 
 
 
 GSK3228836 (HBV ASO) 
 --   Phase IIa data were presented at The Digital International Liver 
       Congress which suggests the potential of investigational drug GSK'836 
       to suppress hepatitis B virus after four weeks of treatment. 
 --   The first patient was dosed in the B-Clear monotherapy Phase IIb 
       study of GSK'836 for the treatment of hepatitis B. 
 
 
 GSK3882347 (FimH antagonist) 
 --   The first patient was dosed in a Phase I study of GSK'347 for the 
       treatment of uncomplicated urinary tract infection. 
 
 
 GSK3494245 (proteasome inhibitor) 
 --   The first patient was dosed in a Phase I study of GSK'245 for the 
       treatment of visceral leishmaniasis. 
 
 
 Immuno-inflammation 
 
 
 Benlysta (belimumab) 
 --   The US FDA confirmed the lupus nephritis submission for Benlysta 
       was accepted and granted Priority Review. Regulatory decision expected 
       before the end of 2020. 
 --   Results from BLISS-LN, the largest controlled Phase III study in 
       patients with active lupus nephritis ever conducted, were published 
       in the New England Journal of Medicine. The study met all primary 
       and key secondary endpoints. 
 
 
 GSK2982772 (RIP1-kinase) 
 --   The first patient was dosed in a Phase Ib study of GSK'772 for 
       psoriasis. 
 
 
 Respiratory 
 
 
 Trelegy Ellipta ( fluticasone furoate / umeclidinium / vilanterol) 
 --   The US FDA approved Trelegy Ellipta for asthma, becoming the first 
       once-daily single inhaler triple therapy for the treatment of both 
       asthma and COPD in the US. 
 --   Results from the CAPTAIN study, showing the benefit of Trelegy 
       Ellipta for patients with asthma, were published in The Lancet 
       Respiratory Medicine journal. 
 --   A complete response letter was received from the US FDA for the 
       inclusion of data on all-cause mortality in the labelling for Trelegy 
       Ellipta in COPD. 
 
 
 Nucala ( mepolizumab) 
 --   The US FDA approved Nucala as the first and only biologic treatment 
       for Hypereosinophilic Syndrome (HES). 
 --   A regulatory submission was made to the US FDA for Nucala for the 
       treatment of Chronic Rhinosinusitis with Nasal Polyps . Regulatory 
       decision expected in 2021. 
 --   A regulatory submission was made to the EMA for Nucala for Chronic 
       Rhinosinusitis with Nasal Polyps, Eosinophilic Granulomatosis with 
       Polyangiitis and Hypereosinophilic Syndrome. Regulatory decisions 
       expected in 2021. 
 
 
 GSK3772847 (IL33r antagonist) 
 --   GSK'874 for moderately severe asthma was terminated due to portfolio 
       prioritisation. 
 
 
 GSK3923868 (PI4K- b inhibitor ) 
 --   First patient first visit was achieved in a Phase I first time 
       in human study of GSK'868 for the prevention and treatment of viral-induced 
       COPD exacerbations. 
 
 
 Vaccines 
 
 
 Shingrix 
 --   Approval in EU of Shingrix broadened indication for prevention 
       of herpes zoster in adults aged 18 years and older at increased 
       risk of HZ. Regulatory submission was made to the US FDA. 
 
 
 MenABCWY candidate vaccine 
 --   The first patient was dosed in the pivotal Phase III study of 5-in-1 
       meningitis ABCWY vaccine candidate compared to licensed meningococcal 
       vaccines, Bexsero and Menveo. 
 
 
 RSV older adults candidate vaccine 
 --   Positive data from the Phase I/II older adults RSV candidate vaccine 
       were presented at ID week 2020. Phase III programme expected to 
       start in early 2021. 
 
 
 RSV maternal candidate vaccine 
 --   Positive data from the Phase I/II maternal RSV candidate vaccine 
       in non-pregnant women were shared at ID week 2020. Phase III trial 
       expected to start by end 2020. 
 
 
 Contents                                                               Page 
 
 Total and Adjusted results                                               10 
 Financial performance - Q3 2020                                          12 
 Financial performance - nine months ended 30 September 2020              27 
 Cash generation                                                          43 
 Returns to shareholders                                                  44 
 
 Income statements                                                        46 
 Statement of comprehensive income - three months ended 30 September 
  2020                                                                    47 
 Statement of comprehensive income - nine months ended 30 September 
  2020                                                                    48 
 Pharmaceuticals turnover - three months ended 30 September 
  2020                                                                    49 
 Pharmaceuticals turnover - nine months ended 30 September 2020           50 
 Vaccines turnover - three months ended 30 September 2020                 51 
 Vaccines turnover - nine months ended 30 September 2020                  52 
 Balance sheet                                                            53 
 Statement of changes in equity                                           54 
 Cash flow statement - nine months ended 30 September 2020                55 
 Segment information                                                      56 
 Legal matters                                                            58 
 Additional information                                                   59 
 Reconciliation of cash flow to movements in net debt                     61 
 Net debt analysis                                                        61 
 Free cash flow reconciliation                                            61 
 Reporting definitions                                                    62 
 Outlook, assumptions and cautionary statements                           63 
 Independent review report                                                65 
 
 
 Contacts 
 
 
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 Total and Adjusted results 
 
 
 Total reported results represent the Group's overall performance. 
 
  GSK also uses a number of adjusted, non-IFRS, measures to report 
  the performance of its business. Adjusted results and other non-IFRS 
  measures may be considered in addition to, but not as a substitute 
  for or superior to, information presented in accordance with IFRS. 
  Adjusted results are defined below and pro-forma growth and other 
  non-IFRS measures are defined on page 62. 
 
  GSK believes that Adjusted results, when considered together with 
  Total results, provide investors, analysts and other stakeholders 
  with helpful complementary information to understand better the 
  financial performance and position of the Group from period to period, 
  and allow the Group's performance to be more easily compared against 
  the majority of its peer companies. These measures are also used 
  by management for planning and reporting purposes. They may not 
  be directly comparable with similarly described measures used by 
  other companies. 
 
  GSK encourages investors and analysts not to rely on any single 
  financial measure but to review GSK's quarterly results announcements, 
  including the financial statements and notes, in their entirety. 
 
  GSK is committed to continuously improving its financial reporting, 
  in line with evolving regulatory requirements and best practice. 
  In line with this practice, GSK expects to continue to review and 
  refine its reporting framework. 
 
  Adjusted results exclude the following items from Total results, 
  together with the tax effects of all of these items: 
 
 
 --   amortisation of intangible assets (excluding computer software) 
 --   impairment of intangible assets (excluding computer software) and 
       goodwill 
 --   Major restructuring costs, which include impairments of tangible 
       assets and computer software, (under specific Board approved programmes 
       that are structural, of a significant scale and where the costs 
       of individual or related projects exceed GBP25 million), including 
       integration costs following material acquisitions 
 --   transaction-related accounting or other adjustments related to 
       significant acquisitions 
 --   proceeds and costs of disposal of associates, products and businesses; 
       significant legal charges (net of insurance recoveries) and expenses 
       on the settlement of litigation and government investigations; 
       other operating income other than royalty income, and other items 
 --   separation costs 
 
 
 Costs for all other ordinary course smaller scale restructuring 
  and legal charges and expenses are retained within both Total and 
  Adjusted results. 
 
  As Adjusted results include the benefits of Major restructuring 
  programmes but exclude significant costs (such as significant legal, 
  major restructuring and transaction items) they should not be regarded 
  as a complete picture of the Group's financial performance, which 
  is presented in Total results. The exclusion of other Adjusting 
  items may result in Adjusted earnings being materially higher or 
  lower than Total earnings. In particular, when significant impairments, 
  restructuring charges and legal costs are excluded, Adjusted earnings 
  will be higher than Total earnings. 
 
  GSK has undertaken a number of Major restructuring programmes in 
  response to significant changes in the Group's trading environment 
  or overall strategy, or following material acquisitions. Costs, 
  both cash and non-cash, of these programmes are provided for as 
  individual elements are approved and meet the accounting recognition 
  criteria. As a result, charges may be incurred over a number of 
  years following the initiation of a Major restructuring programme. 
 
  Significant legal charges and expenses are those arising from the 
  settlement of litigation or government investigations that are not 
  in the normal course and materially larger than more regularly occurring 
  individual matters. They also include certain major legacy matters. 
 
  Reconciliations between Total and Adjusted results, providing further 
  information on the key Adjusting items, are set out on pages 23, 
  24, 38 and 39. 
 
  GSK provides earnings guidance to the investor community on the 
  basis of Adjusted results. This is in line with peer companies and 
  expectations of the investor community, supporting easier comparison 
  of the Group's performance with its peers. GSK is not able to give 
  guidance for Total results as it cannot reliably forecast certain 
  material elements of the Total results, particularly the future 
  fair value movements on contingent consideration and put options 
  that can and have given rise to significant adjustments driven by 
  external factors such as currency and other movements in capital 
  markets. 
 
 
 Pro-forma growth 
  The acquisition of the Pfizer consumer healthcare business completed 
  on 31 July 2019 and so GSK's reported results for Q3 2020 include 
  three months of results of the former Pfizer consumer healthcare 
  business from 1 July 2020. 
 
  The Group has presented pro-forma growth rates at CER for turnover, 
  Adjusted operating profit and operating profit by business taking 
  account of this transaction. Pro-forma growth rates for the quarter 
  are calculated comparing reported results for Q3 2020, calculated 
  applying the exchange rates used in the comparative period, with 
  the results for Q3 2019 adjusted to include the equivalent one month 
  of results of the former Pfizer consumer healthcare business during 
  July 2019, as consolidated (in US$) and included in Pfizer's US GAAP 
  results. Similarly, pro-forma growth rates at CER for the nine months 
  to 30 September 2020 are calculated comparing reported results for 
  the nine months to 30 September 2020, calculated applying the exchange 
  rates used in the comparative period, with the results for the nine 
  months to 30 September 2019, adjusted to include the equivalent seven 
  months of results to 31 July 2019 of the former Pfizer consumer healthcare 
  business, as consolidated (in US$) and included in Pfizer's US GAAP 
  results. 
 
  ViiV Healthcare 
  ViiV Healthcare is a subsidiary of the Group and 100% of its operating 
  results (turnover, operating profit, profit after tax) are included 
  within the Group income statement. 
 
  Earnings are allocated to the three shareholders of ViiV Healthcare 
  on the basis of their respective equity shareholdings (GSK 78.3%, 
  Pfizer 11.7% and Shionogi 10%) and their entitlement to preferential 
  dividends, which are determined by the performance of certain products 
  that each shareholder contributed. As the relative performance of 
  these products changes over time, the proportion of the overall earnings 
  allocated to each shareholder also changes. In particular, the increasing 
  proportion of sales of dolutegravir-containing products has a favourable 
  impact on the proportion of the preferential dividends that is allocated 
  to GSK. Adjusting items are allocated to shareholders based on their 
  equity interests. GSK was entitled to approximately 85% of the Total 
  earnings and 82% of the Adjusted earnings of ViiV Healthcare for 
  2019. 
 
  As consideration for the acquisition of Shionogi's interest in the 
  former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi received 
  the 10% equity stake in ViiV Healthcare and ViiV Healthcare also 
  agreed to pay additional future cash consideration to Shionogi, contingent 
  on the future sales performance of the products being developed by 
  that joint venture, principally dolutegravir. Under IFRS 3 'Business 
  combinations', GSK was required to provide for the estimated fair 
  value of this contingent consideration at the time of acquisition 
  and is required to update the liability to the latest estimate of 
  fair value at each subsequent period end. The liability for the contingent 
  consideration recognised in the balance sheet at the date of acquisition 
  was GBP659 million. Subsequent re-measurements are reflected within 
  other operating income/expense and within Adjusting items in the 
  income statement in each period. At 30 September 2020, the liability, 
  which is discounted at 8.5%, stood at GBP5,572 million, on a post-tax 
  basis. 
 
  Cash payments to settle the contingent consideration are made to 
  Shionogi by ViiV Healthcare each quarter, based on the actual sales 
  performance of the relevant products in the previous quarter. These 
  payments reduce the balance sheet liability and hence are not recorded 
  in the income statement. The cash payments made to Shionogi by ViiV 
  Healthcare in the nine months to September 2020 were GBP648 million. 
 
  Because the liability is required to be recorded at the fair value 
  of estimated future payments, there is a significant timing difference 
  between the charges that are recorded in the Total income statement 
  to reflect movements in the fair value of the liability and the actual 
  cash payments made to settle the liability. 
 
  Further explanation of the acquisition-related arrangements with 
  ViiV Healthcare are set out on pages 50 and 51 of the Annual Report 
  2019. 
 
 
 Financial performance - Q3 2020 
 
 
 Total results 
 
 
 The Total results for the Group are set out below. 
 
 
                                           Q3 2020   Q3 2019   Growth   Growth 
                                              GBPm      GBPm     GBP%     CER% 
                                          --------  --------  -------  ------- 
 
 Turnover                                    8,646     9,385      (8)      (3) 
 
 Cost of sales                             (2,885)   (3,245)     (11)      (8) 
                                          --------  --------  -------  ------- 
 
 Gross profit                                5,761     6,140      (6)        - 
 
 Selling, general and administration       (2,669)   (2,892)      (8)      (4) 
 Research and development                  (1,140)   (1,206)      (5)      (2) 
 Royalty income                                 85       118     (28)     (26) 
 Other operating expense                     (179)      (13) 
                                          --------  --------  -------  ------- 
 
 Operating profit                            1,858     2,147     (13)      (2) 
 
 Finance income                                (3)        32 
 Finance expense                             (195)     (245) 
 Share of after tax profits 
  of 
  associates and joint ventures                 11        17 
                                          --------  --------  -------  ------- 
 
 Profit before taxation                      1,671     1,951     (14)      (2) 
 
 Taxation                                    (241)     (235) 
 Tax rate %                                  14.4%     12.0% 
                                          --------  --------  -------  ------- 
 
 Profit after taxation                       1,430     1,716     (17)      (5) 
                                          --------  --------  -------  ------- 
 
 Profit attributable to non-controlling 
  interests                                    186       164 
 Profit attributable to shareholders         1,244     1,552 
                                          --------  --------  -------  ------- 
 
                                             1,430     1,716     (17)      (5) 
                                          --------  --------  -------  ------- 
 
 Earnings per share                          25.0p     31.4p     (20)      (9) 
                                          --------  --------  -------  ------- 
 
 
 
 Adjusted results 
  The Adjusted results for the Group are set out below. Reconciliations 
  between Total results and Adjusted results for Q3 2020 and Q3 2019 
  are set out on pages 23 and 24. 
 
 
                                                                             Q3 2020 
                                ---------------------------------------------------- 
 
                                                                Reported   Pro-forma 
                                                % of   Growth     growth      growth 
                                    GBPm    turnover     GBP%       CER%        CER% 
                                --------  ----------  -------  ---------  ---------- 
 
 Turnover                          8,646         100      (8)        (3)         (5) 
 
 Cost of sales                   (2,540)      (29.4)      (9)        (6)         (8) 
 Selling, general and 
  administration                 (2,477)      (28.6)     (11)        (7)        (10) 
 Research and development        (1,049)      (12.1)     (10)        (6)         (7) 
 Royalty income                       85         0.9     (28)       (26)        (26) 
                                --------  ----------  -------  ---------  ---------- 
 
 Adjusted operating 
  profit                           2,665        30.8      (4)          4           2 
                                --------  ----------  -------  ---------  ---------- 
 
 Adjusted profit before 
  tax                              2,479                  (5)          4 
 Adjusted profit after 
  tax                              2,062                  (6)          3 
 Adjusted profit attributable 
  to 
  shareholders                     1,775                  (7)          1 
                                --------              -------  --------- 
 
 Adjusted earnings 
  per share                        35.6p                  (8)          1 
                                --------              -------  --------- 
 
 
 
 Operating profit by 
  business                                                          Q3 2020 
                         -------------------------------------------------- 
 
                                                       Reported   Pro-forma 
                                       % of   Growth     growth      growth 
                           GBPm    turnover     GBP%       CER%        CER% 
                         ------  ----------  -------  ---------  ---------- 
 
 Pharmaceuticals          1,945        46.4      (2)          4           4 
 Pharmaceuticals R&D*     (770)                 (14)       (10)        (10) 
                         ------  ----------  -------  ---------  ---------- 
 
 Total Pharmaceuticals    1,175        28.0        8         16          16 
 Vaccines                   899        44.2     (23)       (18)        (18) 
 Consumer Healthcare        541        22.3     (12)        (2)         (9) 
                         ------  ----------  -------  ---------  ---------- 
 
                          2,615        30.2      (9)        (1)         (3) 
 Corporate & other 
  unallocated 
  costs                      50 
                                                                 ---------- 
 
 Adjusted operating 
  profit                  2,665        30.8      (4)          4           2 
                         ------  ----------  -------  ---------  ---------- 
 
 
 
 *   Operating profit of Pharmaceuticals R&D segment, which is the responsibility 
      of the Chief Scientific Officer and President, R&D. It excludes 
      ViiV Healthcare R&D expenditure, which is reported within the Pharmaceuticals 
      segment. 
 
 
 Turnover 
 
 
 Pharmaceuticals turnover 
 
 
                                                Q3 2020 
                               ------------------------ 
 
                                        Growth   Growth 
                                 GBPm     GBP%     CER% 
                               ------  -------  ------- 
 
 Respiratory                      978       21       26 
 HIV                            1,216      (4)        - 
 Immuno-inflammation              193       13       18 
 Oncology                          99       55       58 
                               ------  -------  ------- 
                                2,486        8       12 
 Established Pharmaceuticals    1,706     (23)     (18) 
                               ------ 
 
                                4,192      (7)      (3) 
                               ------ 
 
 US                             1,918      (3)        2 
 Europe                           974      (6)      (6) 
 International                  1,300     (14)      (7) 
                               ------  -------  ------- 
 
                                4,192      (7)      (3) 
                               ------  -------  ------- 
 
 
 
 Pharmaceuticals turnover in the quarter was GBP4,192 million, down 
  7% AER, 3% CER, but grew 8% AER, 12% CER excluding the impact of 
  the decline in Established Pharmaceuticals turnover. HIV sales were 
  down 4% AER, flat at CER, to GBP1,216 million, with growth in Juluca 
  and Dovato offset by Tivicay and Triumeq. Respiratory sales were 
  up 21% AER, 26% CER, to GBP978 million, on growth of Trelegy and 
  Nucala. Sales of Established Pharmaceuticals declined 23% AER, 18% 
  CER, to GBP1,706 million. 
  In the quarter, as expected, results reflect the COVID-19 pandemic 
  environment, with lower levels of new patient prescriptions in US 
  and Europe, reduced market size for allergy and antibiotic products 
  in International and pressure on net prices in US. 
  In the US, sales declined 3% AER and grew 2% CER. Continued growth 
  of Nucala, Trelegy, Benlysta and the HIV two-drug regimens was partially 
  offset by the decline in Triumeq and Established Pharmaceuticals, 
  including the impact of generic albuterol substitutes. 
  In Europe, sales declined 6% AER, 6% CER, with growth in Trelegy, 
  Anoro, Nucala and HIV two-drug regimens, more than offset by the 
  impacts of generic competition and a one-off UK Relenza contract 
  last year in the Established Pharmaceuticals portfolio. 
  International declined 14% AER, 7% CER. In addition to growth from 
  the Respiratory and HIV portfolios, Immuno-inflammation sales were 
  boosted by the launch of Duvroq for patients with anaemia due to 
  chronic kidney disease in Japan. Established Pharmaceutical sales 
  declined, including the impact of a weaker allergy season and generic 
  Avolve in Japan and government mandated changes increasing use of 
  generics in China. 
  Respiratory 
  Total Respiratory sales were up 21% AER, 26% CER, with growth from 
  Trelegy, Relvar/Breo and Nucala in all regions. International Respiratory 
  sales grew 26% AER, 33% CER including Nucala, up 39% AER, 45% CER, 
  and Relvar/Breo up 8% AER, 15% CER to GBP81 million. In Europe, Respiratory 
  grew 13% AER, 13% CER including Nucala growing 11% AER, 11% CER. 
  In the US, Trelegy and Nucala growth continued while Relvar/Breo 
  sales grew 64% AER, 70% CER, including the effect of a prior period 
  RAR adjustment and a stronger US ICS/LABA market in the COVID-19 
  pandemic environment. 
  Sales of Nucala were GBP251 million in the quarter and grew 24% AER, 
  29% CER, with US sales up 25% AER, 32% CER to GBP149 million, Europe 
  sales of GBP59 million grew 11% AER, 11% CER and International sales 
  of GBP43 million grew 39% AER, 45% CER. 
  Trelegy sales were up 40% AER, 45% CER to GBP194 million driven by 
  growth in all regions. In the US, the new asthma indication was approved 
  and launched in the quarter, with sales up 20% AER, 29% CER. In Europe, 
  sales grew 50% AER, 54% CER and in International sales grew to GBP26 
  million in the quarter. 
  Relvar/Breo sales were up 30% AER, 34% CER to GBP323 million in the 
  quarter. In the US, Relvar/Breo grew 64% AER, 70% CER, benefiting 
  from the effect of a prior period RAR adjustment and a stronger US 
  ICS/LABA market impacted by the COVID-19 pandemic. In Europe and 
  International, Relvar/Breo continued to grow, up 3% AER, 1% CER and 
  8% AER, 15% CER respectively. 
  HIV 
  HIV sales were GBP1,216 million, down 4% AER, flat at CER in the 
  quarter. The dolutegravir franchise declined 3% AER but grew 1% CER, 
  delivering sales of GBP1,176 million. The remaining portfolio, with 
  sales of GBP40 million and 3% of total HIV sales, declined 29% AER, 
  25% CER and reduced the overall growth of total HIV by one percentage 
  point at AER and at CER. 
  Sales of dolutegravir products were GBP1,176 million in the quarter. 
  Tivicay delivered sales of GBP377 million and declined 15% AER, 10% 
  CER. Triumeq delivered sales of GBP577 million and declined 11% AER, 
  8% CER. The two-drug regimens, Juluca and Dovato delivered sales 
  of GBP222 million in the quarter, with combined growth more than 
  offsetting the decline of the three-drug regimen Triumeq. 
  In the US, dolutegravir sales declined 5% AER, but were flat at CER 
  and in Europe dolutegravir sales grew 3% AER, 4% CER. Following recent 
  launches of Dovato, combined sales of the two-drug regimens were 
  GBP151 million in the US and GBP62 million in Europe, with growth 
  more than offsetting the decline in Triumeq. International dolutegravir 
  sales declined 2% AER, but grew 5% CER. 
  Oncology 
  Sales of Zejula, the PARP inhibitor asset acquired from Tesaro in 
  Q1 2019 were GBP92 million in the quarter, up 44% AER, 47% CER. Sales 
  comprised GBP57 million in the US and GBP33 million in Europe. 
  Blenrep for the treatment of patients with relapsed or refractory 
  multiple myeloma was approved and launched in the US and Europe in 
  the quarter and reported sales of GBP8 million. 
  Immuno-inflammation 
  Sales of Benlysta in the quarter were up 8% AER, 13% CER to GBP186 
  million, including sales of the sub-cutaneous formulation of GBP93 
  million up 19% AER, 24% CER. 
  Duvroq for patients with anaemia due to chronic kidney disease, was 
  launched in Japan in the quarter and reported sales in the International 
  region of GBP7 million. 
  Established Pharmaceuticals 
  Sales of Established Pharmaceuticals in the quarter were GBP1,706 
  million, down 23% AER, 18% CER. 
  Established Respiratory products declined 23% AER, 18% CER to GBP725 
  million. This includes the impact of generic albuterol substitutes 
  on Ventolin and price pressure on Flovent in the US. Advair/Seretide 
  sales declined 12% AER, 8% CER with all regions impacted by generic 
  competition. 
  The remainder of the Established Pharmaceuticals portfolio declined 
  by 24% AER, 19% CER to GBP981 million on lower demand for antibiotics 
  during the COVID-19 pandemic period, the impact of government mandated 
  changes increasing use of generics in markets including France and 
  China, and a strong comparator, including a European Relenza contract. 
 
