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1. Presentation of the financial statements
Description of business
GSK is a global biopharma group which prevents and treats
disease with vaccines, specialty and general medicines. GSK
focuses on the science of the immune system and the use of
new platform and data technologies, investing in four core
therapeutic areas: infe ctious diseases, HIV, respiratory/
immunology and oncology.
Compliance with applicable law and IFRS
The financial statements have been prepared in accordance
with UK-adopted international accounting standards in
conformity with the requirements of the Companies Act 2006
and the International Financial Reporting Standards as issued
by the IASB.
Composition of financial statements
The consolidated financial statements are drawn up in Sterling,
the functional currency of GSK plc, and in accordance with IFRS
accounting presentation. The financial statements comprise:
\u2013 Consolidated income statement
\u2013 Consolidated statement of comprehensive income
\u2013 Consolidated balance sheet
\u2013 Consolidated statement of changes in equity
\u2013 Consolidated cash flow statement
\u2013 Notes to the financial statements.
Composition of the Group
A list of the subsidiaries and associates which, in the opinion of
the Directors, principally affected the amount of profit or net
assets of the Group is given in Note 46, \u2018Principal Group
companies\u2019.
Financial period
These financial statements cover the financial year from 1
January to 31\u00a0December 2023, with comparative figures for the
financial years from 1 January to 31\u00a0December 2022 and, where
appropriate, from 1 January to 31\u00a0December 2021.
Accounting principles and policies
The financial statements have been prepared using the
historical cost convention modified by the revaluation of certain
items, as stated in the accounting policies, and on a going
concern basis.
The financial statements have been prepared in accordance
with the Group\u2019s accounting policies approved by the Board
and described in Note 2, \u2018Accounting principles and policies\u2019.
Information on the application of these accounting policies,
including areas of estimation and judgement is given in Note 3,
\u2018Critical accounting judgements and key sources of estimation
uncertainty\u2019.
The preparation of the financial statements in conformity with
generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ
from those estimates.
In preparing the consolidated financial statements, the Group
has considered the impact of both physical and transitional
climate change risks, as well as the plans to mitigate against
these, on the current valuation of assets and liabilities;
particularly in the context of the risks identified in the Task Force
on Climate-related Financial Disclosures (\u201cTCFD\u201d).\u00a0
The Group does not believe that there is a material impact to
judgements and estimates in relation to climate-related risks
and, as a result, the valuation of the assets or liabilities have not
been significantly impacted as at 31 December 2023. The
Group has reviewed the recoverable values of property, plant
and equipment, inventories, goodwill and intangible assets as
those are the material balances impacted by climate-related
risks, and the Group\u2019s transition plans to mitigate those risks.
One of the climate-related risks identified relates to metered-
dose inhalers (MDI). The Group is addressing this risk by
transitioning to a lower-carbon propellant. The transition is not
expected to have a material impact on the recoverable
amount, or estimated useful lives, of related property, plant and
equipment. See Note 17 'Property, plant and equipment' for
further details.
Whilst there is currently no significant medium-term impact
expected, the Group is aware of the ever-changing risks
attached to climate change and continues to assess the impact
on judgements and estimates, and on the preparation of the
consolidated financial statements.
Parent company financial statements
The financial statements of the parent company, GSK plc, have
been prepared in accordance with UK GAAP and with UK
accounting presentation. The company balance sheet is
presented on page 267 and the accounting policies are given
on pages 268 to 271.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-738": { "value": "GSK is a global biopharma group which prevents and treats disease with vaccines, specialty and general medicines. GSK focuses on the science of the immune system and the use of new platform and data technologies, investing in four core therapeutic areas: infe ctious diseases, HIV, respiratory/immunology and oncology.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-739": { "value": "
Compliance with applicable law and IFRS
The financial statements have been prepared in accordance
with UK-adopted international accounting standards in
conformity with the requirements of the Companies Act 2006
and the International Financial Reporting Standards as issued
by the IASB.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-740": { "value": "
The consolidated financial statements are drawn up in Sterling,
the functional currency of GSK plc, and in accordance with IFRS
accounting presentation. The financial statements comprise:
\u2013 Consolidated income statement
\u2013 Consolidated statement of comprehensive income
\u2013 Consolidated balance sheet
\u2013 Consolidated statement of changes in equity
\u2013 Consolidated cash flow statement
\u2013 Notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-741": { "value": "GSK plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-742": { "value": "GSK plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-743": { "value": "GSK plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-745": { "value": "
2. Accounting principles and policies
Consolidation
The consolidated financial statements include:
\u2013 the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts
\u2013 the Group\u2019s share of the results and net assets of associates
and joint ventures
\u2013 the Group\u2019s share of assets, liabilities, revenue and expenses
of joint operations.
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has the power to direct the
relevant activities so as to affect the returns to the Group,
generally through control over the financial and operating
policies, are accounted for as subsidiaries.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results and assets and liabilities of associates
and joint ventures are incorporated into the consolidated
financial statements using the equity method of accounting.
The assets, liabilities, revenue and expenses of joint operations
are included in the consolidated financial statements in
accordance with the Group\u2019s rights and obligations. Interests
acquired in entities are consolidated from the date the Group
acquires control and interests sold are de-consolidated from
the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where the consideration transferred, together with the non-
controlling interest, exceeds the fair value of the net assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where the cost of acquisition is below the Group\u2019s interest in the
net assets acquired, the difference is recognised directly in the
income statement.
Where not all of the equity of a subsidiary is acquired the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries are accounted for within
equity.
Foreign currency translation
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates of
exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint ventures,
are translated into Sterling at rates of exchange ruling at the
balance sheet date. The results and cash flows of overseas
subsidiaries, associates and joint ventures are translated into
sterling using average rates of exchange.
Exchange adjustments arising when the opening net assets and
the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group\u2019s net investment in these
operations, are taken to a separate component of equity within
Retained Earnings.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any loss on net monetary assets is charged
to the consolidated income statement.
Revenue
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months.
Product revenue is recognised when control of the goods is
passed to the customer. The point at which control passes is
determined by each customer arrangement, but generally
occurs on delivery to the customer.
Product revenue represents net invoice value including fixed
and variable consideration. Variable consideration arises on the
sale of goods as a result of discounts and allowances given and
accruals for estimated future returns and rebates. Revenue is
not recognised in full until it is highly probable that a significant
reversal in the amount of cumulative revenue recognised will
not occur. The methodology and assumptions used to estimate
rebates and returns are monitored and adjusted regularly in the
light of contractual and legal obligations, historical trends, past
experience and projected market conditions. Estimates
associated with returns and rebates are revisited at each
reporting date or when they are resolved and revenue is
adjusted accordingly. Please refer to Note 3, 'Critical
accounting judgements and key sources of estimation
uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaborative agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market drug candidates and vaccines
that do not qualify as joint arrangements. When GSK has
control over the commercialisation activities, the Group
recognises turnover and cost of sales on a gross basis. Profit
sharing amounts and royalties due to the counterparty are
recorded within cost of sales. Cost of sales includes net
recoveries of cost of \u00a345\u00a0million (2022: cost of\u00a0 \u00a31,635\u00a0million;
2021: cost of \u00a3640\u00a0million) from profit sharing arrangements
and royalties due to the counterparty. When the counterparty
controls the commercialisation activities and records the sale,
the Group is not the principal in the customer contract and
instead records its share of gross profit as co-promotion
income, on a net basis, within turnover. The nature of co-
promotion activities is such that the Group records no costs of
sales. Commercial Operations turnover includes co-promotion
revenue of \u00a31\u00a0million (2022: \u00a33\u00a0million; 2021: \u00a37\u00a0million).
Reimbursements to and from the counterparty under
collaboration agreements for \u2018selling, general and
administration\u2019 and \u2018research and development\u2019 costs are
recorded net in the respective lines in the consolidated income
statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations and
out-licences of the Group\u2019s compounds or products to other
parties. These contracts give rise to fixed and variable
consideration from upfront payments, development milestones,
sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised when
it is highly probable that the sales threshold will be reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms.
Provision is made when an obligation exists for a future liability
in respect of a past event and where the amount of the
obligation can be reliably estimated. Manufacturing start-up
costs between validation and the achievement of normal
production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to cost
of sales; distribution costs on sales to customers are included in
selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and well
advanced, and where appropriate communication to those
affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
Research and development
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
highly probable. Property, plant and equipment used for
research and development is capitalised and depreciated in
accordance with the Group\u2019s policy.
Legal and other disputes
Provision is made for the anticipated settlement costs of legal
or other disputes against the Group where an outflow of
resources is considered probable and a reliable estimate can
be made of the likely outcome. In respect of product liability
claims related to certain products, provision is made when there
is sufficient history of claims made and settlements to enable
management to make a reliable estimate of the provision
required to cover asserted and unasserted claims.
In certain cases, an incurred but not reported (IBNR) actuarial
technique is used to determine this estimate. In addition,
provision is made for legal or other expenses arising from claims
received or other disputes.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases is included but no
provision is made.
Costs associated with claims made by the Group against third
parties are charged to the income statement as they are
incurred.
Pensions and other post-employment benefits
The costs of providing pensions under defined benefit schemes
are calculated using the projected unit credit method and
spread over the period during which benefit is expected to be
derived from the employees\u2019 services, consistent with the advice
of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees\u2019 services, in accordance with the advice of
qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, together with the cost of any curtailment, is
charged to operating profit in the year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group\u2019s contributions to defined contribution plans are
charged to the income statement as incurred.
Employee share plans
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods.
The Group provides finance to ESOP Trusts to purchase
company shares to meet the obligation to provide shares when
employees exercise their options or awards. Costs of running the
ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the cost of
purchase or construction, less provisions for depreciation and
impairment. Financing costs are capitalised within the cost of
qualifying assets in construction.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land, using the straight-line
basis over the expected useful life. Residual values and lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
Leases
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. Rights to use assets owned by
third parties under lease agreements are capitalised at the
inception of the lease and recognised on the consolidated
balance sheet.
The corresponding liability to the lessor is recognised as a lease
obligation within short and long-term borrowings. The carrying
amount is subsequently increased to reflect interest on the
lease liability and reduced by lease payments made.
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, the implicit rate in the
lease is used. If this is not available, the incremental borrowing
rate with a lease specific adjustment is used. If neither of these
is available, and for leases with annual payments of less than
\u00a32 million, the incremental borrowing rate is used. The
incremental borrowing rate is the rate of interest at which GSK
would have been able to borrow for a similar term and with a
similar security the funds necessary to obtain a similar asset in a
similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents are not part of the lease liability and the right of
use asset. These payments are charged to the income
statement as incurred. Lease rental costs for short-term and
low-value leases which are not capitalised are also charged to
the income statement as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases but are not
separately accounted for in land and buildings or vehicle
leases.
If modifications or reassessments of lease obligations occur, the
lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or the
lease term.
Goodwill
Goodwill is stated at cost less impairments. Goodwill is deemed
to have an indefinite useful life and is tested for impairment at
least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Other intangible assets
Intangible assets are stated at cost less provisions for
amortisation and impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the exclusivity period plus 10
years, or 30 years if no exclusivity period is granted, on a
straight-line basis. Asset lives are reviewed, and where
appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group and associated with acquired
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use and internet sites for external use are capitalised as
intangible fixed assets where the software or site supports a
significant business system and the expenditure leads to the
creation of a durable asset controlled by the Group. ERP
systems software is amortised over seven to ten years and other
computer software over three to five years using the straight-
line basis.
Impairment of non-current assets
The carrying values of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying values that would have existed, net of
depreciation or amortisation, had no impairments been
recognised.
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition. The Group
recognises the assets, liabilities, revenue and expenses of joint
operations in accordance with its rights and obligations.
Inventories
Inventories are included in the financial statements at the lower
of cost (including raw materials, direct labour, other direct costs
and related production overheads) and net realisable value.
Cost is generally determined on a first in, first out basis. Pre-
launch inventory is held as an asset when there is a high
probability of regulatory approval for the product. Before that
point a provision is made against the carrying value to reduce it
to its recoverable amount; the provision is then reversed at the
point when a high probability of regulatory approval is
determined.
Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Current equity investments
Current equity investments comprise equity investments which
the Group holds with the intention to sell and which it may sell in
the short term. Where acquired with this intention, they are
measured at FVTPL. They are initially recorded at fair value and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in the income
statement. Dividend income is recognised in the income
statement when the Group\u2019s right to receive payment is
established. Purchases and sales of current equity investments
are accounted for on the trade date.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of Other investments are accounted for on
the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash held in deposit accounts is measured at amortised cost.
Investments in money market funds are held at fair value
through profit or loss because the funds fail the solely payments
of principal and interest (SPPI) test.
Borrowings
All borrowings are initially recorded at the amount of proceeds
received, net of transaction costs. Borrowings are subsequently
carried at amortised cost, with the difference between the
proceeds, net of transaction costs, and the amount due on
redemption being recognised as a charge to the income
statement over the period of the relevant borrowing.
Derivative financial instruments
Derivative financial instruments are used to manage exposure
to market risks. The principal derivative instruments used by GSK
are foreign currency swaps, interest rate swaps, foreign
exchange forward contracts and options. The Group does not
hold or issue derivative financial instruments for trading or
speculative purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the
fair value of any derivative instruments that do not qualify for
hedge accounting are recognised immediately in the income
statement.
Hedge accounting
Derivatives designated as the hedging instruments are
classified at inception of hedge relationship as cash flow
hedges, net investment hedges or fair value hedges.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying value of the recognised
non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges which are reclassified to the income
statement when the hedged item affects profit or loss.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Taxation
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the income statement, the statement of
comprehensive income or directly in equity, according to the
accounting treatment of the related transaction.
Deferred tax is provided in full on temporary differences arising
between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred tax assets are
recognised to the extent that it is probable that future taxable
profits will be available against which the temporary differences
can be utilised. Deferred tax is provided on temporary
differences arising on investments in subsidiaries, associates
and joint ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet
date. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same tax authority and the Company and its
subsidiaries intend to settle their current tax assets and liabilities
on a net basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
Unrecognised deferred tax assets are reassessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
Discounting
Where the time value of money is material, balances are
discounted to current values using appropriate discount rates.
The unwinding of the discounts is recorded in finance income
and finance expense.
Assets and liabilities held for sale or distribution
and discontinued operations
Disposal groups are classified as held for sale or distribution if
their carrying amount will be recovered principally through sale
or a distribution to shareholders rather than through continuing
use, they are available for sale or distribution in their present
condition and the sale or distribution is considered highly
probable. Assets held in Assets held for sale or distribution are
measured at the lower of their carrying amount and fair value
less costs to sell or distribute. Non-current assets included in
Assets held for sale or distribution are not depreciated or
amortised. Assets and liabilities classified as held for sale or
distribution are presented in current assets and current liabilities
separately from the other assets and liabilities in the balance
sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business. The results of discontinued operations are presented
separately in the consolidated income statement, the
consolidated statement of other comprehensive income and
the consolidated statement of cash flows and comparatives are
restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-744": { "value": "
2. Accounting principles and policies
Consolidation
The consolidated financial statements include:
\u2013 the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts
\u2013 the Group\u2019s share of the results and net assets of associates
and joint ventures
\u2013 the Group\u2019s share of assets, liabilities, revenue and expenses
of joint operations.
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has the power to direct the
relevant activities so as to affect the returns to the Group,
generally through control over the financial and operating
policies, are accounted for as subsidiaries.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results and assets and liabilities of associates
and joint ventures are incorporated into the consolidated
financial statements using the equity method of accounting.
The assets, liabilities, revenue and expenses of joint operations
are included in the consolidated financial statements in
accordance with the Group\u2019s rights and obligations. Interests
acquired in entities are consolidated from the date the Group
acquires control and interests sold are de-consolidated from
the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where the consideration transferred, together with the non-
controlling interest, exceeds the fair value of the net assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where the cost of acquisition is below the Group\u2019s interest in the
net assets acquired, the difference is recognised directly in the
income statement.
Where not all of the equity of a subsidiary is acquired the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries are accounted for within
equity.
Foreign currency translation
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates of
exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint ventures,
are translated into Sterling at rates of exchange ruling at the
balance sheet date. The results and cash flows of overseas
subsidiaries, associates and joint ventures are translated into
sterling using average rates of exchange.
Exchange adjustments arising when the opening net assets and
the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group\u2019s net investment in these
operations, are taken to a separate component of equity within
Retained Earnings.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any loss on net monetary assets is charged
to the consolidated income statement.
Revenue
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months.
Product revenue is recognised when control of the goods is
passed to the customer. The point at which control passes is
determined by each customer arrangement, but generally
occurs on delivery to the customer.
Product revenue represents net invoice value including fixed
and variable consideration. Variable consideration arises on the
sale of goods as a result of discounts and allowances given and
accruals for estimated future returns and rebates. Revenue is
not recognised in full until it is highly probable that a significant
reversal in the amount of cumulative revenue recognised will
not occur. The methodology and assumptions used to estimate
rebates and returns are monitored and adjusted regularly in the
light of contractual and legal obligations, historical trends, past
experience and projected market conditions. Estimates
associated with returns and rebates are revisited at each
reporting date or when they are resolved and revenue is
adjusted accordingly. Please refer to Note 3, 'Critical
accounting judgements and key sources of estimation
uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaborative agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market drug candidates and vaccines
that do not qualify as joint arrangements. When GSK has
control over the commercialisation activities, the Group
recognises turnover and cost of sales on a gross basis. Profit
sharing amounts and royalties due to the counterparty are
recorded within cost of sales. Cost of sales includes net
recoveries of cost of \u00a345\u00a0million (2022: cost of\u00a0 \u00a31,635\u00a0million;
2021: cost of \u00a3640\u00a0million) from profit sharing arrangements
and royalties due to the counterparty. When the counterparty
controls the commercialisation activities and records the sale,
the Group is not the principal in the customer contract and
instead records its share of gross profit as co-promotion
income, on a net basis, within turnover. The nature of co-
promotion activities is such that the Group records no costs of
sales. Commercial Operations turnover includes co-promotion
revenue of \u00a31\u00a0million (2022: \u00a33\u00a0million; 2021: \u00a37\u00a0million).
Reimbursements to and from the counterparty under
collaboration agreements for \u2018selling, general and
administration\u2019 and \u2018research and development\u2019 costs are
recorded net in the respective lines in the consolidated income
statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations and
out-licences of the Group\u2019s compounds or products to other
parties. These contracts give rise to fixed and variable
consideration from upfront payments, development milestones,
sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised when
it is highly probable that the sales threshold will be reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms.
Provision is made when an obligation exists for a future liability
in respect of a past event and where the amount of the
obligation can be reliably estimated. Manufacturing start-up
costs between validation and the achievement of normal
production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to cost
of sales; distribution costs on sales to customers are included in
selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and well
advanced, and where appropriate communication to those
affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
Research and development
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
highly probable. Property, plant and equipment used for
research and development is capitalised and depreciated in
accordance with the Group\u2019s policy.
Legal and other disputes
Provision is made for the anticipated settlement costs of legal
or other disputes against the Group where an outflow of
resources is considered probable and a reliable estimate can
be made of the likely outcome. In respect of product liability
claims related to certain products, provision is made when there
is sufficient history of claims made and settlements to enable
management to make a reliable estimate of the provision
required to cover asserted and unasserted claims.
In certain cases, an incurred but not reported (IBNR) actuarial
technique is used to determine this estimate. In addition,
provision is made for legal or other expenses arising from claims
received or other disputes.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases is included but no
provision is made.
