GSK delivers strong Q3 performance with underlying sales growth*
of 6% and reported sales growth of 3%
• EPS 28.5p +1% before major restructuring*
• Dividend +6% to 17p; 2011 share buyback expectations increased to up to £2.3 billion.
Summary
■ Group underlying sales growth of 6% across Pharmaceuticals and Vaccines (Pharmaceuticals +2%,
Vaccines +21%) and Consumer Healthcare of 5%, reflecting portfolio breadth and mix:
– Pharmaceuticals and Vaccines underlying sales growth, driven by Emerging Markets (+11%), Japan (+57%)
and USA (+1%), offsetting decline in Europe (-4%)
– Consumer Healthcare growth led by Oral care (+10%) and Nutrition (+9%) with OTC flat
– Group sales outside USA and Europe £2.7 billion (+17%), representing around 38% of reported turnover
– Total Group 9 month reported sales -3% (underlying sales +5%)
■ Continuing focus on operating leverage and financial efficiencies:
– Q3 operating profit before major restructuring £2.2 billion (+3%)
– Operating margin excluding legal and OOI 29.7%; full year operating margin guidance unchanged
– EPS growth of 1% reflecting benefit of higher tax settlements in Q3 2010
– Restructuring programme on track to deliver total savings of £2.5 billion by end of 2012
■ Enhancing cash generation and returns to shareholders:
– Adjusted net cash inflow from operating activities of £2.3 billion in Q3, delivering £5.4 billion over 9 months
– Dividend growth of 6% to 17p
– Long term share buyback programme continues; 2011 expectations increased to up to £2.3 billion
(+£300 million)
■ Increased pipeline visibility:
– Data received on malaria vaccine RTS,S and IPX066 (Parkinson’s Disease) and Promacta (Hepatitis C)
– 6 of 15 assets with Phase III data expected by end 2012 have now reported data (1 filed, 2 with pivotal studies
complete and under review, 2 with supportive data and studies ongoing, 1 complete and negative)
– More than 30 further Phase III read-outs expected by end of 2012.

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http://www.gsk.com/investors/reports/q32011/q32011.pdf