 
 Vaccines turnover 
 
 
                                         Q3 2020 
                        ------------------------ 
 
                                 Growth   Growth 
                          GBPm     GBP%     CER% 
                        ------  -------  ------- 
 
 Meningitis                363      (2)        1 
 Influenza                 445       20       21 
 Shingles                  374     (30)     (25) 
 Established Vaccines      850     (18)     (15) 
                        ------ 
 
                         2,032     (12)      (9) 
                        ------ 
 
 US                      1,151     (20)     (17) 
 Europe                    383      (3)      (3) 
 International             498        6       11 
                        ------  -------  ------- 
 
                         2,032     (12)      (9) 
                        ------  -------  ------- 
 
 
 
 Vaccines turnover declined 12% AER, 9% CER to GBP2,032 million, largely 
  driven by the adverse impact of the COVID-19 pandemic on Shingrix, 
  Established vaccines and Meningitis. This decline was partly offset 
  by strong demand and lower expected returns for Influenza vaccine 
  in the US. 
 
  Vaccines performance in the third quarter was affected by continued 
  lower demand in some countries due to limited visits to healthcare 
  practitioners and points of vaccination during pandemic conditions. 
  Wellness visits have mostly recovered to prior year levels for paediatrics 
  and adolescents, although US back-to-school vaccinations have been 
  disrupted because schools and universities have delayed or reversed 
  in-person tuition. Adult immunisation rates have improved over the 
  quarter with wellness visits returning to prior year levels in the 
  last month of the quarter. 
 
  Lower demand in the quarter was related to COVID-19 pandemic conditions 
  unless stated otherwise. 
 
  Meningitis 
  Meningitis sales declined 2% AER but increased 1% CER to GBP363 million. 
  Bexsero sales decreased 14% AER, 11% CER to GBP219 million, reflecting 
  lower demand in the US and International, partly offset by lower 
  US returns and rebates. 
 
  Menveo sales declined 2% AER but remained flat at CER to GBP104 
  million, primarily driven by lower demand mostly offset by lower 
  returns and rebates in the US together with higher demand and favourable 
  phasing in International. 
 
  Influenza 
  Fluarix/FluLaval sales were GBP445 million, up 20% AER, 21% CER, 
  primarily reflecting strong sales execution and reversal of prior 
  year returns provision in the US, together with favourable phasing 
  delivery and higher demand in International. 
 
  Shingles 
  Shingrix sales declined 30% AER, 25% CER to GBP374 million, driven 
  by lower adult wellness visits and vaccination rates in the US. Total 
  US prescriptions for Shingrix reflected a consistent growth trend 
  during the quarter reaching similar levels to the same time last 
  year by quarter-end. In Europe, a strong performance was recorded 
  in Germany due to robust underlying demand. The launch of Shingrix 
  in China also contributed to sales in the quarter. 
 
  Established Vaccines 
  Sales of DTPa-containing vaccines (Infanrix, Pediarix and Boostrix) 
  declined 17% AER, 14% CER. Infanrix/Pediarix sales declined 21% AER, 
  17% CER to GBP158 million, reflecting lower demand in the US and 
  supply constraints in Europe. 
 
  Boostrix sales were down 13% AER, 11% CER to GBP163 million primarily 
  due to decreased vaccination rates in International and in the US. 
 
 
  Hepatitis vaccines declined 36% AER, 33% CER to GBP138 million, adversely 
  impacted in the US and Europe by lower demand and travel restrictions, 
  together with competition returning to market in the US. 
 
  Synflorix sales declined by 28% AER, 27% CER to GBP83 million, primarily 
  due to unfavourable phasing in International and lower demand in 
  Emerging Markets. 
 
  Rotarix sales were down 21% AER, 18% CER to GBP132 million, reflecting 
  unfavourable phasing in International and in Emerging Markets together 
  with channel de-stocking in the US. 
 
  MMRV vaccines sales grew 26% AER, 30% CER to GBP72 million, largely 
  driven by improved supply in Europe. 
 
 
 Consumer Healthcare turnover 
 
 
                                                         Q3 2020 
                                        ------------------------ 
 
                                                 Growth   Growth 
                                          GBPm     GBP%     CER% 
                                        ------  -------  ------- 
 
 Oral health                               702      (1)        5 
 Pain relief                               537        2        8 
 Vitamins, minerals and supplements        353       58       67 
 Respiratory health                        294     (15)      (9) 
 Digestive health and other                456        7       15 
                                        ------  -------  ------- 
                                         2,342        5       12 
 
 Brands divested/under review               80     (73)     (70) 
                                        ------  -------  ------- 
 
                                         2,422      (4)        2 
                                        ------  -------  ------- 
 
 US                                        785        8       15 
 Europe                                    654      (1)        - 
 International                             983     (14)      (5) 
                                        ------  -------  ------- 
 
                                         2,422      (4)        2 
                                        ------  -------  ------- 
 
 Pro-forma growth                                            (6) 
                                                         ------- 
 
 
 
 On a reported basis, sales declined 4% AER, but grew 2% CER to GBP2,422 
  million in the quarter. Reported numbers reflect a full quarter of 
  sales of legacy Pfizer brands sales compared to two months in the 
  third quarter of 2019. Brands divested/under review declined 73% 
  AER,70% CER to GBP80 million given strong progress on the divestment 
  programme. 
  On a pro-forma basis, sales declined 6% CER but grew 3% CER, excluding 
  brands divested/under review. Growth in Oral health and Vitamins, 
  minerals and supplements brands was offset by weaker performance 
  in Respiratory health and Pain relief. The previously disclosed reversal 
  of increased retailer stocking ahead of a systems cutover in North 
  America impacted overall growth by approximately two percentage points 
  . 
 
  COVID-19 pandemic continues to impact results, with different impacts 
  across categories. In Oral health and in Pain the accelerated purchases 
  from earlier this year have largely unwound. In Respiratory social 
  distancing measures continue to create volatility, especially within 
  cold and flu categories, while Vitamins, minerals and supplements 
  brands continue to benefit from strong demand given increased consumer 
  focus on health and wellness. 
  Oral health 
  Oral health sales declined 1% AER but grew 5% CER to GBP702 million. 
  Sensodyne grew in high single digits with strong performance in the 
  International region, particularly India, partly offset by the impact 
  of the North America systems cutover. There was minimal impact from 
  reversal of accelerated purchases seen in prior quarters. Gum health 
  grew in double digits with broad-based growth, while Denture care 
  declined in low-single digits, reflecting challenging market conditions. 
  Pain relief 
  Pain relief grew 2% AER, 8% CER to GBP537 million. On a pro-forma 
  basis, sales declined in low single digits, largely driven by a decline 
  of Advil, reflecting weakness in the US. The performance of Panadol 
  was impacted by retailer stock movements. This was partly offset 
  by double-digit growth from Voltaren, largely driven by a successful 
  OTC launch in the US. 
  Vitamins, minerals and supplements 
  Vitamins, minerals and supplements grew 58% AER, 67% CER to GBP353 
  million. On a pro-forma basis, sales continued to grow in the high-teens 
  per cent, with double digit growth for Centrum, Caltrate and Emergen-C. 
  This reflects an ongoing increase in consumer demand for the category, 
  driven by consumer focus on health and wellness, a trend consistent 
  with previous quarters. 
  Respiratory health 
  Respiratory health sales declined 15% AER, 9% CER to GBP294 million. 
  On a pro-forma basis, sales declined in low double-digits, impacted 
  by seasonality in some markets and lower retail sell in ahead of 
  the cold and flu season. This was partly offset by a strong performance 
  from Robitussin, which partly benefited from a successful Naturals 
  innovation. 
  Digestive health and other 
  Digestive health and other brands grew 7% AER, 15% CER to GBP456 
  million. On a pro-forma basis, sales grew in mid-single digits. Strong 
  performance from Digestive health products was partly offset by a 
  decline in Skin health, which continued to be impacted by lower footfall, 
  reducing impulse purchases in retail stores due to COVID-19. 
 
 
 Operating performance 
 
 
 Cost of sales 
  Total cost of sales as a percentage of turnover was 33.4%, 1.2 percentage 
  points lower at AER and 1.9 percentage points lower in CER terms 
  compared with Q3 2019. This primarily reflected the unwind in Q3 
  2019 of the fair market value uplift on inventory arising on completion 
  of the Consumer Healthcare Joint Venture with Pfizer, partly offset 
  by increased write downs in a number of manufacturing sites. 
  Excluding these and other Adjusting items, Adjusted cost of sales 
  as a percentage of turnover was 29.4%, 0.3 percentage points lower 
  at AER and 0.9 percentage points lower at CER compared with Q3 2019. 
  On a pro-forma basis, Adjusted cost of sales as a percentage of turnover 
  was 29.4%, 1.0 percentage points lower at CER, compared with Q3 2019. 
  This reflected favourable product mix and a favourable comparison 
  to a non-restructuring related write down in a manufacturing site 
  in Q3 2019 in Pharmaceuticals and restructuring savings across all 
  three businesses, partly offset by unfavourable product mix in Vaccines, 
  primarily due to the decline of Shingrix in the US and continued 
  adverse pricing pressure in Pharmaceuticals, particularly in Respiratory. 
  Selling, general and administration 
  Total SG&A costs as a percentage of turnover were 30.9%, 0.1 percentage 
  points higher at AER but 0.4 percentage points lower at CER compared 
  with Q3 2019. This included increased major restructuring costs and 
  separation costs partly offset by lower significant legal and transaction 
  costs. 
  Excluding these and other Adjusting items, Adjusted SG&A costs as 
  a percentage of turnover were 28.6%, 0.8 percentage points lower 
  at AER than in Q3 2019 and 1.3 percentage points lower on a CER basis. 
  On a pro-forma basis, Adjusted SG&A costs as a percentage of turnover 
  were 28.6%, 1.5 percentage points lower at CER, compared with Q3 
  2019. 
  Adjusted SG&A costs declined 11% AER, 7% CER and 10% CER on a pro-forma 
  basis, which reflected the benefits from restructuring including 
  a one-off benefit in the quarter from restructuring of post-retirement 
  benefits and the continuing benefit of restructuring in Pharmaceuticals, 
  Consumer Healthcare and support functions, a favourable comparison 
  to increased costs for a number of legal settlements in Q3 2019, 
  reduced variable spending across all three businesses as a result 
  of the COVID-19 lockdowns and the tight control of ongoing costs, 
  partly offset by increased investment for new launches in Respiratory, 
  HIV and Vaccines. 
  Research and development 
  Total R&D expenditure was GBP1,140 million (13.2% of turnover), down 
  5% AER, 2% CER, including an increase in impairment charges. Adjusted 
  R&D expenditure was GBP1,049 million (12.1% of turnover), 10% lower 
  at AER, 6% lower at CER than in Q3 2019. On a pro-forma basis, Adjusted 
  R&D expenditure declined 7% CER compared with Q3 2019. 
  Pharmaceuticals R&D expenditure was GBP805 million, down 10% AER, 
  6% CER, reflecting a benefit in the quarter from recognition of pre-launch 
  inventory following the successful approval of Blenrep for the treatment 
  of multiple myeloma, reduction of spend on the PRIMA study and dostarlimab 
  which filed for approval at the end of 2019 as well as some efficiency 
  savings as part of the Separation Preparation restructuring programme 
  and variable spending as a result of COVID-19 lockdowns. This was 
  partly offset by increased investment in Oncology assets such as 
  Blenrep and ICOS as well as increased investment in the progression 
  of key assets in the Specialty and Primary Care Portfolio including 
  otilimab for Rheumatoid Arthritis and two key COVID-19 programmes 
  (otilimab COVID and Vir antibody). 
  R&D expenditure in Vaccines was GBP175 million, down 8% AER, 7% CER, 
  reflecting efficiency savings as part of the Separation Preparation 
  restructuring programme and variable spending as a result of COVID-19 
  lockdowns. R&D expenditure in Consumer Healthcare was GBP69 million. 
  Royalty income 
  Royalty income was GBP85 million (Q3 2019: GBP118 million), down 
  28% AER, 26% CER, primarily reflecting reduced royalties on sales 
  of Gardasil. 
 
 
 Other operating expense 
  Net other operating expense of GBP179 million (Q3 2019: GBP13 million 
  expense) primarily reflected accounting charges of GBP395 million 
  (Q3 2019: GBP305 million) arising from the re-measurement of the 
  contingent consideration liabilities related to the acquisitions 
  of the former Shionogi-ViiV Healthcare joint venture and the former 
  Novartis Vaccines business and the liabilities for the Pfizer put 
  option and Pfizer and Shionogi preferential dividends in ViiV Healthcare. 
  This included a re-measurement charge of GBP339 million (Q3 2019: 
  GBP255 million) for the contingent consideration liability due to 
  Shionogi, primarily arising from changes in sales forecasts partly 
  offset by changes in exchange rate assumptions as well as the unwind 
  of discounting. These charges were partly offset by milestone income 
  and profits from a number of asset disposals. 
 
 
 Operating profit 
  Total operating profit was GBP1,858 million in Q3 2020 compared with 
  GBP2,147 million in Q3 2019. This reflected higher re-measurement 
  charges on the contingent consideration liabilities and an adverse 
  comparison to an increase in value of shares in Hindustan Unilever 
  Limited in Q3 2019, partly offset by higher asset disposals. 
  Excluding these and other Adjusting items, Adjusted operating profit 
  was GBP2,665 million, 4% lower than Q3 2019 at AER but 4% higher 
  at CER on a turnover decrease of 3% CER. The Adjusted operating margin 
  of 30.8% was 1.1 percentage points higher at AER, and 2.2 percentage 
  points higher on a CER basis than in Q3 2019. On a pro-forma basis, 
  Adjusted operating profit was 2% higher at CER on a turnover decrease 
  of 5% CER. The Adjusted pro-forma operating margin of 30.8% was 2.4 
  percentage points higher on a CER basis than in Q3 2019. 
  The increase in pro-forma Adjusted operating profit benefited from 
  continued restructuring across the business including a one-off benefit 
  in the quarter from restructuring of post-retirement benefits, a 
  favourable comparison to increased costs for a number of legal settlements 
  in Q3 2019, a benefit in the quarter from recognition of pre-launch 
  inventory on approval of Blenrep, and tight control of ongoing costs 
  including reduced promotional and variable spending across all three 
  businesses as a result of the COVID-19 lockdowns . 
  Contingent consideration cash payments which are made to Shionogi 
  and other companies reduce the balance sheet liability and hence 
  are not recorded in the income statement. Total contingent consideration 
  cash payments in Q3 2020 amounted to GBP209 million (Q3 2019: GBP217 
  million). This included cash payments made to Shionogi of GBP203 
  million (Q3 2019: GBP206 million). 
  Operating profit by business 
  Pharmaceuticals operating profit was GBP1,175 million, up 8% AER, 
  16% CER on a turnover decrease of 3% CER. The operating margin of 
  28.0% was 3.9 percentage points higher at AER than in Q3 2019 and 
  4.7 percentage points higher on a CER basis. This primarily reflected 
  favourable product mix, a favourable comparison to a non-restructuring 
  related write down in a manufacturing site in Q3 2019, a favourable 
  comparison to increased costs for a number of legal settlements in 
  Q3 2019, a benefit in the quarter from recognition of pre-launch 
  inventory on approval of Blenrep, the continuing benefit of restructuring, 
  reduced variable spending across all three businesses as a result 
  of the COVID-19 lockdowns and the tight control of ongoing costs. 
  This was partly offset by increased investment in new product support 
  and targeted priority markets, the continued impact of lower prices, 
  particularly in Respiratory and increased investment in Oncology 
  R&D and initiation of several COVID-19 programmes. 
  Vaccines operating profit was GBP899 million, down 23% AER, 18% CER 
  on a turnover decrease of 9% CER. The operating margin of 44.2% was 
  6.1 percentage points lower at AER than in Q3 2019 and 5.0 percentage 
  points lower on a CER basis. This was primarily driven by the negative 
  operating leverage from the significant COVID-19 related sales decline 
  and investment behind key brands. 
 
  Consumer Healthcare operating profit was GBP541 million, down 12% 
  AER, 2% CER on a turnover increase of 2% CER. On a pro-forma basis, 
  operating profit was GBP541 million, 9% CER lower on a turnover decrease 
  of 6% CER. The operating margin of 22.3% was 1.9 percentage points 
  lower at AER and 0.9 percentage points lower on a CER basis than 
  in Q3 2019. The pro-forma operating margin of 22.3% was 0.9 percentage 
  points lower on a CER basis. 
  This primarily reflected the impact of divestments as well as increased 
  investment in the quarter following delays in the earlier part of 
  the year due to COVID-19, partially offset by synergy benefits from 
  the Pfizer integration. 
 
  Net finance costs 
  Total net finance costs were GBP198 million compared with GBP213 
  million in Q3 2019. Adjusted net finance costs were GBP197 million 
  compared with GBP206 million in Q3 2019. The decrease primarily reflects 
  lower debt levels and favourable refinancing of term debt, partly 
  offset by a fair value expense on interest rate swaps in Q3 2020 
  and lower interest income on reduced overseas cash post-closing of 
  the divestment of Horlicks and other Consumer Healthcare nutrition 
  products in India and a number of other countries. 
 
  Share of after tax profits of associates and joint ventures 
  The share of after tax profits of associates and joint ventures was 
  GBP11 million (Q3 2019: GBP17 million). 
  Taxation 
  The charge of GBP241 million represented an effective tax rate on 
  Total results of 14.4% (Q3 2019: 12.0%) and reflected the different 
  tax effects of the various Adjusting items. Tax on Adjusted profit 
  amounted to GBP417 million and represented an effective Adjusted 
  tax rate of 16.8% (Q3 2019: 15.8%). 
 