Costs associated with claims made by the Group against third
parties are charged to the income statement as they are
incurred.
Pensions and other post-employment benefits
The costs of providing pensions under defined benefit schemes
are calculated using the projected unit credit method and
spread over the period during which benefit is expected to be
derived from the employees\u2019 services, consistent with the advice
of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees\u2019 services, in accordance with the advice of
qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, together with the cost of any curtailment, is
charged to operating profit in the year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group\u2019s contributions to defined contribution plans are
charged to the income statement as incurred.
Employee share plans
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods.
The Group provides finance to ESOP Trusts to purchase
company shares to meet the obligation to provide shares when
employees exercise their options or awards. Costs of running the
ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the cost of
purchase or construction, less provisions for depreciation and
impairment. Financing costs are capitalised within the cost of
qualifying assets in construction.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land, using the straight-line
basis over the expected useful life. Residual values and lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
Leases
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. Rights to use assets owned by
third parties under lease agreements are capitalised at the
inception of the lease and recognised on the consolidated
balance sheet.
The corresponding liability to the lessor is recognised as a lease
obligation within short and long-term borrowings. The carrying
amount is subsequently increased to reflect interest on the
lease liability and reduced by lease payments made.
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, the implicit rate in the
lease is used. If this is not available, the incremental borrowing
rate with a lease specific adjustment is used. If neither of these
is available, and for leases with annual payments of less than
\u00a32 million, the incremental borrowing rate is used. The
incremental borrowing rate is the rate of interest at which GSK
would have been able to borrow for a similar term and with a
similar security the funds necessary to obtain a similar asset in a
similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents are not part of the lease liability and the right of
use asset. These payments are charged to the income
statement as incurred. Lease rental costs for short-term and
low-value leases which are not capitalised are also charged to
the income statement as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases but are not
separately accounted for in land and buildings or vehicle
leases.
If modifications or reassessments of lease obligations occur, the
lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or the
lease term.
Goodwill
Goodwill is stated at cost less impairments. Goodwill is deemed
to have an indefinite useful life and is tested for impairment at
least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Other intangible assets
Intangible assets are stated at cost less provisions for
amortisation and impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the exclusivity period plus 10
years, or 30 years if no exclusivity period is granted, on a
straight-line basis. Asset lives are reviewed, and where
appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group and associated with acquired
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use and internet sites for external use are capitalised as
intangible fixed assets where the software or site supports a
significant business system and the expenditure leads to the
creation of a durable asset controlled by the Group. ERP
systems software is amortised over seven to ten years and other
computer software over three to five years using the straight-
line basis.
Impairment of non-current assets
The carrying values of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying values that would have existed, net of
depreciation or amortisation, had no impairments been
recognised.
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition. The Group
recognises the assets, liabilities, revenue and expenses of joint
operations in accordance with its rights and obligations.
Inventories
Inventories are included in the financial statements at the lower
of cost (including raw materials, direct labour, other direct costs
and related production overheads) and net realisable value.
Cost is generally determined on a first in, first out basis. Pre-
launch inventory is held as an asset when there is a high
probability of regulatory approval for the product. Before that
point a provision is made against the carrying value to reduce it
to its recoverable amount; the provision is then reversed at the
point when a high probability of regulatory approval is
determined.
Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Current equity investments
Current equity investments comprise equity investments which
the Group holds with the intention to sell and which it may sell in
the short term. Where acquired with this intention, they are
measured at FVTPL. They are initially recorded at fair value and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in the income
statement. Dividend income is recognised in the income
statement when the Group\u2019s right to receive payment is
established. Purchases and sales of current equity investments
are accounted for on the trade date.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of Other investments are accounted for on
the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash held in deposit accounts is measured at amortised cost.
Investments in money market funds are held at fair value
through profit or loss because the funds fail the solely payments
of principal and interest (SPPI) test.
Borrowings
All borrowings are initially recorded at the amount of proceeds
received, net of transaction costs. Borrowings are subsequently
carried at amortised cost, with the difference between the
proceeds, net of transaction costs, and the amount due on
redemption being recognised as a charge to the income
statement over the period of the relevant borrowing.
Derivative financial instruments
Derivative financial instruments are used to manage exposure
to market risks. The principal derivative instruments used by GSK
are foreign currency swaps, interest rate swaps, foreign
exchange forward contracts and options. The Group does not
hold or issue derivative financial instruments for trading or
speculative purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the
fair value of any derivative instruments that do not qualify for
hedge accounting are recognised immediately in the income
statement.
Hedge accounting
Derivatives designated as the hedging instruments are
classified at inception of hedge relationship as cash flow
hedges, net investment hedges or fair value hedges.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying value of the recognised
non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges which are reclassified to the income
statement when the hedged item affects profit or loss.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Taxation
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the income statement, the statement of
comprehensive income or directly in equity, according to the
accounting treatment of the related transaction.
Deferred tax is provided in full on temporary differences arising
between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred tax assets are
recognised to the extent that it is probable that future taxable
profits will be available against which the temporary differences
can be utilised. Deferred tax is provided on temporary
differences arising on investments in subsidiaries, associates
and joint ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet
date. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same tax authority and the Company and its
subsidiaries intend to settle their current tax assets and liabilities
on a net basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
Unrecognised deferred tax assets are reassessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
Discounting
Where the time value of money is material, balances are
discounted to current values using appropriate discount rates.
The unwinding of the discounts is recorded in finance income
and finance expense.
Assets and liabilities held for sale or distribution
and discontinued operations
Disposal groups are classified as held for sale or distribution if
their carrying amount will be recovered principally through sale
or a distribution to shareholders rather than through continuing
use, they are available for sale or distribution in their present
condition and the sale or distribution is considered highly
probable. Assets held in Assets held for sale or distribution are
measured at the lower of their carrying amount and fair value
less costs to sell or distribute. Non-current assets included in
Assets held for sale or distribution are not depreciated or
amortised. Assets and liabilities classified as held for sale or
distribution are presented in current assets and current liabilities
separately from the other assets and liabilities in the balance
sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business. The results of discontinued operations are presented
separately in the consolidated income statement, the
consolidated statement of other comprehensive income and
the consolidated statement of cash flows and comparatives are
restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-746": { "value": "
Consolidation
The consolidated financial statements include:
\u2013 the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts
\u2013 the Group\u2019s share of the results and net assets of associates
and joint ventures
\u2013 the Group\u2019s share of assets, liabilities, revenue and expenses
of joint operations.
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has the power to direct the
relevant activities so as to affect the returns to the Group,
generally through control over the financial and operating
policies, are accounted for as subsidiaries.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results and assets and liabilities of associates
and joint ventures are incorporated into the consolidated
financial statements using the equity method of accounting.
The assets, liabilities, revenue and expenses of joint operations
are included in the consolidated financial statements in
accordance with the Group\u2019s rights and obligations. Interests
acquired in entities are consolidated from the date the Group
acquires control and interests sold are de-consolidated from
the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-748": { "value": "
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where the consideration transferred, together with the non-
controlling interest, exceeds the fair value of the net assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where the cost of acquisition is below the Group\u2019s interest in the
net assets acquired, the difference is recognised directly in the
income statement.
Where not all of the equity of a subsidiary is acquired the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries are accounted for within
equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-747": { "value": "
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where the consideration transferred, together with the non-
controlling interest, exceeds the fair value of the net assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where the cost of acquisition is below the Group\u2019s interest in the
net assets acquired, the difference is recognised directly in the
income statement.
Where not all of the equity of a subsidiary is acquired the non-
controlling interest is recognised either at fair value or at the
non-controlling interest\u2019s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group\u2019s
ownership percentage of subsidiaries are accounted for within
equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-749": { "value": "
Foreign currency translation
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates of
exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint ventures,
are translated into Sterling at rates of exchange ruling at the
balance sheet date. The results and cash flows of overseas
subsidiaries, associates and joint ventures are translated into
sterling using average rates of exchange.
Exchange adjustments arising when the opening net assets and
the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group\u2019s net investment in these
operations, are taken to a separate component of equity within
Retained Earnings.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any loss on net monetary assets is charged
to the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-750": { "value": "
Revenue
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months.
Product revenue is recognised when control of the goods is
passed to the customer. The point at which control passes is
determined by each customer arrangement, but generally
occurs on delivery to the customer.
Product revenue represents net invoice value including fixed
and variable consideration. Variable consideration arises on the
sale of goods as a result of discounts and allowances given and
accruals for estimated future returns and rebates. Revenue is
not recognised in full until it is highly probable that a significant
reversal in the amount of cumulative revenue recognised will
not occur. The methodology and assumptions used to estimate
rebates and returns are monitored and adjusted regularly in the
light of contractual and legal obligations, historical trends, past
experience and projected market conditions. Estimates
associated with returns and rebates are revisited at each
reporting date or when they are resolved and revenue is
adjusted accordingly. Please refer to Note 3, 'Critical
accounting judgements and key sources of estimation
uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaborative agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market drug candidates and vaccines
that do not qualify as joint arrangements. When GSK has
control over the commercialisation activities, the Group
recognises turnover and cost of sales on a gross basis. Profit
sharing amounts and royalties due to the counterparty are
recorded within cost of sales. Cost of sales includes net
recoveries of cost of \u00a345\u00a0million (2022: cost of\u00a0 \u00a31,635\u00a0million;
2021: cost of \u00a3640\u00a0million) from profit sharing arrangements
and royalties due to the counterparty. When the counterparty
controls the commercialisation activities and records the sale,
the Group is not the principal in the customer contract and
instead records its share of gross profit as co-promotion
income, on a net basis, within turnover. The nature of co-
promotion activities is such that the Group records no costs of
sales. Commercial Operations turnover includes co-promotion
revenue of \u00a31\u00a0million (2022: \u00a33\u00a0million; 2021: \u00a37\u00a0million).
Reimbursements to and from the counterparty under
collaboration agreements for \u2018selling, general and
administration\u2019 and \u2018research and development\u2019 costs are
recorded net in the respective lines in the consolidated income
statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations and
out-licences of the Group\u2019s compounds or products to other
parties. These contracts give rise to fixed and variable
consideration from upfront payments, development milestones,
sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised when
it is highly probable that the sales threshold will be reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-751": { "value": "
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms.
Provision is made when an obligation exists for a future liability
in respect of a past event and where the amount of the
obligation can be reliably estimated. Manufacturing start-up
costs between validation and the achievement of normal
production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to cost
of sales; distribution costs on sales to customers are included in
selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and well
advanced, and where appropriate communication to those
affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-752": { "value": "
Research and development
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
highly probable. Property, plant and equipment used for
research and development is capitalised and depreciated in
accordance with the Group\u2019s policy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-753": { "value": "
Pensions and other post-employment benefits
The costs of providing pensions under defined benefit schemes
are calculated using the projected unit credit method and
spread over the period during which benefit is expected to be
derived from the employees\u2019 services, consistent with the advice
of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees\u2019 services, in accordance with the advice of
qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, together with the cost of any curtailment, is
charged to operating profit in the year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group\u2019s contributions to defined contribution plans are
charged to the income statement as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-754": { "value": "
Employee share plans
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods.
The Group provides finance to ESOP Trusts to purchase
company shares to meet the obligation to provide shares when
employees exercise their options or awards. Costs of running the
ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-755": { "value": "
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the cost of
purchase or construction, less provisions for depreciation and
impairment. Financing costs are capitalised within the cost of
qualifying assets in construction.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land, using the straight-line
basis over the expected useful life. Residual values and lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-756": { "value": "
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land, using the straight-line
basis over the expected useful life. Residual values and lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-757": { "value": "
Leases
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. Rights to use assets owned by
third parties under lease agreements are capitalised at the
inception of the lease and recognised on the consolidated
balance sheet.
The corresponding liability to the lessor is recognised as a lease
obligation within short and long-term borrowings. The carrying
amount is subsequently increased to reflect interest on the
lease liability and reduced by lease payments made.
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, the implicit rate in the
lease is used. If this is not available, the incremental borrowing
rate with a lease specific adjustment is used. If neither of these
is available, and for leases with annual payments of less than
\u00a32 million, the incremental borrowing rate is used. The
incremental borrowing rate is the rate of interest at which GSK
would have been able to borrow for a similar term and with a
similar security the funds necessary to obtain a similar asset in a
similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents are not part of the lease liability and the right of
use asset. These payments are charged to the income
statement as incurred. Lease rental costs for short-term and
low-value leases which are not capitalised are also charged to
the income statement as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases but are not
separately accounted for in land and buildings or vehicle
leases.
If modifications or reassessments of lease obligations occur, the
lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or the
lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-758": { "value": "
Goodwill
Goodwill is stated at cost less impairments. Goodwill is deemed
to have an indefinite useful life and is tested for impairment at
least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Other intangible assets
Intangible assets are stated at cost less provisions for
amortisation and impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the exclusivity period plus 10
years, or 30 years if no exclusivity period is granted, on a
straight-line basis. Asset lives are reviewed, and where
appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group and associated with acquired
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use and internet sites for external use are capitalised as
intangible fixed assets where the software or site supports a
significant business system and the expenditure leads to the
creation of a durable asset controlled by the Group. ERP
systems software is amortised over seven to ten years and other
computer software over three to five years using the straight-
line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-759": { "value": "
Goodwill
Goodwill is stated at cost less impairments. Goodwill is deemed
to have an indefinite useful life and is tested for impairment at
least annually.
Where the fair value of the interest acquired in an entity\u2019s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-760": { "value": "
Other intangible assets
Intangible assets are stated at cost less provisions for
amortisation and impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the exclusivity period plus 10
years, or 30 years if no exclusivity period is granted, on a
straight-line basis. Asset lives are reviewed, and where
appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group and associated with acquired
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use and internet sites for external use are capitalised as
intangible fixed assets where the software or site supports a
significant business system and the expenditure leads to the
creation of a durable asset controlled by the Group. ERP
systems software is amortised over seven to ten years and other
computer software over three to five years using the straight-
line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-761": { "value": "
Impairment of non-current assets
The carrying values of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying values that would have existed, net of
depreciation or amortisation, had no impairments been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-764": { "value": "
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition. The Group
recognises the assets, liabilities, revenue and expenses of joint
operations in accordance with its rights and obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-763": { "value": "
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition. The Group
recognises the assets, liabilities, revenue and expenses of joint
operations in accordance with its rights and obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-762": { "value": "
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group\u2019s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition. The Group
recognises the assets, liabilities, revenue and expenses of joint
operations in accordance with its rights and obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-765": { "value": "
Inventories
Inventories are included in the financial statements at the lower
of cost (including raw materials, direct labour, other direct costs
and related production overheads) and net realisable value.
Cost is generally determined on a first in, first out basis. Pre-
launch inventory is held as an asset when there is a high
probability of regulatory approval for the product. Before that
point a provision is made against the carrying value to reduce it
to its recoverable amount; the provision is then reversed at the
point when a high probability of regulatory approval is
determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-766": { "value": "
Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Current equity investments
Current equity investments comprise equity investments which
the Group holds with the intention to sell and which it may sell in
the short term. Where acquired with this intention, they are
measured at FVTPL. They are initially recorded at fair value and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in the income
statement. Dividend income is recognised in the income
statement when the Group\u2019s right to receive payment is
established. Purchases and sales of current equity investments
are accounted for on the trade date.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.
Purchases and sales of Other investments are accounted for on
the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash held in deposit accounts is measured at amortised cost.
Investments in money market funds are held at fair value
through profit or loss because the funds fail the solely payments
of principal and interest (SPPI) test.
Borrowings
All borrowings are initially recorded at the amount of proceeds
received, net of transaction costs. Borrowings are subsequently
carried at amortised cost, with the difference between the
proceeds, net of transaction costs, and the amount due on
redemption being recognised as a charge to the income
statement over the period of the relevant borrowing.
Derivative financial instruments
Derivative financial instruments are used to manage exposure
to market risks. The principal derivative instruments used by GSK
are foreign currency swaps, interest rate swaps, foreign
exchange forward contracts and options. The Group does not
hold or issue derivative financial instruments for trading or
speculative purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the
fair value of any derivative instruments that do not qualify for
hedge accounting are recognised immediately in the income
statement.
Hedge accounting
Derivatives designated as the hedging instruments are
classified at inception of hedge relationship as cash flow
hedges, net investment hedges or fair value hedges.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying value of the recognised
non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges which are reclassified to the income
statement when the hedged item affects profit or loss.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-767": { "value": "
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-768": { "value": "
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-769": { "value": "
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-770": { "value": "
Cash and cash equivalents
Cash held in deposit accounts is measured at amortised cost.
Investments in money market funds are held at fair value
through profit or loss because the funds fail the solely payments
of principal and interest (SPPI) test", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-771": { "value": "
Borrowings
All borrowings are initially recorded at the amount of proceeds
received, net of transaction costs. Borrowings are subsequently
carried at amortised cost, with the difference between the
proceeds, net of transaction costs, and the amount due on
redemption being recognised as a charge to the income
statement over the period of the relevant borrowing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-773": { "value": "
Derivative financial instruments
Derivative financial instruments are used to manage exposure
to market risks. The principal derivative instruments used by GSK
are foreign currency swaps, interest rate swaps, foreign
exchange forward contracts and options. The Group does not
hold or issue derivative financial instruments for trading or
speculative purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the
fair value of any derivative instruments that do not qualify for
hedge accounting are recognised immediately in the income
statement.
Hedge accounting
Derivatives designated as the hedging instruments are
classified at inception of hedge relationship as cash flow
hedges, net investment hedges or fair value hedges.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying value of the recognised
non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges which are reclassified to the income
statement when the hedged item affects profit or loss.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-772": { "value": "
Derivative financial instruments
Derivative financial instruments are used to manage exposure
to market risks. The principal derivative instruments used by GSK
are foreign currency swaps, interest rate swaps, foreign
exchange forward contracts and options. The Group does not
hold or issue derivative financial instruments for trading or
speculative purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the
fair value of any derivative instruments that do not qualify for
hedge accounting are recognised immediately in the income
statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-774": { "value": "
Hedge accounting
Derivatives designated as the hedging instruments are
classified at inception of hedge relationship as cash flow
hedges, net investment hedges or fair value hedges.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying value of the recognised
non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges which are reclassified to the income
statement when the hedged item affects profit or loss.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-775": { "value": "
Taxation
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the income statement, the statement of
comprehensive income or directly in equity, according to the
accounting treatment of the related transaction.
Deferred tax is provided in full on temporary differences arising
between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred tax assets are
recognised to the extent that it is probable that future taxable
profits will be available against which the temporary differences
can be utilised. Deferred tax is provided on temporary
differences arising on investments in subsidiaries, associates
and joint ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet
date. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same tax authority and the Company and its
subsidiaries intend to settle their current tax assets and liabilities
on a net basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
Unrecognised deferred tax assets are reassessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-776": { "value": "
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
Unrecognised deferred tax assets are reassessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-777": { "value": "
Assets and liabilities held for sale or distribution
and discontinued operations
Disposal groups are classified as held for sale or distribution if
their carrying amount will be recovered principally through sale
or a distribution to shareholders rather than through continuing
use, they are available for sale or distribution in their present
condition and the sale or distribution is considered highly
probable. Assets held in Assets held for sale or distribution are
measured at the lower of their carrying amount and fair value
less costs to sell or distribute. Non-current assets included in
Assets held for sale or distribution are not depreciated or
amortised. Assets and liabilities classified as held for sale or
distribution are presented in current assets and current liabilities
separately from the other assets and liabilities in the balance
sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business. The results of discontinued operations are presented
separately in the consolidated income statement, the
consolidated statement of other comprehensive income and
the consolidated statement of cash flows and comparatives are
restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-778": { "value": "
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business. The results of discontinued operations are presented
separately in the consolidated income statement, the
consolidated statement of other comprehensive income and
the consolidated statement of cash flows and comparatives are
restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-779": { "value": "
3. Critical accounting judgements and key sources of
estimation uncertainty
In preparing the financial statements, management is required
to make judgements about when or how items should be
recognised in the financial statements and estimates and
assumptions that affect the amounts of assets, liabilities,
revenue and expenses reported in the financial statements.
