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Annual Report 2022
We are a global biopharma company with a purpose to unite science, technology and talent to get ahead of disease together.
We aim to positively impact the health of 2.5 billion people by the end of 2030. Our bold ambitions for patients are reflected in commitments to growth and a step-change in performance.
We are a company where outstanding people can thrive.
Download PDFs of the full report and individual sections
- Annual Report 2022 (PDF - 15.0MB)
- Strategic report 2022 (PDF - 10.5MB)
- Responsible business 2022 (PDF - 1.7MB)
- Corporate governance report 2022 (PDF - 1,000.4KB)
- Remuneration report 2022 (PDF - 1.0MB)
- Financial statements 2022 (PDF - 1.8MB)
- Investor information 2022 (PDF - 1,016.9KB)
- Cautionary statement 2022 (PDF - 66.1KB)
- Annual Report 2022 iXBRL viewer
- Annual Report 2022 ESEF (ZIP - 13.5MB)
- 20-F 2022 (PDF - 4.1MB)
- 20-F 2022 amendment 1 (PDF - 83.6KB)
Ahead Together
2022 was a landmark year for gsk. following the demerger of our consumer healthcare business to form haleon in july, we are now a fully focused biopharma company..
Prioritising innovation in vaccines & specialty medicines
We prioritise innovation in vaccines and specialty medicines, maximising the increasing opportunities to prevent and treat disease. At the heart of this is our R&D focus on the science of the immune system, human genetics and advanced technologies, and our world-leading capabilities in vaccines and medicines development. We focus on four therapeutic areas: infectious diseases, HIV, immunology/respiratory and oncology.
We're confident in our future
Our bold ambitions for patients are reflected in our commitments to a step-change in growth and performance over the period to 2026. This means more GSK vaccines and medicines, including innovative new products, will reach more people than ever before.
Being a responsible business
Being a responsible business means getting ahead of disease together in the right way.
That’s why environmental, social and governance (ESG) impacts are embedded in our strategy and support our sustainable performance and long-term growth. They help us build trust with our stakeholders, reduce risk to our operations and deliver positive social impact.
Culture at GSK is something we all own
It powers our purpose, drives delivery of our strategy and helps make GSK a place where people can thrive. Our culture of being ambitious for patients, accountable for impact and doing the right thing is the foundation for how, together, we’ll deliver for our patients, shareholders and GSK people.
2022 performance and key performance indicators
Financial performance.
We delivered a step-change in commercial execution with growth across the portfolio. Prioritised investment and cost discipline supported strong growth in operating profit and earnings per share (EPS).
Research and development
We continued to strengthen the late-stage pipeline with regulatory approvals, positive data read-outs and strategic business development.
sales of products launched in the last five years including lifecycle innovation
vaccines and specialty medicines based on the science of the immune system
phase III starts including for depemokimab in eosinophilic disease, and cobolimab for second-line non-small cell lung cancers
new approvals since 2017
in phase III/registration
new collaborations and acquisitions including with Affinivax, Sierra Oncology and Spero Therapeutics
Responsible business
We continue to be recognised for our environmental and sustainability leadership. Our ESG Performance Rating KPI is on track based on 83% of all performance metrics being met or exceeded. The metrics cover our six new focus areas: access to healthcare, global health and health security, environment, diversity, equity and inclusion, ethical standards, and product governance.
in the Access to Medicine Index for 8th consecutive time
in the pharmaceuticals industry for the S&P Global Corporate Sustainability Assessment, with a score of 86 (as at 17 February 2023)
reduction in indirect (Scope 3) carbon emissions
Culture progress KPI – ambitious for patients, accountable for impact and do the right thing – is measured through our employee surveys.
Our employee engagement score was 81% in 2022 compared to 78% in 2021.
Our business model
Our ambition is to positively impact the health of 2.5 billion people by the end of 2030. We aim to do this by developing transformational vaccines and medicines and making them available at responsible prices that are accessible for patients and sustainable for our business.
Central to our success are our people
69,400 GSK people
>80 countries worldwide
24,000 suppliers working directly with GSK
£5.5bn R&D investment in 2022 up by 9% at AER, 4% at CER
37 manufacturing sites
4 global R&D centres
Identifying, researching, developing, testing, manufacturing and commercialising
Vaccines We deliver one and a half million doses of our vaccines every day; and around 40% of the world’s children receive a GSK vaccine each year.
Specialty Medicines Our portfolio of specialty medicines prevent and treat diseases, from HIV and respiratory diseases, to immuno-inflammation diseases like lupus, to cancer. Many are first or best-in-class.
General Medicines Our portfolio of more than 150 products encompasses all of GSK’s primary care medicines, supplied in 112 countries worldwide.
Products that improve the health of millions of people in our key therapeutic areas
Infectious diseases We are a world leader in infectious diseases, like shingles and meningitis, which, including HIV, account for two-thirds of the vaccines and medicines in our pipeline.
