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Leading withSciencePowered byValuesGlaxoSmithKline Pharmaceuticals LimitedAnnual Report 2018-19
Contents01-14Company OverviewMessage from the Managing Director01GSK at a Glance02Innovation04Performance06Trust08Corporate Social Responsibility11Financial Highlights12Performance Summary13Board of Directors & Management Team1415-84Statutory ReportsNotice15Director’s Report25Annexure ‘A’ to ‘G’ to Directors’ Report3785-228Financial StatementsIndependent Auditors’ Report85Financial Statements94Form AOC-1149Biddle Sawyer Limited150Consolidated Financial Statements165Note: Members are requested to kindly bring theircopy of Annual Report to the Meeting.Annual General MeetingMonday, 22nd July, 2019 at 2:30 pmBirla Matushri Sabhagar, 19, Sir VithaldasThackersey Marg, Mumbai 400 020We are committed to meetthe unmet and under servedhealthcare needs of the nextbillion Indians. To achieve this,we are harnessing the powerof science to deliver innovativemedicines that truly make adifference to patients. In ourendeavour, we are powered byour values, which guide us to dothe right thing every time for ourpatients, customers, employeesand the community at large.Leading withSciencePowered byValues
Company overviewStatutory reports1Financial statementsMessage from the Managing DirectorWith digitisation rapidly remoulding thehealthcare landscape, we have been at the forefrontof leveraging new and emerging technologies inour business.Dear Shareholders,I am delighted to report that ourstrategy, to put energy where it mattersfor increased focus and efficiency toaccelerate growth, has borne fruit. Wehave come a long way since we putin place an optimal model for growth.We invested in increasing our peoplein the frontline, equipping them withthe capabilities required to excel atthe job. We reduced spend in noncustomer-facing activity. We optimisedour product portfolio, identifying keybrands behind which we put resourcesto actively promote. We also have amore structured approach to engagingour trade channel partners, with adedicated team to engage stockistsand retailers. This approach has helpedus serve our patients and you, ourshareholders, better in 2018-19.As a science-led company, we havealways harnessed the power of scienceand technology for achieving betterpatient outcomes. This year wasno different. We recently launchedNucala, an advanced biologic therapyfor the treatment of severe refractoryeosinophilic asthma. India hasaround 30 million asthma patients- this will bring significant relief tothose among them who have severeeosinophilic asthma. We are committedto bringing innovative and differentiatedmedicines from our global pipelineto India, as and when appropriate,for meeting unmet and under servedhealthcare needs. I am proud to sharethat our parent company completedthe acquisition of Tesaro, an oncologyfocussed biopharmaceutical company,during the year. Tesaro is on theverge of making significantbreakthroughs in the treatment ofadvanced endometrial cancer.With digitisation rapidly remoulding thehealthcare landscape, we have beenat the forefront of leveraging new andemerging technologies in our business.By embracing the power of Digital,Data & Analytics, we are evolving andaspiring to a state of transformation,whereby highly credible scientific data,digital tools, and experiential learningwill significantly improve customerengagement and experience.The breadth of our scientific andtechnical competencies is amplyreflected in our manufacturingexcellence as well. The plant atNashik, Maharashtra demonstratesbest practices in manufacturingwhile continually embedding processimprovements. Our scientific mindsethas inspired us to invest upwardsof 1000 crore in a state-of-the-artgreenfield facility at Vemgal, Karnataka.Both the facilities emphasise a safeworking environment and productionof the highest quality products.Further, with this upcoming facility,we are moving towards becomingan unconstrained supply chainorganisation to serve growinghealthcare needs.Led by our key global priorities ofInnovation Performance Trust, we willcontinue to fast-forward to the futurewith our scientific way of thinking andexecution. As an important pillar ofour Trust priority, we have made animportant commitment to be a modernemployer, nurturing our employeesto be the best version of themselves,resulting in highly engaged employees(GSK Culture Survey in April 2019revealed an engagement score of92%). In alignment with our strategyto put energy where it matters, we arecommitted to enhancing shareholdervalue by accelerating sustainableprofitable growth.At GSK, we believe that it is not justwhat you achieve that counts, but howyou achieve it. Our journey over thedecades is based on the foundationof our core values and expectations.We will continue to live our corevalue of patient focus, to realise ourgoal of being one of the world’s mostinnovative, best performing andtrusted healthcare companies.My deep appreciation to all ourshareholders for their continuedconfidence and support.A. VaidheeshVice President, South AsiaManaging Director, IndiaAnnual Report 2018-19