Actual amounts and results could differ from those estimates.
The following are considered to be the critical accounting
judgements and key sources of estimation uncertainty.
Turnover
Reported Group turnover for 2023 was \u00a330,328 million (2022:
\u00a329,324 million).
Estimates
Gross turnover is reduced by rebates, discounts, allowances and
product returns given or expected to be given, which vary by
product arrangements and buying groups. These arrangements
with purchasing organisations are dependent upon the
submission of claims some time after the initial recognition of
the sale. Accruals are made at the time of sale for the
estimated rebates, discounts or allowances payable or returns
to be made, based on available market information and
historical experience.
Sales of pharmaceutical and vaccine products in the US have
complex arrangements for rebates, discounts and allowances.
Turnover of Commercial Operations products in the US for 2023
of \u00a315,820 million (2022: \u00a314,542 million) was after recording
deductions of \u00a316,539 million (2022: \u00a315,272 million) for rebates,
allowances, returns and other discounts. At\u00a0 31\u00a0December 2023,
the total accrual amounted to \u00a35,951 million (2022: \u00a35,855
million). Due to the nature of these accruals it is not practicable
to give meaningful sensitivity estimates due to the large volume
of variables that contribute to the overall rebates, chargebacks,
returns and other revenue accruals.
As there can be significant variability in final outcomes, the
Group applies a constraint when measuring the variable
element within revenue, so that revenue is recognised at a
suitably cautious amount. The objective of the constraint is to
ensure that it is highly probable that a significant reversal of
revenue will not occur when the uncertainties are resolved. The
constraint is applied by making suitably cautious estimates of
the inputs and assumptions used in estimating the variable
consideration. Because the amounts are estimated they may
not fully reflect the final outcome, and the amounts are subject
to change dependent upon, amongst other things, the types of
buying group and product sales mix. The constraints applied in
recognising revenue mean that the risk of a material downward
adjustment to revenue in the next financial year is low.
The level of accrual for rebates and returns is reviewed and
adjusted regularly in the light of contractual and legal
obligations, historical trends, past experience and projected
market conditions. Market conditions are evaluated using
wholesaler and other third-party analyses, market research
data and internally generated information. It is reasonably
possible that there could be a significant adjustment within the
next 12 months to recognise additional revenue, if actual
outcomes are better than the cautious constrained estimates.
Revenue is not recognised in full until it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of turnover recognised in
the year from performance obligations satisfied in previous
periods is set out in Note 6, \u2018Turnover and segment information\u2019,
and is an indication of the level of sensitivity in the estimate.
Future events could cause the assumptions on which the
accruals are based to change, which could materially affect the
future results of the Group.
Taxation
The tax charge for the year was \u00a3756 million (2022: \u00a3707
million). At 31 December 2023, current tax payable was \u00a3500
million (2022: \u00a3471 million), non-current corporation tax payable
was \u00a375 million (2022: \u00a3127 million) and current tax recoverable
was \u00a3373 million (2022: \u00a3405 million).
Judgement and estimates
The Group has open tax issues with a number of revenue
authorities. Management makes a judgement of whether there
is sufficient information to be able to make a reliable estimate
of the outcome of the dispute. If insufficient information is
available, no provision is made.
If sufficient information is available, in estimating a potential tax
liability GSK applies a risk-based approach which takes into
account, as appropriate, the probability that the Group would
be able to obtain compensatory adjustments under
international tax treaties. These estimates take into account the
specific circumstances of each dispute and relevant external
advice, are inherently judgemental and could change
substantially over time as each dispute progresses and new
facts emerge.
At\u00a0 31\u00a0December 2023, the Group had recognised provisions of
\u00a3584 million in respect of uncertain tax positions (2022: \u00a3551
million). Due to the number of uncertain tax positions held and
the number of jurisdictions to which these relate, it is not
practicable to give meaningful sensitivity estimates. No
uncertain tax position is individually material to the Group.
Factors affecting the tax charge in future years are set out in
Note 14, \u2018Taxation\u2019. GSK continues to believe that it has made
adequate provision for the liabilities likely to arise from open
assessments. Where open issues exist, the ultimate liability for
such matters may vary from the amounts provided and is
dependent upon the outcome of negotiations with the relevant
tax authorities or, if necessary, litigation proceedings.
Legal and other disputes
Legal costs for the year were \u00a3271 million (2022: \u00a3144 million). At\u00a0
31\u00a0December 2023 provisions for legal and other disputes
amounted to \u00a3267\u00a0million (2022: \u00a3218 million).
Judgement
Management makes a judgement of whether there is sufficient
information to be able to make a reliable estimate of the likely
outcome of the dispute and the legal and other expenses
arising from claims against the Group. If insufficient information
is available, no provision is made and disclosure of the claim is
given.
The estimated provisions take into account the specific
circumstances of each dispute and relevant external advice, are
inherently judgemental and could change substantially over
time as each dispute progresses and new facts emerge. Details
of the status and various uncertainties involved in the significant
unresolved disputes are set out in Note 47, \u2018Legal proceedings\u2019.
The company\u2019s Directors, having taken legal advice, have
established provisions after taking into account the relevant
facts and circumstances of each matter and in accordance
with accounting requirements. In respect of product liability
claims related to certain products, there is sufficient history of
claims made and settlements to enable management to make
a reliable estimate of the provision required to cover unasserted
claims.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases would be provided,
but no provision would be made and no contingent liability can
be quantified.
The ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations. The position could change over time and,
therefore, there can be no assurance that any losses that result
from the outcome of any legal proceedings will not exceed the
amount of the provisions reported in the Group\u2019s financial
statements by a material amount.
Contingent consideration
The 2023 income statement charge for contingent
consideration was \u00a3768 million (2022: \u00a31,645 million).
At 31\u00a0December 2023, the liability for contingent consideration
amounted to \u00a36,662\u00a0million (2022: \u00a37,068 million). Of this
amount, \u00a35,718\u00a0million (2022: \u00a35,890\u00a0million) related to the
acquisition of the former Shionogi-ViiV Healthcare joint venture
in 2012.
Estimates
Any contingent consideration included in the consideration
payable for a business combination is recorded at fair value at
the date of acquisition. These fair values are generally based on
risk-adjusted future cash flows discounted using appropriate
post-tax discount rates. The fair values are reviewed on a
regular basis, and any changes are reflected in the income
statement. See Note 33, \u2018Contingent consideration liabilities\u2019.
Pensions and other post-employment benefits
Judgement
Where a surplus on a defined benefit scheme arises, or there is
potential for a surplus to arise from committed future
contributions, the rights of the Trustees to prevent the Group
obtaining a refund of that surplus in the future are considered in
determining whether it is necessary to restrict the amount of the
surplus that is recognised. Three UK schemes are in surplus
(2022: two UK schemes), with a combined surplus of \u00a3457
million at 31\u00a0December 2023 (2022: \u00a3109 million). There are
further recognised pension surpluses totalling \u00a3177 million
spread across five countries (2022: \u00a3120 million across five
countries). GSK has made the judgement that these amounts
meet the requirements of recoverability.
Estimates
The costs of providing pensions and other post-employment
benefits are assessed on the basis of assumptions selected by
management. These assumptions include future earnings and
pension increases, discount rates, expected long-term rates of
return on assets and mortality rates, and are disclosed in Note
31, \u2018Pensions and other post-employment benefits\u2019.
Discount rates are derived from AA rated corporate bond yields
except in countries where there is no deep market in corporate
bonds where government bond yields are used. A sensitivity
analysis is provided in Note 31, \u2018Pensions and other post-
employment benefits\u2019, a 0.25% reduction in the discount rate
would lead to an increase in the net pension deficit of
approximately \u00a3391 million and an increase in the annual
pension cost of approximately \u00a318 million. Similarly, a 0.25%
increase in the discount rate would lead to a decrease in the
net pension deficit of approximately \u00a3373 million and a
decrease in the annual pension cost of approximately \u00a318
million.
A 0.75% reduction in the discount rate would lead to an
increase in the net pension deficit of approximately \u00a31,231
million and an increase in the annual pension cost of
approximately \u00a351 million. Similarly, a 0.75% increase in the
discount rate would lead to a decrease in the net pension
deficit of approximately \u00a31,071 million and a decrease in the
annual pension cost of approximately \u00a358 million. The selection
of different assumptions could affect the future results of the
Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-781": { "value": "
4. New accounting requirements
International Tax Reform - Pillar Two Model Rules -
Amendments to IAS 12
The Group has adopted the amendments to IAS 12 which have
been introduced in response to the OECD\u2019s BEPS Pillar Two
rules and include:
\u2013 A mandatory temporary exception to the recognition and
disclosure of deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules; and
\u2013 Disclosure requirements for affected entities to help users of
the financial statements better understand an entity\u2019s
exposure to Pillar Two income taxes arising from that
legislation.
GSK has applied the mandatory exception and is not
recognising any deferred tax impact. Further information about
the impact of the Pillar Two model framework, including the
impact on the effective tax rate for 2024, is set out in Note 14,
'Taxation'.\u00a0
Other amendments
The adoption of IFRS 17 Insurance Contracts and amendments
to certain other IFRS accounting standards in the year ended
31\u00a0December 2023, did not have a material impact on the
results or financial position of the Group.
Certain amendments to IFRS accounting standards and
interpretations have been published that are not mandatory for
31\u00a0December 2023 reporting periods and have not been
adopted early by the Group. These amendments and
interpretations are not expected to have a material impact on
the results or financial position of the Group in future reporting
periods.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7
Financial Instruments: Disclosures - Supplier Finance
Arrangements, require additional disclosure of information
about Group supplier finance arrangements. The disclosure
requirements will apply for annual reporting periods beginning
on or after 1 January 2024, but not for any interim periods
ending on or before 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-780": { "value": "
4. New accounting requirements
International Tax Reform - Pillar Two Model Rules -
Amendments to IAS 12
The Group has adopted the amendments to IAS 12 which have
been introduced in response to the OECD\u2019s BEPS Pillar Two
rules and include:
\u2013 A mandatory temporary exception to the recognition and
disclosure of deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules; and
\u2013 Disclosure requirements for affected entities to help users of
the financial statements better understand an entity\u2019s
exposure to Pillar Two income taxes arising from that
legislation.
GSK has applied the mandatory exception and is not
recognising any deferred tax impact. Further information about
the impact of the Pillar Two model framework, including the
impact on the effective tax rate for 2024, is set out in Note 14,
'Taxation'.\u00a0
Other amendments
The adoption of IFRS 17 Insurance Contracts and amendments
to certain other IFRS accounting standards in the year ended
31\u00a0December 2023, did not have a material impact on the
results or financial position of the Group.
Certain amendments to IFRS accounting standards and
interpretations have been published that are not mandatory for
31\u00a0December 2023 reporting periods and have not been
adopted early by the Group. These amendments and
interpretations are not expected to have a material impact on
the results or financial position of the Group in future reporting
periods.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7
Financial Instruments: Disclosures - Supplier Finance
Arrangements, require additional disclosure of information
about Group supplier finance arrangements. The disclosure
requirements will apply for annual reporting periods beginning
on or after 1 January 2024, but not for any interim periods
ending on or before 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-782": { "value": "
5. Exchange rates
The Group uses the average of exchange rates prevailing during the period to translate the results and cash flows of overseas
subsidiaries, joint ventures and associates into sterling and period end rates to translate the net assets of those entities. The
currencies which most influence these translations and the relevant exchange rates were:
2023
2022
2021
Average rates:
US$/\u00a3
1.24
1.24
1.38
Euro/\u00a3
1.15
1.17
1.16
Yen/\u00a3
175
161
151
2023
2022
2021
Period end rates:
US$/\u00a3
1.27
1.20
1.35
Euro/\u00a3
1.15
1.13
1.19
Yen/\u00a3
180
159
155
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-784": { "value": "
6. Turnover and segment information
Operating segments are reported based on the financial information provided to the Chief Executive Officer and the responsibilities
of the GSK Leadership Team (GLT). GSK reports under two segments;\u00a0 Commercial Operations and Total R&D. Members of the GLT
are responsible for each segment.
Originally GSK reported 2021 results under four segments:\u00a0 Pharmaceuticals, Pharmaceuticals R&D, Vaccines and Consumer
Healthcare. However, the reporting of operating segments was changed in 2022 and with the demerger of Consumer Healthcare
only two operating segments are reportable. Comparative information was retrospectively revised on a consistent basis in 2022.
There is no change to the reportable segments in 2023.\u00a0
R&D investment is essential for the sustainability of the business. However for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment includes R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
The Group\u2019s management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial operations
30,328
29,324
24,696
30,328
29,324
24,696
For 2023, product sales are reported within three product groups: Vaccines, Specialty Medicines and General Medicines.
Commercial Operations:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Shingles
3,446
2,958
1,721
Meningitis
1,260
1,116
961
RSV
1,238
\u2013
\u2013
Influenza
504
714
679
Established Vaccines
3,266
3,085
2,970
9,714
7,873
6,331
Pandemic Vaccines
150
64
447
Vaccines
9,864
7,937
6,778
HIV
6,444
5,749
4,777
Respiratory/Immunology and Other
3,025
2,609
2,027
Oncology
731
602
489
10,200
8,960
7,293
Pandemic
44
2,309
958
Specialty Medicines
10,244
11,269
8,251
Respiratory
6,825
6,548
6,048
Other General Medicines
3,395
3,570
3,619
General Medicines
10,220
10,118
9,667
Total Commercial Operations
30,328
29,324
24,696
During 2023, sales were made to three US wholesalers of \u00a34,494\u00a0million (2022:\u00a34,045 million; 2021: \u00a33,159 million), \u00a34,498\u00a0million
(2022: \u00a34,161 million; 2021: \u00a33,081 million) and \u00a33,531\u00a0million (2022: \u00a33,227 million; 2021: \u00a32,670 million) respectively, after allocating
final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods totalled \u00a31,751 million (2022: \u00a31,601
million) including \u00a3728 million (2022: \u00a3898 million) impacting turnover arising from changes to prior year estimates of RAR (returns
and rebates) accruals, \u00a337 million (2022: \u00a3115 million) of milestone income and \u00a3986 million (2022: \u00a3588 million) of royalty income
recognised in the current year.
Segment profit
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial Operations
14,656
13,590
11,467
Research and development
(5,607)
(5,060)
(4,567)
Segment profit
9,049
8,530
6,900
Corporate and other unallocated costs
(263)
(379)
(407)
Other reconciling items between segment profit and operating profit
(2,041)
(1,718)
(2,136)
Total Operating profit
6,745
6,433
4,357
Finance income
115
76
14
Finance costs
(792)
(879)
(769)
Gain/(loss) on disposal of interest in associates
1
\u2013
(36)
Share of after-tax profits/(losses) of associates and joint ventures
(5)
(2)
33
Profit before taxation from continuing operations
6,064
5,628
3,599
Taxation
(756)
(707)
(83)
Profit after taxation for the year from continuing operations
5,308
4,921
3,516
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include impairment and amortisation of intangible assets; major restructuring costs, which include impairments of tangible
assets and computer software; transaction-related adjustments related to significant acquisitions; proceeds and costs of disposals
of products and businesses, significant legal charges and expenses on the settlement of litigation and government investigations,
other operating income other than royalty income and other items. Please refer to the detail of Other reconciling items between
segment profit and operating profit in the analysis of adjusting items (Group financial review).
Depreciation and amortisation by segment
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial Operations
893
829
915
Research and development
572
467
378
Segment depreciation and amortisation
1,465
1,296
1,293
Corporate and other unallocated depreciation and amortisation
110
112
68
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
719
739
761
Total depreciation and amortisation
2,294
2,147
2,122
PP&E, intangible asset and goodwill impairment by segment
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial Operations
27
29
30
Research and development
13
32
55
Segment impairment
40
61
85
Corporate and other unallocated impairment
35
20
63
Other reconciling items between segment impairment and total impairment
432
420
392
Total impairment
507
501
540
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(16)
(6)
(8)
Research and development
(9)
(19)
(2)
Segment impairment reversals
(25)
(25)
(10)
Corporate and other unallocated impairment reversals
(14)
\u2013
\u2013
Other reconciling items between segment impairment reversals and total impairment reversals
\u2013
(1)
(2)
Total impairment reversals
(39)
(26)
(12)
Net operating assets by segment
2023
\u00a3m
2022
\u00a3m
Commercial Operations
12,302
10,288
Research and development
7,021
7,299
Segment net operating assets
19,323
17,587
Corporate and other unallocated net operating assets
625
264
Net operating assets
19,948
17,851
Net debt
(15,040)
(17,197)
Investments in associates and joint ventures
55
74
Current equity investment
2,204
4,087
Derivative financial instruments
16
7
Current and deferred taxation
5,536
5,176
Assets held for sale (excluding cash and cash equivalents)
76
98
Net assets
12,795
10,096
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a35,718\u00a0million
(2022 : \u00a35,890\u00a0million) and the Pfizer put option of \u00a3848\u00a0million (2022: \u00a31,093\u00a0million).
Geographical information
The UK is regarded as being the Group\u2019s country of domicile.
Turnover by location of customer
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
UK
693
695
656
US
15,820
14,542
11,914
Rest of World
13,815
14,087
12,126
External turnover
30,328
29,324
24,696
Non-current assets by location of subsidiary
2023
\u00a3m
2022
\u00a3m
UK
6,464
5,134
US
13,280
14,024
Belgium
5,337
5,415
Rest of World
6,606
6,593
Non-current assets
31,687
31,166
Non-current assets by location excludes amounts relating to other investments, deferred tax assets, derivative financial instruments,
pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are no other
countries with individually material external revenue or non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-783": { "value": "
6. Turnover and segment information
Operating segments are reported based on the financial information provided to the Chief Executive Officer and the responsibilities
of the GSK Leadership Team (GLT). GSK reports under two segments;\u00a0 Commercial Operations and Total R&D. Members of the GLT
are responsible for each segment.
Originally GSK reported 2021 results under four segments:\u00a0 Pharmaceuticals, Pharmaceuticals R&D, Vaccines and Consumer
Healthcare. However, the reporting of operating segments was changed in 2022 and with the demerger of Consumer Healthcare
only two operating segments are reportable. Comparative information was retrospectively revised on a consistent basis in 2022.
There is no change to the reportable segments in 2023.\u00a0
R&D investment is essential for the sustainability of the business. However for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment includes R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
The Group\u2019s management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial operations
30,328
29,324
24,696
30,328
29,324
24,696
For 2023, product sales are reported within three product groups: Vaccines, Specialty Medicines and General Medicines.