HIV Our goal is to minimise the impact of HIV on people’s lives through treatment, prevention and ultimately cure.
Immunology/respiratory We’re unlocking the science of the immune system to understand how it reacts to diseases like lupus, eosinophilic asthma and other inflammatory diseases.
Oncology Our emerging portfolio in oncology will potentially bring new cancer therapies to the patients who need them most.
Steered by our long-term priorities
Innovation We develop new medicines and vaccines where they are needed, with better, faster and smarter R&D. We’re combining the power of genetic and genomic insights into the causes of disease, with the speed and scale of artificial intelligence and machine learning.
Performance We've made commitments to growth and a significant step-change in delivery. We are confident in our ability to sustain growth through the decade and beyond.
Trust We deliver our strategy responsibly: always considering the ESG impacts of everything we do from lab to patient, helping to build trust with our stakeholders, reduce risk to our operations and deliver positive social impact.
Creating value
Patients 2.3bn packs of medicines and doses of vaccines delivered
Shareholders 61.25p per share dividend
Society £1.3bn corporation tax paid; in addition we pay duties, levies, transactional and employment taxes
Our people All of our people are supported to grow, be well and do work that really matters.
Reinvestment The returns we make enable us to reinvest in discovering and developing new vaccines and medicines so we can continue getting ahead of disease.
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Quarterly results
Discover our latest financial performance announcement and search for historical quarterly results materials
ESG resources
We report on a wide range of ESG data in our ESG Performance Report. In addition to this, a number of additional metrics are disclosed
Behind the science magazine
Explore innovations from inside and outside our labs. Go #BehindTheScience to see for yourself
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- Annual Report 2022
Annual Report and Accounts 2022 PDF 12.3MB
Annual Report and Accounts 2022 (iXBRL filing) ZIP 46.0MB
Group at a glance PDF 459KB
ESG PDF 3.2MB
Corporate Governance Report PDF 1.9MB
Annual Report and Accounts 2022 (xHTML) xHTML
Strategic Report PDF 9.3MB
TCFD (full) Report PDF 12.4MB
Financial Statements PDF 1.0MB
Additional Shareholder Communications
Notice of AGM PDF 379KB
Additional Information PDF 266KB
Our performance demonstrates the strength of our people and proposition and fills us with great confidence in our future journey.
Rona Fairhead
FINANCIAL HIGHLIGHTS
Change: +28% 2020/21: £2,003m
Like-for-like 1 revenue growth
2020/21: 1%
Profit before tax
Change: +188%% 2020/21: £161m
Adjusted 2 profit before tax
Like-for-like 1 growth: +81% 2020/21: £182m
Earnings per share
Change: +77% 2020/21: 27.7
Adjusted 2 earnings per share
Like-for-like 1 change: +72% 2020/21: 31.3p
Adjusted 2 free cash flow
Change: +12% 2020/21: £145m
1 Like-for-like change excludes the impact of acquisitions and the effects of changes in exchange rates on translation of overseas operating results, with 2020/21 converted at 2021/22 average exchange rates. Revenue is also adjusted to eliminate the impact of trading days year on year. Acquisitions are only included once they have been owned for a year, at which point they start to be included in both the current and comparative periods for the same number of months (see Note 3 on pages 147 to 150 for reconciliations).
2 Adjusted excludes amortisation of intangible assets arising on acquisition of businesses, acquisition-related items, substantial reorganisation costs, substantial asset write-downs, one-off pension credits or costs, significant tax rate changes and associated income tax (see Note 3 on pages 147 to 150 for reconciliations).
A GLOBAL PROVIDER OF PRODUCT AND SERVICE SOLUTIONS
Through our international scale and reach…
Our profit performance has been exceptional despite the challenging market and ongoing investment in our operational capabilities to support our growth ambitions.
Chief Financial Officer
BREADTH OF SERVICE
Working with over
Suppliers for our stocked product range
Parcels shipped daily
Digital market leader
revenue through digital channels
Stocked and three million unstocked high-quality industrial and electronic products
Operations in
OUR 2030 ESG ACTION PLAN: FOR A BETTER WORLD
DRIVING VALUE FOR ALL OUR STAKEHOLDERS
IMAGES
COMMENTS
We are living through a period of historic economic, societal, and geopolitical change. The world in 2022 looks nothing like the world in 2019. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing.
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2022 28.6% 15.4% 11.4% 9.2% 17.2% NAV £2,704m +13.1% 2018 2019 2020 2021 2022 £1,710m £1,902m £2,269m £2,390m £2,704m Full year dividend per share 10.45p +6.6% 2018 2019 2020 2021 2022 7.85p+ 8.65p 9.20p 9.80p 10.45p NAV per share 303.3p +13.1% 2018 2019 2020 2021 2022 211.0p 234.7p 254.5p 268.1p 303.3p + Special dividend in …
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