2GlaxoSmithKline Pharmaceuticals LimitedGSK at a GlanceWhowe areWe are a science-led global healthcare company with a purpose to help people do more,feel better, live longer.We have world-leading businesses that research, develop and manufacture innovativepharmaceutical medicines and vaccines.Over 4,500 people work in our advanced manufacturing facilities, offices and field across India toensure that our healthcare solutions reach patients in need.What wedoWe leverage the power of science through new innovations in both preventive and curativehealthcare to enhance the quality of life. By foraying into diverse segments, creating productsthat people value, making them widely accessible and operating efficiently, we aim to truly makea difference to patients.OurfocusareasPharmaceuticalsWe are one of India’sleading pharmaceuticalcompanies.We have market leadershipin several therapeuticsegments, with a widerange of prescriptionmedicines acrossareas covering antiinfectives, gastrointestinal,dermatology, analgesic,respiratory diseases andvaccines.VaccinesIn the area of preventivehealthcare, we are theleading vaccines companyin the private vaccinesmarket in India.We offer a range ofvaccines for the preventionof hepatitis A, hepatitisB, invasive diseasecaused by H. Influenzae,chickenpox, diphtheria,pertussis, tetanus, rotavirusdiarrhea, cervical cancer,and invasive pneumococcalamong others.
Company overviewOurPurposeOurPrioritiesStatutory reportsWe help people do more, feel better, live longer.We want to be one of the world’s most innovative, best performing and trusted healthcare company.InnovationPerformanceWe aim to make availablestrong patient-focussedproducts from our globalpipeline, with the mostcompetitive claims andlaunches, and brilliantexecution of our launches.OurCultureIPTc3Financial statementsWe will focus our energywhere it matters to deliversustained industry-leadinggrowth with competitive costs,margin and cash flow.TrustWe are committed to maximiseour social impact by ensuringreliable supply of high-qualityand affordable productsand having highly engagedemployees.IPTcWhere c Our Values Our ExpectationsOur culture is the substratum of our Innovation, Performance, Trust (IPT) strategy. It refers tothe environment that we need to create - the values we must imbibe and the behaviour weare expected to demonstrate in our day-to-day professional lives. Comprising our Values andExpectations, our culture empowers us to deliver extraordinary things for our patients andcustomers and make GSK a brilliant place to work.Patient ual Report 2018-19
4GlaxoSmithKline Pharmaceuticals LimitedInnovationA strong patient-focussed pipeline, with themost competitive claims and labels, and brilliantexecution of our launches.India Innovative PortfolioScience behind NucalaNucala (Mepolizumab) is a humanised monoclonal antibodywhich is indicated as an add-on treatment for severerefractory eosinophilic asthma in adult patients. Accordingto estimates, India is home to 30 million asthma patientsand 3% of the asthmatic population suffer from severeeosinophilic asthma. 54% of patients suffering from severeasthma require three or more bursts of oral corticosteroids(OCS) in a year and almost 25% of them had a near-fatalevent in the past.With Nucala, there is 53-73% reduction in exacerbations;with 61% reduction in exacerbations requiring hospitalisation/emergency department visits. Nucala also gives powerfuland lasting reduction in daily OCS dose, while maintainingasthma control. Nucala is the only biologic for severerefractory eosinophilic asthma with long-term efficacy andsafety data up to 4.5 years. This product was launchedin March 2019.Successful first year for Infanrix HexaInnovation is our top global priority and in alignment with this,your Company launched the World's No. 1 hexavalent DTaPvaccine, Infanrix Hexa, in April 2018. The vaccine can beadministered to infants to provide protection against thesesix serious diseases: diphtheria, tetanus, pertussis, Hib,hepatitis B and polio.Infanrix Hexa is No. 4 in the vaccines private market(IMS March 2019).The success of the vaccine in such a short span of timeunderlines the strong acceptance of this differentiatedproduct among healthcare professionals.