Commercial Operations:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Shingles
3,446
2,958
1,721
Meningitis
1,260
1,116
961
RSV
1,238
\u2013
\u2013
Influenza
504
714
679
Established Vaccines
3,266
3,085
2,970
9,714
7,873
6,331
Pandemic Vaccines
150
64
447
Vaccines
9,864
7,937
6,778
HIV
6,444
5,749
4,777
Respiratory/Immunology and Other
3,025
2,609
2,027
Oncology
731
602
489
10,200
8,960
7,293
Pandemic
44
2,309
958
Specialty Medicines
10,244
11,269
8,251
Respiratory
6,825
6,548
6,048
Other General Medicines
3,395
3,570
3,619
General Medicines
10,220
10,118
9,667
Total Commercial Operations
30,328
29,324
24,696
During 2023, sales were made to three US wholesalers of \u00a34,494\u00a0million (2022:\u00a34,045 million; 2021: \u00a33,159 million), \u00a34,498\u00a0million
(2022: \u00a34,161 million; 2021: \u00a33,081 million) and \u00a33,531\u00a0million (2022: \u00a33,227 million; 2021: \u00a32,670 million) respectively, after allocating
final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods totalled \u00a31,751 million (2022: \u00a31,601
million) including \u00a3728 million (2022: \u00a3898 million) impacting turnover arising from changes to prior year estimates of RAR (returns
and rebates) accruals, \u00a337 million (2022: \u00a3115 million) of milestone income and \u00a3986 million (2022: \u00a3588 million) of royalty income
recognised in the current year.
Segment profit
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial Operations
14,656
13,590
11,467
Research and development
(5,607)
(5,060)
(4,567)
Segment profit
9,049
8,530
6,900
Corporate and other unallocated costs
(263)
(379)
(407)
Other reconciling items between segment profit and operating profit
(2,041)
(1,718)
(2,136)
Total Operating profit
6,745
6,433
4,357
Finance income
115
76
14
Finance costs
(792)
(879)
(769)
Gain/(loss) on disposal of interest in associates
1
\u2013
(36)
Share of after-tax profits/(losses) of associates and joint ventures
(5)
(2)
33
Profit before taxation from continuing operations
6,064
5,628
3,599
Taxation
(756)
(707)
(83)
Profit after taxation for the year from continuing operations
5,308
4,921
3,516
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include impairment and amortisation of intangible assets; major restructuring costs, which include impairments of tangible
assets and computer software; transaction-related adjustments related to significant acquisitions; proceeds and costs of disposals
of products and businesses, significant legal charges and expenses on the settlement of litigation and government investigations,
other operating income other than royalty income and other items. Please refer to the detail of Other reconciling items between
segment profit and operating profit in the analysis of adjusting items (Group financial review).
Depreciation and amortisation by segment
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial Operations
893
829
915
Research and development
572
467
378
Segment depreciation and amortisation
1,465
1,296
1,293
Corporate and other unallocated depreciation and amortisation
110
112
68
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
719
739
761
Total depreciation and amortisation
2,294
2,147
2,122
PP&E, intangible asset and goodwill impairment by segment
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Commercial Operations
27
29
30
Research and development
13
32
55
Segment impairment
40
61
85
Corporate and other unallocated impairment
35
20
63
Other reconciling items between segment impairment and total impairment
432
420
392
Total impairment
507
501
540
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(16)
(6)
(8)
Research and development
(9)
(19)
(2)
Segment impairment reversals
(25)
(25)
(10)
Corporate and other unallocated impairment reversals
(14)
\u2013
\u2013
Other reconciling items between segment impairment reversals and total impairment reversals
\u2013
(1)
(2)
Total impairment reversals
(39)
(26)
(12)
Net operating assets by segment
2023
\u00a3m
2022
\u00a3m
Commercial Operations
12,302
10,288
Research and development
7,021
7,299
Segment net operating assets
19,323
17,587
Corporate and other unallocated net operating assets
625
264
Net operating assets
19,948
17,851
Net debt
(15,040)
(17,197)
Investments in associates and joint ventures
55
74
Current equity investment
2,204
4,087
Derivative financial instruments
16
7
Current and deferred taxation
5,536
5,176
Assets held for sale (excluding cash and cash equivalents)
76
98
Net assets
12,795
10,096
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a35,718\u00a0million
(2022 : \u00a35,890\u00a0million) and the Pfizer put option of \u00a3848\u00a0million (2022: \u00a31,093\u00a0million).
Geographical information
The UK is regarded as being the Group\u2019s country of domicile.
Turnover by location of customer
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
UK
693
695
656
US
15,820
14,542
11,914
Rest of World
13,815
14,087
12,126
External turnover
30,328
29,324
24,696
Non-current assets by location of subsidiary
2023
\u00a3m
2022
\u00a3m
UK
6,464
5,134
US
13,280
14,024
Belgium
5,337
5,415
Rest of World
6,606
6,593
Non-current assets
31,687
31,166
Non-current assets by location excludes amounts relating to other investments, deferred tax assets, derivative financial instruments,
pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are no other
countries with individually material external revenue or non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-785": { "value": "
R&D investment is essential for the sustainability of the business. However for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment includes R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-788": { "value": "
7. Other operating income/(expense)
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Upfront settlement income (1)
\u2013
922
\u2013
Fair value remeasurements of equity investments
(122)
256
37
Disposal of businesses and assets
61
215
552
Fair value remeasurements on contingent consideration recognised in business combinations
(791)
(1,607)
(1,058)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
245
(85)
(48)
Fair value adjustments on derivative financial instruments
7
3
(4)
Other income
237
61
17
(363)
(235)
(504)
(1) On 1 February 2022, ViiV Healthcare reached agreement with Gilead Sciences, Inc (Gilead) to settle the global patent infringement litigation relating to the
commercialisation of Gilead\u2019s Biktarvy concerning ViiV Healthcare\u2019s patents relating to dolutegravir, an anti-retroviral medication used, together with other
medicines, to treat human immunodeficiency virus (HIV). Under the terms of the global settlement and licensing agreement, Gilead made an upfront
payment of $1.25 billion (\u00a3922\u00a0million) to ViiV Healthcare on 15 February 2022. In addition, Gilead will also pay a 3% royalty on all future US sales of Biktarvy
and in respect of the bictegravir component of any other future bictegravir-containing products sold in the US. These royalties will be payable by Gilead to
ViiV Healthcare from 1 February 2022 until the expiry of ViiV Healthcare\u2019s US Patent No. 8,129,385 on 5 October 2027 and will be recorded as royalty income
in the income statement.
Fair value remeasurement on equity investments in 2023 included a loss of \u00a317 million from the remeasurement of the Group\u2019s
retained investment in Haleon plc. See details in Note 22 'Current equity investments'.
Disposal of businesses and assets in 2023 primarily includes milestone income.
Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.
Disposal of businesses and assets in 2021 included a net gain on disposal of the rights to the royalty stream for cabozantinib and a
net gain on disposal of the cephalosporin antibiotic brands to Sandoz.
Fair value re-measurements on contingent consideration recognised as business combinations included a net charge of \u00a3934
million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, \u00a3187 million net credit payable to Novartis
related to the Vaccines acquisition, together with fair value movements on related hedging contracts and a charge of \u00a344 million
relating to the contingent consideration on the acquisition of Affinivax primarily relating to the unwind of the discount.
Other income in 2023 primarily includes net income from dividends related to investments, including \u00a349\u00a0million dividends received
from the retained investment in Haleon plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-787": { "value": "
7. Other operating income/(expense)
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Upfront settlement income (1)
\u2013
922
\u2013
Fair value remeasurements of equity investments
(122)
256
37
Disposal of businesses and assets
61
215
552
Fair value remeasurements on contingent consideration recognised in business combinations
(791)
(1,607)
(1,058)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
245
(85)
(48)
Fair value adjustments on derivative financial instruments
7
3
(4)
Other income
237
61
17
(363)
(235)
(504)
(1) On 1 February 2022, ViiV Healthcare reached agreement with Gilead Sciences, Inc (Gilead) to settle the global patent infringement litigation relating to the
commercialisation of Gilead\u2019s Biktarvy concerning ViiV Healthcare\u2019s patents relating to dolutegravir, an anti-retroviral medication used, together with other
medicines, to treat human immunodeficiency virus (HIV). Under the terms of the global settlement and licensing agreement, Gilead made an upfront
payment of $1.25 billion (\u00a3922\u00a0million) to ViiV Healthcare on 15 February 2022. In addition, Gilead will also pay a 3% royalty on all future US sales of Biktarvy
and in respect of the bictegravir component of any other future bictegravir-containing products sold in the US. These royalties will be payable by Gilead to
ViiV Healthcare from 1 February 2022 until the expiry of ViiV Healthcare\u2019s US Patent No. 8,129,385 on 5 October 2027 and will be recorded as royalty income
in the income statement.
Fair value remeasurement on equity investments in 2023 included a loss of \u00a317 million from the remeasurement of the Group\u2019s
retained investment in Haleon plc. See details in Note 22 'Current equity investments'.
Disposal of businesses and assets in 2023 primarily includes milestone income.
Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.
Disposal of businesses and assets in 2021 included a net gain on disposal of the rights to the royalty stream for cabozantinib and a
net gain on disposal of the cephalosporin antibiotic brands to Sandoz.
Fair value re-measurements on contingent consideration recognised as business combinations included a net charge of \u00a3934
million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, \u00a3187 million net credit payable to Novartis
related to the Vaccines acquisition, together with fair value movements on related hedging contracts and a charge of \u00a344 million
relating to the contingent consideration on the acquisition of Affinivax primarily relating to the unwind of the discount.
Other income in 2023 primarily includes net income from dividends related to investments, including \u00a349\u00a0million dividends received
from the retained investment in Haleon plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-786": { "value": "
7. Other operating income/(expense)
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Upfront settlement income (1)
\u2013
922
\u2013
Fair value remeasurements of equity investments
(122)
256
37
Disposal of businesses and assets
61
215
552
Fair value remeasurements on contingent consideration recognised in business combinations
(791)
(1,607)
(1,058)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
245
(85)
(48)
Fair value adjustments on derivative financial instruments
7
3
(4)
Other income
237
61
17
(363)
(235)
(504)
(1) On 1 February 2022, ViiV Healthcare reached agreement with Gilead Sciences, Inc (Gilead) to settle the global patent infringement litigation relating to the
commercialisation of Gilead\u2019s Biktarvy concerning ViiV Healthcare\u2019s patents relating to dolutegravir, an anti-retroviral medication used, together with other
medicines, to treat human immunodeficiency virus (HIV). Under the terms of the global settlement and licensing agreement, Gilead made an upfront
payment of $1.25 billion (\u00a3922\u00a0million) to ViiV Healthcare on 15 February 2022. In addition, Gilead will also pay a 3% royalty on all future US sales of Biktarvy
and in respect of the bictegravir component of any other future bictegravir-containing products sold in the US. These royalties will be payable by Gilead to
ViiV Healthcare from 1 February 2022 until the expiry of ViiV Healthcare\u2019s US Patent No. 8,129,385 on 5 October 2027 and will be recorded as royalty income
in the income statement.
Fair value remeasurement on equity investments in 2023 included a loss of \u00a317 million from the remeasurement of the Group\u2019s
retained investment in Haleon plc. See details in Note 22 'Current equity investments'.
Disposal of businesses and assets in 2023 primarily includes milestone income.
Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.
Disposal of businesses and assets in 2021 included a net gain on disposal of the rights to the royalty stream for cabozantinib and a
net gain on disposal of the cephalosporin antibiotic brands to Sandoz.
Fair value re-measurements on contingent consideration recognised as business combinations included a net charge of \u00a3934
million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, \u00a3187 million net credit payable to Novartis
related to the Vaccines acquisition, together with fair value movements on related hedging contracts and a charge of \u00a344 million
relating to the contingent consideration on the acquisition of Affinivax primarily relating to the unwind of the discount.
Other income in 2023 primarily includes net income from dividends related to investments, including \u00a349\u00a0million dividends received
from the retained investment in Haleon plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-790": { "value": "
8. Operating profit
The following items have been included in operating profit:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Employee costs (Note 9)
8,473
7,693
7,680
Advertising
835
735
433
Distribution costs
199
192
169
Depreciation of property, plant and equipment
892
885
855
Impairment of property, plant and equipment, net of reversals
17
70
87
Depreciation of right of use assets
190
176
179
Impairment of right of use assets
10
40
5
Amortisation of intangible assets
1,212
1,086
1,088
Impairment of intangible assets, net of reversals
418
365
435
Impairment of tangible and intangible assets held for sale, net of reversals
23
\u2013
1
Net foreign exchange (gains)/losses
11
11
(4)
Inventories:
Cost of inventories included in cost of sales
6,576
6,137
5,885
Write-down of inventories
979
687
800
Reversal of prior year write-down of inventories
(598)
(483)
(325)
Short-term lease charge
8
6
7
Low-value lease charge
2
2
3
Variable lease payments
17
9
10
Fees payable to the company\u2019s auditor and its associates in relation to the Group (see below)
22.0
26.9
31.7
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations prior
to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of \u00a334 million (2022: \u00a32 million loss; 2021: \u00a335 million gain) arising from the
recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas
associates is \u00a3nil (2022: \u00a3nil). The recycling of exchange on disposal of overseas subsidiaries does not include recycling of exchange
on disposal of Consumer Healthcare subsidiaries as this is reported as Profit after taxation on demerger of discontinued operations.
Included within operating profit are Major restructuring charges of \u00a3382\u00a0million (2022: \u00a3321 million; 2021 : \u00a3424 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.2
10.9
13.2
Audit of the company\u2019s subsidiaries
10.2
9.7
14.5
Total audit services
20.4
20.6
27.7
Audit-related and other assurance services
1.6
6.3
4.0
Total audit services, audit-related and other assurance services
22.0
26.9
31.7
The other assurance services provided by the auditor related to agreed upon procedures and other assurance services outside of
statutory audit requirements. Audit related and other assurance services include \u00a3nil (2022: \u00a34.4 million; 2021: \u00a32.4\u00a0million) due to
reporting accountant work performed in preparation for the Consumer Healthcare demerger.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-789": { "value": "
8. Operating profit
The following items have been included in operating profit:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Employee costs (Note 9)
8,473
7,693
7,680
Advertising
835
735
433
Distribution costs
199
192
169
Depreciation of property, plant and equipment
892
885
855
Impairment of property, plant and equipment, net of reversals
17
70
87
Depreciation of right of use assets
190
176
179
Impairment of right of use assets
10
40
5
Amortisation of intangible assets
1,212
1,086
1,088
Impairment of intangible assets, net of reversals
418
365
435
Impairment of tangible and intangible assets held for sale, net of reversals
23
\u2013
1
Net foreign exchange (gains)/losses
11
11
(4)
Inventories:
Cost of inventories included in cost of sales
6,576
6,137
5,885
Write-down of inventories
979
687
800
Reversal of prior year write-down of inventories
(598)
(483)
(325)
Short-term lease charge
8
6
7
Low-value lease charge
2
2
3
Variable lease payments
17
9
10
Fees payable to the company\u2019s auditor and its associates in relation to the Group (see below)
22.0
26.9
31.7
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations prior
to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of \u00a334 million (2022: \u00a32 million loss; 2021: \u00a335 million gain) arising from the
recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas
associates is \u00a3nil (2022: \u00a3nil). The recycling of exchange on disposal of overseas subsidiaries does not include recycling of exchange
on disposal of Consumer Healthcare subsidiaries as this is reported as Profit after taxation on demerger of discontinued operations.
Included within operating profit are Major restructuring charges of \u00a3382\u00a0million (2022: \u00a3321 million; 2021 : \u00a3424 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.2
10.9
13.2
Audit of the company\u2019s subsidiaries
10.2
9.7
14.5
Total audit services
20.4
20.6
27.7
Audit-related and other assurance services
1.6
6.3
4.0
Total audit services, audit-related and other assurance services
22.0
26.9
31.7
The other assurance services provided by the auditor related to agreed upon procedures and other assurance services outside of
statutory audit requirements. Audit related and other assurance services include \u00a3nil (2022: \u00a34.4 million; 2021: \u00a32.4\u00a0million) due to
reporting accountant work performed in preparation for the Consumer Healthcare demerger.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-791": { "value": "
Fees payable to the company\u2019s auditor and its associates:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.2
10.9
13.2
Audit of the company\u2019s subsidiaries
10.2
9.7
14.5
Total audit services
20.4
20.6
27.7
Audit-related and other assurance services
1.6
6.3
4.0
Total audit services, audit-related and other assurance services
22.0
26.9
31.7
The other assurance services provided by the auditor related to agreed upon procedures and other assurance services outside of
statutory audit requirements. Audit related and other assurance services include \u00a3nil (2022: \u00a34.4 million; 2021: \u00a32.4\u00a0million) due to
reporting accountant work performed in preparation for the Consumer Healthcare demerger.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-792": { "value": "
9. Employee costs
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Wages and salaries
6,706
6,110
5,858
Social security costs
818
763
793
Pension and other post-employment costs, including augmentations (Note 31)
356
369
415
Cost of share-based incentive plans
321
314
345
Severance and other costs from integration and restructuring activities
272
137
269
8,473
7,693
7,680
The Group provides benefits to employees, commensurate with local practice in individual countries, including in some markets,
healthcare insurance, subsidised car schemes and personal life assurance.
The cost of share-based incentive plans is analysed as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share value plan
244
243
258
Performance share plan
58
55
51
Share option plans
5
4
5
Cash settled and other plans
14
12
31
321
314
345
The average number of persons employed by the Group (including Directors) during the year:
2023
Number
2022
Number
2021
Number
Manufacturing
23,209
22,946
23,562
Selling, general and administration
34,446
34,642
36,909
Research and development
12,589
11,542
10,874
Total Continuing Operations
70,244
69,130
71,345
Discontinued Operations
\u2013
21,292
20,616
Total
70,244
90,422
91,961
Note: Consumer Healthcare was divested on 18 July 2022 and is shown as Discontinued Operations in the above table.
The average monthly number of Group employees excludes temporary and contract staff. The numbers of Group employees at the
end of each financial year are given in the financial record on page 276.
The compensation of the Directors and senior management (members of the GLT) in aggregate, was as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Wages and salaries
37
31
27
Social security costs
4
5
3
Pension and other post-employment costs
1
2
3
Cost of share-based incentive plans
32
28
27
74
66
60
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 143 to 149.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-793": { "value": "
The compensation of the Directors and senior management (members of the GLT) in aggregate, was as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Wages and salaries
37
31
27
Social security costs
4
5
3
Pension and other post-employment costs
1
2
3
Cost of share-based incentive plans
32
28
27
74
66
60
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 143 to 149.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-795": { "value": "
11. Finance income
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
48
31
11
Financial assets measured at fair value through profit or loss
60
31
2
Net gains arising from the forward element of forward contracts in net investment hedge relationships
\u2013
12
\u2013
Other finance income
7
2
1
115
76
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-794": { "value": "
11. Finance income
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
48
31
11
Financial assets measured at fair value through profit or loss
60
31
2
Net gains arising from the forward element of forward contracts in net investment hedge relationships
\u2013
12
\u2013
Other finance income
7
2
1
115
76
14
12. Finance expense
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Finance expense arising on:
Financial liabilities at amortised cost
(672)
(789)
(735)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
(23)
743
(565)
Retranslation of loans
25
(761)
565
Reclassification of hedges from other comprehensive income
(4)
(2)
(2)
Unwinding of discounts on provisions
(15)
(7)
(2)
Finance expense arising on lease liabilities
(38)
(30)
(27)
Other finance expense
(65)
(33)
(3)
(792)
(879)
(769)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-796": { "value": "
12. Finance expense
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Finance expense arising on:
Financial liabilities at amortised cost
(672)
(789)
(735)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
(23)
743
(565)
Retranslation of loans
25
(761)
565
Reclassification of hedges from other comprehensive income
(4)
(2)
(2)
Unwinding of discounts on provisions
(15)
(7)
(2)
Finance expense arising on lease liabilities
(38)
(30)
(27)
Other finance expense
(65)
(33)
(3)
(792)
(879)
(769)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-798": { "value": "
13. Associates and joint ventures
The Group\u2019s share of after-tax profits and losses of associates and joint ventures is set out below:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share of after-tax (losses)/profits of associates
(2)
1
36
Share of after-tax losses of joint ventures
(3)
(3)
(3)
(5)
(2)
33
During the year, the Group disposed of an investment in a joint venture for \u00a3nil consideration, with the release of related
commitments for future capital contributions resulting in a net \u00a31\u00a0million profit on disposal.\u00a0
In May 2021, the Group agreed with Innoviva Inc. to sell all of its shares in Innoviva back to Innoviva for \u00a3277\u00a0million. Following the
disposal, at 31\u00a0December 2023, 31\u00a0December 2022 and 31 December 2021, the Group held no significant individual associates.