  Issues related to taxation are described in Note 14, 'Taxation' in 
  the Annual Report 2019. The Group continues to believe it has made 
  adequate provision for the liabilities likely to arise from periods 
  which are open and not yet agreed by tax authorities. The ultimate 
  liability for such matters may vary from the amounts provided and 
  is dependent upon the outcome of agreements with relevant tax authorities. 
  Non-controlling interests 
  The allocation of Total earnings to non-controlling interests amounted 
  to GBP186 million (Q3 2019: GBP164 million). The increase was primarily 
  due to the allocation of Consumer Healthcare profits of GBP114 million 
  (Q3 2019: GBP47 million) following the completion of the new Consumer 
  Healthcare Joint Venture with Pfizer on 31 July 2019, partly offset 
  by reduced allocation of ViiV Healthcare profits of GBP62 million 
  (Q3 2019: GBP86 million), including increased charges for re-measurement 
  of contingent consideration liabilities. 
  The allocation of Adjusted earnings to non-controlling interests 
  amounted to GBP287 million (Q3 2019: GBP275 million). The increase 
  in allocation primarily reflected an increased allocation of Consumer 
  Healthcare profits of GBP147 million (Q3 2019: GBP103 million) following 
  the completion of the new Consumer Healthcare Joint Venture with 
  Pfizer on 31 July 2019 partly offset by a reduced allocation of ViiV 
  Healthcare profits of GBP130 million (Q3 2019: GBP141 million) and 
  reduced net profits in some of the Group's other entities with non-controlling 
  interests primarily Consumer Healthcare India following the Horlicks 
  and other Consumer brands disposal. 
  Earnings per share 
  Total EPS was 25.0p, compared with 31.4p in Q3 2019. The reduction 
  in EPS primarily reflected higher re-measurement charges on the contingent 
  consideration liabilities and an adverse comparison to an increase 
  in value of shares in Hindustan Unilever Limited in Q3 2019, partly 
  offset by higher asset disposals and improved operating performance. 
  Adjusted EPS was 35.6p compared with 38.6p in Q3 2019, down 8% AER, 
  but up 1% CER, on a 4% CER increase in Adjusted operating profit 
  reflecting a higher effective tax rate and a higher non-controlling 
  interest allocation of Consumer Healthcare profits. 
  Currency impact on Q3 2020 results 
  The results for Q3 2020 are based on average exchange rates, principally 
  GBP1/$1.30, GBP1/EUR1.11 and GBP1/Yen 138. Comparative exchange rates 
  are given on page 59. The period-end exchange rates were GBP1/$1.28, 
  GBP1/EUR1.10 and GBP1/Yen 136. 
  In the quarter, turnover decreased 8% AER, 3% CER. Total EPS was 
  25.0p compared with 31.4p in Q3 2019. Adjusted EPS was 35.6p compared 
  with 38.6p in Q3 2019, down 8% AER, but up 1% CER. The adverse currency 
  impact primarily reflected the strengthening in Sterling, particularly 
  against the US$ and Yen, partly offset by weakness in emerging market 
  currencies relative to Q3 2019. Exchange gains or losses on the settlement 
  of intercompany transactions had a one percentage point negative 
  impact on the negative currency impact of nine percentage points 
  on Adjusted EPS. 
 
 
 Adjusting items 
  The reconciliations between Total results and Adjusted results for 
  Q3 2020 and Q3 2019 are set out below. 
 
 
 Three months ended 30 September 2020 
 
 
                                                                                                Divestments, 
                                                                                                 significant 
                                                                                                       legal 
                                      Intangible     Intangible          Major                           and                      Adjusted 
                            Total         amort-        impair-      restruct-   Transaction-          other     Separation        results 
                          results        isation           ment          uring        related          items          costs           GBPm 
                             GBPm           GBPm           GBPm           GBPm           GBPm           GBPm           GBPm 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Turnover                   8,646                                                                                                    8,646 
 Cost of sales            (2,885)            178              1            163              3                                      (2,540) 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Gross profit               5,761            178              1            163              3                                        6,106 
 
 Selling, general 
  and 
  administration          (2,669)                                          160            (5)             12             25        (2,477) 
 Research and 
  development             (1,140)             16             60             14                             1                       (1,049) 
 Royalty income                85                                                                                                       85 
 Other operating 
  (expense)/income          (179)                                          (1)            391          (211)                             - 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Operating profit           1,858            194             61            336            389          (198)             25          2,665 
 
 Net finance costs          (198)                                            1                                                       (197) 
 Share of after 
  tax profits 
  of associates 
  and joint 
  ventures                     11                                                                                                       11 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit before 
  taxation                  1,671            194             61            337            389          (198)             25          2,479 
 
 Taxation                   (241)           (37)           (11)           (89)           (72)             38            (5)          (417) 
 Tax rate %                 14.4%                                                                                                    16.8% 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit after 
  taxation                  1,430            157             50            248            317          (160)             20          2,062 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit 
  attributable 
  to 
  non-controlling 
  interests                   186                                                         101                                          287 
 
 Profit 
  attributable 
  to 
  shareholders              1,244            157             50            248            216          (160)             20          1,775 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 Earnings per 
  share                     25.0p           3.1p           1.0p           5.0p           4.3p         (3.2)p           0.4p          35.6p 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 
 Weighted average 
  number of shares 
  (millions)                4,980                                                                                                    4,980 
                     ------------                                                                                             ------------ 
 
 
 Three months ended 30 September 2019 
 
 
                                                                                                Divestments, 
                                                                                                 significant 
                                                                                                       legal 
                                      Intangible     Intangible          Major                           and 
                            Total         amort-        impair-      restruct-   Transaction-          other       Adjusted 
                          results        isation           ment          uring        related          items        results 
                             GBPm           GBPm           GBPm           GBPm           GBPm           GBPm           GBPm 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Turnover                   9,385                                                                                     9,385 
 Cost of sales            (3,245)            191             10            108            151                       (2,785) 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Gross profit               6,140            191             10            108            151                         6,600 
 
 Selling, general 
  and 
  administration          (2,892)                           (1)             77             30             18        (2,768) 
 Research and 
  development             (1,206)             14             17             12                           (1)        (1,164) 
 Royalty income               118                                                                                       118 
 Other operating 
  (expense)/income           (13)                                            2            300          (289)              - 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Operating profit           2,147            205             26            199            481          (272)          2,786 
 
 Net finance costs          (213)                                            3                             4          (206) 
 Share of after 
  tax 
  profits of 
  associates and 
  joint 
  ventures                     17                                                                                        17 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit before 
  taxation                  1,951            205             26            202            481          (268)          2,597 
 
 Taxation                   (235)           (39)            (6)           (33)           (86)           (12)          (411) 
 Tax rate %                 12.0%                                                                                     15.8% 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit after 
  taxation                  1,716            166             20            169            395          (280)          2,186 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit 
  attributable 
  to 
  non-controlling 
  interests                   164                                                         111                           275 
 
 Profit 
  attributable 
  to 
  shareholders              1,552            166             20            169            284          (280)          1,911 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 Earnings per 
  share                     31.4p           3.4p           0.4p           3.4p           5.7p         (5.7)p          38.6p 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 
 Weighted average 
  number 
  of 
  shares 
  (millions)                4,951                                                                                     4,951 
                     ------------                                                                              ------------ 
 
 
 Major restructuring and integration 
  Within the Pharmaceuticals sector, the highly regulated manufacturing 
  operations and supply chains and long lifecycle of the business mean 
  that restructuring programmes, particularly those that involve the 
  rationalisation or closure of manufacturing or R&D sites are likely 
  to take several years to complete. 
 
 
 Total Major restructuring charges incurred in Q3 2020 were GBP336 
  million (Q3 2019: GBP199 million), analysed as follows: 
 
 
                                               Q3 2020                        Q3 2019 
                             -------------------------  ----------------------------- 
 
                               Cash   Non-cash   Total    Cash       Non-cash   Total 
                               GBPm       GBPm    GBPm    GBPm           GBPm    GBPm 
                             ------  ---------  ------  ------      ---------  ------ 
 
 2018 major restructuring 
  programme (incl. Tesaro)       19         25      44      68             45     113 
 Consumer Healthcare 
  Joint 
  Venture integration 
  programme                     106          7     113     104   -          -     104 
 Separation Preparation 
  restructuring programme        73        109     182       -              -       - 
 Combined restructuring 
  and 
  integration programme          13       (16)     (3)    (30)             12    (18) 
 
                                211        125     336     142             57     199 
                             ------  ---------  ------  ------      ---------  ------ 
 
 
 
 Cash charges of GBP73 million under the Separation Preparation programme 
  primarily arose from restructuring of Vaccines manufacturing and 
  R&D functions as well as commercial pharmaceuticals restructuring. 
  Non-cash charges of GBP109 million were related to write-down of 
  assets in sites in the Pharma Supply Chain. 
  Cash charges of GBP106 million on the Consumer Healthcare Joint Venture 
  programme primarily related to severance and integration costs. 
  The 2018 major restructuring programme incurred cash charges of GBP19 
  million in relation to severance costs for restructuring within central 
  functions and non-cash charges of GBP25 million for write-downs on 
  disposal of sites. 
  Total cash payments made in Q3 2020 were GBP212 million (Q3 2019: 
  GBP105 million), GBP28 million for the existing Combined restructuring 
  and integration programme (Q3 2019: GBP28 million), GBP45 million 
  (Q3 2019: GBP39 million) under the 2018 major restructuring programme 
  including the settlement of certain charges accrued in previous quarters, 
  a further GBP89 million (Q3 2019: GBP38 million) relating to the 
  Consumer Healthcare Joint Venture integration programme and GBP50 
  million relating to the Separation Preparation restructuring programme. 
  The analysis of Major restructuring charges by business was as follows: 
 
 
                                    Q3 2020   Q3 2019 
                                       GBPm      GBPm 
                                   --------  -------- 
 
 Pharmaceuticals                        146        47 
 Vaccines                                 7        31 
 Consumer Healthcare                    124       125 
                                   --------  -------- 
 
                                        277       203 
 Corporate & central functions           59       (4) 
                                   --------  -------- 
 
 Total Major restructuring costs        336       199 
                                   --------  -------- 
 
 
 
 The analysis of Major restructuring charges by Income statement line 
  was as follows: 
 
 
                                        Q3 2020   Q3 2019 
                                           GBPm      GBPm 
                                       --------  -------- 
 
 Cost of sales                              163       108 
 Selling, general and administration        160        77 
 Research and development                    14        12 
 Other operating expense                    (1)         2 
                                       --------  -------- 
 
 Total Major restructuring costs            336       199 
                                       --------  -------- 
 
 
 
 The benefit in the quarter from the 2018 major restructuring programme 
  was GBPnil and the benefit from the Consumer Healthcare Joint Venture 
  integration was GBP0.1 billion. Given its early stage the benefit 
  from the Separation Preparation restructuring programme was less 
  than GBP0.1 billion. 
 
 
 Transaction-related adjustments 
  Transaction-related adjustments resulted in a net charge of GBP389 
  million (Q3 2019: GBP481 million). This included a net GBP395 million 
  accounting charge for the re-measurement of the contingent consideration 
  liabilities related to the acquisitions of the former Shionogi-ViiV 
  Healthcare joint venture and the former Novartis Vaccines business 
  and the liabilities for the Pfizer put option and Pfizer and Shionogi 
  preferential dividends in ViiV Healthcare. 
 
 
                                                         Q3 2020   Q3 2019 
 Charge/(credit)                                            GBPm      GBPm 
                                                        --------  -------- 
 
 Contingent consideration on former Shionogi-ViiV 
  Healthcare joint venture 
  (including Shionogi preferential dividends)                339       255 
 ViiV Healthcare put options and Pfizer preferential 
  dividends                                                (101)      (10) 
 Contingent consideration on former Novartis Vaccines 
  business                                                   157        60 
 Other adjustments                                           (6)       176 
                                                        --------  -------- 
 
 Total transaction-related charges                           389       481 
                                                        --------  -------- 
 
 
 
 The GBP339 million charge relating to the contingent consideration 
  for the former Shionogi-ViiV Healthcare joint venture represented 
  an increase in the valuation of the contingent consideration due 
  to Shionogi, primarily as a result of a GBP105 million unwind of 
  the discount and a GBP234 million charge primarily from adjustments 
  to sales forecasts including the impact of the results of the cabotegravir 
  for pre-exposure prophylaxis HPTN 083 study, partly offset by updated 
  exchange rate assumptions. 
  The ViiV Healthcare contingent consideration liability is valued 
  on a long-term basis. The potential impact of the COVID-19 pandemic 
  remains uncertain and at 30 September 2020, it has been assumed that 
  there will be no significant impact on the long-term value of the 
  liability. This position remains under review and the amount of the 
  liability will be updated in future quarters as further information 
  on the impact of the pandemic becomes available. An explanation of 
  the accounting for the non-controlling interests in ViiV Healthcare 
  is set out on page 11. 
  Divestments, significant legal charges and other items 
  Divestments and other items also included milestone income and gains 
  from a number of asset disposals and certain other Adjusting items. 
  There was no charge (Q3 2019: GBP18 million) for significant legal 
  matters arising in the quarter. Significant legal cash payments were 
  GBP1 million (Q3 2019: GBP5 million). 
  Separation costs 
  From Q2 2020, the Group started to report additional one-time costs 
  to prepare for Consumer Healthcare separation. 
 
 
 Financial performance - nine months 2020 
 
 
 Total results 
 
 
 The Total results for the Group are set out below. 
 
 
                                           9 months   9 months 
                                               2020       2019   Growth   Growth 
                                               GBPm       GBPm     GBP%     CER% 
                                          ---------  ---------  -------  ------- 
 
 Turnover                                    25,360     24,855        2        4 
 
 Cost of sales                              (8,533)    (8,615)      (1)        - 
                                          ---------  ---------  -------  ------- 
 
 Gross profit                                16,827     16,240        4        6 
 
 Selling, general and administration        (8,294)    (7,959)        4        6 
 Research and development                   (3,628)    (3,325)        9       10 
 Royalty income                                 227        269     (16)     (16) 
 Other operating income/(expense)             1,590      (166) 
                                          ---------  ---------  -------  ------- 
 
 Operating profit                             6,722      5,059       33       37 
 
 Finance income                                  39         87 
 Finance expense                              (653)      (706) 
 Share of after tax profits 
  of 
  associates and joint ventures                  39         70 
                                          ---------  ---------  -------  ------- 
 
 Profit before taxation                       6,147      4,510       36       41 
 
 Taxation                                     (598)      (759) 
 Tax rate %                                    9.7%      16.8% 
                                          ---------  ---------  -------  ------- 
 
 Profit after taxation                        5,549      3,751       48       53 
                                          ---------  ---------  -------  ------- 
 
 Profit attributable to non-controlling 
  interests                                     477        405 
 Profit attributable to shareholders          5,072      3,346 
                                          ---------  ---------  -------  ------- 
 
                                              5,549      3,751       48       53 
                                          ---------  ---------  -------  ------- 
 
 Earnings per share                          102.0p      67.7p       51       55 
                                          ---------  ---------  -------  ------- 
 
 
 
 Adjusted results 
 
 
 The Adjusted results for the Group are set out below. Reconciliations 
  between Total results and Adjusted results for the nine months 2020 
  and the nine months 2019 are set out on pages 38 and 39. 
 
 
                                                                       9 months 2020 
                                ---------------------------------------------------- 
 
                                                                Reported   Pro-forma 
                                                % of   Growth     growth      growth 
                                    GBPm    turnover     GBP%       CER%        CER% 
                                --------  ----------  -------  ---------  ---------- 
 
 Turnover                         25,360         100        2          4         (2) 
 
 Cost of sales                   (7,399)      (29.2)        2          4         (3) 
 Selling, general and 
  administration                 (7,793)      (30.7)        3          4         (3) 
 Research and development        (3,306)      (13.0)        4          5           3 
 Royalty income                      227         0.9     (16)       (16)        (16) 
                                --------  ----------  -------  ---------  ---------- 
 
 Adjusted operating 
  profit                           7,089        28.0        -          3         (3) 
                                --------  ----------  -------  ---------  ---------- 
 
 Adjusted profit before 
  tax                              6,517                  (1)          2 
 Adjusted profit after 
  tax                              5,442                    -          3 
 Adjusted profit attributable 
  to 
  shareholders                     4,606                  (6)        (3) 
                                --------              -------  --------- 
 
 Adjusted earnings 
  per share                        92.6p                  (7)        (4) 
                                --------              -------  --------- 
 
 
 
 Operating profit by 
  business                                                      9 months 2020 
                         ---------------------------------------------------- 
 
                                                         Reported   Pro-forma 
                                         % of   Growth     growth      growth 
                             GBPm    turnover     GBP%       CER%        CER% 
                         --------  ----------  -------  ---------  ---------- 
 
 Pharmaceuticals            5,849        46.1      (3)        (1)         (1) 
 Pharmaceuticals R&D*     (2,515)                    3          4           4 
                         --------  ----------  -------  ---------  ---------- 
 
 Total Pharmaceuticals      3,334        26.3      (7)        (5)         (5) 
 Vaccines                   2,022        40.7     (15)       (14)        (14) 
 Consumer Healthcare        1,828        23.8       27         33           2 
                         --------  ----------  -------  ---------  ---------- 
 
                            7,184        28.3      (3)          -         (6) 
 Corporate & other 
  unallocated 
  costs                      (95) 
                                                                   ---------- 
 
 Adjusted operating 
  profit                    7,089        28.0        -          3         (3) 
                         --------  ----------  -------  ---------  ---------- 
 
 
 
 *   Operating profit of Pharmaceuticals R&D segment, which is the responsibility 
      of the Chief Scientific Officer and President, R&D. It excludes 
      ViiV Healthcare R&D expenditure, which is reported within the Pharmaceuticals 
      segment. 
 
 
 Turnover 
 
 
 Pharmaceuticals turnover 
 
 
                                           9 months 2020 
                               ------------------------- 
 
                                         Growth   Growth 
                                  GBPm     GBP%     CER% 
                               -------  -------  ------- 
 
 Respiratory                     2,732       25       26 
 HIV                             3,608        -        1 
 Immuno-inflammation               521       18       19 
 Oncology                          257       57       57 
                               -------  -------  ------- 
                                 7,118       11       12 
 Established Pharmaceuticals     5,572     (16)     (14) 
                               ------- 
 
                                12,690      (2)      (1) 
                               ------- 
 
 US                              5,477        1        1 
 Europe                          3,047      (1)      (1) 
 International                   4,166      (7)      (3) 
                               -------  -------  ------- 
 
                                12,690      (2)      (1) 
                               -------  -------  ------- 
 
 
 
 Pharmaceuticals turnover in the nine months was GBP12,690 million, 
  down 2% AER, 1% CER, but grew 11% AER, 12% CER excluding the impact 
  of the decline in Established Pharmaceuticals turnover. HIV sales 
  were flat at AER and up 1% CER, to GBP3,608 million, with growth 
  in Juluca and Dovato partly offset by declines in Tivicay and Triumeq. 
  Respiratory sales were up 25% AER, 26% CER, to GBP2,732 million, 
  on growth of Trelegy, Nucala and Relvar/Breo. Sales of Established 
  Pharmaceuticals declined 16% AER, 14% CER to GBP5,572 million. 
  Towards the end of the first quarter, additional demand related to 
  the COVID-19 pandemic had a positive impact on growth of HIV and 
  Respiratory products. This effect broadly reversed in the second 
  quarter, which also saw lower levels of new patient prescriptions 
  in US and Europe and reduced market demand for allergy and antibiotic 
  products in International and Europe. These effects continue to be 
  seen in the third quarter. 
  In the US, sales grew 1% AER, 1% CER. Continued growth of Nucala, 
  Trelegy, Benlysta, Zejula and the HIV two-drug regimens was partly 
  offset by the decline in Tivicay, Triumeq and Established Products, 
  including the impact of generic albuterol substitutes. 
  In Europe, sales declined 1% AER, 1% CER, with growth from Respiratory, 
  HIV and Oncology partly offset by the decline of Established Pharmaceutical 
  sales, impacted by generic competition and lower demand for antibiotics 
  during the COVID-19 pandemic period. Approximately two percentage 
  points of decline are due to the impact of a one-off UK Relenza contract 
  in the comparator. 
  International declined 7% AER, 3% CER, with Respiratory, HIV and 
  Benlysta growth partly offset by lower Established Pharmaceutical 
  sales. This included the impact of a weaker allergy season and generic 
  competition for Avolve in Japan and government mandated changes increasing 
  the use of generics in China. 
  Respiratory 
  Total Respiratory sales were up 25% AER, 26% CER, with strong growth 
  in all regions. International Respiratory sales grew 26% AER, 29% 
  CER including Nucala, up 43% AER 43% CER and Relvar/Breo, up 11% 
  AER, 14% CER to GBP245 million. In Europe, Respiratory sales grew 
  to GBP691 million up 21% AER, 22% CER. In the US, Trelegy and Nucala 
  growth continued while Relvar/Breo sales grew 34% AER, 35% CER, including 
  the effect of a prior period RAR adjustment and a stronger US ICS/LABA 
  market in the COVID-19 pandemic environment. 
  Sales of Nucala were GBP702 million in the nine months and grew 28% 
  AER, 28% CER, with US sales up 29% AER, 30% CER to GBP414 million. 
  Europe sales of GBP175 million grew 17% AER 17% CER and International 
  sales of GBP113 million grew 43% AER, 43% CER. 
  Trelegy sales were up 68% AER, 69% CER to GBP581 million driven by 
  growth in all regions. In the US, the new asthma indication was approved 
  and launched in Q3 2020, with sales up 56% AER, 57% CER to GBP400 
  million. In Europe, sales grew 74% AER, 75% CER and in International, 
  sales grew to GBP61 million in the nine months. 
  Relvar/Breo sales were up 21% AER, 22% CER to GBP850 million in the 
  nine months. In the US, Relvar/Breo grew 34% AER, 35% CER, benefiting 
  from the effect of a prior period RAR adjustment and a stronger US 
  ICS/LABA market in the COVID-19 pandemic environment. In Europe and 
  International, Relvar/Breo continued to grow, up 14% AER, 14% CER 
  and 11% AER, 14% CER respectively. 
  HIV 
  HIV sales were GBP3,608 million, flat at AER, up 1% CER in the nine 
  months. The dolutegravir franchise grew 2% AER, 3% CER, delivering 
  sales of GBP3,477 million. The remaining portfolio, with sales of 
  GBP131 million and 4% of total HIV sales, declined 24% AER, 24% CER 
  and reduced the overall growth of total HIV by two percentage points 
  at CER. 
  Sales of dolutegravir products were GBP3,477 million in the nine 
  months. Tivicay delivered sales of GBP1,162 million, down 6% AER, 
  5% CER and Triumeq sales were GBP1,726 million, down 10% AER, 9% 
  CER. The two-drug regimens, Juluca and Dovato delivered sales of 
  GBP589 million in the nine months, with combined growth more than 
  offsetting decline in the three-drug regimen, Triumeq. 
  In the US, dolutegravir sales declined 1% AER, but were flat at CER, 
  and in Europe dolutegravir sales grew 5% AER, 5% CER. Following recent 
  launches of Dovato, combined sales of the two-drug regimens were 
  GBP429 million in the US and GBP143 million in Europe, with growth 
  offsetting the decline in Triumeq. International continued to grow 
  strongly with total dolutegravir sales growth of 6% AER, 11% CER, 
  driven by Tivicay tender business. 
  Oncology 
  Sales of Zejula, the PARP inhibitor asset acquired from Tesaro in 
  Q1 2019 were GBP250 million in the nine months, up 53% AER, 53% CER. 
  Blenrep for the treatment of patients with relapsed or refractory 
  multiple myeloma was approved and launched in the US and Europe in 
  Q3 2020 and reported sales of GBP8 million. 
  Immuno-inflammation 
  Sales of Benlysta in the nine months were up 16% AER, 17% CER to 
  GBP514 million, including sales of the sub-cutaneous formulation 
  of GBP249 million up 32% AER, 32% CER. 
  Duvroq for patients with anaemia due to chronic kidney disease was 
  launched in Japan in Q3 2020 and reported sales in the International 
  region of GBP7 million. 
  Established Pharmaceuticals 
  Sales of Established Pharmaceuticals in the nine months were GBP5,572 
  million, down 16% AER, 14% CER. 
  Established Respiratory products declined 15% AER, 13% CER to GBP2,495 
  million. Advair/Seretide and Ventolin were impacted by generic substitutes 
  in the US and Europe, and Flovent experienced price pressure in the 
  US. In the International region, allergy sales were impacted by market 
  contraction in Japan. 
  The remainder of the Established Pharmaceuticals portfolio declined 
  16% AER, 14% CER to GBP3,077 million on lower demand for antibiotics 
  during the COVID-19 pandemic period, the impact of government mandated 
  changes increasing use of generics in markets including France and 
  China, and a strong comparator, including a European Relenza contract. 
 