Company overviewStatutory reports5Financial statementsGlobal DevelopmentsNew scientific capabilities with TESARO, Inc. acquisitionOur parent company completed the acquisitionof TESARO, Inc. an oncology-focussed companyin January 2019. The transaction, which wasannounced in December 2018, significantlystrengthens our oncology pipeline and brings newscientific capabilities and expertise that will increasethe pace and scale at which we can help patientsliving with cancer.Zejula (Niraparib), an oral poly ADP ribosepolymerase (PARP) inhibitor currently approved foruse in ovarian cancer, is a major marketed productof TESARO. PARP inhibitors are transforming thetreatment of ovarian cancer, notably demonstratingmarked clinical benefit in patients with and withoutgermline mutations in a BRCA gene (gBRCA). Zejulais currently approved in the US and Europe as atreatment for adult patients with recurrent ovariancancer who are in response to platinum-basedchemotherapy, regardless of BRCA mutation orbiomarker status. Clinical trials are also underway toassess the possibility of use of Zejula for treatment ofseveral other cancers.In addition to Zejula, TESARO has several moreoncology assets in its pipeline.Positive findings of Dostarlimab for meeting critical unmet needsDostarlimab is TESARO’S own anti-PD-1 antibody inthe pipeline. The first of the two-phased GARNET studyevaluating the potential of dostarlimab for treatment ofrecurrent or advanced endometrial cancer in women hasdemonstrated positive response. GARNET is the singlelargest study to date of an anti-PD-1 monotherapy in womenwith advanced or recurrent endometrial cancer.Endometrial cancer is the mostcommon gynaecologic malignancy inthe U.S. Currently, treatment optionsfor women with advanced or recurrentendometrial cancer are limitedEndometrial cancer is the most common gynaecologicmalignancy in the U.S. Currently, treatment options forwomen with advanced or recurrent endometrial cancer arelimited. Phase 1 findings of the GARNET study, combinedwith earlier data in patients with non-small cell lung cancer,reinforces the potential of dostarlimab in treating patientswith a variety of solid tumours. The preliminary results, alongwith further data from the GARNET study, will be used tosupport regulatory filing for dostarlimab in endometrial cancerat the end of 2019.Annual Report 2018-19
6GlaxoSmithKline Pharmaceuticals LimitedPerformanceSustained industry-leading growth with competitivecosts, margin and cash flow.New commercial modelTo deliver on our strategy to put energy where it mattersfor accelerated sustainable profitable growth, a newcommercial model has been put in place. As part of thisnew model, our product portfolio has been optimised toensure that our priority therapy areas get greater attention.Measures have also been taken to simplify our operationsand drive improved efficiency. An essential element of ournew commercial model is the increase in investments inthe customer-facing part of our business, with a reductionin spends in the non-customer-facing business segment.We have invested significantly in expanding our field force.We have also set up a new Commercial Trade Channel(CTC) team to engage with stockists and drive retail levelavailability, inventory and visibility of our core brands. We areupbeat about growing together with all our partners as thisnew commercial model gains momentum.Digital transformationWe are riding the digital wave and have transformedour ways of working. Our leap into the future covers allaspects of our business, with advanced data and analyticsdriving our customer insights, to artificial intelligence,advanced technology platforms and Customer RelationshipManagement (CRM) tools, making it easier to achieveAt the Connected Health India Summit2018, GSK India was acknowledged asthe Digital Pioneer of the Yearfocussed goals. Paying closer attention to the needs ofthe healthcare professionals (HCPs), we disseminatehigh-quality scientific content using innovative technologysolutions. Our sales force is equipped with iPads foreasy access to scientific information and marketingmaterial. Deployment of robotics and automation andsetting up of Tech-enabled Smart Offices have also beenincorporated into our digital transformation strategy forimproved efficiency and productivity.