Summarised income statement information in respect of Innoviva until May 2021 is set out below.
The results of Innoviva included in the summarised income statement information below represent the estimated earnings of
Innoviva in the relevant periods, based on publicly available information. Figures for 2021 include share of Innoviva\u2019s turnover, profit
and total comprehensive income until the date of the disposal.
2021
\u00a3m
Turnover
108
Profit after taxation
106
Total comprehensive income
106
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share of after-tax losses
(5)
(2)
\u2013
Share of other comprehensive income/(expense)
7
(9)
28
Share of total comprehensive income/(expense)
2
(11)
28
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2023 (2022: \u00a3nil; 2021: \u00a3nil).
Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-797": { "value": "
13. Associates and joint ventures
The Group\u2019s share of after-tax profits and losses of associates and joint ventures is set out below:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share of after-tax (losses)/profits of associates
(2)
1
36
Share of after-tax losses of joint ventures
(3)
(3)
(3)
(5)
(2)
33
During the year, the Group disposed of an investment in a joint venture for \u00a3nil consideration, with the release of related
commitments for future capital contributions resulting in a net \u00a31\u00a0million profit on disposal.\u00a0
In May 2021, the Group agreed with Innoviva Inc. to sell all of its shares in Innoviva back to Innoviva for \u00a3277\u00a0million. Following the
disposal, at 31\u00a0December 2023, 31\u00a0December 2022 and 31 December 2021, the Group held no significant individual associates.
Summarised income statement information in respect of Innoviva until May 2021 is set out below.
The results of Innoviva included in the summarised income statement information below represent the estimated earnings of
Innoviva in the relevant periods, based on publicly available information. Figures for 2021 include share of Innoviva\u2019s turnover, profit
and total comprehensive income until the date of the disposal.
2021
\u00a3m
Turnover
108
Profit after taxation
106
Total comprehensive income
106
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share of after-tax losses
(5)
(2)
\u2013
Share of other comprehensive income/(expense)
7
(9)
28
Share of total comprehensive income/(expense)
2
(11)
28
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2023 (2022: \u00a3nil; 2021: \u00a3nil).
Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-800": { "value": "
14. Taxation
The Group\u2019s tax charge is the sum of the total current and deferred tax expense.
Taxation charge based on profits for the year
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
UK current year charge
207
200
119
Rest of World current year charge
1,371
1,351
593
Charge/(credit) in respect of prior periods
43
(60)
219
Current taxation
1,621
1,491
931
Deferred taxation
(865)
(784)
(848)
756
707
83
In 2023 , GSK made corporate income tax payments globally of \u00a31.3\u00a0billion (2022: \u00a31.5 billion), of which \u00a3205 million (2022: \u00a348
million) was UK corporation tax paid to HMRC. These amounts are for corporate income tax only, and do not include the various
other business taxes borne by GSK each year.
The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is probable
and the release of deferred tax liabilities. The latter relates primarily to the unwind of deferred tax liabilities on intangible assets.
The following table reconciles the tax charge calculated at the UK statutory rate on the Group profit before tax with the actual tax
charge for the year.
Reconciliation of taxation on Group profits
2023
\u00a3m
2023
%
2022
\u00a3m
2022
%
2021
\u00a3m
2021
%
Profit before tax
6,064
5,628
3,599
UK statutory rate of taxation
1,425
23.5
1,069
19.0
685
19.0
Differences in overseas taxation rates
159
2.6
318
5.6
302
8.4
Benefit of intellectual property incentives
(696)
(11.5)
(600)
(10.7)
(382)
(10.6)
R&D credits
(121)
(2.0)
(119)
(2.1)
(100)
(2.8)
Permanent differences on disposals, acquisitions and transfers
10
0.2
275
4.9
(3)
(0.1)
Other permanent differences
102
1.7
82
1.5
(4)
(0.1)
Re-assessments of prior year current tax estimates
43
0.7
(60)
(1.1)
219
6.1
Re-assessments of prior year deferred tax estimates
(147)
(2.4)
(233)
(4.1)
(281)
(7.8)
Changes in tax rates
(19)
(0.3)
(25)
(0.4)
(353)
(9.8)
Tax charge/tax rate
756
12.5
707
12.6
83
2.3
As a global biopharmaceutical company, we have a substantial business and employment presence in many countries around the
world. The impact of differences in overseas taxation rates arose from profits being earned in countries with tax rates higher than
the UK statutory rate, the most significant of which in 2023 were Belgium and Japan. This adverse impact was offset by the benefit
of intellectual property incentives such as the UK Patent Box and Belgian Innovation Income Deduction regimes, which provide a
reduced rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by the
relevant statutory or regulatory framework.
Permanent differences on disposals, acquisitions and transfers in 2022 includes tax on internal restructuring to simplify the group
structure.
The Group\u2019s tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with tax
authorities in various jurisdictions and changes in tax rates. The cumulative impact of these items in 2023 is a 2% reduction in the
tax rate.
In 2021, \u2018Changes in tax rates\u2019 included credits in relation to the enactment of the increase in the headline rate of UK corporate
income tax from 19% to 25% (effective 2023).
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructurings,
the location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our
tax affairs up to date around the world.
During 2023 the UK Government substantively enacted legislation introducing a global minimum corporate income tax rate, to have
effect from 2024 in line with the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two model framework.
We anticipate that the rules will restrict our ability to benefit from innovation incentives, such as the UK and Belgium Patent Box
regimes, and consequently our underlying effective tax rate is forecast to increase by around 2% from 2024.
Tax on items charged to equity and statement of comprehensive income
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Current taxation
Share-based payments
(1)
(3)
\u2013
Defined benefit plans
(143)
\u2013
\u2013
Fair value movements on cash flow hedges
\u2013
\u2013
5
Fair value movements on equity investments
(6)
12
36
(150)
9
41
Deferred taxation
Share-based payments
(6)
11
(11)
Defined benefit plans
184
(211)
223
Fair value movements on cash flow hedges
(1)
(9)
3
Fair value movements on equity investments
(8)
(68)
(167)
169
(277)
48
Total charge/(credit) to equity and statement of comprehensive income
19
(268)
89
All of the above items have been charged to the statement of comprehensive income except for tax on share based payments.
Issues relating to taxation
The integrated nature of the Group\u2019s worldwide operations involves significant investment in research and strategic manufacture at
a limited number of locations, with consequential cross-border supply routes into numerous end-markets. In line with current OECD
guidelines, we base our transfer pricing policy on the arm\u2019s length principle and support our transfer prices with economic analysis
and reports. However, different tax authorities may seek to attribute further profit to activities being undertaken in their jurisdiction
potentially resulting in double taxation. The Group also has open items in several jurisdictions concerning such matters as the
deductibility of particular expenses and the tax treatment of certain business transactions. GSK applies a risk based approach to
determine the transactions most likely to be subject to challenge and the probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,
as appropriate, through a formal legal process. At 31 December 2023 the Group had recognised provisions of \u00a3584 million in
respect of such uncertain tax positions (2022: \u00a3551 million). The net increase in recognised provisions during 2023 was driven by the
reassessment of estimates, the agreement of a number of open issues with tax authorities in various jurisdictions and amounts
related to discontinued operations. Whilst the ultimate liability for such matters may vary from the amounts provided and is
dependent upon the outcome of agreements with the relevant tax authorities, or litigation where appropriate, the Group continues
to consider that it has made appropriate provision for periods which are open and not yet agreed by the tax authorities.
A provision for deferred tax liabilities of \u00a3165 million as at 31\u00a0December 2023 (2022: \u00a3157 million) has been made in respect of
taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of
unremitted profits at the balance sheet date was approximately \u00a318 billion (2022: \u00a316 billion), the majority of these unremitted
profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions
provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on temporary
differences of \u00a3869 million (2022: \u00a3660 million) arising on unremitted profits as management has the ability to control any future
reversal and does not consider such a reversal to be probable.
Movement in deferred tax assets and liabilities
Accelerated
capital
allowances
\u00a3m
Intangible
assets
\u00a3m
Contingent
consideration
\u00a3m
Intra-
Group
profit
\u00a3m
Pensions &
other post
employment
benefits
\u00a3m
Tax
losses
\u00a3m
Share
option
and award
schemes
\u00a3m
Other
net
temporary
differences
\u00a3m
Total
At 1\u00a0January 2022
(211)
(3,711)
850
999
640
1,450
91
1,554
1,662
Exchange adjustments
(29)
(264)
\u2013
(40)
64
6
1
160
(102)
Credit/(charge) to income statement
122
126
142
258
(32)
104
(22)
190
888
Credit/(charge) to statement of comprehensive
income
\u2013
\u2013
\u2013
\u2013
182
42
(11)
(12)
201
Acquisitions/Disposals
(1)
(637)
\u2013
\u2013
\u2013
67
\u2013
76
(495)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(76)
(76)
Transfer of assets for sale/distribution
62
3,667
\u2013
(118)
(60)
(8)
(2)
(250)
3,291
At 31 December 2022
(57)
(819)
992
1,099
794
1,661
57
1,642
5,369
Exchange adjustments
11
58
\u2013
(70)
(24)
(2)
\u2013
(100)
(127)
Credit/(charge) to income statement
72
229
(71)
223
(15)
335
12
80
865
Credit/(charge) to statement of comprehensive
income
\u2013
\u2013
\u2013
\u2013
(184)
\u2013
5
10
(169)
Acquisitions/Disposals
\u2013
(144)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(144)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(56)
(56)
At 31\u00a0December 2023
26
(676)
921
1,252
571
1,994
74
1,576
5,738
Deferred tax liabilities in relation to intangible assets predominately relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to Bellus Health (see Note 41, 'Acquisitions and disposals').
The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts payable
to minority shareholders. These payments are tax deductible at the point in time at which payment is made.
A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the
consolidated accounts. As intra-Group profits are not eliminated from the individual entities\u2019 tax returns a temporary difference
arises that will reverse at the point in time inventory is sold externally.
The deferred tax asset of \u00a31,994\u00a0million (2022: \u00a31,661\u00a0million) recognised on tax losses relates to trading losses. Such deferred tax
assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available to
utilise such assets by around 2030. Other net temporary differences included accrued expenses for which a tax deduction is only
available on a paid basis.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2023
\u00a3m
2022
\u00a3m
Deferred tax assets
6,049
5,658
Deferred tax liabilities
(311)
(289)
5,738
5,369
2023
2022
Unrecognised tax losses
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Trading losses expiring:
Within 10 years
939
149
967
175
More than 10 years
1,238
66
44
13
Available indefinitely
228
47
192
41
At 31 December
2,405
262
1,203
229
Capital losses expiring:
Available indefinitely
2,261
567
2,326
548
At 31 December
2,261
567
2,326
548
Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-799": { "value": "
14. Taxation
The Group\u2019s tax charge is the sum of the total current and deferred tax expense.
Taxation charge based on profits for the year
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
UK current year charge
207
200
119
Rest of World current year charge
1,371
1,351
593
Charge/(credit) in respect of prior periods
43
(60)
219
Current taxation
1,621
1,491
931
Deferred taxation
(865)
(784)
(848)
756
707
83
In 2023 , GSK made corporate income tax payments globally of \u00a31.3\u00a0billion (2022: \u00a31.5 billion), of which \u00a3205 million (2022: \u00a348
million) was UK corporation tax paid to HMRC. These amounts are for corporate income tax only, and do not include the various
other business taxes borne by GSK each year.
The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is probable
and the release of deferred tax liabilities. The latter relates primarily to the unwind of deferred tax liabilities on intangible assets.
The following table reconciles the tax charge calculated at the UK statutory rate on the Group profit before tax with the actual tax
charge for the year.
Reconciliation of taxation on Group profits
2023
\u00a3m
2023
%
2022
\u00a3m
2022
%
2021
\u00a3m
2021
%
Profit before tax
6,064
5,628
3,599
UK statutory rate of taxation
1,425
23.5
1,069
19.0
685
19.0
Differences in overseas taxation rates
159
2.6
318
5.6
302
8.4
Benefit of intellectual property incentives
(696)
(11.5)
(600)
(10.7)
(382)
(10.6)
R&D credits
(121)
(2.0)
(119)
(2.1)
(100)
(2.8)
Permanent differences on disposals, acquisitions and transfers
10
0.2
275
4.9
(3)
(0.1)
Other permanent differences
102
1.7
82
1.5
(4)
(0.1)
Re-assessments of prior year current tax estimates
43
0.7
(60)
(1.1)
219
6.1
Re-assessments of prior year deferred tax estimates
(147)
(2.4)
(233)
(4.1)
(281)
(7.8)
Changes in tax rates
(19)
(0.3)
(25)
(0.4)
(353)
(9.8)
Tax charge/tax rate
756
12.5
707
12.6
83
2.3
As a global biopharmaceutical company, we have a substantial business and employment presence in many countries around the
world. The impact of differences in overseas taxation rates arose from profits being earned in countries with tax rates higher than
the UK statutory rate, the most significant of which in 2023 were Belgium and Japan. This adverse impact was offset by the benefit
of intellectual property incentives such as the UK Patent Box and Belgian Innovation Income Deduction regimes, which provide a
reduced rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by the
relevant statutory or regulatory framework.
Permanent differences on disposals, acquisitions and transfers in 2022 includes tax on internal restructuring to simplify the group
structure.
The Group\u2019s tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with tax
authorities in various jurisdictions and changes in tax rates. The cumulative impact of these items in 2023 is a 2% reduction in the
tax rate.
In 2021, \u2018Changes in tax rates\u2019 included credits in relation to the enactment of the increase in the headline rate of UK corporate
income tax from 19% to 25% (effective 2023).
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructurings,
the location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our
tax affairs up to date around the world.
During 2023 the UK Government substantively enacted legislation introducing a global minimum corporate income tax rate, to have
effect from 2024 in line with the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two model framework.
We anticipate that the rules will restrict our ability to benefit from innovation incentives, such as the UK and Belgium Patent Box
regimes, and consequently our underlying effective tax rate is forecast to increase by around 2% from 2024.
Tax on items charged to equity and statement of comprehensive income
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Current taxation
Share-based payments
(1)
(3)
\u2013
Defined benefit plans
(143)
\u2013
\u2013
Fair value movements on cash flow hedges
\u2013
\u2013
5
Fair value movements on equity investments
(6)
12
36
(150)
9
41
Deferred taxation
Share-based payments
(6)
11
(11)
Defined benefit plans
184
(211)
223
Fair value movements on cash flow hedges
(1)
(9)
3
Fair value movements on equity investments
(8)
(68)
(167)
169
(277)
48
Total charge/(credit) to equity and statement of comprehensive income
19
(268)
89
All of the above items have been charged to the statement of comprehensive income except for tax on share based payments.
Issues relating to taxation
The integrated nature of the Group\u2019s worldwide operations involves significant investment in research and strategic manufacture at
a limited number of locations, with consequential cross-border supply routes into numerous end-markets. In line with current OECD
guidelines, we base our transfer pricing policy on the arm\u2019s length principle and support our transfer prices with economic analysis
and reports. However, different tax authorities may seek to attribute further profit to activities being undertaken in their jurisdiction
potentially resulting in double taxation. The Group also has open items in several jurisdictions concerning such matters as the
deductibility of particular expenses and the tax treatment of certain business transactions. GSK applies a risk based approach to
determine the transactions most likely to be subject to challenge and the probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
The calculation of the Group\u2019s total tax charge therefore necessarily involves a degree of estimation and judgement in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,
as appropriate, through a formal legal process. At 31 December 2023 the Group had recognised provisions of \u00a3584 million in
respect of such uncertain tax positions (2022: \u00a3551 million). The net increase in recognised provisions during 2023 was driven by the
reassessment of estimates, the agreement of a number of open issues with tax authorities in various jurisdictions and amounts
related to discontinued operations. Whilst the ultimate liability for such matters may vary from the amounts provided and is
dependent upon the outcome of agreements with the relevant tax authorities, or litigation where appropriate, the Group continues
to consider that it has made appropriate provision for periods which are open and not yet agreed by the tax authorities.
A provision for deferred tax liabilities of \u00a3165 million as at 31\u00a0December 2023 (2022: \u00a3157 million) has been made in respect of
taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of
unremitted profits at the balance sheet date was approximately \u00a318 billion (2022: \u00a316 billion), the majority of these unremitted
profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions
provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on temporary
differences of \u00a3869 million (2022: \u00a3660 million) arising on unremitted profits as management has the ability to control any future
reversal and does not consider such a reversal to be probable.
Movement in deferred tax assets and liabilities
Accelerated
capital
allowances
\u00a3m
Intangible
assets
\u00a3m
Contingent
consideration
\u00a3m
Intra-
Group
profit
\u00a3m
Pensions &
other post
employment
benefits
\u00a3m
Tax
losses
\u00a3m
Share
option
and award
schemes
\u00a3m
Other
net
temporary
differences
\u00a3m
Total
At 1\u00a0January 2022
(211)
(3,711)
850
999
640
1,450
91
1,554
1,662
Exchange adjustments
(29)
(264)
\u2013
(40)
64
6
1
160
(102)
Credit/(charge) to income statement
122
126
142
258
(32)
104
(22)
190
888
Credit/(charge) to statement of comprehensive
income
\u2013
\u2013
\u2013
\u2013
182
42
(11)
(12)
201
Acquisitions/Disposals
(1)
(637)
\u2013
\u2013
\u2013
67
\u2013
76
(495)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(76)
(76)
Transfer of assets for sale/distribution
62
3,667
\u2013
(118)
(60)
(8)
(2)
(250)
3,291
At 31 December 2022
(57)
(819)
992
1,099
794
1,661
57
1,642
5,369
Exchange adjustments
11
58
\u2013
(70)
(24)
(2)
\u2013
(100)
(127)
Credit/(charge) to income statement
72
229
(71)
223
(15)
335
12
80
865
Credit/(charge) to statement of comprehensive
income
\u2013
\u2013
\u2013
\u2013
(184)
\u2013
5
10
(169)
Acquisitions/Disposals
\u2013
(144)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(144)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(56)
(56)
At 31\u00a0December 2023
26
(676)
921
1,252
571
1,994
74
1,576
5,738
Deferred tax liabilities in relation to intangible assets predominately relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to Bellus Health (see Note 41, 'Acquisitions and disposals').