 
 Vaccines turnover 
 
 
                                   9 months 2020 
                        ------------------------ 
 
                                 Growth   Growth 
                          GBPm     GBP%     CER% 
                        ------  -------  ------- 
 
 Meningitis                755      (7)      (5) 
 Influenza                 481       19       21 
 Shingles                1,344        5        6 
 Established Vaccines    2,390     (18)     (17) 
                        ------ 
 
                         4,970      (8)      (7) 
                        ------ 
 
 US                      2,612     (13)     (12) 
 Europe                  1,019     (10)     (10) 
 International           1,339        5        8 
                        ------  -------  ------- 
 
                         4,970      (8)      (7) 
                        ------  -------  ------- 
 
 
 
 Vaccines turnover declined 8% AER, 7% CER to GBP4,970 million, primarily 
  driven by the adverse impact of the COVID-19 pandemic on Hepatitis, 
  DTPa-containing, Shingrix and Meningitis vaccines, together with 
  the Rabipur and Encepur divestment. This decline was partly offset 
  by higher sales of Influenza vaccines in the US. 
 
  Vaccines performance across all regions was affected by lower demand 
  due to limited visits to healthcare practitioners and points of vaccination 
  during the pandemic and government stay-at-home directives. In areas 
  where lockdowns were lifted, wellness visits and vaccination rates 
  recovered, with paediatric vaccination near pre-COVID levels by the 
  end of Q2 2020, while adolescent and adult immunisations improved 
  at a slower pace. US back-to-school vaccinations have been disrupted 
  because schools and universities have delayed or reversed in-person 
  tuition. Adult immunisation rates have improved during Q3 2020 with 
  wellness visits returning to prior year levels in the last month 
  of the quarter. 
 
  Lower demand year-to-date was related to COVID-19 pandemic conditions 
  unless stated otherwise. 
 
  Meningitis 
  Meningitis sales declined 7% AER, 5% CER to GBP755 million. Bexsero 
  sales declined 13% AER, 11% CER to GBP491 million, reflecting lower 
  demand in the US and International, partly offset by lower US returns 
  and rebates. 
 
  Menveo sales declined 9% AER, 8% CER to GBP182 million, primarily 
  driven by lower demand partly offset by lower returns and rebates 
  in the US together with higher demand and favourable phasing in International. 
 
  In the US, Bexsero maintained and Menveo grew market share. 
 
  Influenza 
  Fluarix/FluLaval sales were GBP481 million, up 19% AER, 21% CER, 
  primarily reflecting strong sales execution and reversal of prior 
  year returns provision in the US, together with favourable phasing 
  delivery and higher demand in International. 
 
  Shingles 
  Shingrix grew 5% AER, 6% CER to GBP1,344 million, primarily driven 
  by a strong performance in Europe reflecting robust underlying demand 
  in post-lockdown conditions in Germany. The launch of Shingrix in 
  China also contributed to sales growth. In the US, a decline in demand 
  in Q2 and Q3 2020 due to lower adult wellness visits and vaccination 
  rates was partially offset by strong uptake in Q1 2020 and favourable 
  returns and rebates. 
 
  Established Vaccines 
  Sales of DTPa-containing vaccines (Infanrix, Pediarix and Boostrix) 
  declined by 22% AER, 21% CER. Infanrix/Pediarix sales declined 21% 
  AER, 20% CER to GBP457 million, reflecting lower demand in the US, 
  unfavourable year-on-year US CDC stockpile movements and supply constraints 
  in Europe. 
 
  Boostrix sales were down 23% AER, 22% CER to GBP351 million primarily 
  due to lower vaccination rates across all regions. 
 
  Hepatitis vaccines declined 36% AER, 35% CER to GBP437 million, adversely 
  impacted in the US and Europe lower demand and travel restrictions, 
  together with competition returning to market in the US. 
 
  Synflorix sales declined by 10% AER, 9% CER to GBP309 million, primarily 
  due to unfavourable phasing in International and lower demand in 
  Emerging Markets. 
 
  Rotarix sales declined 1% AER but remained flat at CER to GBP411 
  million, reflecting lower demand in the US, mostly offset by higher 
  demand in International. 
  MMRV vaccines sales grew 13% AER, 15% CER to GBP183 million, largely 
  driven by improved supply in Europe. 
 
 
 Consumer Healthcare turnover 
 
 
                                                   9 months 2020 
                                        ------------------------ 
 
                                                 Growth   Growth 
                                          GBPm     GBP%     CER% 
                                        ------  -------  ------- 
 
 Oral health                             2,074        3        5 
 Pain relief                             1,677       31       34 
 Vitamins, minerals and supplements      1,120     >100     >100 
 Respiratory health                        947       14       16 
 Digestive health and other              1,395       19       22 
                                        ------  -------  ------- 
                                         7,213       29       32 
 
 Brands divested/under review              460     (45)     (43) 
                                        ------  -------  ------- 
 
                                         7,673       19       23 
                                        ------  -------  ------- 
 
 US                                      2,583       52       53 
 Europe                                  2,002        9       10 
 International                           3,088        7       13 
                                        ------  -------  ------- 
 
                                         7,673       19       23 
                                        ------  -------  ------- 
 
 Pro-forma growth                                              - 
                                                         ------- 
 
 
 
 On a reported basis, sales grew 19% AER, 23% CER to GBP7,673 million 
  in the nine months, largely driven by the inclusion of the Pfizer 
  portfolio, partly offset by brands divested/under review. 
 
  On a pro-forma basis, sales were flat at CER, but grew 6% CER excluding 
  brands divested/under review. This reflected the continued momentum 
  of our Vitamins, minerals and supplements brands as well as continued 
  strong performance in Oral health. 
  Oral health 
  Oral health sales grew 3% AER, 5% CER to GBP2,074 million. Sensodyne 
  continued to drive performance for the category, reporting high single-digit 
  growth, reflecting the underlying strength of the brand. Growth was 
  supported by new launches including Sensodyne Sensitivity & Gum. 
  Gum health grew in double digits, while Denture care declined in 
  low single digits, largely due to challenging market conditions. 
  Overall growth was impacted by a decline in non-strategic brands. 
  Pain relief 
  Pain relief grew 31% AER, 34% CER to GBP1,677 million. On a pro-forma 
  basis, sales grew in mid-single-digits, driven by Panadol and Voltaren. 
  Panadol growth reflected increased consumption due to the COVID-19 
  pandemic earlier in the year, while Voltaren performance was largely 
  driven by the successful OTC launch in the US. This was partly offset 
  by weaker performance of Advil in the US. 
  Vitamins, minerals and supplements 
  Vitamins, minerals and supplements more than doubled at AER and CER 
  to GBP1,120 million. On a pro-forma basis, sales continued to grow 
  in the high-teens per cent, with strong performance from Centrum 
  and Emergen-C. This reflects an ongoing increase in consumer demand 
  for the category, driven by consumer focus on health and wellness, 
  a trend consistent with previous quarters. 
  Respiratory health 
  Respiratory health sales grew 14% AER, 16% CER to GBP947 million. 
  On a pro-forma basis, sales grew in low single-digits, driven by 
  Theraflu, Flonase and Robitussin. Theraflu performance benefitted 
  from increased consumption in response to COVID-19. Growth was impacted 
  by weaker performance of Otrivin and other Respiratory brands. 
  Digestive health and other 
  Digestive health and other brands grew 19% AER, 22% CER to GBP1,395 
  million. On a pro-forma basis, sales grew in low-single digits with 
  growth in Smokers' health and Digestive health products partly offset 
  by a decline in Skin health products and other non-strategic brands. 
 
 
 Operating performance 
 
 
 Cost of sales 
  Total cost of sales as a percentage of turnover was 33.6%, 1.0 percentage 
  points lower at AER and 1.2 percentage points lower in CER terms 
  compared with 2019. This reflected a reduction in the costs of Major 
  restructuring programmes, primarily as a result of lower write downs 
  in a number of manufacturing sites, partly offset by the unwinding 
  of the fair market value uplift on inventory arising on completion 
  of the Consumer Healthcare Joint Venture with Pfizer. 
  Excluding these and other Adjusting items, Adjusted cost of sales 
  as a percentage of turnover was 29.2%, 0.1 percentage points higher 
  at AER, but flat at CER compared with 2019. On a pro-forma basis, 
  Adjusted cost of sales as a percentage of turnover was 29.2%, 0.3 
  percentage points lower at CER, compared with 2019. This reflected 
  a more favourable product mix in Pharmaceuticals, a further contribution 
  from restructuring savings in Pharmaceuticals and Vaccines and integration 
  savings in Consumer Healthcare, partly offset by adverse product 
  mix in Vaccines and continued adverse pricing pressure in Pharmaceuticals, 
  particularly in Respiratory. 
  Selling, general and administration 
  Total SG&A costs as a percentage of turnover were 32.7%, 0.7 percentage 
  points higher at AER and 0.6 percentage points higher at CER compared 
  with 2019. This reflected increased Major restructuring costs and 
  separation costs partly offset by lower significant legal and transaction 
  costs. 
  Excluding these and other Adjusting items, Adjusted SG&A costs as 
  a percentage of turnover were 30.7%, 0.2 percentage points higher 
  at AER than in 2019 and 0.1 percentage points higher on a CER basis. 
  On a pro-forma basis, Adjusted SG&A costs as a percentage of turnover 
  were 30.7%, 0.1 percentage points lower at CER, compared with 2019. 
  The growth in Adjusted SG&A costs of 3% AER, 4% CER but reduction 
  of 3% CER on a pro-forma basis reflected the benefits from restructuring 
  including a one-off benefit from restructuring of post-retirement 
  benefits in Q3 2020 and the continuing benefit of restructuring in 
  Pharmaceuticals, Consumer Healthcare and support functions, reduced 
  variable spending across all three businesses as a result of the 
  COVID-19 lockdowns and the tight control of ongoing costs, particularly 
  in non-promotional spending across all three businesses. This was 
  partly offset by increased investment resulting from the acquisition 
  of Tesaro and in promotional product support, particularly for new 
  launches in Vaccines, Respiratory and HIV. 
  Research and development 
  Total R&D expenditure was GBP3,628 million (14.3% of turnover), up 
  9% AER, 10% CER, including an increase in Major restructuring costs 
  and intangible impairments. Adjusted R&D expenditure was GBP3,306 
  million (13.0% of turnover), 4% higher at AER, 5% higher at CER than 
  in 2019. On a pro-forma basis, Adjusted R&D expenditure grew 3% CER 
  compared with 2019. 
  Pharmaceuticals R&D expenditure was GBP2,580 million, up 5% AER, 
  6% CER, primarily driven by the significant increase in investment 
  in Oncology, reflecting the progression of a number of key programmes 
  including Blenrep, ICOS and bintrafusp alfa, as well as initiation 
  and progression of COVID-19 treatment programmes (Vir, Otilimab). 
  This has been partly offset by a reduction in investment in research 
  and several Specialty and Primary Care programmes (daprodustat, Trelegy, 
  HIV) as well as efficiency savings as part of the Separation Preparation 
  restructuring programme and variable spending as a result of COVID-19 
  lockdowns. 
  R&D expenditure in Vaccines was GBP508 million, down 5% AER, 4% CER 
  reflecting efficiency savings as part of the Separation Preparation 
  restructuring programme and variable spending as a result of COVID-19 
  lockdowns. R&D expenditure in Consumer Healthcare was GBP218 million. 
  Royalty income 
  Royalty income was GBP227 million (2019: GBP269 million), down 16% 
  AER, 16% CER, primarily reflecting adverse movements in Consumer 
  Healthcare and lower sales of Gardasil. 
 
 
 Other operating income/(expense) 
  Net other operating income of GBP1,590 million (2019: GBP166 million 
  expense) primarily reflected the net profit on disposal of the Horlicks 
  and other Consumer Healthcare brands of GBP2,815 million in Q2 2020, 
  which was after reversal of GBP240 million of embedded derivative 
  gains on the value of the shares taken in prior years. This was partly 
  offset by the related loss on sale of the shares in Hindustan Unilever 
  in Q2 2020 of GBP476 million. Other operating income also included 
  an increase in profit and milestone income from a number of asset 
  disposals. 
 
  This was partly offset by accounting charges of GBP1,236 million 
  (2019: GBP408 million) arising from the re-measurement of the contingent 
  consideration liabilities related to the acquisitions of the former 
  Shionogi-ViiV Healthcare joint venture and the former Novartis Vaccines 
  business and the liabilities for the Pfizer put option and Pfizer 
  and Shionogi preferential dividends in ViiV Healthcare. This included 
  a re-measurement charge of GBP1,117 million (2019: GBP421 million) 
  for the contingent consideration liability due to Shionogi, primarily 
  arising from changes in exchange rate assumptions as well as sales 
  forecasts and the unwind of discounting. 
 
 
 Operating profit 
  Total operating profit was GBP6,722 million in the nine months compared 
  with GBP5,059 million in 2019. This reflected the profit on disposal 
  of the Horlicks and other Consumer Healthcare brands and resultant 
  sale of shares in Hindustan Unilever as well as increased income 
  from asset disposals. This was partly offset by higher re-measurement 
  charges on the contingent consideration liabilities. 
  Excluding these and other Adjusting items, Adjusted operating profit 
  was GBP7,089 million, flat compared with 2019 at AER and 3% higher 
  at CER on a turnover increase of 4% CER. The Adjusted operating margin 
  of 28.0% was 0.7 percentage points lower at AER, and 0.4 percentage 
  points lower on a CER basis than in 2019. On a pro-forma basis, Adjusted 
  operating profit was 3% lower at CER on a turnover decrease of 2% 
  at CER. The Adjusted pro-forma operating margin of 28.0% was 0.4 
  percentage points lower on a CER basis than in 2019. 
  The reduction in pro-forma Adjusted operating profit reflects the 
  adverse impact from the reduction in sales in Vaccines as a result 
  of the COVID-19 pandemic, investment in R&D including a significant 
  increase in Oncology, partly on the assets from the Tesaro acquisition 
  and initiation of several COVID-19 programmes, continuing price pressure, 
  particularly in Respiratory, including the impact of the launch of 
  a generic version of Advair in the US in February 2019 and investments 
  in promotional product support, particularly for new launches in 
  Vaccines, HIV and Respiratory. This was offset by reduced promotional 
  and variable spending across all three business as a result of the 
  COVID-19 lockdowns, a one-off benefit in Q3 2020 from restructuring 
  of post-retirement benefits and the continuing benefit of restructuring 
  in Pharmaceuticals, Consumer Healthcare and support functions and 
  the tight control of ongoing costs, particularly in non-promotional 
  spending across all three businesses. 
  Contingent consideration cash payments which are made to Shionogi 
  and other companies reduce the balance sheet liability and hence 
  are not recorded in the income statement. Total contingent consideration 
  cash payments in the nine months amounted to GBP664 million (2019: 
  GBP660 million). This included cash payments made to Shionogi of 
  GBP648 million (2019: GBP645 million). 
  Operating profit by business 
  Pharmaceuticals operating profit was GBP3,334 million, down 7% AER, 
  5% CER on a turnover decrease of 1% CER. The operating margin of 
  26.3% was 1.3 percentage points lower at AER than in 2019 and 1.1 
  percentage points lower on a CER basis. This primarily reflected 
  a significant increase in Oncology R&D as well as the continued impact 
  of lower prices, including the impact of the launch of a generic 
  version of Advair in the US in February 2019, and investment in new 
  product support and targeted priority markets. This was partly offset 
  by the reduced promotional and variable spending as a result of the 
  COVID-19 lockdowns and the continued benefit of restructuring and 
  tight control of ongoing costs. 
  Vaccines operating profit was GBP2,022 million, down 15% AER, 14% 
  CER on a turnover decrease of 7% CER. The operating margin of 40.7% 
  was 3.4 percentage points lower at AER than in 2019 and 3.1 percentage 
  points lower on a CER basis. This was primarily driven by negative 
  operating leverage from the COVID-19 related decline in sales, investment 
  behind key brands and income from one-off settlements in 2019. 
 
  Consumer Healthcare operating profit was GBP1,828 million, up 27% 
  AER, 33% CER on a turnover increase of 23% CER. On a pro-forma basis, 
  operating profit was GBP1,828 million, 2% CER higher on flat turnover 
  at CER. The operating margin of 23.8% was 1.5 percentage points higher 
  at AER and 1.9 percentage points higher on a CER basis than in 2019. 
  The pro-forma operating margin of 23.8% was 0.5 percentage points 
  higher on a CER basis. The higher margin was driven by higher than 
  normal sales growth in Q1 due to COVID-19, favourable product mix 
  from growth in power brands and synergy delivery from the Pfizer 
  integration. This was partially offset by the impact of divestments 
  and increased targeted promotional investment. 
 