Company overviewStatutory reports7Financial statementsScience-based multi-channel customer engagementWe are reaching our customers through theirpreferred channels, which include webinars, e-mails,text messages and virtual calls, among others, inaddition to our face-to-face in-clinic interactions. Thefirst-ever HCP portal and a specialised website onthe respiratory therapy area that features hundredsof videos by worldwide experts to address scientificquestions on pulmonary diseases were launchedduring the year. Other key highlights of our scientificengagement during the year include connectingwith pulmonologists to disseminate data on Nucalaand conducting a mass TV and digital campaign toincrease public awareness on pneumococcal diseases.We engage our customers with high-quality scientificknowledge. In addition to our internal medical experts,we have also trained our medical representativeswho understand the science behind our products. Tostrengthen our focus on science, GSK incentivises ourfield force on the basis of their scientific knowledgeand not on sales targets. Real-time information supportis also given to our sales force through CRM tools.New marketing modelThe opportunities to gather insights from data are endlessand have a profound impact on our ability to drive higherperformance. Under our new marketing model, we arethus accelerating the use of highly credible scientific data,data analytics and digital tools across our operations.We increased the hiring of experts in digital technologyand data analytics this year. As part of our data analyticsprogramme, we are unifying silos of customer data andacting upon it to translate them into actionable insights.Finally, by transforming customer insights into strategicaction, we are confident of significantly improvingthe engagement and experience for our healthcareprofessionals and realise the full potential of our medicinesand vaccines for patients.The opportunities to gather insightsfrom data are endless and have aprofound impact on our ability to drivehigher performanceWe are also encouraging scientific engagementthrough our forum BRIDGE (Bringing Insights fromDermatology Group of Experts), with participationat national and state level medical conferences,conducting health workshops and partnering withmedical organisations to drive increased healthawareness. Our multi-channel engagement strategyhas brought about a quantum increase in our customertouchpoints, with total touchpoints increasing 5 timesover the previous year, in addition to continuousimprovements carried out during the year.No.1GSK India is No.1 in the VaccinesSelf-pay marketNo.3GSK India’s ranking in the Indian Pharma Market(in volume terms)7GSK brands feature in the Top-50 brands of theIndia Pharmaceutical Market (IPM)As per IQVIA TSA data, March 2019Annual Report 2018-19
8GlaxoSmithKline Pharmaceuticals LimitedTrustMaximising our social impact, ensuring the reliablesupply of our high-quality products to as many people aspossible, and having highly engaged employees.Manufacturing ExcellenceNew Eltroxin facility, NashikNew FacilitiesDuring the year, we also commissioned a new highcontainment facility at our Nashik site for the manufactureof our thyroid hormone, Eltroxin. This facility has amanufacturing and packaging capacity of 3.6 billion tablets.Supporting the highest safety standards, the world-classfacility provides superior protection to employees whomanufacture and pack this highly potent hormone-basedproduct. The facility is fully operational and commercialsupplies have commenced.In a true scientific leap into the future, we are raising thebar by building highly advanced manufacturing facilities.The increase in our manufacturing capacity further securesreliable supply of our high-quality medicines that helps servethe needs of our Indian patients.Vemgal, KarnatakaWith an investment of over 1000 crore, our upcomingmanufacturing facility at Vemgal, Karnataka, will be the firstgreenfield pharmaceutical manufacturing site that GSK hasbuilt globally over the past ten years. It is also the first facilitydesigned for the new GSK Production Systems (GPS),whereby it will deliver the concepts of zero accidents, zerodefects and zero waste.The site supports easy scale up of manufacturing.Initially, it will supply a range of solid dose form products.Manufacturing is expected to commence in 2019 withvalidation batches, to be followed by commercial suppliestowards the end of the year. Focussing on ‘Make in India’,the facility is designed to produce 8 billion tablets and1 billion capsules per year for the Indian market. All relevantapprovals have been received.Our facility at Nashik has been awarded‘Best-in-Class Excellence in ContinuousImprovement’ at the Manufacturing SupplyChain Awards Summit presented by theFuture Supply Chain Solutions GroupBest PracticesAt GSK India, the value of trust encompasses not justsecuring reliable supply of our medicines, but alsoreinforcing their safety and efficacy. The Nashik sitecontinues to deliver on this strategic intent through strategicinvestments in safety and quality. It received the GoodManufacturing Practice (GMP) and Good LaboratoryPractice (GLP) certification from the United States Food andDrug Administration (USFDA) in 2018.The site has also setnew benchmarks for GPS based on lean working principles.Along with management staff, shop floor employees arealso part of the continuous improvement culture. Duringthe year under review, the site reported more than 500Kaizens (continuous improvement) along with a significantimprovement in productivity and lab efficiency. The bestpractices were shared with our Contract ManufacturingOrganisations (CMO) partners.