The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts payable
to minority shareholders. These payments are tax deductible at the point in time at which payment is made.
A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the
consolidated accounts. As intra-Group profits are not eliminated from the individual entities\u2019 tax returns a temporary difference
arises that will reverse at the point in time inventory is sold externally.
The deferred tax asset of \u00a31,994\u00a0million (2022: \u00a31,661\u00a0million) recognised on tax losses relates to trading losses. Such deferred tax
assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available to
utilise such assets by around 2030. Other net temporary differences included accrued expenses for which a tax deduction is only
available on a paid basis.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2023
\u00a3m
2022
\u00a3m
Deferred tax assets
6,049
5,658
Deferred tax liabilities
(311)
(289)
5,738
5,369
2023
2022
Unrecognised tax losses
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Trading losses expiring:
Within 10 years
939
149
967
175
More than 10 years
1,238
66
44
13
Available indefinitely
228
47
192
41
At 31 December
2,405
262
1,203
229
Capital losses expiring:
Available indefinitely
2,261
567
2,326
548
At 31 December
2,261
567
2,326
548
Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-801": { "value": "
15. Earnings per share
2023
pence
2022
pence
2021
pence
Basic earnings per share from continuing operations
121.6
110.8
82.9
Basic earnings per share from discontinued operations
\u2013
260.6
26.7
Total basic earnings per share
121.6
371.4
109.6
Diluted earnings per share from continuing operations
119.9
109.2
81.8
Diluted earnings per share from discontinued operations
\u2013
257.0
26.4
Total diluted earnings per share
119.9
366.2
108.2
Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of
shares in issue during the period after deducting shares held by the ESOP Trusts for the future exercise of share options and share
awards and Treasury shares. The trustees have waived their rights to cash dividends on the GSK shares held by the ESOP Trusts.
Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic
calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share forms part of the employee share
schemes where its exercise price is below the average market price of GSK shares during the period and any performance
conditions attaching to the scheme have been met at the balance sheet date.
The numbers of shares used in calculating basic and diluted earnings per share are reconciled\u202fbelow.
Weighted average number of shares in issue
2023
millions
2022
millions
2021
millions
Basic
4,052
4,026
4,003
Dilution for share options and awards
59
58
49
Diluted
4,111
4,084
4,052
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-802": { "value": "
16. Dividends
2023
2022
2021
Paid/payable
Dividend
per share
(pence)
Total
dividend
\u00a3m
Paid
Dividend
per share
(pence)
Total
dividend
\u00a3m
Paid
Dividend
per share
(pence)
Total
dividend
\u00a3m
First interim
13 July 2023
14.00
567
1 July 2022
17.50
704
8 July 2021
23.75
951
Second interim
12 October 2023
14.00
568
6 October 2022
16.25
654
7 October 2021
23.75
951
Third interim
11 January 2024
14.00
568
12 January 2023
13.75
555
13 January 2022
23.75
952
Fourth interim
11 April 2024
16.00
649
13 April 2023
13.75
557*
7 April 2022
28.75
1,157
Total
58.00
2,352
61.25
2,470
100
4,011
*The estimate for the fourth interim dividend for 2022 disclosed in the 2022 annual report was \u00a3555 million, \u00a32 million less than the dividend that was ultimately paid.
Under IFRS, interim dividends are only recognised in the financial statements when paid and not when declared. GSK normally pays
a dividend two quarters after the quarter to which it relates and one quarter after it is declared. The 2023 financial statements
recognise those dividends paid in 2023, namely the third and fourth interim dividends for 2022, and the first and second interim
dividends for 2023.
The demerger of Consumer Healthcare in 2022 was effected by GSK declaring an interim dividend in specie of Haleon plc shares.
The fair value of the distribution was \u00a315,526\u00a0million.
The amounts recognised in each year were as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Cash dividends to shareholders
2,247
3,467
3,999
Dividends in specie to shareholders in Haleon plc shares (Note 41)
\u2013
15,526
\u2013
2,247
18,993
3,999
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-803": { "value": "
17. Property, plant and equipment
Land and
buildings
\u00a3m
Plant,
equipment
and vehicles
\u00a3m
Assets in
construction
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2022
7,212
11,816
1,750
20,778
Exchange adjustments
403
542
105
1,050
Additions through business combinations
5
8
17
30
Other additions
13
79
1,153
1,245
Capitalised borrowing costs
\u2013
\u2013
21
21
Disposals and write-offs
(64)
(222)
(5)
(291)
Reclassifications
146
689
(874)
(39)
Transfer to assets held for sale/distribution
(1,067)
(1,959)
(317)
(3,343)
Cost at 31\u00a0December 2022
6,648
10,953
1,850
19,451
Exchange adjustments
(189)
(265)
(44)
(498)
Additions through business combinations
\u2013
\u2013
\u2013
\u2013
Other additions
11
99
1,185
1,295
Capitalised borrowing costs
\u2013
\u2013
36
36
Disposals and write-offs
(136)
(732)
(16)
(884)
Reclassifications
134
701
(869)
(34)
Transfer to assets held for sale/distribution
(13)
(52)
(22)
(87)
Cost at 31\u00a0December 2023
6,455
10,704
2,120
19,279
Depreciation at 1\u00a0January 2022
(3,281)
(6,744)
\u2013
(10,025)
Exchange adjustments
(191)
(310)
\u2013
(501)
Charge for the year
(226)
(726)
\u2013
(952)
Disposals and write-offs
47
181
\u2013
228
Transfer to assets held for sale/distribution
376
1,130
\u2013
1,506
Depreciation at 31\u00a0December 2022
(3,275)
(6,469)
\u2013
(9,744)
Exchange adjustments
90
153
\u2013
243
Charge for the year
(210)
(682)
\u2013
(892)
Disposals and write-offs
66
662
\u2013
728
Transfer to assets held for sale/distribution
6
29
\u2013
35
Reclassifications
\u2013
(4)
\u2013
(4)
Depreciation at 31\u00a0December 2023
(3,323)
(6,311)
\u2013
(9,634)
Impairment at 1\u00a0January 2022
(264)
(514)
(43)
(821)
Exchange adjustments
(9)
(14)
(1)
(24)
Disposals and write-offs
9
47
5
61
Impairment losses
(33)
(45)
(5)
(83)
Reversal of impairments
\u2013
9
\u2013
9
Transfer to assets held for sale/distribution
37
45
2
84
Impairment at 31\u00a0December 2022
(260)
(472)
(42)
(774)
Exchange adjustments
4
7
1
12
Disposals and write-offs
27
114
13
154
Impairment losses
(11)
(32)
\u2013
(43)
Reversal of impairments
3
23
\u2013
26
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
Reclassifications
\u2013
\u2013
\u2013
\u2013
Impairment at 31\u00a0December 2023
(237)
(360)
(28)
(625)
Total depreciation and impairment at 31\u00a0December 2022
(3,535)
(6,941)
(42)
(10,518)
Total depreciation and impairment at 31\u00a0December 2023
(3,560)
(6,671)
(28)
(10,259)
Net book value at 1\u00a0January 2022
3,667
4,558
1,707
9,932
Net book value at 31\u00a0December 2022
3,113
4,012
1,808
8,933
Net book value at 31\u00a0December 2023
2,895
4,033
2,092
9,020
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2022 : 4%). Disposals and write-offs in the
year included a number of assets with nil net book value that are no longer in use in the business.
The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs of
disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable
market data, and therefore this valuation technique is classified as level 3 of the fair value hierarchy. These calculations determine
the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit, applying a
discount rate of the Group post-tax weighted average cost of capital (WACC) of 7%, adjusted where appropriate for specific
segment, country and currency risk.
Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value in
use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring plans
or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially different
result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is equivalent to a pre-
tax discount rate of approximately 9%.
Net impairment reversals have been credited to cost of sales: \u00a31 million\u00a0 (2022: net impairment losses \u00a311 million) and R&D: \u00a35 million
(2022: net impairment losses \u00a37 million). Net impairment losses have been charged to SG&A: \u00a323 million (2022: \u00a355 million), after
charging impairment losses of \u00a327 million (2022: \u00a334 million) arising from the Major restructuring programmes.
Reversals of impairment arose from subsequent reviews of the impaired assets where the conditions which gave rise to the original
impairments were deemed no longer to apply. \u00a317 million of the impairment reversal has been credited to cost of sales, \u00a35 million of
the impairment reversal has been credited to R&D expenses and \u00a34 million of the impairment reversal has been credited to SG&A.
During 2022, the full impairment reversal of \u00a39 million was credited to cost of sales.
During 2023, \u00a334 million (2022: \u00a339 million) of computer software was reclassified from assets in construction to intangible assets\u00a0
on becoming ready for use.
The Group has assessed the qualitative and quantitative impact of climate related risks on asset recoverable amounts and
concluded that there are no material impairments. As of 31 December 2023, \u00a353 million has been capitalised in property, plant and
equipment regarding the transition to a lower-carbon propellant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-804": { "value": "
The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs of
disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable
market data, and therefore this valuation technique is classified as level 3 of the fair value hierarchy. These calculations determine
the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit, applying a
discount rate of the Group post-tax weighted average cost of capital (WACC) of 7%, adjusted where appropriate for specific
segment, country and currency risk.
Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value in
use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring plans
or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially different
result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is equivalent to a pre-
tax discount rate of approximately 9%.
Net impairment reversals have been credited to cost of sales: \u00a31 million\u00a0 (2022: net impairment losses \u00a311 million) and R&D: \u00a35 million
(2022: net impairment losses \u00a37 million). Net impairment losses have been charged to SG&A: \u00a323 million (2022: \u00a355 million), after
charging impairment losses of \u00a327 million (2022: \u00a334 million) arising from the Major restructuring programmes.
Reversals of impairment arose from subsequent reviews of the impaired assets where the conditions which gave rise to the original
impairments were deemed no longer to apply. \u00a317 million of the impairment reversal has been credited to cost of sales, \u00a35 million of
the impairment reversal has been credited to R&D expenses and \u00a34 million of the impairment reversal has been credited to SG&A.
During 2022, the full impairment reversal of \u00a39 million was credited to cost of sales.
During 2023, \u00a334 million (2022: \u00a339 million) of computer software was reclassified from assets in construction to intangible assets\u00a0
on becoming ready for use.
The Group has assessed the qualitative and quantitative impact of climate related risks on asset recoverable amounts and
concluded that there are no material impairments. As of 31 December 2023, \u00a353 million has been capitalised in property, plant and
equipment regarding the transition to a lower-carbon propellant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-805": { "value": "
18. Right of use assets
Land and
buildings
\u00a3m
Plant and
equipment
\u00a3m
Vehicles
\u00a3m
Total
\u00a3m
Net book value at 1 January 2022
633
9
98
740
Exchange adjustments
47
\u2013
8
55
Additions through business combinations
53
\u2013
\u2013
53
Other additions
140
2
91
233
Depreciation
(131)
(3)
(58)
(192)
Transfer to assets held for sale/distribution
(115)
(1)
(11)
(127)
Disposals
(27)
(1)
(8)
(36)
Impairments
(39)
\u2013
\u2013
(39)
Net book value at 31\u00a0December 2022
561
6
120
687
Exchange adjustments
(30)
\u2013
(6)
(36)
Additions through business combinations
1
\u2013
\u2013
1
Other additions
355
\u2013
144
499
Depreciation
(121)
(2)
(67)
(190)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
Disposals
(11)
\u2013
(9)
(20)
Impairments
(10)
\u2013
\u2013
(10)
Reclassifications
6
\u2013
\u2013
6
Net book value at 31\u00a0December 2023
751
4
182
937
The Group has entered into some commitments for lease contracts that have not yet commenced. See Note 36, 'Commitments'.
An analysis of lease liabilities is set out in Note 30, \u2018Net debt\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-807": { "value": "
19. Goodwill
2023
\u00a3m
2022
\u00a3m
Cost at 1 January
7,046
10,552
Exchange adjustments
(313)
550
Additions through business combinations (Note 41)
109
1,127
Other movements (Note 41)
(31)
\u2013
Transfer to assets held for sale/distribution
\u2013
(5,183)
Cost at 31 December
6,811
7,046
Net book value at 1 January
7,046
10,552
Net book value at 31 December
6,811
7,046
All goodwill is allocated to the Group\u2019s segments as follows:
2023
\u00a3m
2022
\u00a3m
Commercial operations
5,951
6,148
Total R&D
860
898
Net book value at 31 December
6,811
7,046
The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value less
costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected risk-
adjusted post-tax cash flows and terminal value.
The discount rate used is based on the Group WACC of 7% (2022: 7%), as most cash generating units have integrated operations
across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and currency risks.
The valuation methodology uses significant inputs which are not based on observable market data, therefore this valuation
technique is classified as level 3 in the fair value hierarchy.
The R&D segment is evaluated on an arm's length pricing model, see assumptions below.
Details relating to the discounted cash flow models used in the impairment tests are as follows:
Valuation basis
Fair value less costs of disposal
Key assumptions
Sales growth rates
Profit margins
Terminal growth rate
Discount rate
Taxation rate
Determination of assumptions
Growth rates are internal forecasts based on both internal and external market information.
Margins reflect past experience, adjusted for expected changes.
Terminal growth rates based on management\u2019s estimate of future long-term average growth rates.
Discount rates based on Group WACC, adjusted where appropriate.
Taxation rates based on appropriate rates for each jurisdiction.
Period of specific projected cash flows
Five years
Terminal growth rate and discount rate
Terminal growth rate
Discount rate
2023
Commercial operations
0% p.a
7% p.a
R&D
0% p.a
7% p.a
2022
Commercial operations
0% p.a
7% p.a
R&D
0% p.a
7% p.a
The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future
generic competition and take account of new product launches. Goodwill is monitored for impairment at the segmental level and
the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an
impairment of the related goodwill.
The Group has assessed the qualitative and quantitative impact of climate related risks on asset recoverable amounts and
concluded that there are no material impairments.
20. Other intangible assets
Computer
software
\u00a3m
Licences, patents,
amortised brands
\u00a3m
Indefinite life
brands
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2022
2,424
21,439
18,626
42,489
Exchange adjustments
63
934
1,112
2,109
Capitalised development costs
\u2013
317
\u2013
317
Additions through business combinations
\u2013
2,964
\u2013
2,964
Other additions
149
626
\u2013
775
Disposals and asset write-offs
(203)
(33)
\u2013
(236)
Transfer to assets held for sale/distribution
(513)
(496)
(19,772)
(20,781)
Reclassifications
39
(34)
34
39
Cost at 31\u00a0December 2022
1,959
25,717
\u2013
27,676
Exchange adjustments
(30)
(664)
\u2013
(694)
Capitalised development costs
\u2013
363
\u2013
363
Additions through business combinations
\u2013
1,438
\u2013
1,438
Other additions
144
525
\u2013
669
Disposals and asset write-offs
(125)
(13)
\u2013
(138)
Transfer to assets held for sale/distribution
2
\u2013
\u2013
2
Reclassifications
34
(3)
\u2013
31
Cost at 31\u00a0December 2023
1,984
27,363
\u2013
29,347
Amortisation at 1\u00a0January 2022
(1,369)
(8,262)
\u2013
(9,631)
Exchange adjustments
(33)
(307)
\u2013
(340)
Charge for the year
(204)
(931)
\u2013
(1,135)
Disposals and asset write-offs
129
19
\u2013
148
Transfer to assets held for sale
254
300
\u2013
554
Amortisation at 31\u00a0December 2022
(1,223)
(9,181)
\u2013
(10,404)
Exchange adjustments
18
174
\u2013
192
Charge for the year
(203)
(1,009)
\u2013
(1,212)
Disposals and asset write-offs
100
8
\u2013
108
Transfer to assets held for sale/distribution
(3)
\u2013
\u2013
(3)
Reclassifications
4
1
\u2013
5
Amortisation at 31\u00a0December 2023
(1,307)
(10,007)
\u2013
(11,314)
Impairment at 1\u00a0January 2022
(91)
(2,480)
(208)
(2,779)
Exchange adjustments
(2)
(138)
(1)
(141)
Impairment losses
(72)
(313)
(17)
(402)
Transfer to assets held for sale/distribution
10
34
226
270
Reversal of impairments
1
17
\u2013
18
Disposals and asset write-offs
73
7
\u2013
80
Impairment at 31\u00a0December 2022
(81)
(2,873)
\u2013
(2,954)
Exchange adjustments
1
70
\u2013
71
Impairment losses
(23)
(398)
\u2013
(421)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
Reversal of impairments
3
\u2013
\u2013
3
Disposals and asset write-offs
25
11
\u2013
36
Impairment at 31\u00a0December 2023
(75)
(3,190)
\u2013
(3,265)
Total amortisation and impairment at 31\u00a0December 2022
(1,304)
(12,054)
\u2013
(13,358)
Total amortisation and impairment at 31\u00a0December 2023
(1,382)
(13,197)
\u2013
(14,579)
Net book value at 1\u00a0January 2022
964
10,697
18,418
30,079
Net book value at 31\u00a0December 2022
655
13,663
\u2013
14,318
Net book value at 31\u00a0December 2023
602
14,166
\u2013
14,768
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2022 : 4%).
The net book value of computer software included \u00a3270 million (2022: \u00a3479 million) of internally generated costs.
The carrying value at 31\u00a0December 2023 of intangible assets, for which impairments have been charged in the year following those
impairments, was \u00a3533 million (2022 : \u00a383 million), resulting from the appraisal of GSK\u2019s assumptions related to in-licences and
collaboration agreements. The carrying value at 31\u00a0December 2023 of intangible assets, for which impairment reversals have been
charged in the year following those impairment reversals, was \u00a3nil million (2022: \u00a3776 million). No individual intangible asset
accounted for a material impairment.
The patent expiry dates of the Group\u2019s most significant assets, where relevant, are set out on pages 281 to 283. Please refer to Note
2, 'Accounting principles and policies' to the Group\u2019s accounting policy and estimate of the useful life for intangible assets over the
exclusivity and non-exclusivity periods.
Amortisation and impairment losses, net of reversals, have been charged in the income statement as follows:
Amortisation
Net impairment losses
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cost of sales
668
663
1
2
Selling, general and administration
103
116
18
66
Research and development
441
307
399
299
1,212
1,086
418
367
Licences, patents, amortised brands etc. includes a large number of acquired licences, patents, know-how agreements and
marketing rights, which are either marketed or in use, or still in development. Note 41, \u2018Acquisitions and disposals\u2019 gives details of
additions through business combinations in the year. The book values of the largest individual items are as follows:
2023
\u00a3m
2022
\u00a3m
Tesaro Assets
2,656
2,858
Meningitis Portfolio
1,717
1,855
Momelotinib
1,470
1,499
Camlipixant
1,438
\u2013
Affinivax Assets
1,429
1,473
Dolutegravir (including Cabotegravir)
1,059
1,150
Iteos Assets
443
443
Alector Assets
425
509
Benlysta
424
541
Shingrix
289
288
Okairos
198
202
BMS Assets
191
196
CureVac Assets
191
178
Spero
163
163
RSV
139
40
Relvar/Breo/Anoro
125
181
Stiefel Trade Name
116
142
Wave Life Sciences
116
\u2013
UCB
115
137
Arrowhead
114
90
DT
104
115
Fluarix/FluLaval
100
147
Vir Assets
1
159
Others
1,143
1,297
14,166
13,663
After announcement on 13 December 2022, GSK and Wave Life Sciences Ltd. entered into a strategic collaboration in January
2023, to advance oligonucleotide therapeutics focusing on novel genetic targets.
