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GSK makes results announcement Q4, 2015 04 February 2016

GSK delivers further progress against strategy with 2015 sales of £24 billion (+6%), core EPS 75.7p (-15%) and total EPS 174.3p, +>100% CER

2016 core EPS percentage growth expected to reach double digits (CER)

Group sales +6% CER on a reported basis and +1% CER pro-forma

Pharmaceuticals £14.2 billion, -7% (-1% pro-forma); Vaccines £3.7 billion, +19% (+3% pro-forma); Consumer Healthcare £6 billion, +44% (+6% pro-forma)
£2 billion of new product sales driven by HIV (Tivicay, Triumeq), Respiratory (Relvar/Breo, Anoro, Incruse) and Meningitis vaccines (Menveo, Bexsero)

Growing sales contribution: Q4 sales £682 million, (Q3: £591 million)

Nucala, a new biologic treatment for severe asthma, launched at the end of 2015

New product sales now expected to reach £6 billion target up to two years earlier (2018 vs 2020)

Integration and restructuring programme on schedule

£1 billion incremental annual cost savings delivered in 2015 for costs of £1.9 billion
On track to deliver £3 billion of annual cost savings by end 2017
2015 core EPS 75.7p, -15% CER, ahead of financial guidance

Reflects short-term dilution from transaction partly offset by integration and restructuring benefits 2015 total EPS 174.3p, +>100% CER

Reflects impact of transaction gains, partly offset by restructuring charges and revaluation of the contingent consideration relating to improved outlook for HIV business
2016 core EPS percentage growth expected to reach double digits CER

If FX rates held at January average levels estimated impact of +5% on 2016 Sterling core EPS growth 2015 ordinary dividend of 80p and special dividend of 20p confirmed

New R&D portfolio of ~40 assets to drive long-term performance; multiple development milestones expected in 2016/2017

Up to 10 regulatory filings include Shingrix (shingles vaccine), sirukumab (RA), Benlysta SC (lupus) and ICS/LABA/LAMA (COPD)

Up to 10 Phase lll starts include cabotegravir (HIV), daprodustat (anaemia) and Men ABCWY vaccine

Up to 20 Phase ll starts in Immuno-inflammation, Oncology, Respiratory and Infectious diseases

Estimated R&D rate of return maintained at 13%