Company overviewStatutory reports9Financial statementsModern Employer#BeyouWorkforce DiversityGSK is a modern employer, with gender diversity andinclusion at the cornerstone of our culture. The Women’sLeadership Board (WLB) at our Company has madesignificant strides in developing women talent across alllevels. We now have 16% gender diversity in our workforce,16% women at Board level and 28% women representationin top leadership positions. Significant focus was placed onconscious hiring through expanded pool of campuses visitedand referrals, leading to 18% of new hires being women inthe sales force. In addition to hiring more women in the fieldforce, we have also put in place platforms to engage womenin the field, the first among them being the Wave RegionalCircles (WRC). Gender sensitisation workshops wereconducted across 12 locations covering more than500 employees from the sales force to strengthen ourinclusive work culture. Our efforts resulted in GSKPharma being recognised as one of the Top-100 2018Working Mother & AVTAR Best Companies for Women inIndia and WILL Best Employers for Women: Benchmarking& Awards. The Integrated GSK Pharmaceuticals IndiaEngagement Index, an interval survey to measureemployee engagement, remained high with anengagement score of 91% in September 2018 and 92% inApril 2019, further reflecting our success in creating theright culture.Recognised among the Top-100 BestCompanies for Women by WorkingMother and AVTARCertified as a ‘Great Place to Work’ fromApril 2019 - March 2020Conferred the GSK Emerging MarketsWinning Performance Award for fast-trackrecruitment for ‘Accelerate Pharma’ model#KeepgrowingBuilding CapabilityAt GSK, apart from our sharp patient focus, we are alsomindful of nurturing the best talent and building our capabilityfor the future. Opportunities and platforms are providedAnnual Report 2018-19
10GlaxoSmithKline Pharmaceuticals Limitedto enhance skills and knowledge and develop leadership.We launched the Marketing Futures programme for ourmarketers to ensure that all of them are trained in thecompetencies required to support our enterprise-wide‘Accelerate Pharma’ approach. We also built capabilityto support the new commercial operating model by crosstraining all front-line sales personnel and onboarding 700 new employees.Supply Chain (PSC) Energy Trophy, a recognition for thebest manufacturing site across the GSK Pharma SupplyChain network for energy performance and use of renewableenergy. The site has also achieved reduction in waterconsumption year-on-year. Both the Nashik and Vemgalsites were awarded ‘GOLD’ in the Healthy WorkplaceAssessment by ‘Arogya World’, an endorsement of our workin the area of employee health and safety.#FeelgoodWe continue to empower our employees througheducation and training to adopt health and safety policies,practices and procedures. Our sales representatives aresensitised on safe driving practices, as they oftencommute by their two-wheelers on difficult roads forwork purposes. Our two-wheeler safety programme hasproved to be effective in facilitating the safeguarding of ouremployees’ well-being.Employee Health & SafetyVarious initiatives for environment, health, safety andsustainability were undertaken at our sites. During the year,the Nashik site was recognised for its safety standards bythe National Safety Council and Department of IndustrialSafety and Health, Maharashtra. We were the proud winnersof three awards in the Management and Non-Managementstaff categories. The Nashik site also received the PharmaSmart OfficeGSK India is committed to creating a work environmentwhere employees feel motivated to do their best. Withits ergonomic design, state-of-the-art facilities, hi-techfeatures, open design, array of meeting rooms andmultiple collaborative spaces, our smart office is truly aplace where employees can connect and be energised.The first phase of our Smart Office in Worli, Mumbaihas been completed and work is ongoing.Tech-enabled open meeting room, GSK House, MumbaiCollaborative workspace, GSK House, MumbaiCorporate ReputationCorporate reputation is our strategic imperative as it isunderstood that a strong reputation is needed to deliverbusiness performance. We undertake a reputationresearch through a third party to understand how we areperforming on reputation vs. our key competitors. Theresearch provides a unified and consistent understandingof our reputation and key drivers and helps teams acrossthe organisation make evidence-based decisions.The research combines qualitative and quantitativemethods among two audiences – informed public andstakeholders. Our reputation remains high with positiverecall amongst stakeholders for GSK India’s productsand vaccines, our investment in Karnataka for the newmanufacturing facility as well as for messaging focussedon helping people from local communities. We willcontinue to operate responsibly to drive our reputation.