On 28 June 2023, GSK has completed the acquisition of Bellus Health Inc, a late-stage biopharmaceutical company. The
acquisition provides GSK access to camlipixant. (Refer to Note 41, 'Acquisitions and disposals').
The Group does not consider that any reasonably possible changes in the key assumptions would cause the recoverable amount of
the intangible assets disclosed above to fall below their carrying values.
The Group has assessed the qualitative and quantitative impact of climate related risks on asset recoverable amounts and
concluded that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-806": { "value": "
19. Goodwill
2023
\u00a3m
2022
\u00a3m
Cost at 1 January
7,046
10,552
Exchange adjustments
(313)
550
Additions through business combinations (Note 41)
109
1,127
Other movements (Note 41)
(31)
\u2013
Transfer to assets held for sale/distribution
\u2013
(5,183)
Cost at 31 December
6,811
7,046
Net book value at 1 January
7,046
10,552
Net book value at 31 December
6,811
7,046
All goodwill is allocated to the Group\u2019s segments as follows:
2023
\u00a3m
2022
\u00a3m
Commercial operations
5,951
6,148
Total R&D
860
898
Net book value at 31 December
6,811
7,046
The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value less
costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected risk-
adjusted post-tax cash flows and terminal value.
The discount rate used is based on the Group WACC of 7% (2022: 7%), as most cash generating units have integrated operations
across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and currency risks.
The valuation methodology uses significant inputs which are not based on observable market data, therefore this valuation
technique is classified as level 3 in the fair value hierarchy.
The R&D segment is evaluated on an arm's length pricing model, see assumptions below.
Details relating to the discounted cash flow models used in the impairment tests are as follows:
Valuation basis
Fair value less costs of disposal
Key assumptions
Sales growth rates
Profit margins
Terminal growth rate
Discount rate
Taxation rate
Determination of assumptions
Growth rates are internal forecasts based on both internal and external market information.
Margins reflect past experience, adjusted for expected changes.
Terminal growth rates based on management\u2019s estimate of future long-term average growth rates.
Discount rates based on Group WACC, adjusted where appropriate.
Taxation rates based on appropriate rates for each jurisdiction.
Period of specific projected cash flows
Five years
Terminal growth rate and discount rate
Terminal growth rate
Discount rate
2023
Commercial operations
0% p.a
7% p.a
R&D
0% p.a
7% p.a
2022
Commercial operations
0% p.a
7% p.a
R&D
0% p.a
7% p.a
The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future
generic competition and take account of new product launches. Goodwill is monitored for impairment at the segmental level and
the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an
impairment of the related goodwill.
The Group has assessed the qualitative and quantitative impact of climate related risks on asset recoverable amounts and
concluded that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-808": { "value": "
20. Other intangible assets
Computer
software
\u00a3m
Licences, patents,
amortised brands
\u00a3m
Indefinite life
brands
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2022
2,424
21,439
18,626
42,489
Exchange adjustments
63
934
1,112
2,109
Capitalised development costs
\u2013
317
\u2013
317
Additions through business combinations
\u2013
2,964
\u2013
2,964
Other additions
149
626
\u2013
775
Disposals and asset write-offs
(203)
(33)
\u2013
(236)
Transfer to assets held for sale/distribution
(513)
(496)
(19,772)
(20,781)
Reclassifications
39
(34)
34
39
Cost at 31\u00a0December 2022
1,959
25,717
\u2013
27,676
Exchange adjustments
(30)
(664)
\u2013
(694)
Capitalised development costs
\u2013
363
\u2013
363
Additions through business combinations
\u2013
1,438
\u2013
1,438
Other additions
144
525
\u2013
669
Disposals and asset write-offs
(125)
(13)
\u2013
(138)
Transfer to assets held for sale/distribution
2
\u2013
\u2013
2
Reclassifications
34
(3)
\u2013
31
Cost at 31\u00a0December 2023
1,984
27,363
\u2013
29,347
Amortisation at 1\u00a0January 2022
(1,369)
(8,262)
\u2013
(9,631)
Exchange adjustments
(33)
(307)
\u2013
(340)
Charge for the year
(204)
(931)
\u2013
(1,135)
Disposals and asset write-offs
129
19
\u2013
148
Transfer to assets held for sale
254
300
\u2013
554
Amortisation at 31\u00a0December 2022
(1,223)
(9,181)
\u2013
(10,404)
Exchange adjustments
18
174
\u2013
192
Charge for the year
(203)
(1,009)
\u2013
(1,212)
Disposals and asset write-offs
100
8
\u2013
108
Transfer to assets held for sale/distribution
(3)
\u2013
\u2013
(3)
Reclassifications
4
1
\u2013
5
Amortisation at 31\u00a0December 2023
(1,307)
(10,007)
\u2013
(11,314)
Impairment at 1\u00a0January 2022
(91)
(2,480)
(208)
(2,779)
Exchange adjustments
(2)
(138)
(1)
(141)
Impairment losses
(72)
(313)
(17)
(402)
Transfer to assets held for sale/distribution
10
34
226
270
Reversal of impairments
1
17
\u2013
18
Disposals and asset write-offs
73
7
\u2013
80
Impairment at 31\u00a0December 2022
(81)
(2,873)
\u2013
(2,954)
Exchange adjustments
1
70
\u2013
71
Impairment losses
(23)
(398)
\u2013
(421)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
Reversal of impairments
3
\u2013
\u2013
3
Disposals and asset write-offs
25
11
\u2013
36
Impairment at 31\u00a0December 2023
(75)
(3,190)
\u2013
(3,265)
Total amortisation and impairment at 31\u00a0December 2022
(1,304)
(12,054)
\u2013
(13,358)
Total amortisation and impairment at 31\u00a0December 2023
(1,382)
(13,197)
\u2013
(14,579)
Net book value at 1\u00a0January 2022
964
10,697
18,418
30,079
Net book value at 31\u00a0December 2022
655
13,663
\u2013
14,318
Net book value at 31\u00a0December 2023
602
14,166
\u2013
14,768
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2022 : 4%).
The net book value of computer software included \u00a3270 million (2022: \u00a3479 million) of internally generated costs.
The carrying value at 31\u00a0December 2023 of intangible assets, for which impairments have been charged in the year following those
impairments, was \u00a3533 million (2022 : \u00a383 million), resulting from the appraisal of GSK\u2019s assumptions related to in-licences and
collaboration agreements. The carrying value at 31\u00a0December 2023 of intangible assets, for which impairment reversals have been
charged in the year following those impairment reversals, was \u00a3nil million (2022: \u00a3776 million). No individual intangible asset
accounted for a material impairment.
The patent expiry dates of the Group\u2019s most significant assets, where relevant, are set out on pages 281 to 283. Please refer to Note
2, 'Accounting principles and policies' to the Group\u2019s accounting policy and estimate of the useful life for intangible assets over the
exclusivity and non-exclusivity periods.
Amortisation and impairment losses, net of reversals, have been charged in the income statement as follows:
Amortisation
Net impairment losses
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cost of sales
668
663
1
2
Selling, general and administration
103
116
18
66
Research and development
441
307
399
299
1,212
1,086
418
367
Licences, patents, amortised brands etc. includes a large number of acquired licences, patents, know-how agreements and
marketing rights, which are either marketed or in use, or still in development. Note 41, \u2018Acquisitions and disposals\u2019 gives details of
additions through business combinations in the year. The book values of the largest individual items are as follows:
2023
\u00a3m
2022
\u00a3m
Tesaro Assets
2,656
2,858
Meningitis Portfolio
1,717
1,855
Momelotinib
1,470
1,499
Camlipixant
1,438
\u2013
Affinivax Assets
1,429
1,473
Dolutegravir (including Cabotegravir)
1,059
1,150
Iteos Assets
443
443
Alector Assets
425
509
Benlysta
424
541
Shingrix
289
288
Okairos
198
202
BMS Assets
191
196
CureVac Assets
191
178
Spero
163
163
RSV
139
40
Relvar/Breo/Anoro
125
181
Stiefel Trade Name
116
142
Wave Life Sciences
116
\u2013
UCB
115
137
Arrowhead
114
90
DT
104
115
Fluarix/FluLaval
100
147
Vir Assets
1
159
Others
1,143
1,297
14,166
13,663
After announcement on 13 December 2022, GSK and Wave Life Sciences Ltd. entered into a strategic collaboration in January
2023, to advance oligonucleotide therapeutics focusing on novel genetic targets.
On 28 June 2023, GSK has completed the acquisition of Bellus Health Inc, a late-stage biopharmaceutical company. The
acquisition provides GSK access to camlipixant. (Refer to Note 41, 'Acquisitions and disposals').
The Group does not consider that any reasonably possible changes in the key assumptions would cause the recoverable amount of
the intangible assets disclosed above to fall below their carrying values.
The Group has assessed the qualitative and quantitative impact of climate related risks on asset recoverable amounts and
concluded that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-809": { "value": "
Amortisation and impairment losses, net of reversals, have been charged in the income statement as follows:
Amortisation
Net impairment losses
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cost of sales
668
663
1
2
Selling, general and administration
103
116
18
66
Research and development
441
307
399
299
1,212
1,086
418
367
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-811": { "value": "
21. Investments in associates and joint ventures
Joint
ventures
\u00a3m
Associates
\u00a3m
2023
Total
\u00a3m
Joint
ventures
\u00a3m
Associates
\u00a3m
2022
Total
\u00a3m
At 1 January
10
64
74
12
76
88
Exchange adjustments
\u2013
(3)
(3)
1
1
2
Additions
\u2013
\u2013
\u2013
\u2013
1
1
Disposals
(7)
\u2013
(7)
\u2013
\u2013
\u2013
Distributions received
\u2013
(11)
(11)
\u2013
(6)
(6)
Net fair value movements through other comprehensive income
\u2013
7
7
\u2013
(9)
(9)
Impairment of interest in associates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
(3)
(2)
(5)
(3)
1
(2)
At 31 December
\u2013
55
55
10
64
74
During the year, the Group disposed of an investment in a joint venture for \u00a3nil consideration.
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
39. Non-controlling interests
Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests
are individually not material.
ViiV Healthcare
GSK holds 78.3% of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial
information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Turnover
6,308
5,619
4,637
Profit after taxation
2,034
1,528
1,087
Other comprehensive income/(expense)
(19)
94
(17)
Total comprehensive income
2,015
1,622
1,070
2023
\u00a3m
2022
\u00a3m
Non-current assets
2,528
2,716
Current assets
3,330
3,354
Total assets
5,858
6,070
Current liabilities
(3,881)
(3,762)
Non-current liabilities
(8,453)
(8,983)
Total liabilities
(12,334)
(12,745)
Net liabilities
(6,476)
(6,675)
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Net cash inflow from operating activities
2,192
3,442
2,128
Net cash outflow from investing activities
(2)
(174)
(287)
Net cash outflow from financing activities
(2,463)
(2,718)
(1,608)
Increase/(decrease) in cash and bank overdrafts in the year
(273)
550
233
The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related
adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of \u00a32,034\u00a0million (2022:
\u00a31,528\u00a0million; 2021: \u00a31,087\u00a0million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
\u00a3858 million (2022: \u00a31,483 million; 2021: \u00a31,218 million) for remeasurement of contingent consideration payable. This consideration is
expected to be paid over a number of years.
The following amounts attributable to the ViiV Healthcare group are included in GSK\u2019s financial statements:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share of profit for the year attributable to non-controlling interest
373
415
196
Dividends paid to non-controlling interest
398
480
224
Non-controlling interest in the consolidated balance sheet
(648)
(611)
(570)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-810": { "value": "
21. Investments in associates and joint ventures
Joint
ventures
\u00a3m
Associates
\u00a3m
2023
Total
\u00a3m
Joint
ventures
\u00a3m
Associates
\u00a3m
2022
Total
\u00a3m
At 1 January
10
64
74
12
76
88
Exchange adjustments
\u2013
(3)
(3)
1
1
2
Additions
\u2013
\u2013
\u2013
\u2013
1
1
Disposals
(7)
\u2013
(7)
\u2013
\u2013
\u2013
Distributions received
\u2013
(11)
(11)
\u2013
(6)
(6)
Net fair value movements through other comprehensive income
\u2013
7
7
\u2013
(9)
(9)
Impairment of interest in associates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
(3)
(2)
(5)
(3)
1
(2)
At 31 December
\u2013
55
55
10
64
74
During the year, the Group disposed of an investment in a joint venture for \u00a3nil consideration.
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-812": { "value": "
22. Current equity investments
Current
Investments
measured at
FVTPL
2023
\u00a3m
Investments
measured at
FVTPL
2022
\u00a3m
At 1 January
4,087
\u2013
Additions
\u2013
3,852
Net fair value movements through profit or loss
(17)
233
Disposals and Settlements
(1,863)
\u2013
Exchange adjustments
(3)
2
At 31 December
2,204
4,087
Current equity investments represent Haleon plc shares held after the demerger of Consumer Healthcare. Shares are held for
trading and measured at fair value through profit or loss (FVTPL) based on the Haleon plc share price. Changes in fair value are
presented as Other operating income/(expense) in continuing operations. The Group\u2019s investment in Haleon plc at the end of
December 2023 is held by Glaxo Group Limited, 2.8% (2022: 5.4%), GSK Scottish Limited Partnership (No.1), 4.6% (2022: 4.7%), GSK
Scottish Limited Partnership (No.2), nil (2022: 1.8%), GSK Scottish Limited Partnership (No.3), nil (2022: 1.0%) and the ESOP Trusts, nil
(2022: 0.6%).
23. Other investments
Non-current
Investments
designated as
measured at
FVTOCI
\u00a3m
Investments
measured at
FVTPL
\u00a3m
2023
\u00a3m
Investments
designated as
measured at
FVTOCI
\u00a3m
Investments
measured at
FVTPL
\u00a3m
2022
\u00a3m
1 January
1,153
314
1,467
1,927
199
2,126
Exchange adjustments
(26)
(15)
(41)
75
25
100
Additions
93
29
122
87
63
150
Net fair value movements through other comprehensive income
(253)
\u2013
(253)
(716)
\u2013
(716)
Net fair value movements through profit or loss
\u2013
(122)
(122)
\u2013
27
27
Held for sale
(16)
\u2013
(16)
\u2013
\u2013
\u2013
Disposals
(20)
\u2013
(20)
(220)
\u2013
(220)
31 December
931
206
1,137
1,153
314
1,467
Non-current other investments comprise non-current equity investments which are recorded at fair value at each balance sheet
date. For investments traded in an active market, the fair value is determined by reference to the relevant stock exchange quoted
bid price. For other investments, the fair value is estimated by management with reference to relevant available information,
including the current market value of similar instruments, recent financing rounds and discounted cash flows of the underlying net
assets. Net f air value movements include the impact of exchange losses of \u00a337 million through Other comprehensive income and
\u00a3nil through profit or loss (2022: gains of \u00a3134 million through Other comprehensive income and \u00a3nil through profit or loss). Other
investments include listed investments of \u00a3741 million (2022: \u00a3823 million).\u00a0
GSK has elected to designate the majority of its equity investments as measured at fair value through Other comprehensive income
(FVTOCI). The most significant of these investments held at 31\u00a0December 2023 were in Crispr Therapeutics AG, which had a fair
value at 31\u00a0December 2023 of \u00a3158 million (2022: \u00a3109 million) and Vir Biotechnology.Inc. which had a fair value at 31 December
2023 of \u00a367 million (2022: \u00a3180 million). The fair value of the investment in Nimbus Therapeutics, LLC, disclosed as a significant
investment at 31 December 2022, was \u00a35\u00a0million at 31 December 2023 (2022: \u00a3139 million). The other investments include equity
stakes in companies with which GSK has research collaborations and in companies which provide access to biotechnology
developments of potential interest.
On disposal of equity investments measured at FVTOCI, the accumulated fair value movements are reclassified from the fair value
reserve to retained earnings. Investments measured at FVTOCI with a fair value of \u00a320 million (2022: \u00a3220 million) were disposed of
during the year. The cumulative loss on these investments after tax was \u00a326 million (2022: gain of \u00a314 million).
Certain other investments, such as investments in funds with limited lives and investments acquired with an intention to sell, are
measured at fair value through profit or loss (FVTPL). The most significant of these investments held at 31 December 2023 was SR
One Capital Fund I-B, LP which had a fair value at 31 December 2023 of \u00a3102\u00a0million (2022: \u00a3211\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-813": { "value": "
24. Other non-current assets
2023
\u00a3m
2022
\u00a3m
Amounts receivable under insurance contracts
854
857
Pension schemes in surplus
634
229
Other receivables
96
108
1,584
1,194
Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.
Within the other receivables of \u00a396 million (2022 : \u00a3108 million), \u00a327 million (2022 : \u00a334 million) is classified as financial assets of
which \u00a318 million ( 2022: \u00a313 million) is classified as fair value through profit or loss. On the remaining balance of \u00a39 million
(2022: \u00a321 million), the expected credit loss allowance was immaterial at 31\u00a0December 2023 and 2022 .
Other receivables include \u00a37\u00a0million relating to carbon-based nature removal projects (2022: \u00a32\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-814": { "value": "
25. Inventories
2023
\u00a3m
2022
\u00a3m
Raw materials and consumables
1,594
1,576
Work in progress
2,449
2,286
Finished goods
1,455
1,284
5,498
5,146
As part of the TCFD one of the climate-related risks identified affects the metered dose inhalers (MDI). There is no impact on the
recoverable value of the associated inventories held at year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-815": { "value": "
26. Trade and other receivables
2023
\u00a3m
2022
\u00a3m
Trade receivables, net of loss allowance
5,905
5,452
Accrued income
69
19
Prepayments
355
343
Interest receivable
2
2
Employee loans and advances
9
11
Other receivables
1,045
1,226
7,385
7,053
There were no trade or other receivable balances (2022 : \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3565 million (2022: \u00a3492\u00a0million). Other
significant balances within other receivables are royalties receivable of \u00a3226\u00a0million (2022: \u00a3188\u00a0million) and an amount receivable
from collaboration partners of \u00a3nil (2022: \u00a3263\u00a0million).
Loss allowance - trade receivables
2023
\u00a3m
2022
\u00a3m
At 1 January
91
150
Exchange adjustments
(6)
9
Charge for the year
11
35
Transfer to assets held for sale
\u2013
(60)
Subsequent recoveries of amounts provided for
(9)
(19)
Utilised
(2)
(24)
At 31 December
85
91
Of the total trade receivables balance, \u00a310 million (2022: \u00a358 million) is considered credit impaired, against which a \u00a38 million
(2022: \u00a326 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a31,045 million ( 2022: \u00a31,226 million), \u00a3408 million (2022: \u00a3683 million) is classified as financial assets
of which \u00a3nil (2022: \u00a3nil) is classified as held at fair value through profit or loss. At 31\u00a0December 2023, an expected credit loss
allowance of \u00a33 million (2022: \u00a36 million) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a33\u00a0million (2022: \u00a3nil) reported in profit or loss during the year.
For more discussion on credit risk practices, please refer to Note 44, 'Financial instruments and related disclosures'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-816": { "value": "
27. Cash and cash equivalents
2023
\u00a3m
2022
\u00a3m
Cash at bank and in hand
748
879
Cash equivalents
2,188
2,844
2,936
3,723
Cash and cash equivalents included \u00a3190 million ( 2022: \u00a3200 million) not available for general use due to restrictions applying in the
subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation. During 2022, \u00a31,421\u00a0million was
transferred to assets held for sale relating to Consumer Healthcare which was demerged during that year (see Note 41, 'Acquisitions
and disposals').
