0001654954-22-004382.txt : 20220401 0001654954-22-004382.hdr.sgml : 20220401 20220401074444 ACCESSION NUMBER: 0001654954-22-004382 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20220401 FILED AS OF DATE: 20220401 DATE AS OF CHANGE: 20220401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLAXOSMITHKLINE PLC CENTRAL INDEX KEY: 0001131399 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15170 FILM NUMBER: 22795830 BUSINESS ADDRESS: STREET 1: 980 GREAT WEST ROAD CITY: BRENTFORD MIDDLESEX STATE: X0 ZIP: TW8 9GS BUSINESS PHONE: 011442080475000 MAIL ADDRESS: STREET 1: 980 GREAT WEST ROAD CITY: BRENTFORD MIDDLESEX STATE: X0 ZIP: TW8 9GS 6-K 1 a9694g.htm GSK - SEGMENT AND PRODUCT SALES REPORTING CHANGES a9694g
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
For the month of April 2022
 
Commission File Number 001-15170
 
 
GlaxoSmithKline plc
(Translation of registrant's name into English)
 
 
980 Great West Road, Brentford, Middlesex, TW8 9GS
(Address of principal executive office)
 
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F . . . .X. . . . Form 40-F . . . . . . . .
 
 
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
 
 
 Issued: 1 April 2022, London, U.K.
 
 
GSK publishes segment and product sales reporting changes
 
GlaxoSmithKline plc ("GSK") keeps its financial reporting under regular review to ensure that it remains current and in line with both the latest regulatory requirements and developing best practice within the Pharmaceutical industry.
 
 
Revised reporting segments for Pharmaceuticals and Vaccines
GSK announced at the Investor Update on 23 June 2021 that revised reporting segments for new GSK would be presented from the first quarter 2022 results. The new operating segments are reported based on the financial information provided to the Chief Executive Officer and the responsibilities of the GSK Leadership Team (GLT).
Previously, GSK reported results under four segments: Pharmaceuticals; Pharmaceuticals R&D; Vaccines and Consumer Healthcare. From the first quarter 2022 results GSK will report results under three segments on the following basis:
● The Commercial Operations segment includes the results that were previously reported under the Pharmaceuticals segment and the Vaccines segment but now excludes expenditure related to research & development included in the segment below. This change reflects the closer integration and management of the commercial,
       manufacturing and other operations of the Pharmaceutical and Vaccines portfolio. The Commercial Operations segment continues to include the ViiV Healthcare commercial operating profit. The research and development managed expenditure related to ViiV Healthcare (previously reported within the Pharmaceuticals segment) and 
       Vaccines (previously reported within the Vaccines segment) will be reported as part of the Research and Development segment. The Commercial Operations segment will also include the Group's global health initiatives that were previously separately reported through the Pharmaceuticals R&D and Vaccines segments as well as within 
        Corporate and other unallocated costs;
● The Research and Development segment includes the costs previously reported under the Pharmaceuticals R&D segment. The segment will also include the research and development managed expenditure related to ViiV Healthcare (previously reported within the Pharmaceuticals segment) and Vaccines (previously reported within the
    Vaccines segment). The new segment reflects the changes that have been made to the management of research, development and other related costs (such as regulatory and administration costs) through the "One R&D" organisational changes. The Research and Development segment now excludes costs related to the Group's global health 
    initiatives;
● The Consumer Healthcare segment will be reported as a "Continuing operation" operating segment until such time as the formal criteria for treating Consumer Healthcare as a 'Discontinued operation' have been satisfied (currently expected in Q2 2022).  We will consolidate the business for reporting purposes until the demerger has
       completed.
 
Corporate and other unallocated costs include the costs of corporate functions that are not managed by and are not the responsibility of the operating segments.
The revised segment turnover and operating profit tables below set out the new operating segments that will be used from the first quarter 2022 results, as applied to the 2021 quarterly reported turnover and profits.
 