  Net finance costs 
  Total net finance costs were GBP614 million compared with GBP619 
  million in 2019. Adjusted net finance costs were GBP611 million compared 
  with GBP613 million in 2019. The decrease primarily reflects reduced 
  interest expense from lower debt levels and refinancing at lower 
  rates offset by reductions in income on overseas cash post-closing 
  of the divestment of Horlicks and other Consumer Healthcare nutrition 
  products in India and a number of other countries, a fair value gain 
  on interest rate swaps in the 2019 comparator and reduced swap interest 
  income on foreign currency hedges. 
  Share of after tax profits of associates and joint ventures 
  The share of after tax profits of associates was GBP39 million (2019: 
  GBP70 million). 2019 included a one-off adjustment of GBP51 million 
  to reflect GSK's share of increased after tax profits of Innoviva 
  primarily as a result of a non-recurring income tax benefit. 
  Taxation 
  The charge of GBP598 million represented an effective tax rate on 
  Total results of 9.7% (2019: 16.8%) and reflected the different tax 
  effects of the various Adjusting items, including the disposal of 
  Horlicks and other Consumer Healthcare brands to Unilever and subsequent 
  disposal of shares received in Hindustan Unilever. Tax on Adjusted 
  profit amounted to GBP1,075 million and represented an effective 
  Adjusted tax rate of 16.5% (2019: 16.9%), reflecting cancellation 
  by the UK Government of a reduction in the UK corporation tax rate 
  from 19% to 17% resulting in an increase in the value of balance 
  sheet deferred tax assets. 
  Issues related to taxation are described in Note 14, 'Taxation' in 
  the Annual Report 2019. The Group continues to believe it has made 
  adequate provision for the liabilities likely to arise from periods 
  which are open and not yet agreed by tax authorities. The ultimate 
  liability for such matters may vary from the amounts provided and 
  is dependent upon the outcome of agreements with relevant tax authorities. 
  Non-controlling interests 
  The allocation of Total earnings to non-controlling interests amounted 
  to GBP477 million (2019: GBP405 million). The increase was primarily 
  due to an increased allocation of Consumer Healthcare profits of 
  GBP310 million (2019: GBP47 million) following the completion of 
  the new Consumer Healthcare Joint Venture with Pfizer on 31 July 
  2019, and which included the unwind of the fair value uplift on acquired 
  inventory and major restructuring costs. This was partly offset by 
  a reduced allocation of ViiV Healthcare profits of GBP126 million 
  (2019: GBP290 million), including increased charges for re-measurement 
  of contingent consideration liabilities. 
  The allocation of Adjusted earnings to non-controlling interests 
  amounted to GBP836 million (2019: GBP562 million). The increase in 
  allocation primarily reflected an increased allocation of Consumer 
  Healthcare profits of GBP424 million (2019: GBP103 million) following 
  the completion of the new Consumer Healthcare Joint Venture with 
  Pfizer on 31 July 2019 partly offset by a reduced allocation of ViiV 
  Healthcare profits of GBP371 million (2019: GBP391 million), and 
  lower net profits in some of the Group's other entities with non-controlling 
  interests, primarily Consumer Healthcare India following the Horlicks 
  and other Consumer brands disposal. 
  Earnings per share 
  Total EPS was 102.0p, compared with 67.7p in 2019. The increase in 
  EPS primarily reflected the net profit on disposal of Horlicks and 
  other Consumer Healthcare brands as well as increased income from 
  asset disposals, partly offset by higher re-measurement charges on 
  the contingent consideration liabilities and a one-off benefit in 
  2019 from increased share of after tax profits of the associate Innoviva. 
  Adjusted EPS was 92.6p compared with 99.2p in 2019, down 7% AER, 
  4% CER, on a 3% CER increase in Adjusted operating profit. The reduction 
  primarily resulted from a higher non-controlling interest allocation 
  of Consumer Healthcare profits, reduced share of after tax profits 
  of associates resulting from a non-recurring income tax benefit in 
  Innoviva and partly offset by a reduced effective tax rate. 
  Currency impact on nine months 2020 results 
  The results for the nine months to September 2020 are based on average 
  exchange rates, principally GBP1/$1.28, GBP1/EUR1.13 and GBP1/Yen 
  137. Comparative exchange rates are given on page 59. The period-end 
  exchange rates were GBP1/$1.28, GBP1/EUR1.10 and GBP1/Yen 136. 
  In the nine months, turnover increased 2% AER, 4% CER. Total EPS 
  was 102.0p compared with 67.7p in 2019. Adjusted EPS was 92.6p compared 
  with 99.2p in 2019, down 7% AER, 4% CER. The adverse currency impact 
  primarily reflected strengthening of Sterling against the US$ and 
  weakness in emerging market currencies relative to 2019. Exchange 
  gains or losses on the settlement of intercompany transactions had 
  a negligible impact on the adverse currency impact of three percentage 
  points on Adjusted EPS. 
 
 
 Adjusting items 
  The reconciliations between Total results and Adjusted results for 
  the nine months 2020 and the nine months 2019 are set out below. 
 
 
 Nine months ended 30 September 2020 
 
 
                                                                                                    Divest- 
                                                                                                     ments, 
                                                                                                significant 
                                                                                                      legal                      Adjusted 
                                     Intangible     Intangible          Major         Trans-            and                       results 
                           Total         amort-        impair-      restruct-        action-          other     Separation           GBPm 
                         results        isation           ment          uring        related          items          costs 
                            GBPm           GBPm           GBPm           GBPm           GBPm           GBPm           GBPm 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Turnover                 25,360                                                                                                   25,360 
 Cost of sales           (8,533)            529             28            468            109                                      (7,399) 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Gross profit             16,827            529             28            468            109                                       17,961 
 
 Selling, general 
  and 
  administration         (8,294)                            17            448           (25)             18             43        (7,793) 
 Research and 
  development            (3,628)             50            176             96                                                     (3,306) 
 Royalty income              227                                                                                                      227 
 Other operating 
  income/ 
  (expense)                1,590                                                       1,223        (2,813)                             - 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Operating profit          6,722            579            221          1,012          1,307        (2,795)             43          7,089 
 
 Net finance 
  costs                    (614)                                            2                             1                         (611) 
 Share of after 
  tax profits 
  of associates 
  and joint 
  ventures                    39                                                                                                       39 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit before 
  taxation                 6,147            579            221          1,014          1,307        (2,794)             43          6,517 
 
 Taxation                  (598)          (110)           (39)          (241)          (186)            107            (8)        (1,075) 
 Tax rate %                 9.7%                                                                                                    16.5% 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit after 
  taxation                 5,549            469            182            773          1,121        (2,687)             35          5,442 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit 
  attributable 
  to 
  non-controlling 
  interests                  477                                                         359                                          836 
 
 Profit 
  attributable 
  to 
  shareholders             5,072            469            182            773            762        (2,687)             35          4,606 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 Earnings per 
  share                   102.0p           9.4p           3.7p          15.5p          15.3p        (54.0)p           0.7p          92.6p 
                    ------------   ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 
 Weighted average 
  number of 
  shares 
  (millions)               4,974                                                                                                    4,974 
                    ------------                                                                                             ------------ 
 
 
 Nine months ended 30 September 2019 
 
 
                                                                                                Divestments, 
                                                                                                 significant 
                                                                                                       legal 
                                      Intangible     Intangible          Major                           and 
                            Total         amort-        impair-      restruct-   Transaction-          other       Adjusted 
                          results        isation           ment          uring        related          items        results 
                             GBPm           GBPm           GBPm           GBPm           GBPm           GBPm           GBPm 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Turnover                  24,855                                                                                    24,855 
 Cost of sales            (8,615)            550             27            647            160                       (7,231) 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Gross profit              16,240            550             27            647            160                        17,264 
 
 Selling, general 
  and 
  administration          (7,959)                             5            169            100             87        (7,598) 
 Research and 
  development             (3,325)             48             30             71                             1        (3,175) 
 Royalty income               269                                                                                       269 
 Other operating 
  (expense)/income          (166)                                            1            415          (250)              - 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Operating profit           5,059            598             62            888            675          (162)          7,120 
 
 Net finance costs          (619)                                            4                             2          (613) 
 Share of after 
  tax 
  profits of 
  associates and 
  joint 
  ventures                     70                                                                                        70 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit before 
  taxation                  4,510            598             62            892            675          (160)          6,577 
 
 Taxation                   (759)          (115)           (11)          (150)          (139)             63        (1,111) 
 Tax rate %                 16.8%                                                                                     16.9% 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit after 
  taxation                  3,751            483             51            742            536           (97)          5,466 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 Profit 
  attributable 
  to 
  non-controlling 
  interests                   405                                                         157                           562 
 
 Profit 
  attributable 
  to 
  shareholders              3,346            483             51            742            379           (97)          4,904 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 Earnings per 
  share                     67.7p           9.8p           1.0p          15.0p           7.7p         (2.0)p          99.2p 
                     ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 
 Weighted average 
  number 
  of 
  shares 
  (millions)                4,945                                                                                     4,945 
                     ------------                                                                              ------------ 
 
 
 Major restructuring and integration 
  Within the Pharmaceuticals sector, the highly regulated manufacturing 
  operations and supply chains and long lifecycle of the business mean 
  that restructuring programmes, particularly those that involve the 
  rationalisation or closure of manufacturing or R&D sites are likely 
  to take several years to complete. 
 
 
 Total Major restructuring charges incurred in the nine months were 
  GBP1,012 million (2019: GBP888 million), analysed as follows: 
 
 
                                         9 months 2020              9 months 2019 
                             -------------------------  ------------------------- 
 
                               Cash   Non-cash   Total    Cash   Non-cash   Total 
                               GBPm       GBPm    GBPm    GBPm       GBPm    GBPm 
                             ------  ---------  ------  ------  ---------  ------ 
 
 2018 major restructuring 
  programme (incl. Tesaro)       75        195     270     179        549     728 
 Consumer Healthcare 
  Joint 
  Venture integration 
  programme                     245         24     269     135          -     135 
 Separation Preparation 
  restructuring programme       352        112     464       -          -       - 
 Combined restructuring 
  and 
  integration programme          13        (4)       9     (8)         33      25 
 
                                685        327   1,012     306        582     888 
                             ------  ---------  ------  ------  ---------  ------ 
 
 
 
 Cash charges of GBP352 million under the Separation Preparation programme 
  primarily arose from restructuring of Vaccines manufacturing and 
  R&D functions as well as restructuring of commercial pharmaceuticals 
  and some administrative functions. Non-cash charges of GBP112 million 
  were related to write-down of assets in sites in the Pharma Supply 
  Chain. 
  Cash charges of GBP245 million under the Consumer Healthcare Joint 
  Venture programme primarily related to severance and integration 
  costs. 
  The 2018 major restructuring programme incurred cash charges of GBP75 
  million in relation to severance costs for restructuring of the manufacturing 
  organisation, R&D and some administrative functions as well as the 
  integration of Tesaro and non-cash charges of GBP195 million for 
  write-downs on disposal of sites. 
 
  Total cash payments made in the nine months were GBP543 million (2019: 
  GBP390 million), GBP93 million for the existing Combined restructuring 
  and integration programme (2019: GBP247 million), GBP145 million 
  (2019: GBP85 million) under the 2018 major restructuring programme 
  including the settlement of certain charges accrued in previous quarters, 
  a further GBP224 million (2019: GBP58 million) relating to the Consumer 
  Healthcare Joint Venture integration programme and GBP81 million 
  relating to the Separation Preparation restructuring programme. 
 
  The analysis of Major restructuring charges by business was as follows: 
 
 
                                    9 months   9 months 
                                        2020       2019 
                                        GBPm       GBPm 
                                   ---------  --------- 
 
 Pharmaceuticals                         362        615 
 Vaccines                                203         48 
 Consumer Healthcare                     303        187 
                                   ---------  --------- 
 
                                         868        850 
 Corporate & central functions           144         38 
                                   ---------  --------- 
 
 Total Major restructuring costs       1,012        888 
                                   ---------  --------- 
 
 
 
 The analysis of Major restructuring charges by Income statement line 
  was as follows: 
 
 
                                        9 months   9 months 
                                            2020       2019 
                                            GBPm       GBPm 
                                       ---------  --------- 
 
 Cost of sales                               468        647 
 Selling, general and administration         448        169 
 Research and development                     96         71 
 Other operating expense                       -          1 
                                       ---------  --------- 
 
 Total Major restructuring costs           1,012        888 
                                       ---------  --------- 
 
 
 
 The benefit in the nine months from the 2018 major restructuring 
  programme was GBP0.2 billion and the benefit from the Consumer Healthcare 
  Joint Venture integration was GBP0.2 billion. Given its early stage 
  the benefit from the Separation Preparation restructuring programme 
  was less than GBP0.1 billion. 
 
  The 2018 major restructuring programme, including Tesaro, is expected 
  to cost GBP1.75 billion over the period to 2021, with cash costs 
  of GBP0.85 billion and non-cash costs of GBP0.9 billion, and is expected 
  to deliver annual savings of around GBP450 million by 2021 (at 2019 
  rates). These savings are intended to be fully re-invested to help 
  fund targeted increases in R&D and commercial support of new products. 
 
  The completion of the Consumer Healthcare Joint Venture with Pfizer 
  is expected to realise substantial cost synergies, generating total 
  annual cost savings of GBP0.5 billion by 2022 for expected cash costs 
  of GBP0.7 billion and non-cash charges of GBP0.3 billion, plus additional 
  capital expenditure of GBP0.2 billion. Up to 25% of the cost savings 
  are intended to be reinvested in the business to support innovation 
  and other growth opportunities. 
 
  The Group initiated in Q1 2020 a two-year Separation Preparation 
  programme to prepare for the separation of GSK into two companies: 
  New GSK, a biopharma company with an R&D approach focused on science 
  related to the immune system, the use of genetics and new technologies, 
  and a new leader in Consumer Healthcare. The programme aims to: 
 
 
 --   Drive a common approach to R&D with improved capital allocation 
 --   Align and improve the capabilities and efficiency of global support 
       functions to support New GSK 
 --   Further optimise the supply chain and product portfolio, including 
       the divestment of non-core assets. A strategic review of prescription 
       dermatology is underway 
 --   Prepare Consumer Healthcare to operate as a standalone company 
 
 
 The programme will target delivery of GBP0.7 billion of annual savings 
  by 2022 and GBP0.8 billion by 2023, with total costs estimated at 
  GBP2.4 billion, of which GBP1.6 billion is expected to be cash costs. 
  The proceeds of anticipated divestments are largely expected to cover 
  the cash costs of the programme. 
 
 
 Transaction-related adjustments 
  Transaction-related adjustments resulted in a net charge of GBP1,307 
  million (2019: GBP675 million). This included a net GBP1,236 million 
  accounting charge for the re-measurement of the contingent consideration 
  liabilities related to the acquisitions of the former Shionogi-ViiV 
  Healthcare joint venture and the former Novartis Vaccines business 
  and the liabilities for the Pfizer put option and Pfizer and Shionogi 
  preferential dividends in ViiV Healthcare. 
 
 
                                                         9 months   9 months 
                                                             2020       2019 
 Charge/(credit)                                             GBPm       GBPm 
                                                        ---------  --------- 
 
 Contingent consideration on former Shionogi-ViiV 
  Healthcare joint venture 
  (including Shionogi preferential dividends)               1,117        421 
 ViiV Healthcare put options and Pfizer preferential 
  dividends                                                  (42)       (81) 
 Contingent consideration on former Novartis Vaccines 
  business                                                    161         68 
 Release of fair value uplift on acquired Pfizer 
  inventory                                                    91          - 
 Other adjustments                                           (20)        267 
                                                        ---------  --------- 
 
 Total transaction-related charges                          1,307        675 
                                                        ---------  --------- 
 
 
 
 The GBP1,117 million charge relating to the contingent consideration 
  for the former Shionogi-ViiV Healthcare joint venture represented 
  an increase in the valuation of the contingent consideration due 
  to Shionogi, as a result of a GBP298 million unwind of the discount 
  and GBP819 million primarily from updated exchange rate assumptions 
  as well as adjustments to sales forecasts. The GBP42 million credit 
  relating to the ViiV Healthcare put options and Pfizer preferential 
  dividends represented a decrease in the valuation of the put option 
  as a result of adjustments to multiples and sales forecasts partly 
  offset by updated exchange rate assumptions. 
  The ViiV Healthcare contingent consideration liability is valued 
  on a long-term basis. The potential impact of the COVID-19 pandemic 
  remains uncertain and at 30 September 2020, it has been assumed that 
  there will be no significant impact on the long-term value of the 
  liability. This position remains under review and the amount of the 
  liability will be updated in future quarters as further information 
  on the impact of the pandemic becomes available. An explanation of 
  the accounting for the non-controlling interests in ViiV Healthcare 
  is set out on page 11. 
  Divestments, significant legal charges and other items 
  Divestments and other items included a gain in the period of GBP2,339 
  million arising from the net profit on disposal of the Horlicks and 
  other Consumer Healthcare brands of GBP2,815 million in Q2 2020, 
  after reversal of GBP240 million of embedded derivative gains on 
  the value of the shares taken in prior years. This was partly offset 
  by the related loss on sale of the shares in Hindustan Unilever in 
  Q2 2020 of GBP476 million. Divestments and other items also included 
  milestone income and gains from a number of asset disposals and certain 
  other Adjusting items. A charge of GBP6 million (2019: GBP87 million) 
  for significant legal matters included the settlement of existing 
  matters as well as provisions for ongoing litigation. Significant 
  legal cash payments were GBP7 million (2019: GBP13 million). 
  Separation costs 
  From Q2 2020, the Group has started to report additional one-time 
  costs to prepare Consumer Healthcare for separation. These are estimated 
  at GBP600-700 million, excluding transaction costs. 
 
 
 Cash generation 
 
 
 Cash flow 
 
 
                                                        9 months   9 months 
                                              Q3 2020       2020       2019 
                                             --------  ---------  --------- 
 
 Net cash inflow from operating activities 
  (GBPm)                                          861      4,586      4,567 
 Free cash flow* (GBPm)                         (180)      2,300      2,474 
 Free cash flow growth (%)                    >(100)%       (7)%         4% 
 Free cash flow conversion* (%)                   <-%        45%        74% 
 Net debt** (GBPm)                             23,882     23,882     28,139 
                                             --------  ---------  --------- 
 
 
 *    Free cash flow and free cash flow conversion are defined on page 
       62 . 
 **   Net debt is analysed on page 61. 
 
 
 Q3 2020 
  The net cash inflow from operating activities for the quarter was 
  GBP861 million (Q3 2019: GBP2,515 million). The reduction primarily 
  reflected increased trade receivables following lower collections 
  from lower sales in Q2 2020, increased inventory primarily in Vaccines, 
  adverse timing of payments for returns and rebates and taxes and 
  adverse exchange rate impacts partly offset by increased operating 
  profits. 
 
  Total cash payments to Shionogi in relation to the ViiV Healthcare 
  contingent consideration liability in the quarter were GBP203 million 
  (Q3 2019: GBP206 million), of which GBP178 million was recognised 
  in cash flows from operating activities and GBP25 million was recognised 
  in contingent consideration paid within investing cash flows. These 
  payments are deductible for tax purposes. 
 
  Free cash outflow was GBP180 million for the quarter (Q3 2019: GBP1,939 
  million inflow). The reduction primarily reflected a significant 
  increase in trade receivables following lower collections from lower 
  sales in Q2 2020, increased inventory primarily in Vaccines, adverse 
  timing of payments for returns and rebates and taxes, higher dividends 
  to non-controlling interests and increased purchases of intangible 
  assets. 
 
 
 9 months 2020 
  The net cash inflow from operating activities for the nine months 
  was GBP4,586 million (2019: GBP4,567 million). The increase primarily 
  reflected a lower seasonal increase in trade receivables, beneficial 
  timing of payments for returns and rebates and improved operating 
  profits, partly offset by adverse exchange impacts and increased 
  tax payments including tax on disposals. 
 
  Total cash payments to Shionogi in relation to the ViiV Healthcare 
  contingent consideration liability in the nine months were GBP648 
  million (2019: GBP645 million), of which GBP566 million was recognised 
  in cash flows from operating activities and GBP82 million was recognised 
  in contingent consideration paid within investing cash flows. These 
  payments are deductible for tax purposes. 
 
  Free cash flow was GBP2,300 million for the nine months (2019: GBP2,474 
  million). The reduction primarily reflected h igher dividends to 
  non-controlling interests, increased tax payments including tax on 
  disposals and adverse exchange impacts, partly offset by a lower 
  seasonal increase in trade receivables, beneficial timing of payments 
  for returns and rebates, higher proceeds from disposals of intangible 
  assets and improved operating profits. 
 
 
 Net debt 
  At 30 September 2020, net debt was GBP23.9 billion, compared with 
  GBP25.2 billion at 31 December 2019, comprising gross debt of GBP28.3 
  billion and cash and liquid investments of GBP4.4 billion. Net debt 
  decreased due to the GBP3.3 billion proceeds from the Horlicks and 
  other Consumer brands disposal including shares in Hindustan Unilever 
  of GBP2.7 billion and GBP0.6 billion of other assets, GBP0.5 billion 
  of other business and asset disposals together with GBP2.3 billion 
  free cash flow, partly offset by cash divested of GBP0.5 billion, 
  dividends paid to shareholders of GBP3.0 billion, GBP0.4 billion 
  in additional investments and GBP0.9 billion of unfavourable exchange 
  impacts from the translation of non-Sterling denominated debt and 
  exchange on other financing items. 
 
  At 30 September 2020, GSK had short-term borrowings (including overdrafts 
  and lease liabilities) repayable within 12 months of GBP4.9 billion 
  with loans of GBP2.7 billion repayable in the subsequent year. 
 
 
 Returns to shareholders 
 
 
 Quarterly dividends 
  The Board has declared a third interim dividend for 2020 of 19 pence 
  per share (Q3 2019: 19 pence per share). 
  GSK recognises the importance of dividends to shareholders and aims 
  to distribute regular dividend payments that will be determined primarily 
  with reference to the free cash flow generated by the business after 
  funding the investment necessary to support the Group's future growth. 
  The Board currently intends to maintain the dividend for 2020 at 
  the current level of 80p per share, subject to any material change 
  in the external environment or performance expectations. Over time, 
  as free cash flow strengthens, it intends to build free cash flow 
  cover of the annual dividend to a target range of 1.25-1.50x, before 
  returning the dividend to growth. 
  Payment of dividends 
  The equivalent interim dividend receivable by ADR holders will be 
  calculated based on the exchange rate on 12 January 2021. An annual 
  fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged 
  by the Depositary. 
  The ex-dividend date will be 12 November 2020, with a record date 
  of 13 November 2020 and a payment date of 14 January 2021. 
 