Company overviewStatutory reports11Financial statementsCorporate Social ResponsibilityOur CSR approach supports our broader purpose to help people do more, feel betterand live longer. We strive to address national health priorities with our partners throughour CSR programmes. In doing so, we are helping millions of people across the countryin improving their lives.We are a vital part of the country-wide fight againstone prioritised Neglected Tropical Disease (NTD) Lymphatic Filariasis. Our contribution focusses onour large-scale donation of albendazole, efficientforecasting, manufacturing and shipping ofdonated products.ASHA worker in Bihar after dispensing medicines under massdrug administration for preventing LFYouth EmpowermentWe are supporting the ‘Skill India’ initiative through ourdedicated efforts to generate employment for people atVemgal. Through our skill-building activities, the beneficiariesand women entrepreneurs have reported a massive jump intheir incomes.School SanitationAligned with the ‘Swachh Bharat: Swachh Vidyalaya’campaign to ensure access to water, sanitation and hygienefacilities to every school, we have worked to provide schoolsanitation in government schools of Nashik.LF is transmitted by mosquitoes and causesthickening of the skin and massive swelling. Wehave partnered with the World Health Organisation(WHO) to support India to defeat LF.37 millionalbendazole tablets donated to the WHO inFY 2018-19 towards our efforts to eliminate LF100youth benefited from income generation and skillstraining in Vemgal, KarnatakaOver5,000children, teaching and non-teaching staff benefitedfrom WASH interventions in Nashik, MaharashtraBeneficiary of our school sanitation programmeChild NutritionOur efforts towards child nutrition, an area of interventionby ‘The National Urban Health Mission’ extend from preconception care to early childhood. We aim to improvethe nutritional status of married women and small childrenthrough this programme.Over4,500families benefited from our integrated approach tochild nutrition in Mumbai, Maharashtra and Kolkata,West BengalAnnual Report 2018-19
12GlaxoSmithKline Pharmaceuticals LimitedFinancial HighlightsEarnings Per Share (EPS) and Book Value per share ( )Revenue from Operations*( Crores)26.6*25.122.1*336228262014-15(15 Months)2015-16(12 Months)29952016-17(12 Months)28962017-18(12 Months)31292018-19(12 Months)1462014-15(15 Months)13020.8*19.9*1202015-16(12 Months)2016-17(12 Months)Book value1231262017-18(12 Months)2018-19(12 Months)EPS* In accordance with Ind AS and Schedule III of Companies Act, 2013, GST is not part ofRevenue. Accordingly the revenue from operations for the period 2017-18 and 2018-19 arenot comparable with the previous periods wherein excise duty was included.* Retrospectively adjusted for September 2018 bonus issue for all the prior years.Net Profit for the Period % to Revenue from OperationsProfit Before Tax % to Revenue from Operations14%13%11%4503752014-15(15 Months)2015-16(12 Months)3372016-17(12 Months)Net Profit for the Period ( Crores)14%12%21%21%20%19%17%3522017-18(12 Months)4252018-19(12 Months)7152014-15(15 Months)% to Revenue from OperationsEBIDTA (Excl Exceptional Items) % to Revenuefrom Operations5762015-16(12 Months)PBT ( Crores)5112016-17(12 Months)5422018-19(12 Months)% to Revenue from OperationsUtilisation of Income*Contribution toExchequer8%18%17%2017-18(12 Months)20%18%66414%Surplus retainedin business orattributable 15(15 Months)2015-16(12 Months)EBIDTA ( Crores)4202016-17(12 Months)5102017-18(12 Months)6312018-19(12 Months)% to Revenue from OperationsDepreciation1%* % Utilisation of Income excludes Exceptional IncomeMaterials42%
Company OverviewStatutory Reports13Financial StatementsPerformance Summary(Amounts in Lakhs)2018-19# 2017-18# 2016-17# 2015-16# 15 MonthsEndedMarch2015#20132012201120102009PROFIT AND LOSS ACCOUNTRevenue from OperationsProfit before exceptional items andtaxExceptional ,31(51,88)26,15148,22(322,54)(26,50)14,79Profit Before 06840,77773,27Profit for the 0,60563,69512,29BALANCE SHEETEquity share capitalOther EquityBorrowingsProperty, Plant and Equipment,Intangible Assets and CWIPInvestments including investmentpropertiesDeferred tax assets rnings per equity 384006Net Assets (Current and NonCurrent)OTHER KEY DATARupees per 10/- Equity ShareBook Value*Number of employees# Period 15 Months Ended March 2015, Year 2015-16, 2016-17, 2017-18 and 2018-19 a
(GSK Culture Survey in April 2019 revealed an engagement score of 92%). In alignment with our strategy to put energy where it matters, we are committed to enhancing shareholder value by accelerating sustainable profitable growth. At GSK, we believe that it is not just what you achieve that counts, but how you achieve it. Our journey over the