Product sales to be reported within three product groups - Specialty Medicines, General Medicines and Vaccines
GSK will report product sales within three product groups from the first quarter 2022 results:
● Specialty Medicines products will include GSK's marketed products for HIV, oncology, immuno-inflammation, respiratory and other specialty medicines (including Nucala) and the pandemic solution, Xevudy;
● General Medicines products, which include products previously reported as Established Pharmaceuticals and sales of Trelegy Ellipta and Anoro Ellipta (previously reported within the Respiratory category under Specialty products). These products are typically accessed by patients through primary care settings;
● Vaccines products, including sales of GSK's AS03 adjuvant as part of the pandemic solutions.
 
Disclosure of Consumer Healthcare category for brands divested and under review to be removed
Following the completion of the Consumer Healthcare brand divestment programme in the first quarter 2021, the sales of the remaining products that were reported under the brands divested and under review category and which have not been divested will be reported under their original category again from the first quarter 2022 results. In addition, the sales of the brands divested in the first quarter 2021 will also not be reported in the separate brands divested category for the comparative periods of 2021.
 
As a result of these changes, from the first quarter 2022 the presentation of a separate category for brands divested and under review will no longer be required.
 
 
The revised turnover tables below set out the revised format for reporting sales that will be used from the first quarter 2022 results, as applied to the 2021 quarterly reported product sales.
 
An Excel version of this data is available on www.gsk.com.
 
 
 
GSK - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer.  For further information please visit www.gsk.com
 
 
 
 
 
Analyst/Investor enquiries:
Nick Stone
+44 (0) 7717 618834
(London)
 
James Dodwell
+44 (0) 7881 269066
(London)
 
Mick Readey
+44 (0) 7990 339653
(London)
 
Joshua Williams
+44 (0) 7385 415719
(London)
 
Jeff McLaughlin
+1 215 589 3774
(Philadelphia)
 
Frances De Franco
+1 570 236 4850
(Philadelphia)
 
Sonya Ghobrial
+44 (0) 7392 784784
(Consumer)
 
Rakesh Patel
+44 (0) 7552 484646
(Consumer)
 
Emma White
+44 (0) 7823 523562
(Consumer)
 
Cautionary statement regarding forward-looking statements 
GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the Company's Annual Report on Form 20-F for 2021, and any impacts of the COVID-19 pandemic. 
 
 
 
Brand names
Brand names appearing in italics throughout this document are trademarks of GSK or associated companies or used under licence by the Group.
 
This 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 information for 2021 has been derived from the full Group accounts published in the Annual Report 2021.
 
 
 
Registered in England & Wales:
No. 3888792
 
Registered Office:
980 Great West Road
Brentford, Middlesex
TW8 9GS
 
 
Revised format for reporting segment turnover and operating profit
 
Turnover by segment
 
 
Q1 2021
£m
 
Q2 2021
£m
 
Q3 2021
£m
 
Q4 2021
£m
 
Full Year
£m
 
 
 
 
 
 
 
 
 
 
Commercial Operations
5,106 
 
5,800 
 
6,571
 
7,030 
 
24,507 
Consumer Healthcare
2,312 
 
2,292 
 
2,506
 
2,497 
 
9,607 
 
 
 
 
 
 
 
 
 
 
Total turnover
7,418 
 
8,092 
 
 9,077
 
9,527 
 
34,114 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit by segment
 
 
Q1 2021
£m
 
Q2 2021
£m
 
Q3 2021
£m
 
Q4 2021
£m
 
Full Year
£m
 
 
 
 
 
 
 
 
 
 
Commercial Operations
2,451 
 
2,871 
 
3,455 
 
2,701 
 
11,478 
Research and Development
(1,030)
 
(1,119)
 
(1,139)
 
(1,281)
 
(4,569)
Consumer Healthcare
535 
 
498 
 
648 
 
558 
 
2,239 
 
 
 
 
 
 
 
 
 