 
                          Paid/    Pence per 
                        payable        share   GBPm 
                  -------------   ----------  ----- 
 
 2020 
 First interim       9 July 2020          19    946 
                       8 October 
 Second interim             2020          19    946 
                      14 January 
 Third interim              2021          19    946 
 
 
 
 2019 
 First interim       11 July 2019   19     940 
                       10 October 
 Second interim              2019   19     941 
                        9 January 
 Third interim               2020   19     941 
 Fourth interim      9 April 2020   23   1,144 
                                   ---  ------ 
 
                                    80   3,966 
                                   ---  ------ 
 
 
 
 Weighted average number of shares 
                                          Q3 2020     Q3 2019 
                                         millions    millions 
                                       ----------  ---------- 
 
 Weighted average number of shares 
  - basic                                   4,980       4,951 
 Dilutive effect of share options 
  and share awards                             60          56 
                                       ----------  ---------- 
 
 Weighted average number of shares 
  - diluted                                 5,040       5,007 
                                       ----------  ---------- 
 
 
 
 Weighted average number of shares 
                                         9 months    9 months 
                                             2020        2019 
                                         Millions    millions 
                                       ----------  ---------- 
 
 Weighted average number of shares 
  - basic                                   4,974       4,945 
 Dilutive effect of share options 
  and share awards                             60          56 
                                       ----------  ---------- 
 
 Weighted average number of shares 
  - diluted                                 5,034       5,001 
                                       ----------  ---------- 
 
 
 
 At 30 September 2020, 4,980 million shares (30 September 2019: 4,952 
  million) were in free issue (excluding Treasury shares and shares 
  held by the ESOP Trusts). GSK made no share repurchases during the 
  period. The company issued 0.1 million shares under employee share 
  schemes in the quarter for proceeds of GBP2 million (Q3 2019: GBP8 
  million). 
 
 
 At 30 September 2020, the ESOP Trust held 36.8 million GSK shares 
  against the future exercise of share options and share awards. The 
  carrying value of GBP259 million has been deducted from other reserves. 
  The market value of these shares was GBP543 million. 
 
  At 30 September 2020, the company held 367.7 million Treasury shares 
  at a cost of GBP5,144 million, which has been deducted from retained 
  earnings. 
 
 
 Financial information 
 
 
 Income statements 
 
 
                                                               9 months   9 months 
                                           Q3 2020   Q3 2019       2020       2019 
                                              GBPm      GBPm       GBPm       GBPm 
                                          --------  --------  ---------  --------- 
 
 TURNOVER                                    8,646     9,385     25,360     24,855 
 
 Cost of sales                             (2,885)   (3,245)    (8,533)    (8,615) 
                                          --------  --------  ---------  --------- 
 
 Gross profit                                5,761     6,140     16,827     16,240 
 
 Selling, general and administration       (2,669)   (2,892)    (8,294)    (7,959) 
 Research and development                  (1,140)   (1,206)    (3,628)    (3,325) 
 Royalty income                                 85       118        227        269 
 Other operating (expense)/income            (179)      (13)      1,590      (166) 
                                          --------  --------  ---------  --------- 
 
 OPERATING PROFIT                            1,858     2,147      6,722      5,059 
 
 Finance income                                (3)        32         39         87 
 Finance expense                             (195)     (245)      (653)      (706) 
 Share of after tax profits 
  of 
  associates and joint ventures                 11        17         39         70 
                                          --------  --------  ---------  --------- 
 
 PROFIT BEFORE TAXATION                      1,671     1,951      6,147      4,510 
 
 Taxation                                    (241)     (235)      (598)      (759) 
 Tax rate %                                  14.4%     12.0%       9.7%      16.8% 
                                          --------  --------  ---------  --------- 
 
 PROFIT AFTER TAXATION                       1,430     1,716      5,549      3,751 
                                          --------  --------  ---------  --------- 
 
 Profit attributable to non-controlling 
  interests                                    186       164        477        405 
 Profit attributable to shareholders         1,244     1,552      5,072      3,346 
                                          --------  --------  ---------  --------- 
 
                                             1,430     1,716      5,549      3,751 
                                          --------  --------  ---------  --------- 
 
 EARNINGS PER SHARE                          25.0p     31.4p     102.0p      67.7p 
                                          --------  --------  ---------  --------- 
 
                                                                  100.7 
 Diluted earnings per share                 24.7 p     31.0p          p      66.9p 
                                          --------  --------  ---------  --------- 
 
 
 
 Statement of comprehensive income 
 
 
                                                                 Q3 2020   Q3 2019 
                                                                    GBPm      GBPm 
                                                                --------  -------- 
 
 Profit for the period                                             1,430     1,716 
 
 Items that may be reclassified subsequently to income 
  statement: 
 Exchange movements on overseas net assets and net 
  investment hedges                                                (171)     (150) 
 Fair value movements on cash flow hedges                              -      (33) 
 Reclassification of cash flow hedges to income statement              1         2 
 Deferred tax on fair value movements on cash flow 
  hedges                                                               1         - 
 
                                                                   (169)     (181) 
                                                                --------  -------- 
 
 Items that will not be reclassified to income statement: 
 Exchange movements on overseas net assets of non-controlling 
  interests                                                         (65)        38 
 Fair value movements on equity investments                          528        52 
 Deferred tax on fair value movements on equity investments        (102)         3 
 Re-measurement gains on defined benefit plans                        63     (619) 
 Tax on re-measurement gains on defined benefit plans               (14)       113 
                                                                --------  -------- 
 
                                                                     410     (413) 
                                                                --------  -------- 
 
 Other comprehensive income/(expense) for the period                 241     (594) 
                                                                --------  -------- 
 
 Total comprehensive income for the period                         1,671     1,122 
                                                                --------  -------- 
 
 
 Total comprehensive income for the period attributable 
  to: 
  Shareholders                                                     1,550       920 
  Non-controlling interests                                          121       202 
                                                                --------  -------- 
 
                                                                   1,671     1,122 
                                                                --------  -------- 
 
 
 
 Statement of comprehensive income 
 
 
                                                                 9 months   9 months 
                                                                     2020       2019 
                                                                     GBPm       GBPm 
                                                                ---------  --------- 
 
 Profit for the period                                              5,549      3,751 
 
 Items that may be reclassified subsequently to income 
  statement: 
 Exchange movements on overseas net assets and net 
  investment hedges                                                   189      (195) 
 Reclassification of exchange movements on liquidation 
  or disposal of 
  overseas subsidiaries                                                36          - 
 Fair value movements on cash flow hedges                            (23)      (106) 
 Reclassification of cash flow hedges to income statement              53          3 
 Deferred tax on fair value movements on cash flow 
  hedges                                                              (2)          - 
 
                                                                      253      (298) 
                                                                ---------  --------- 
 
 Items that will not be reclassified to income statement: 
 Exchange movements on overseas net assets of non-controlling 
  interests                                                            30         28 
 Fair value movements on equity investments                           713         96 
 Deferred tax on fair value movements on equity investments         (116)       (27) 
 Re-measurement losses on defined benefit plans                     (382)    (1,192) 
 Tax on re-measurement losses on defined benefit 
  plans                                                                78        215 
                                                                ---------  --------- 
 
                                                                      323      (880) 
                                                                ---------  --------- 
 
 Other comprehensive income/(expense) for the period                  576    (1,178) 
                                                                ---------  --------- 
 
 Total comprehensive income for the period                          6,125      2,573 
                                                                ---------  --------- 
 
 
 Total comprehensive income for the period attributable 
  to: 
  Shareholders                                                      5,618      2,140 
  Non-controlling interests                                           507        433 
                                                                ---------  --------- 
 
                                                                    6,125      2,573 
                                                                ---------  --------- 
 
 
 
 Pharmaceuticals turnover - three months ended 30 September 2020 
 
 
                                                           Total                                          US                                      Europe                               International 
                           -------------------------------------       -------------------------------------       -------------------------------------       ------------------------------------- 
                                                          Growth                                      Growth                                      Growth                                      Growth 
                                         -----------------------                     -----------------------                     -----------------------                     ----------------------- 
                               GBPm           GBP%          CER%           GBPm            GBP%         CER%           GBPm           GBP%          CER%         GBPm          GBP%             CER% 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 
 Respiratory                    978             21            26            576              24           30            225             13            13          177            26               33 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Ellipta products               727             21            26            427              23           29            166             13            13          134            22               30 
  Anoro Ellipta                 140            (2)             3             86             (9)          (4)             35             17            13           19             -               21 
  Arnuity Ellipta                14             17            33             13              30           30              -              -             -            1          (50)               50 
  Incruse Ellipta                56            (7)           (2)             33             (3)            3             16           (11)           (6)            7          (13)             (12) 
  Relvar/Breo 
   Ellipta                      323             30            34            169              64           70             73              3             1           81             8               15 
  Trelegy Ellipta               194             40            45            126              20           29             42             50            54           26          >100             >100 
 
 Nucala                         251             24            29            149              25           32             59             11            11           43            39               45 
 
 HIV                          1,216            (4)             -            755             (5)            -            296              1             1          165           (7)                1 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Dolutegravir 
  products                    1,176            (3)             1            739             (5)            -            284              3             4          153           (2)                5 
  Tivicay                       377           (15)          (10)            220            (18)         (13)             87           (15)          (14)           70           (1)                7 
  Triumeq                       577           (11)           (8)            368            (11)          (6)            135           (12)          (13)           74          (11)              (5) 
  Juluca                        123             22            28             95              14           20             24             50            56            4          >100              100 
  Dovato                         99           >100          >100             56            >100         >100             38           >100          >100            5          >100             >100 
 
 Epzicom/Kivexa                   7           (63)          (58)              1               -            -              2           (67)          (67)            4          (67)             (58) 
 Selzentry                       23            (8)           (8)             12            (14)         (14)              6           (14)          (14)            5            25               25 
 Rukobia                          3              -             -              3               -            -              -              -             -            -             -                - 
 Other                            7           (42)          (42)              -               -            -              4           (20)          (40)            3          (40)             (20) 
 
 Immuno- 
  Inflammation 
  and other 
  specialty                     193             13            18            158               5           11             15             25            25           20          >100             >100 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Benlysta                       186              8            13            158               5           11             15             25            25           13            30               40 
 
 Oncology                        99             55            58             61              61           68             36             35            35            2          >100             >100 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Zejula                          92             44            47             57              50           55             33             27            27            2          >100             >100 
 Blenrep                          8              -             -              5               -            -              3              -             -            -             -                - 
 
 Pharmaceuticals 
  excluding 
  established 
  products                    2,486              8            12          1,550               7           13            572              8             8          364            12               19 
 
 Established 
  Pharmaceuticals             1,706           (23)          (18)            368            (30)         (26)            402           (21)          (21)          936          (22)             (14) 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Established 
  Respiratory                   725           (23)          (18)            256            (30)         (26)            164           (11)          (11)          305          (22)             (13) 
  Seretide/Advair               368           (12)           (8)            112             (4)          (1)            104           (14)          (14)          152          (16)              (8) 
  Flixotide/Flovent              92           (46)          (42)             45            (59)         (57)             15           (17)          (17)           32          (26)             (14) 
  Ventolin                      177           (23)          (18)            100            (26)         (22)             25            (7)           (4)           52          (24)             (15) 
  Avamys/Veramyst                56           (15)           (8)              -               -            -             13           (13)          (13)           43          (16)              (6) 
  Other Respiratory              32           (40)          (28)            (1)               -            -              7             75            50           26          (46)             (38) 
 
 Dermatology                    110            (7)           (1)              -               -            -             36           (10)          (13)           74           (5)                5 
 Augmentin                      106           (30)          (24)              -               -            -             30           (21)          (21)           76          (33)             (25) 
 Avodart                         95           (37)          (30)              1            (50)         (50)             36           (29)          (29)           58          (40)             (30) 
 Imigran/Imitrex                 30           (17)          (14)             11            (27)         (27)             12            (8)           (8)            7          (13)                - 
 Lamictal                       125           (15)          (10)             61            (18)         (12)             30            (3)           (3)           34          (19)             (10) 
 Seroxat/Paxil                   38           (10)           (2)              -               -            -              9           (10)          (10)           29           (9)                - 
 Valtrex                         24           (14)           (7)              4               -            -              8           (11)          (11)           12          (20)              (7) 
 Other                          453           (26)          (22)             35            (44)         (46)             77           (41)          (40)          341          (18)             (13) 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Pharmaceuticals              4,192            (7)           (3)          1,918             (3)            2            974            (6)           (6)        1,300          (14)              (7) 
                           --------       --------      --------       --------      ----------     --------       --------      ---------      --------     --------     ---------         -------- 
 
 
 
 Pharmaceuticals turnover - nine months ended 30 September 2020 
 
 
                                                           Total                                          US                                      Europe                               International 
                           -------------------------------------       -------------------------------------       -------------------------------------       ------------------------------------- 
                                                          Growth                                      Growth                                      Growth                                      Growth 
                                         -----------------------                     -----------------------                     -----------------------                     ----------------------- 
                               GBPm           GBP%          CER%           GBPm            GBP%         CER%           GBPm           GBP%          CER%         GBPm          GBP%             CER% 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 
 Respiratory                  2,732             25            26          1,540              26           27            691             21            22          501            26               29 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Ellipta products             2,030             24            25          1,126              25           26            516             23            23          388            21               25 
  Anoro Ellipta                 396              6             8            237               2            2            103             18            18           56             6               13 
  Arnuity Ellipta                31            (6)           (3)             26             (7)          (7)              -              -             -            5             -               20 
  Incruse Ellipta               172            (7)           (6)             96            (12)         (12)             55              -             2           21             -                5 
  Relvar/Breo 
   Ellipta                      850             21            22            367              34           35            238             14            14          245            11               14 
  Trelegy Ellipta               581             68            69            400              56           57            120             74            75           61          >100             >100 
 
 Nucala                         702             28            28            414              29           30            175             17            17          113            43               43 
 
 HIV                          3,608              -             1          2,200             (1)            -            886              3             3          522             1                6 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Dolutegravir 
  products                    3,477              2             3          2,155             (1)            -            848              5             5          474             6               11 
  Tivicay                     1,162            (6)           (5)            642            (12)         (12)            280            (5)           (5)          240            15               21 
  Triumeq                     1,726           (10)           (9)          1,084            (10)          (9)            425           (10)          (10)          217           (8)              (4) 
  Juluca                        356             40            41            279              30           31             69             86            89            8           100              100 
  Dovato                        233           >100          >100            150            >100         >100             74           >100          >100            9          >100             >100 
 
 Epzicom/Kivexa                  25           (58)          (57)              2            (33)         (33)              7           (61)          (61)           16          (59)             (56) 
 Selzentry                       70            (5)           (4)             35            (13)         (13)             20            (9)           (9)           15            25               33 
 Rukobia                          3              -             -              3               -            -              -              -             -            -             -                - 
 Other                           33           (13)          (21)              5            (44)         (67)             11            (8)          (17)           17             -                - 
 
 Immuno- 
  Inflammation 
  and other 
  specialty                     521             18            19            437              13           14             41             21            21           43            95              100 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Benlysta                       514             16            17            437              13           14             41             21            21           36            64               68 
 
 Oncology                       257             57            57            156              61           62             99             48            48            2             -                - 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Zejula                         250             53            53            152              57           57             96             45            45            2             -                - 
 Blenrep                          8              -             -              5               -            -              3              -             -            -             -                - 
 
 Pharmaceuticals 
  excluding 
  established 
  products                    7,118             11            12          4,333              10           11          1,717             12            12        1,068            14               18 
 
 Established 
  Pharmaceuticals             5,572           (16)          (14)          1,144            (25)         (24)          1,330           (14)          (14)        3,098          (12)              (9) 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Established 
  Respiratory                 2,495           (15)          (13)            814            (24)         (24)            563            (8)           (8)        1,118          (11)              (7) 
  Seretide/Advair             1,184           (10)           (8)            361             (9)          (9)            344           (10)          (10)          479          (10)              (7) 
  Flixotide/Flovent             332           (25)          (23)            149            (41)         (41)             60            (9)           (8)          123           (1)                4 
  Ventolin                      574           (19)          (17)            305            (28)         (27)             87            (2)           (1)          182           (9)              (3) 
  Avamys/Veramyst               227           (10)           (7)              -               -            -             51            (6)           (6)          176          (11)              (8) 
  Other Respiratory             178           (16)          (16)            (1)               -            -             21             11             5          158          (18)             (18) 
 
 Dermatology                    316            (5)           (2)              1            (67)         (67)            104           (13)          (13)          211             -                6 
 Augmentin                      375           (16)          (12)              -               -            -            108           (14)          (13)          267          (16)             (12) 
 Avodart                        370           (15)          (12)              4               -            -            124           (23)          (23)          242          (10)              (6) 
 Imigran/Imitrex                 91           (12)          (11)             36            (18)         (18)             37            (5)           (5)           18          (10)              (5) 
 Lamictal                       397            (6)           (4)            196             (7)          (6)             90              7             7          111          (12)              (8) 
 Seroxat/Paxil                  110           (10)           (7)              -               -            -             27            (4)           (4)           83          (12)              (9) 
 Valtrex                         77            (4)           (1)             11              10           10             24              4             4           42          (11)              (6) 
 Other                        1,341           (23)          (21)             82            (52)         (53)            253           (29)          (29)        1,006          (16)             (13) 
                           --------       --------      --------       --------        --------     --------       --------       --------      --------     --------      --------         -------- 
 Pharmaceuticals             12,690            (2)           (1)          5,477               1            1          3,047            (1)           (1)        4,166           (7)              (3) 
                           --------       --------      --------       --------      ----------     --------       --------      ---------      --------     --------     ---------         -------- 
 
 
 
 Vaccines turnover - three months ended 30 September 2020 
 
 
                                                    Total                                          US                                      Europe                               International 
                    -------------------------------------       -------------------------------------       -------------------------------------       ------------------------------------- 
                                                   Growth                                      Growth                                      Growth                                      Growth 
                                  -----------------------                     -----------------------                     -----------------------                     ----------------------- 
                        GBPm           GBP%          CER%           GBPm           GBP%          CER%           GBPm           GBP%          CER%          GBPm          GBP%            CER% 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 
 Meningitis              363            (2)             1            197           (16)          (14)             93              3             3            73            55              68 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Bexsero                 219           (14)          (11)            119           (18)          (17)             87              4             4            13          (50)            (27) 
 Menveo                  104            (2)             -             78           (12)          (10)              4              -             -            22            69              69 
 Other                    40           >100          >100              -              -             -              2              -             -            38          >100            >100 
 
 Influenza               445             20            21            379             19            20             33            (3)           (3)            33            74              74 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Fluarix, 
  FluLaval               445             20            21            379             19            20             33            (3)           (3)            33            74              74 
 
 Shingles                374           (30)          (25)            287           (42)          (37)             53           >100          >100            34            48              57 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Shingrix                374           (30)          (25)            287           (42)          (37)             53           >100          >100            34            48              57 
 
 Established 
  Vaccines               850           (18)          (15)            288           (27)          (23)            204           (20)          (20)           358           (6)             (2) 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Infanrix, 
  Pediarix               158           (21)          (17)             82           (23)          (19)             40           (27)          (25)            36           (5)               - 
 Boostrix                163           (13)          (11)             95            (6)           (2)             42              -           (2)            26          (41)            (39) 
 
 Hepatitis               138           (36)          (33)             79           (40)          (37)             31           (46)          (44)            28             -               4 
 
 Rotarix                 132           (21)          (18)             26           (28)          (22)             29              4             7            77          (25)            (23) 
 
 Synflorix                83           (28)          (27)              -              -             -             13             18            27            70          (33)            (32) 
 
 Priorix, 
  Priorix 
  Tetra, 
  Varilrix                72             26            30              -              -             -             39             70            70            33           (3)               3 
 Cervarix                 49           >100          >100              -              -             -              5              -             -            44          >100            >100 
 Other                    55           (26)          (23)              6           (68)          (68)              5           (86)          (91)            44          >100            >100 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Vaccines              2,032           (12)           (9)          1,151           (20)          (17)            383            (3)           (3)           498             6              11 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 
 
 
 Vaccines turnover - nine months ended 30 September 2020 
 
 
                                                    Total                                          US                                      Europe                               International 
                    -------------------------------------       -------------------------------------       -------------------------------------       ------------------------------------- 
                                                   Growth                                      Growth                                      Growth                                      Growth 
                                  -----------------------                     -----------------------                     -----------------------                     ----------------------- 
                        GBPm           GBP%          CER%           GBPm           GBP%          CER%           GBPm           GBP%          CER%          GBPm          GBP%            CER% 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 
 Meningitis              755            (7)           (5)            323           (20)          (20)            265              2             2           167            11              20 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Bexsero                 491           (13)          (11)            200           (19)          (19)            242              -             -            49          (36)            (21) 
 Menveo                  182            (9)           (8)            123           (22)          (21)             18             50            50            41            28              34 
 Other                    82             74            74              -              -             -              5              -             -            77            83              83 
 
 Influenza               481             19            21            381             19            20             33            (3)           (3)            67            37              43 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Fluarix, 
  FluLaval               481             19            21            381             19            20             33            (3)           (3)            67            37              43 
 