 
Segment profit
1,956 
 
2,250 
 
2,964 
 
1,978 
 
9,148 
Corporate and other unallocated costs
(75)
 
(92)
 
(90)
 
(85)
 
(342)
 
 
 
 
 
 
 
 
 
 
Adjusted operating profit
1,881 
 
2,158 
 
2,874 
 
1,893 
 
8,806 
Adjusting items
(188)
 
(483)
 
(936)
 
(998)
 
(2,605)
 
 
 
 
 
 
 
 
 
 
Total operating profit
1,693 
 
1,675 
 
1,938 
 
895 
 
6,201 
 
 
 
 
 
 
 
 
 
 
Finance income
10 
 
7 
 
7 
 
4 
 
28 
Finance costs
(201)
 
(192)
 
(200)
 
(191)
 
(784)
Loss on disposal of interests in associates
- 
 
(36)
 
- 
 
- 
 
(36)
Share of after tax profits of associates
  and joint ventures
16 
 
16 
 
3 
 
(2)
 
33 
 
 
 
 
 
 
 
 
 
 
Profit before taxation
1,518 
 
1,470 
 
1,748 
 
706 
 
5,442 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Operations turnover
 
 
Q1 2021
£m
 
Q2 2021
£m
 
Q3 2021
£m
 
Q4 2021
£m
 
Full Year
£m
 
 
 
 
 
 
 
 
 
 
HIV
1,031 
 
1,235 
 
1,251 
 
1,260 
 
4,777 
Oncology
110 
 
119 
 
128 
 
132 
 
489 
Immuno-inflammation, respiratory and other
434 
 
525 
 
526 
 
558 
 
2,027 
Pandemic
- 
 
- 
 
114 
 
828 
 
958 
Specialty Medicines
1,575 
 
1,879 
 
2,019 
 
2,778 
 
8,251 
 
 
 
 
 
 
 
 
 
 
Respiratory
1,492 
 
1,514 
 
1,492 
 
1,550 
 
6,048 
Other General Medicines
815 
 
836 
 
886 
 
893 
 
3,430 
General Medicines
2,307 
 
2,350 
 
2,378 
 
2,443 
 
9,478 
 
 
 
 
 
 
 
 
 
 
Meningitis
190 
 
225 
 
352 
 
194 
 
961 
Influenza
18 
 
33 
 
384 
 
244 
 
679 
Shingles
327 
 
295 
 
502 
 
597 
 
1,721 
Established vaccines
689 
 
758 
 
841 
 
682 
 
2,970 
Pandemic
- 
 
260 
 
95 
 
92 
 
447 
Vaccines
1,224 
 
1,571 
 
2,174 
 
1,809 
 
6,778 
 
 
 
 
 
 
 
 
 
 
Total Commercial Operations turnover
5,106 
 
5,800 
 
6,571 
 
7,030 
 
24,507 
 
 
 
Consumer Healthcare turnover
 
 
Q1 2021
£m
 
Q2 2021
£m
 
Q3 2021
£m
 
Q4 2021
£m
 
Full Year
£m
 
 
 
 
 
 
 
 
 
 
Oral health
695 
 
663 
 
702 
 
672 
 
2,732 
Pain relief
548 
 
563 
 
588 
 
582 
 
2,281 
Vitamins, minerals and supplements
349 
 
359 
 
406 
 
398 
 
1,512 
Respiratory health
244 
 
212 
 
330 
 
357 
 
1,143 
Digestive health and other
476 
 
495 
 
480 
 
488 
 
1,939 
 
 
 
 
 
 
 
 
 
 
 
2,312 
 
2,292 
 
2,506 
 
2,497 
 
9,607 
 
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
 
GlaxoSmithKline plc
 
(Registrant)
 
 
Date: April 1, 2022
 
 
 
 
By:/s/ VICTORIA WHYTE
--------------------------
 
 
 
Victoria Whyte
 
Authorised Signatory for and on
 
behalf of GlaxoSmithKline plc