 Shingles              1,344              5             6          1,155            (2)           (1)            117           >100          >100            72             6               9 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Shingrix              1,344              5             6          1,155            (2)           (1)            117           >100          >100            72             6               9 
 
 Established 
  Vaccines             2,390           (18)          (17)            753           (31)          (31)            604           (25)          (25)         1,033             2               4 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Infanrix, 
  Pediarix               457           (21)          (20)            211           (28)          (27)            136           (20)          (19)           110           (5)             (2) 
 Boostrix                351           (23)          (22)            187           (20)          (19)            104           (15)          (15)            60          (39)            (37) 
 
 Hepatitis               437           (36)          (35)            248           (41)          (40)            111           (38)          (37)            78           (6)             (4) 
 
 Rotarix                 411            (1)             -             84           (21)          (20)             88              5             6           239             5               7 
 
 Synflorix               309           (10)           (9)              -              -             -             42            (5)           (2)           267          (11)            (10) 
 
 Priorix, 
  Priorix 
  Tetra, 
  Varilrix               183             13            15              -              -             -             95             28            28            88             -               5 
 Cervarix                 95             51            56              -              -             -             14           (13)          (13)            81            72              79 
 Other                   147           (34)          (33)             23           (51)          (55)             14           (89)          (89)           110          >100            >100 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 Vaccines              4,970            (8)           (7)          2,612           (13)          (12)          1,019           (10)          (10)         1,339             5               8 
                    --------       --------      --------       --------       --------      --------       --------       --------      --------      --------      --------        -------- 
 
 
 
 Balance sheet 
 
 
                                         30 September   30 September   31 December 
                                                 2020           2019          2019 
                                                 GBPm           GBPm          GBPm 
                                        -------------  -------------  ------------ 
 ASSETS 
 Non-current assets 
 Property, plant and equipment                 10,307         10,668        10,348 
 Right of use assets                              898          1,032           966 
 Goodwill                                      10,888         11,046        10,562 
 Other intangible assets                       30,664         32,455        30,955 
 Investments in associates and 
  joint ventures                                  396            334           314 
 Other investments                              2,576          1,592         1,837 
 Deferred tax assets                            4,381          3,909         4,096 
 Derivative financial instruments                   4            161           103 
 Other non-current assets                         932          1,058         1,020 
                                        -------------  -------------  ------------ 
 
 Total non-current assets                      61,046         62,255        60,201 
                                        -------------  -------------  ------------ 
 
 Current assets 
 Inventories                                    6,440          6,776         5,947 
 Current tax recoverable                          567            169           262 
 Trade and other receivables                    7,854          8,173         7,202 
 Derivative financial instruments                 206            518           421 
 Liquid investments                                83             86            79 
 Cash and cash equivalents                      4,283          4,305         4,707 
 Assets held for sale                             448            963           873 
                                        -------------  -------------  ------------ 
 
 Total current assets                          19,881         20,990        19,491 
                                        -------------  -------------  ------------ 
 
 TOTAL ASSETS                                  80,927         83,245        79,692 
                                        -------------  -------------  ------------ 
 
 LIABILITIES 
 Current liabilities 
 Short-term borrowings                        (4,914)        (8,216)       (6,918) 
 Contingent consideration liabilities           (776)          (838)         (755) 
 Trade and other payables                    (15,142)       (14,737)      (14,939) 
 Derivative financial instruments               (127)          (310)         (188) 
 Current tax payable                            (428)          (610)         (629) 
 Short-term provisions                          (792)          (803)         (621) 
                                        -------------  -------------  ------------ 
 
 Total current liabilities                   (22,179)       (25,514)      (24,050) 
                                        -------------  -------------  ------------ 
 
 Non-current liabilities 
 Long-term borrowings                        (23,334)       (24,833)      (23,590) 
 Corporation tax payable                        (195)          (273)         (189) 
 Deferred tax liabilities                     (3,917)        (3,914)       (3,810) 
 Pensions and other post-employment 
  benefits                                    (3,771)        (3,793)       (3,457) 
 Other provisions                               (782)          (686)         (670) 
 Derivative financial instruments                 (6)              -           (1) 
 Contingent consideration liabilities         (5,329)        (5,288)       (4,724) 
 Other non-current liabilities                  (789)          (884)         (844) 
                                        -------------  -------------  ------------ 
 
 Total non-current liabilities               (38,123)       (39,671)      (37,285) 
                                        -------------  -------------  ------------ 
 
 TOTAL LIABILITIES                           (60,302)       (65,185)      (61,335) 
                                        -------------  -------------  ------------ 
 
 NET ASSETS                                    20,625         18,060        18,357 
                                        -------------  -------------  ------------ 
 
 EQUITY 
 Share capital                                  1,346          1,345         1,346 
 Share premium account                          3,280          3,165         3,174 
 Retained earnings                              7,055          5,265         4,530 
 Other reserves                                 2,605          1,997         2,355 
                                        -------------  -------------  ------------ 
 
 Shareholders' equity                          14,286         11,772        11,405 
 
 Non-controlling interests                      6,339          6,288         6,952 
                                        -------------  -------------  ------------ 
 
 TOTAL EQUITY                                  20,625         18,060        18,357 
                                        -------------  -------------  ------------ 
 
 
 
 Statement of changes in equity 
 
 
                                                                                        Share-           Non- 
                             Share          Share       Retained          Other       holder's    controlling          Total 
                           capital        premium       earnings       reserves         equity      interests         equity 
                              GBPm           GBPm           GBPm           GBPm           GBPm           GBPm           GBPm 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 At 1 January 2020           1,346          3,174          4,530          2,355         11,405          6,952         18,357 
 
   Profit for the 
    period                                                 5,072                         5,072            477          5,549 
 Other 
  comprehensive 
  (expense)/income 
  for the period                                            (83)            629            546             30            576 
                                                    ------------   ------------   ------------   ------------   ------------ 
 Total 
  comprehensive 
  income 
  for the period                                           4,989            629          5,618            507          6,125 
                                                    ------------   ------------   ------------   ------------   ------------ 
 Distributions to 
  non-controlling 
  interests                                                                                           (1,006)        (1,006) 
 Contributions from 
  non-controlling 
  interests                                                                                                 3              3 
 Changes to 
  non-controlling 
  interests                                                                                             (117)          (117) 
 Dividends to 
  shareholders                                           (3,031)                       (3,031)                       (3,031) 
 Shares issued                   -             28                                           28                            28 
 Realised after tax 
  profits 
  on disposal of 
  equity 
  investments                                                260          (260)              -                             - 
 Shares acquired by 
  ESOP 
  Trusts                                       78            361          (439)              -                             - 
 Write-down on 
  shares held 
  by ESOP Trusts                                           (320)            320              -                             - 
 Share-based 
  incentive plans                                            266                           266                           266 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 At 30 September 
  2020                       1,346          3,280          7,055          2,605         14,286          6,339         20,625 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 
   As previously 
   reported                  1,345          3,091        (2,137)          2,061          4,360          (688)          3,672 
 Adjustment to 
  non-controlling 
  interest                                                 (579)                         (579)            579              - 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 As revised                  1,345          3,091        (2,716)          2,061          3,781          (109)          3,672 
 Implementation of 
  IFRS16                                                    (93)                          (93)                          (93) 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 At 1 January 2019, 
  as adjusted                1,345          3,091        (2,809)          2,061          3,688          (109)          3,579 
 
  Profit for the 
   period                                                  3,346                         3,346            405          3,751 
  Other 
   comprehensive 
   (expense)/income 
   for the period                                        (1,171)           (35)        (1,206)             28        (1,178) 
                                                    ------------   ------------   ------------   ------------   ------------ 
 Total 
  comprehensive 
  income/(expense) 
  for the period                                           2,175           (35)          2,140            433          2,573 
                                                    ------------   ------------   ------------   ------------   ------------ 
 Distributions to 
  non-controlling 
  interests                                                                                             (313)          (313) 
 Changes in 
  non-controlling 
  interests                                                                                                10             10 
 Dividends to 
  shareholders                                           (3,012)                       (3,012)                       (3,012) 
 Recognition of 
  interest 
  in Consumer 
  Healthcare Joint 
  Venture                                                  8,082                         8,082          6,846         14,928 
 Shares issued                   -             41                                           41                            41 
 Realised profits 
  on disposal 
  of equity 
  investments                                                (4)              4                                            - 
 Shares acquired by 
  ESOP 
  Trusts                                       33            295          (328)                                            - 
 Write-down on 
  shares held 
  by ESOP Trusts                                           (295)            295                                            - 
 Share-based 
  incentive plans                                            254                           254                           254 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 At 30 September 
  2019                       1,345          3,165          4,686          1,997         11,193          6,867         18,060 
                      ------------   ------------   ------------   ------------   ------------   ------------   ------------ 
 
 
 Cash flow statement - nine months ended 30 September 2020 
 
 
                                                         9 months   9 months 
                                                             2020       2019 
                                                             GBPm       GBPm 
                                                        ---------  --------- 
 
 Profit after tax                                           5,549      3,751 
 Tax on profits                                               598        759 
 Share of after tax profits of associates and 
  joint ventures                                             (39)       (70) 
 Net finance expense                                          614        619 
 Depreciation, amortisation and other adjusting 
  items                                                     (330)      2,472 
 Increase in working capital                              (1,444)    (1,477) 
 Contingent consideration paid                              (573)      (577) 
 Increase in other net liabilities (excluding 
  contingent 
  consideration paid)                                       1,547        149 
                                                        ---------  --------- 
 
 Cash generated from operations                             5,922      5,626 
 Taxation paid                                            (1,336)    (1,059) 
                                                        ---------  --------- 
 
 Net cash inflow from operating activities                  4,586      4,567 
                                                        ---------  --------- 
 
 Cash flow from investing activities 
 Purchase of property, plant and equipment                  (712)      (785) 
 Proceeds from sale of property, plant and equipment           35         86 
 Purchase of intangible assets                              (682)      (613) 
 Proceeds from sale of intangible assets                      637         88 
 Purchase of equity investments                             (396)      (239) 
 Proceeds from sale of equity investments                   3,134         51 
 Purchase of businesses, net of cash acquired                   9    (3,548) 
 Contingent consideration paid                               (91)       (83) 
 Disposal of businesses                                       234        (2) 
 Investment in associates and joint ventures                  (1)        (6) 
 Interest received                                             33         66 
 Increase/(decrease) in liquid investments                    (1)          1 
 Dividends from associates and joint ventures                  14          - 
                                                        ---------  --------- 
 
 Net cash inflow/(outflow) from investing activities        2,213    (4,984) 
                                                        ---------  --------- 
 
 Cash flow from financing activities 
 Issue of share capital                                        28         41 
 Increase in short-term loans                                   -      4,350 
 Increase in long-term loans                                2,333      4,822 
 Repayment of short-term loans                            (5,824)    (4,253) 
 Repayment of lease liabilities                             (166)      (159) 
 Purchase of non-controlling interests                          -        (7) 
 Interest paid                                              (517)      (539) 
 Dividends paid to shareholders                           (3,031)    (3,012) 
 Distributions to non-controlling interests               (1,006)      (313) 
 Contributions from non-controlling interests                   3          - 
 Other financing items                                        223       (11) 
                                                        ---------  --------- 
 
 Net cash (outflow)/inflow from financing activities      (7,957)        919 
                                                        ---------  --------- 
 
 (Decrease)/increase in cash and bank overdrafts 
  in the period                                           (1,158)        502 
                                                        ---------  --------- 
 
 Cash and bank overdrafts at beginning of the 
  period                                                    4,831      4,087 
 Exchange adjustments                                        (17)         20 
 (Decrease)/increase in cash and bank overdrafts          (1,158)        502 
                                                        ---------  --------- 
 
 Cash and bank overdrafts at end of the period              3,656      4,609 
                                                        ---------  --------- 
 
 Cash and bank overdrafts at end of the period 
  comprise: 
  Cash and cash equivalents                                 4,283      4,305 
  Cash and cash equivalents reported in assets 
   held for sale                                                -        519 
                                                        ---------  --------- 
 
                                                            4,283      4,824 
  Overdrafts                                                (627)      (215) 
                                                        ---------  --------- 
 
                                                            3,656      4,609 
                                                        ---------  --------- 
 
 
 
 Segment information 
 
 Operating segments are reported based on the financial information 
  provided to the Chief Executive Officer and the responsibilities 
  of the Corporate Executive Team (CET). GSK reports results under 
  four segments: Pharmaceuticals; Pharmaceuticals R&D; Vaccines and 
  Consumer Healthcare, and individual members of the CET are responsible 
  for each segment. 
  The Pharmaceuticals R&D segment is the responsibility of the Chief 
  Scientific Officer and President, R&D and is reported as a separate 
  segment. The operating profit of this segment excludes the ViiV Healthcare 
  operating profit (including R&D expenditure) that is reported within 
  the Pharmaceuticals segment. 
  The Group's management reporting process allocates intra-Group profit 
  on a product sale to the market in which that sale is recorded, and 
  the profit analyses below have been presented on that basis. 
  Corporate and other unallocated turnover and costs include the results 
  of certain Consumer Healthcare products which are being held for 
  sale in a number of markets in order to meet anti-trust approval 
  requirements, together with the costs of corporate functions. 
 
 
 Turnover by segment 
 
 
                                    Q3 2020   Q3 2019   Growth   Growth 
                                       GBPm      GBPm     GBP%     CER% 
                                   --------  --------  -------  ------- 
 
 Pharmaceuticals                      4,192     4,531      (7)      (3) 
 Vaccines                             2,032     2,308     (12)      (9) 
 Consumer Healthcare                  2,422     2,526      (4)        2 
                                   --------  --------  -------  ------- 
 
                                      8,646     9,365      (8)      (3) 
 Corporate and other unallocated 
  turnover                                -        20 
                                   --------  --------  -------  ------- 
 
 Total turnover                       8,646     9,385      (8)      (3) 
                                   --------  --------  -------  ------- 
 
 
 
 Operating profit by segment 
 
 
                                    Q3 2020   Q3 2019   Growth   Growth 
                                       GBPm      GBPm     GBP%     CER% 
                                   --------  --------  -------  ------- 
 
 Pharmaceuticals                      1,945     1,986      (2)        4 
 Pharmaceuticals R&D                  (770)     (893)     (14)     (10) 
                                   --------  --------  -------  ------- 
 
 Pharmaceuticals including R&D        1,175     1,093        8       16 
 Vaccines                               899     1,162     (23)     (18) 
 Consumer Healthcare                    541       613     (12)      (2) 
                                   --------  --------  -------  ------- 
 
 Segment profit                       2,615     2,868      (9)      (1) 
 Corporate and other unallocated 
  costs                                  50      (82) 
                                   --------  --------  -------  ------- 
 
 Adjusted operating profit            2,665     2,786      (4)        4 
 Adjusting items                      (807)     (639) 
                                   --------  --------  -------  ------- 
 
 Total operating profit               1,858     2,147     (13)      (2) 
 
 Finance income                         (3)        32 
 Finance costs                        (195)     (245) 
 Share of after tax profits of 
  associates 
  and joint ventures                     11        17 
                                   --------  --------  -------  ------- 
 
 Profit before taxation               1,671     1,951     (14)      (2) 
                                   --------  --------  -------  ------- 
 
 
 
 Turnover by segment 
 
 
                                    9 months   9 months 
                                        2020       2019   Growth   Growth 
                                        GBPm       GBPm     GBP%     CER% 
                                   ---------  ---------  -------  ------- 
 
 Pharmaceuticals                      12,690     12,996      (2)      (1) 
 Vaccines                              4,970      5,415      (8)      (7) 
 Consumer Healthcare                   7,673      6,424       19       23 
                                   ---------  ---------  -------  ------- 
 
                                      25,333     24,835        2        4 
 Corporate and other unallocated 
  turnover                                27         20 
                                   ---------  ---------  -------  ------- 
 
 Total turnover                       25,360     24,855        2        4 
                                   ---------  ---------  -------  ------- 
 
 
 
 Operating profit by segment 
 
 
                                    9 months   9 months 
                                        2020       2019   Growth   Growth 
                                        GBPm       GBPm     GBP%     CER% 
                                   ---------  ---------  -------  ------- 
 
 Pharmaceuticals                       5,849      6,029      (3)      (1) 
 Pharmaceuticals R&D                 (2,515)    (2,442)        3        4 
                                   ---------  ---------  -------  ------- 
 
 Pharmaceuticals including R&D         3,334      3,587      (7)      (5) 
 Vaccines                              2,022      2,388     (15)     (14) 
 Consumer Healthcare                   1,828      1,434       27       33 
                                   ---------  ---------  -------  ------- 
 
 Segment profit                        7,184      7,409      (3)        - 
 Corporate and other unallocated 
  costs                                 (95)      (289) 
                                   ---------  ---------  -------  ------- 
 
 Adjusted operating profit             7,089      7,120        -        3 
 Adjusting items                       (367)    (2,061) 
                                   ---------  ---------  -------  ------- 
 
 Total operating profit                6,722      5,059       33       37 
 
 Finance income                           39         87 
 Finance costs                         (653)      (706) 
 Share of after tax profits of 
  associates 
  and joint ventures                      39         70 
                                   ---------  ---------  -------  ------- 
 
 Profit before taxation                6,147      4,510       36       41 
                                   ---------  ---------  -------  ------- 
 
 
 
 Legal matters 
  The Group is involved in significant legal and administrative proceedings, 
  principally product liability, intellectual property, tax, anti-trust, 
  consumer fraud and governmental investigations, which are more fully 
  described in the 'Legal Proceedings' note in the Annual Report 2019 
  and the 'Legal Matters' notes in subsequent quarterly results. At 
  30 September 2020, the Group's aggregate provision for legal and 
  other disputes (not including tax matters described on page 22 ) 
  was GBP0.3 billion (31 December 2019: GBP0.2 billion). 
 
  The Group may become involved in significant legal proceedings in 
  respect of which it is not possible to make a reliable estimate of 
  the expected financial effect, if any, that could result from ultimate 
  resolution of the proceedings. In these cases, the Group would provide 
  appropriate disclosures about such cases, but no provision would 
  be made. 
 
  The ultimate liability for legal claims may vary from the amounts 
  provided and is dependent upon the outcome of litigation proceedings, 
  investigations and possible settlement negotiations. The Group's 
  position could change over time, and, therefore, there can be no 
  assurance that any losses that result from the outcome of any legal 
  proceedings will not exceed by a material amount the amount of the 
  provisions reported in the Group's financial accounts. 
 
  There have been no significant legal developments since the date 
  of the Annual Report 2019 and the Q2 2020 results. 
 
 
 Additional information 
 
 
 Accounting policies and basis of preparation 
 This unaudited Results Announcement contains condensed financial 
  information for the three and nine months ended 30 September 2020, 
  and should be read in conjunction with the Annual Report 2019, which 
  was prepared in accordance with International Financial Reporting 
  Standards as adopted by the European Union. This Results Announcement 
  has been prepared applying consistent accounting policies to those 
  applied by the Group in the Annual Report 2019. 
  The Group has not identified any changes to its key sources of accounting 
  judgements or estimations of uncertainty compared with those disclosed 
  in the Annual Report 2019. 
 
 
 This Results Announcement does not constitute statutory accounts 
  of the Group within the meaning of sections 434(3) and 435(3) of 
  the Companies Act 2006. The full Group accounts for 2019 were published 
  in the Annual Report 2019, which has been delivered to the Registrar 
  of Companies and on which the report of the independent auditor was 
  unqualified and did not contain a statement under section 498 of 
  the Companies Act 2006. 
 
  COVID-19 pandemic 
  The potential impact of the COVID-19 pandemic on GSK's trading performance 
  and all our principal risks has been assessed with mitigation plans 
  put in place. Up to the date of this report, the pandemic has, as 
  anticipated, impacted the Group performance during the nine months 
  to September 2020 primarily in demand for Vaccines as a result of 
  ongoing containment measures impacting customers' ability and willingness 
  to access vaccination services across all regions. We continue to 
  monitor the situation closely, as this is clearly a very dynamic 
  and uncertain situation, with the ultimate severity, duration and 
  impact unknown at this point including the potential impacts on trading 
  results, our clinical trials, our supply continuity and our employees. 
  The situation could change at any time and there can be no assurance 
  that COVID-19 will not have a material adverse impact on the future 
  results of the Group. 
 
 
 Exchange rates 
 GSK operates in many countries, and earns revenues and incurs costs 
  in many currencies. The results of the Group, as reported in Sterling, 
  are affected by movements in exchange rates between Sterling and 
  other currencies. Average exchange rates, as modified by specific 
  transaction rates for large transactions, prevailing during the period, 
  are used to translate the results and cash flows of overseas subsidiaries, 
  associates and joint ventures into Sterling. Period-end rates are 
  used to translate the net assets of those entities. The currencies 
  which most influenced these translations and the relevant exchange 
  rates were: 
 
 
                                            9 months   9 months 
                        Q3 2020   Q3 2019       2020       2019   2019 
                       --------  --------  ---------  ---------  ----- 
 
 Average rates: 
   US$/GBP                 1.30      1.23       1.28       1.27   1.28 
   Euro/GBP                1.11      1.11       1.13       1.13   1.14 
   Yen/GBP                  138       133        137        139    139 
 
 Period-end rates: 
   US$/GBP                 1.28      1.23       1.28       1.23   1.32 
   Euro/GBP                1.10      1.13       1.10       1.13   1.18 
   Yen/GBP                  136       133        136        133    143 
 
 
 During Q3 2020 average Sterling exchange rates were stronger against 
  the US Dollar and the Yen, but flat against the Euro compared with 
  the same period in 2019. During the nine months ended 30 September 
  2020, average Sterling exchange rates were stronger against the US 
  Dollar, flat against the Euro, but weaker against the Yen compared 
  with the same period in 2019. Period-end Sterling exchange rates 
  were stronger against the US Dollar and the Yen, but weaker against 
  the Euro compared with the 2019 period-end rates. 
 
 
 Net assets 
 The book value of net assets increased by GBP2,268 million from GBP18,357 
  million at 31 December 2019 to GBP20,625 million at 30 September 
  2020. This primarily reflected the Total profit for the period exceeding 
  the re-measurement losses on defined benefit plans and the dividends 
  paid during the period. 
  The carrying value of investments in associates and joint ventures 
  at 30 September 2020 was GBP396 million (31 December 2019: GBP314 
  million), with a market value of GBP340 million (31 December 2019: 
  GBP396 million). 
  At 30 September 2020, the net deficit on the Group's pension plans 
  was GBP2,296 million compared with GBP1,921 million at 31 December 
  2019. The increase in the net deficit primarily arose from decreases 
  in the rates used to discount UK pension liabilities from 2.0% to 
  1.6%, and US pension liabilities from 3.2% to 2.5%, partly offset 
  by higher UK assets and a decrease in the UK inflation rate from 
  3.0% to 2.9%. The Group continues to monitor and review the pension 
  asset portfolios in response to the pandemic given the elevated uncertainty 
  inherent for valuations particularly for the property asset class. 
  The estimated present value of the potential redemption amount of 
  the Pfizer put option related to ViiV Healthcare, recorded in Other 
  payables in Current liabilities, was GBP969 million (31 December 
  2019: GBP1,011 million). 
  Contingent consideration amounted to GBP6,105 million at 30 September 
  2020 (31 December 2019: GBP5,479 million), of which GBP5,572 million 
  (31 December 2019: GBP5,103 million) represented the estimated present 
  value of amounts payable to Shionogi relating to ViiV Healthcare 
  and GBP493 million (31 December 2019: GBP339 million) represented 
  the estimated present value of contingent consideration payable to 
  Novartis related to the Vaccines acquisition. 
  Of the contingent consideration payable (on a post-tax basis) to 
  Shionogi at 30 September 2020, GBP741 million (31 December 2019: 
  GBP730 million) is expected to be paid within one year. 
 
 
 Movements in contingent consideration are as follows : 
 
 
                                                  ViiV Healthcare   Group 
 9 months 2020                                               GBPm    GBPm 
                                                 ----------------  ------ 
 
 Contingent consideration at beginning of the 
  period                                                    5,103   5,479 
 Re-measurement through income statement                    1,117   1,290 
 Cash payments: operating cash flows                        (566)   (573) 
 Cash payments: investing activities                         (82)    (91) 
 
 Contingent consideration at end of the period              5,572   6,105 
                                                 ----------------  ------ 
 
 
 
                                                  ViiV Healthcare   Group 
 9 months 2019                                               GBPm    GBPm 
                                                 ----------------  ------ 
 
 Contingent consideration at beginning of the 
  period                                                    5,937   6,286 
 Re-measurement through income statement                      421     500 
 Cash payments: operating cash flows                        (572)   (577) 
 Cash payments: investing activities                         (73)    (83) 
 
 Contingent consideration at end of the period              5,713   6,126 
                                                 ----------------  ------ 
 
 
 
 Contingent liabilities 
 There were contingent liabilities at 30 September 2020 in respect 
  of guarantees and indemnities entered into as part of the ordinary 
  course of the Group's business. No material losses are expected to 
  arise from such contingent liabilities. Provision is made for the 
  outcome of legal and tax disputes where it is both probable that 
  the Group will suffer an outflow of funds and it is possible to make 
  a reliable estimate of that outflow. Descriptions of the significant 
  legal disputes to which the Group is a party are set out on page 
  58. 
 
 
 Reconciliation of cash flow to movements in net debt 
 
 
                                                     9 months   9 months 
                                                         2020       2019 
                                                         GBPm       GBPm 
                                                    ---------  --------- 
 
 Net debt, as previously reported                    (25,215)   (21,621) 
 Implementation of IFRS 16                                  -    (1,303) 
                                                    ---------  --------- 
 
 Net debt at beginning of the period, as adjusted    (25,215)   (22,924) 
 
 Increase in cash and bank overdrafts                 (1,158)        502 
 Increase/(decrease) in liquid investments                  1        (1) 
 Net decrease/(increase) in short-term loans            5,824       (97) 
 Increase in long-term loans                          (2,333)    (4,822) 
 Repayment of lease liabilities                           166        159 
 Debt of subsidiary undertakings acquired                   -      (518) 
 Exchange adjustments                                 (1,084)      (406) 
 Other non-cash movements                                (83)       (32) 
                                                    ---------  --------- 
 
 Decrease/(increase) in net debt                        1,333    (5,215) 
                                                    ---------  --------- 
 
 Net debt at end of the period                       (23,882)   (28,319) 
                                                    ---------  --------- 
 
 
 
 Net debt analysis 
 
 
                                       30 September   30 September   31 December 
                                               2020           2019          2019 
                                               GBPm           GBPm          GBPm 
                                      -------------  -------------  ------------ 
 
 Liquid investments                              83             86            79 
 Cash and cash equivalents                    4,283          4,305         4,707 
 Cash and cash equivalents reported 
  in assets 
  held for sale                                   -            519           507 
 Short-term borrowings                      (4,914)        (8,216)       (6,918) 
 Long-term borrowings                      (23,334)       (24,833)      (23,590) 
                                      ------------- 
 
 Net debt at end of the period             (23,882)       (28,139)      (25,215) 
                                      -------------  -------------  ------------ 
 
 
 
 Free cash flow reconciliation 
 
 
                                                        9 months   9 months 
                                              Q3 2020       2020       2019 
                                                 GBPm       GBPm       GBPm 
                                             --------  ---------  --------- 
 
 Net cash inflow from operating activities        861      4,586      4,567 
 Purchase of property, plant and 
  equipment                                     (292)      (712)      (785) 
 Proceeds from sale of property, 
  plant and equipment                              23         35         86 
 Purchase of intangible assets                  (356)      (682)      (613) 
 Proceeds from disposals of intangible 
  assets                                            1        637         88 
 Net finance costs                               (34)      (484)      (473) 
 Dividends from joint ventures and 
  associates                                        -         14          - 
 Contingent consideration paid (reported 
  in investing 
  activities)                                    (29)       (91)       (83) 
 Distributions to non-controlling 
  interests                                     (354)    (1,006)      (313) 
 Contributions from non-controlling 
  interests                                         -          3          - 
 
 Free cash flow                                 (180)      2,300      2,474 
                                             --------  ---------  --------- 
 
 
 
 Reporting definitions 
 
 
 Total and Adjusted results 
  Total reported results represent the Group's overall performance. 
  GSK also uses a number of adjusted, non-IFRS, measures to report 
  the performance of its business. Adjusted results and other non-IFRS 
  measures may be considered in addition to, but not as a substitute 
  for or superior to, information presented in accordance with IFRS. 
  Adjusted results are defined on page 10 and other non-IFRS measures 
  are defined below. 
  Free cash flow 
  Free cash flow is defined as the net cash inflow from operating activities 
  less capital expenditure on property, plant and equipment and intangible 
  assets, contingent consideration payments, net finance costs, and 
  dividends paid to non-controlling interests plus proceeds from the 
  sale of property, plant and equipment and intangible assets, and 
  dividends received from joint ventures and associates. It is used 
  by management for planning and reporting purposes and in discussions 
  with and presentations to investment analysts and rating agencies. 
  Free cash flow growth is calculated on a reported basis. A reconciliation 
  of net cash inflow from operations to free cash flow is set out on 
  page 61. 
  Free cash flow conversion 
  Free cash flow conversion is free cash flow as a percentage of earnings. 
  Working capital 
  Working capital represents inventory and trade receivables less trade 
  payables. 
  CER and AER growth 
  In order to illustrate underlying performance, it is the Group's 
  practice to discuss its results in terms of constant exchange rate 
  (CER) growth. This represents growth calculated as if the exchange 
  rates used to determine the results of overseas companies in Sterling 
  had remained unchanged from those used in the comparative period. 
  CER% represents growth at constant exchange rates. GBP% or AER% represents 
  growth at actual exchange rates. 
  Pro-forma growth 
  The acquisition of the Pfizer consumer healthcare business completed 
  on 31 July 2019 and so GSK's reported results for Q3 2020 include 
  three months of results of the former Pfizer consumer healthcare 
  business from 1 July 2020. 
  The Group has presented pro-forma growth rates at CER for turnover, 
  Adjusted operating profit and operating profit by business taking 
  account of this transaction. Pro-forma growth rates at CER for the 
  quarter are calculated comparing reported results for Q3 2020, calculated 
  applying the exchange rates used in the comparative period, with 
  the results for Q3 2019 adjusted to include the equivalent one month 
  of results of the former Pfizer consumer healthcare business during 
  July 2019, as consolidated (in US$) and included in Pfizer's US GAAP 
  results. Similarly, pro-forma growth rates at CER for the nine months 
  to 30 September 2020 are calculated comparing reported results for 
  the nine months to 30 September 2020, calculated applying the exchange 
  rates used in the comparative period, with the results for the nine 
  months to 30 September 2019, adjusted to include the equivalent seven 
  months of results to 31 July 2019 of the former Pfizer consumer healthcare 
  business, as consolidated (in US$) and included in Pfizer's US GAAP 
  results. 
 
 
 Brand names and partner acknowledgements 
  Brand names appearing in italics throughout this document are trademarks 
  of GSK or associated companies or used under licence by the Group. 
 
 
 Outlook, assumptions and cautionary statements 
 
 
 2020 guidance 
  The COVID-19 pandemic has impacted Group performance, particularly 
  in the Vaccines business, during the first nine months of 2020. During 
  the third quarter we have seen a recovery in vaccination rates, including 
  adult immunisation rates in the United States returning to prior 
  year levels in the last month of the quarter. 
  This improvement, coupled with strong commercial execution of key 
  growth products and disciplined cost control, mean we are on track 
  to deliver within our earnings guidance range, with 2020 Adjusted 
  EPS now expected to be at the lower end of the -1% to -4% range at 
  CER. Achieving this guidance is supported by the expectation of sustained 
  recovery of adult immunisation rates, particularly in Shingrix. 
  2016-2020 outlook 
  In May 2015, GSK announced that it expected Group sales to grow at 
  CER at a low-to-mid single digits percentage CAGR and Adjusted EPS 
  to grow at CER at a mid-to-high single digit percentage CAGR for 
  the period 2016-2020. On 3 December 2018, GSK announced that it continued 
  to expect to deliver on its previously published Group outlooks to 
  2020, but, following the acquisition of Tesaro, expected Adjusted 
  EPS growth at CER for the period 2016-2020 to be at the bottom end 
  of the mid-to-high single digit percentage CAGR range. These outlooks 
  are based on 2015 exchange rates. 
  Assumptions related to 2020 guidance and 2016-2020 outlook 
  In outlining the expectations for 2020 and the five-year period 2016-2020, 
  the Group has made certain assumptions about the healthcare sector, 
  the different markets in which the Group operates and the delivery 
  of revenues and financial benefits from its current portfolio, pipeline 
  and restructuring programmes. 
  For the Group specifically, over the period to the end of 2020, GSK 
  expects further declines in sales of Seretide/Advair. The introduction 
  of a generic alternative to Advair in the US has been factored into 
  the Group's assessment of its future performance. The Group assumes 
  no premature loss of exclusivity for other key products over the 
  period. 
  The assumptions for the Group's revenue, earnings and dividend expectations 
  assume no material interruptions to supply of the Group's products, 
  no material mergers, acquisitions or disposals, except for the acquisition 
  of Tesaro, the divestment of Horlicks and other Consumer Healthcare 
  products to Unilever and the formation of a new Consumer Healthcare 
  Joint Venture with Pfizer, all announced in December 2018, no material 
  litigation or investigation costs for the Company (save for those 
  that are already recognised or for which provisions have been made), 
  no share repurchases by the Company, and no change in the Group's 
  shareholdings in ViiV Healthcare. The assumptions also assumed no 
  material changes in the macro-economic and healthcare environment 
  over the period. The 2020 guidance and 2016-2020 outlook have factored 
  in all divestments and product exits since 2015, including the divestment 
  and exit of more than 130 non-core tail brands (GBP0.5 billion in 
  annual sales) as announced on 26 July 2017 and the product divestments 
  planned in connection with the formation of the Consumer Healthcare 
  Joint Venture with Pfizer. 
  The Group's expectations assume successful delivery of the Group's 
  integration and restructuring plans over the period 2016-2020, including 
  the extension and enhancement to the combined programme announced 
  on 26 July 2017, the new Major restructuring plan announced on 25 
  July 2018, the Consumer Healthcare Joint Venture integration programme 
  and the new Separation Preparation programme. They also assume that 
  the integration and investment programmes following the Tesaro acquisition 
  and the Consumer Healthcare Joint Venture with Pfizer over this period 
  are delivered successfully. Material costs for investment in new 
  product launches and R&D have been factored into the expectations 
  given. Given the potential development options in the Group's pipeline, 
  the outlook may be affected by additional data-driven R&D investment 
  decisions. The expectations are given on a constant currency basis 
  (2016-2020 outlook at 2015 CER). 
  Assumptions and cautionary statement regarding forward-looking statements 
  The Group's management believes that the assumptions outlined above 
  are reasonable, and that the aspirational targets described in this 
  report are achievable based on those assumptions. However, given 
  the longer term nature of these expectations and targets, they are 
  subject to greater uncertainty, including potential material impacts 
  if the above assumptions are not realised, and other material impacts 
  related to foreign exchange fluctuations, macro-economic activity, 
  the impact of outbreaks, epidemics or pandemics, such as the COVID-19 
  pandemic and ongoing challenges and uncertainties posed by the COVID-19 
  pandemic for businesses and governments around the world, changes 
  in regulation, government actions or intellectual property protection, 
  actions by our competitors, and other risks inherent to the industries 
  in which we operate. 
  This document contains statements that are, or may be deemed to be, 
  "forward-looking statements". Forward-looking statements give the 
  Group's current expectations or forecasts of future events. An investor 
  can identify these statements by the fact that they do not relate 
  strictly to historical or current facts. They use words such as 'anticipate', 
  'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 
  'target' and other words and terms of similar meaning in connection 
  with any discussion of future operating or financial performance. 
  In particular, these include statements relating to future actions, 
  prospective products or product approvals, future performance or 
  results of current and anticipated products, sales efforts, expenses, 
  the outcome of contingencies such as legal proceedings, dividend 
  payments and financial results. Other than in accordance with its 
  legal or regulatory obligations (including under the Market Abuse 
  Regulation, the UK Listing Rules and the Disclosure and Transparency 
  Rules of the Financial Conduct Authority), the Group undertakes no 
  obligation to update any forward-looking statements, whether as a 
  result of new information, future events or otherwise. The reader 
  should, however, consult any additional disclosures that the Group 
  may make in any documents which it publishes and/or files with the 
  SEC. All readers, wherever located, should take note of these disclosures. 
  Accordingly, no assurance can be given that any particular expectation 
  will be met and investors are cautioned not to place undue reliance 
  on the forward-looking statements. 
  Forward-looking statements are subject to assumptions, inherent risks 
  and uncertainties, many of which relate to factors that are beyond 
  the Group's control or precise estimate. The Group cautions investors 
  that a number of important factors, including those in this document, 
  could cause actual results to differ materially from those expressed 
  or implied in any forward-looking statement. Such factors include, 
  but are not limited to, those discussed under Item 3.D 'Risk Factors' 
  in the Group's Annual Report on Form 20-F for 2019 and any impacts 
  of the COVID-19 pandemic. Any forward looking statements made by 
  or on behalf of the Group speak only as of the date they are made 
  and are based upon the knowledge and information available to the 
  Directors on the date of this report. 
  Cautionary statement regarding pro-forma growth rates 
  The pro-forma growth rates at CER in this Results Announcement have 
  been provided to illustrate the position in Q3 2020 relative to the 
  position in Q3 2019 as if, for the purposes of the Q3 2019 results, 
  the acquisition of the Pfizer consumer healthcare business had taken 
  place as at 31 July 2018 and that, accordingly, one month of results 
  of the former Pfizer consumer healthcare business were included in 
  Q3 2019. Similarly, pro-forma growth rates have been provided to 
  illustrate the position for the nine months to 30 September 2020 
  relative to the position for the nine months to 30 September 2019 
  as if, for the purposes of the nine months to 30 September 2019 results, 
  the acquisition of the Pfizer consumer healthcare business had taken 
  place as at 31 July 2018 and that, accordingly, seven months of results 
  of the former Pfizer consumer healthcare business were included in 
  the nine months to 30 September 2019. The results of the former Pfizer 
  consumer healthcare business included for Q3 2019 and the nine months 
  to 30 September 2019 are as consolidated (in US$) and included in 
  Pfizer's US GAAP results. The results for Q3 2020 and the nine months 
  to 30 September 2020 used to calculate the pro-forma growth rates 
  are as reported at CER. 
  The pro-forma growth rates have been provided for illustrative purposes 
  only and, by their nature, address a hypothetical situation and therefore 
  do not represent the Group's actual growth rates. The pro-forma growth 
  rates do not purport to represent what the Group's results of operations 
  actually would have been if the Pfizer acquisition had been completed 
  on the date indicated, nor do they purport to represent the results 
  of operations at any future date. In addition, the pro-forma growth 
  rates do not reflect the effect of anticipated synergies and efficiencies 
  or accounting and reporting differences associated with the acquisition 
  of the Pfizer consumer healthcare business. 
 
 
 Independent review report to GlaxoSmithKline plc 
 
 
 We have been engaged by GlaxoSmithKline plc ("the Company") to review 
  the condensed financial information in the Results Announcement for 
  the three and nine months ended 30 September 2020. 
 
 
 What we have reviewed 
 The condensed financial information comprises: 
 --    the income statement and statement of comprehensive income for 
        the three and nine month periods ended 30 September 2020 on pages 
        46 to 48; 
 --    the balance sheet as at 30 September 2020 on page 53; 
 --    the statement of changes in equity for the nine month period then 
        ended on page 54; 
 --    the cash flow statement for the nine month period then ended on 
        page 55; and 
 --    the accounting policies and basis of preparation and the explanatory 
        notes to the condensed financial information on pages 56 to 61 
        that have been prepared applying consistent accounting policies 
        to those applied by the Group in the Annual Report 2019, which 
        was prepared in accordance with International Financial Reporting 
        Standards ("IFRS") as adopted by the European Union. 
 
 We have read the other information contained in the Results Announcement, 
  including the non-IFRS measures contained on pages 56 to 61, and 
  considered whether it contains any apparent misstatements or material 
  inconsistencies with the information in the condensed set of financial 
  statements. 
 
  This report is made solely to the Company in accordance with International 
  Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim 
  Financial Information Performed by the Independent Auditor of the 
  Entity" issued by the Auditing Practices Board. Our work has been 
  undertaken so that we might state to the Company those matters we 
  are required to state to it in an independent review report and for 
  no other purpose. To the fullest extent permitted by law, we do not 
  accept or assume responsibility to anyone other than the Company, 
  for our review work, for this report, or for the conclusions we have 
  formed . 
 
  Directors' responsibilities 
  The Results Announcement of GlaxoSmithKline plc, including the condensed 
  financial information, is the responsibility of, and has been approved 
  by, the directors. The directors are responsible for preparing the 
  Results Announcement by applying consistent accounting policies to 
  those applied by the Group in the Annual Report 2019, which was prepared 
  in accordance with IFRS as adopted by the European Union . 
 
  Our responsibility 
  Our responsibility is to express to the Company a conclusion on the 
  condensed financial information in the Results Announcement based 
  on our review. 
 
  Scope of review 
  We conducted our review in accordance with International Standard 
  on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial 
  Information Performed by the Independent Auditor of the Entity" issued 
  by the Auditing Practices Board for use in the United Kingdom. A 
  review of interim financial information consists of making inquiries, 
  primarily of persons responsible for financial and accounting matters, 
  and applying analytical and other review procedures. A review is 
  substantially less in scope than an audit conducted in accordance 
  with International Standards on Auditing (UK) and consequently does 
  not enable us to obtain assurance that we would become aware of all 
  significant matters that might be identified in an audit. Accordingly, 
  we do not express an audit opinion . 
 
  Conclusion 
  Based on our review, nothing has come to our attention that causes 
  us to believe that the condensed financial information in the Results 
  Announcement for the three and nine months ended 30 September 2020 
  are not prepared, in all material respects in accordance with the 
  accounting policies set out in the accounting policies and basis 
  of preparation section on page 59 . 
 
 
  Deloitte LLP 
  Statutory Auditor 
  London, United Kingdom 
  28 October 2020 
 

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