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-817": { "value": "
Cash and cash equivalents included \u00a3190 million ( 2022: \u00a3200 million) not available for general use due to restrictions applying in the
subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation. During 2022, \u00a31,421\u00a0million was
transferred to assets held for sale relating to Consumer Healthcare which was demerged during that year (see Note 41, 'Acquisitions
and disposals').
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-819": { "value": "
28. Assets held for sale
2023
\u00a3m
2022
\u00a3m
Property, plant and equipment
60
83
Other
16
15
76
98
Non-current assets and disposal groups are transferred to assets held for sale when it is expected that their carrying amounts will be
recovered principally through disposal and a sale is considered highly probable. They are held at the lower of carrying amount and
fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-818": { "value": "
28. Assets held for sale
2023
\u00a3m
2022
\u00a3m
Property, plant and equipment
60
83
Other
16
15
76
98
Non-current assets and disposal groups are transferred to assets held for sale when it is expected that their carrying amounts will be
recovered principally through disposal and a sale is considered highly probable. They are held at the lower of carrying amount and
fair value less costs to sell.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-820": { "value": "
29. Trade and other payables
2023
\u00a3m
2022
\u00a3m
Trade payables
3,717
3,866
Wages and salaries
1,683
1,488
Social security
126
126
ViiV Healthcare put option
848
1,093
Other payables
346
418
Deferred income
222
299
Customer return and rebate accruals
6,799
6,627
Other accruals
2,103
2,346
15,844
16,263
Trade and other payables included \u00a3nil (2022: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier
financing arrangements to certain suppliers. The amounts involved at 31\u00a0December 2023 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2023 was \u00a3192 million (2022: \u00a385 million).
Customer return and rebate accruals are provided for by the Group at the point of sale in respect of estimated rebates, discounts or
allowances payable to customers as more fully described in the Group financial review on page 105. At 31\u00a0December 2023,
customer return and rebate accruals included \u00a35,781 million (2022: \u00a35,717 million) in respect of US Commercial Operations. Accruals
are made at the time of sale but the actual amounts paid are based on claims made some time after the initial recognition of the
sale. As the amounts are estimated, they may not fully reflect the final outcome and are subject to change dependent upon,
amongst other things, the types of buying group and product sales mix. The level of accrual is reviewed and adjusted quarterly in
light of historical experience of actual amounts paid and any changes in arrangements. Future events could cause the assumptions
on which the accruals are based to change, which could affect the future results of the Group.
Pfizer\u2019s put option over its shareholding in ViiV Healthcare is currently exercisable. Pfizer may request an IPO of ViiV Healthcare at
any time and if either GSK does not consent to such IPO or an offering is not completed within nine months, Pfizer could require GSK
to acquire its shareholding. The amount of the liability for this put option, which is held on the gross redemption basis, is derived
from an internal valuation of the ViiV Healthcare business, utilising both discounted forecast future cash flow and multiples-based
methodologies.
The table below shows on an indicative basis the income statement and balance sheet sensitivity of the Pfizer put option to
reasonably possible changes in key assumptions.
Increase/(decrease) in financial liability and loss/(gain) in Income statement
2023
\u00a3m
2022
\u00a3m
10% increase in sales forecasts*
84
100
15% increase in sales forecasts*
126
149
10% decrease in sales forecasts*
(84)
(99)
15% decrease in sales forecast*
(126)
(149)
1% (100 basis points) increase in discount rate
(18)
(32)
1.50% (150 basis points) increase in discount rate
(26)
(48)
1% (100 basis points) decrease in discount rate
19
35
1.50% (150 basis points) decrease in discount rate
28
53
10 cent appreciation of US Dollar
54
66
15 cent appreciation of US Dollar
85
103
10 cent depreciation of US Dollar
(46)
(56)
15 cent depreciation of US Dollar
(67)
(80)
10 cent appreciation of Euro
22
29
15 cent appreciation of Euro
34
46
10 cent depreciation of Euro
(18)
(24)
15 cent depreciation of Euro
(26)
(35)
*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.
Other accruals includes interest accrued on financial liabilities at amortised cost of \u00a3162\u00a0million\u00a0 (2022: \u00a3207\u00a0million).
An explanation of the accounting for ViiV Healthcare is set out on page 84.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-821": { "value": "
2023
\u00a3m
2022
\u00a3m
Trade payables
3,717
3,866
Wages and salaries
1,683
1,488
Social security
126
126
ViiV Healthcare put option
848
1,093
Other payables
346
418
Deferred income
222
299
Customer return and rebate accruals
6,799
6,627
Other accruals
2,103
2,346
15,844
16,263
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-823": { "value": "
30. Net debt
Listing exchange
2023
\u00a3m
2022
\u00a3m
Current assets:
Liquid investments
42
67
Cash and cash equivalents
2,936
3,723
2,978
3,790
Short-term borrowings:
Commercial paper
(815)
(1,191)
Bank loans, overdrafts and other
(191)
(448)
0.125% \u20ac Euro Medium Term Note 2023
London Stock Exchange
\u2013
(665)
0.000% \u20ac Euro Medium Term Note 2023
London Stock Exchange
\u2013
(443)
0.534% US$ Medium Term Note 2023
New York Stock Exchange
\u2013
(1,038)
3.000% US$ US Medium Term Note 2024
New York Stock Exchange
(784)
\u2013
1.375% \u20ac Euro Medium Term Note 2024
London Stock Exchange
(867)
\u2013
Lease liabilities
(156)
(167)
(2,813)
(3,952)
Long-term borrowings:
3.000% US$ US Medium Term Note 2024
New York Stock Exchange
\u2013
(829)
1.375% \u20ac Euro Medium Term Note 2024
London Stock Exchange
\u2013
(884)
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
(650)
(663)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
(783)
(827)
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(608)
(620)
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(867)
(885)
3.000% \u20ac Euro Medium Term Note 2027
London Stock Exchange
(434)
(442)
3.375% \u00a3 Euro Medium Term Note 2027
London Stock Exchange
(306)
(306)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,370)
(1,450)
0.883% \u00a5 Euro Medium Term Note 2028
London Stock Exchange
(235)
\u2013
1.250% \u00a3 Euro Medium Term Note 2028
London Stock Exchange
(745)
(744)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(778)
(822)
1.375% \u20ac Euro Medium Term Note 2029
London Stock Exchange
(433)
(441)
1.750% \u20ac Euro Medium Term Note 2030
London Stock Exchange
(650)
(663)
3.125% \u20ac Euro Medium Term Note 2032
London Stock Exchange
(604)
(616)
5.250% \u00a3 Euro Medium Term Note 2033
London Stock Exchange
(566)
(640)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(390)
(412)
1.625% \u00a3 Euro Medium Term Note 2035
London Stock Exchange
(745)
(744)
6.375% US$ US Medium Note 2038
New York Stock Exchange
(2,139)
(2,264)
6.375% \u00a3 Euro Medium Term Note 2039
London Stock Exchange
(627)
(695)
5.250% \u00a3 Euro Medium Term Note 2042
London Stock Exchange
(472)
(472)
4.200%US$ US Medium Term Note 2043
New York Stock Exchange
(385)
(408)
4.250% \u00a3 Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(1)
(1)
Lease liabilities
(1,051)
(841)
(15,205)
(17,035)
Net debt
(15,040)
(17,197)
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2023, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2023 was approximately 0.9% (2022:
approximately 0.1%). Liquid investment balances at 31\u00a0December 2023 earning interest at floating rates amount to \u00a331 million
(2022: \u00a367\u00a0million). Liquid investment balances at 31\u00a0December 2023 earning interest at fixed rates amount t o \u00a311 million (2022:
\u00a3nil) .
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31\u00a0December 2023 was approximately 4.7% (2022: approximately 3.1%). Cash and cash equivalents at
31\u00a0December 2023 earning interest at floating and fixed rates amounted to \u00a32,720 million and \u00a338\u00a0million respectively (2022: \u00a33,441
and \u00a310\u00a0million) and non-interest bearing holdings amounted to \u00a3178\u00a0million (2022: \u00a3272\u00a0million).
GSK\u2019s policy regarding the credit quality of cash and cash equivalents is set out in Note 44, \u2018Financial instruments and related
disclosures\u2019.
Short-term borrowings
GSK has a $10 billion (\u00a37.8 billion) US commercial paper programme, of which $850\u00a0million (\u00a3667 million) was in issue at
31\u00a0December 2023 (2022: $900 million (\u00a3748 million)). GSK has a \u00a35 billion Euro commercial paper programme, of which \u20ac170
million (\u00a3148 million) was in issue at 31\u00a0December 2023 (2022: \u20ac500 million (\u00a3443 million)). GSK has a \u00a31.6\u00a0billion three-year
committed facility and $2.2\u00a0billion (\u00a31.7\u00a0billion) 364 day committed facility. The three-year committed facility was agreed in February
2022 and extended by one year in August 2023 to September 2026. The 364-day committed facility was agreed in September
2023. These facilities were undrawn at 31 December 2023.
The weighted average interest rate on commercial paper borrowings at 31\u00a0December 2023 was 5.1% (2022: 3.5%).
The weighted average interest rate on current bank loans and overdrafts at 31\u00a0December 2023 was 4.6% (2022: 7.8%).
The average effective pre-swap interest rate of notes classified as short-term at 31\u00a0December 2023 was 2.4% (2022: 0.4%).
Long-term borrowings
At the year-end, GSK had long-term borrowings of \u00a315.2\u00a0billion (2022: \u00a317.0\u00a0billion), of which \u00a38.7\u00a0billion (2022: \u00a311.1\u00a0billion) fell due in
more than five years.
During 2023 through a bilateral buyback for outstanding Sterling Notes, GSK repurchased \u00a376m of the 5.250% \u00a3 Euro Medium Term
Note 2033 and \u00a369m of the 6.375% \u00a3 Euro Medium Term Note 2039.
The average effective pre-swap interest rate of all notes in issue at 31\u00a0December 2023 was approximately 3.7% (2022:
approximately 3.5%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.5% and 6.6%, with repayment dates
ranging from 2029 to 2045.
Both effective rates exclude the impact of one-off premiums associated with the early repayment of the Sterling Notes.
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $54 million (\u00a342 million), (2022: $56 million
(\u00a347 million)) as security against irrevocable letters of credit issued on the Group\u2019s behalf in respect of the Group\u2019s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note 32,
'Other provisions\u2019.
Lease liabilities
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2023
\u00a3m
2022
\u00a3m
Rental payments due within one year
156
167
Rental payments due between one and two years
214
201
Rental payments due between two and three years
134
127
Rental payments due between three and four years
114
97
Rental payments due between four and five years
88
80
Rental payments due after five years
501
336
Total lease liabilities
1,207
1,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-822": { "value": "
30. Net debt
Listing exchange
2023
\u00a3m
2022
\u00a3m
Current assets:
Liquid investments
42
67
Cash and cash equivalents
2,936
3,723
2,978
3,790
Short-term borrowings:
Commercial paper
(815)
(1,191)
Bank loans, overdrafts and other
(191)
(448)
0.125% \u20ac Euro Medium Term Note 2023
London Stock Exchange
\u2013
(665)
0.000% \u20ac Euro Medium Term Note 2023
London Stock Exchange
\u2013
(443)
0.534% US$ Medium Term Note 2023
New York Stock Exchange
\u2013
(1,038)
3.000% US$ US Medium Term Note 2024
New York Stock Exchange
(784)
\u2013
1.375% \u20ac Euro Medium Term Note 2024
London Stock Exchange
(867)
\u2013
Lease liabilities
(156)
(167)
(2,813)
(3,952)
Long-term borrowings:
3.000% US$ US Medium Term Note 2024
New York Stock Exchange
\u2013
(829)
1.375% \u20ac Euro Medium Term Note 2024
London Stock Exchange
\u2013
(884)
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
(650)
(663)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
(783)
(827)
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(608)
(620)
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(867)
(885)
3.000% \u20ac Euro Medium Term Note 2027
London Stock Exchange
(434)
(442)
3.375% \u00a3 Euro Medium Term Note 2027
London Stock Exchange
(306)
(306)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,370)
(1,450)
0.883% \u00a5 Euro Medium Term Note 2028
London Stock Exchange
(235)
\u2013
1.250% \u00a3 Euro Medium Term Note 2028
London Stock Exchange
(745)
(744)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(778)
(822)
1.375% \u20ac Euro Medium Term Note 2029
London Stock Exchange
(433)
(441)
1.750% \u20ac Euro Medium Term Note 2030
London Stock Exchange
(650)
(663)
3.125% \u20ac Euro Medium Term Note 2032
London Stock Exchange
(604)
(616)
5.250% \u00a3 Euro Medium Term Note 2033
London Stock Exchange
(566)
(640)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(390)
(412)
1.625% \u00a3 Euro Medium Term Note 2035
London Stock Exchange
(745)
(744)
6.375% US$ US Medium Note 2038
New York Stock Exchange
(2,139)
(2,264)
6.375% \u00a3 Euro Medium Term Note 2039
London Stock Exchange
(627)
(695)
5.250% \u00a3 Euro Medium Term Note 2042
London Stock Exchange
(472)
(472)
4.200%US$ US Medium Term Note 2043
New York Stock Exchange
(385)
(408)
4.250% \u00a3 Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(1)
(1)
Lease liabilities
(1,051)
(841)
(15,205)
(17,035)
Net debt
(15,040)
(17,197)
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2023, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2023 was approximately 0.9% (2022:
approximately 0.1%). Liquid investment balances at 31\u00a0December 2023 earning interest at floating rates amount to \u00a331 million
(2022: \u00a367\u00a0million). Liquid investment balances at 31\u00a0December 2023 earning interest at fixed rates amount t o \u00a311 million (2022:
\u00a3nil) .
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31\u00a0December 2023 was approximately 4.7% (2022: approximately 3.1%). Cash and cash equivalents at
31\u00a0December 2023 earning interest at floating and fixed rates amounted to \u00a32,720 million and \u00a338\u00a0million respectively (2022: \u00a33,441
and \u00a310\u00a0million) and non-interest bearing holdings amounted to \u00a3178\u00a0million (2022: \u00a3272\u00a0million).
GSK\u2019s policy regarding the credit quality of cash and cash equivalents is set out in Note 44, \u2018Financial instruments and related
disclosures\u2019.
Short-term borrowings
GSK has a $10 billion (\u00a37.8 billion) US commercial paper programme, of which $850\u00a0million (\u00a3667 million) was in issue at
31\u00a0December 2023 (2022: $900 million (\u00a3748 million)). GSK has a \u00a35 billion Euro commercial paper programme, of which \u20ac170
million (\u00a3148 million) was in issue at 31\u00a0December 2023 (2022: \u20ac500 million (\u00a3443 million)). GSK has a \u00a31.6\u00a0billion three-year
committed facility and $2.2\u00a0billion (\u00a31.7\u00a0billion) 364 day committed facility. The three-year committed facility was agreed in February
2022 and extended by one year in August 2023 to September 2026. The 364-day committed facility was agreed in September
2023. These facilities were undrawn at 31 December 2023.
The weighted average interest rate on commercial paper borrowings at 31\u00a0December 2023 was 5.1% (2022: 3.5%).
The weighted average interest rate on current bank loans and overdrafts at 31\u00a0December 2023 was 4.6% (2022: 7.8%).
The average effective pre-swap interest rate of notes classified as short-term at 31\u00a0December 2023 was 2.4% (2022: 0.4%).
Long-term borrowings
At the year-end, GSK had long-term borrowings of \u00a315.2\u00a0billion (2022: \u00a317.0\u00a0billion), of which \u00a38.7\u00a0billion (2022: \u00a311.1\u00a0billion) fell due in
more than five years.
During 2023 through a bilateral buyback for outstanding Sterling Notes, GSK repurchased \u00a376m of the 5.250% \u00a3 Euro Medium Term
Note 2033 and \u00a369m of the 6.375% \u00a3 Euro Medium Term Note 2039.
The average effective pre-swap interest rate of all notes in issue at 31\u00a0December 2023 was approximately 3.7% (2022:
approximately 3.5%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.5% and 6.6%, with repayment dates
ranging from 2029 to 2045.
Both effective rates exclude the impact of one-off premiums associated with the early repayment of the Sterling Notes.
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $54 million (\u00a342 million), (2022: $56 million
(\u00a347 million)) as security against irrevocable letters of credit issued on the Group\u2019s behalf in respect of the Group\u2019s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note 32,
'Other provisions\u2019.
Lease liabilities
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2023
\u00a3m
2022
\u00a3m
Rental payments due within one year
156
167
Rental payments due between one and two years
214
201
Rental payments due between two and three years
134
127
Rental payments due between three and four years
114
97
Rental payments due between four and five years
88
80
Rental payments due after five years
501
336
Total lease liabilities
1,207
1,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-824": { "value": "
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2023, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2023 was approximately 0.9% (2022:
approximately 0.1%). Liquid investment balances at 31\u00a0December 2023 earning interest at floating rates amount to \u00a331 million
(2022: \u00a367\u00a0million). Liquid investment balances at 31\u00a0December 2023 earning interest at fixed rates amount t o \u00a311 million (2022:
\u00a3nil) .
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31\u00a0December 2023 was approximately 4.7% (2022: approximately 3.1%). Cash and cash equivalents at
31\u00a0December 2023 earning interest at floating and fixed rates amounted to \u00a32,720 million and \u00a338\u00a0million respectively (2022: \u00a33,441
and \u00a310\u00a0million) and non-interest bearing holdings amounted to \u00a3178\u00a0million (2022: \u00a3272\u00a0million).
GSK\u2019s policy regarding the credit quality of cash and cash equivalents is set out in Note 44, \u2018Financial instruments and related
disclosures\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-825": { "value": "
Lease liabilities
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2023
\u00a3m
2022
\u00a3m
Rental payments due within one year
156
167
Rental payments due between one and two years
214
201
Rental payments due between two and three years
134
127
Rental payments due between three and four years
114
97
Rental payments due between four and five years
88
80
Rental payments due after five years
501
336
Total lease liabilities
1,207
1,008
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-826": { "value": "
31. Pensions and other post-employment benefits
Pension and other post-employment costs
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
UK pension schemes
96
114
185
US pension schemes
56
48
40
Other overseas pension schemes
146
154
153
Unfunded post-retirement healthcare schemes
58
53
37
356
369
415
Analysed as:
Funded defined benefit/hybrid pension schemes
134
152
231
Unfunded defined benefit pension schemes
35
31
23
Unfunded post-retirement healthcare schemes
58
53
37
Defined benefit schemes
227
236
291
Defined contribution pension schemes
129
133
124
356
369
415
The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Cost of sales
94
104
106
Selling, general and administration
91
90
136
Research and development
42
42
49
227
236
291
GSK entities operate pension arrangements which cover the Group\u2019s material obligations to provide pensions to retired employees.
These arrangements have been developed in accordance with local practices in the countries concerned. Pension benefits can be
provided by state schemes; by defined contribution schemes, whereby retirement benefits are determined by the value of funds
arising from contributions paid in respect of each employee; or by defined benefit schemes, whereby retirement benefits are based
on employee pensionable remuneration and length of service.
Pension costs of defined benefit schemes for accounting purposes have been calculated using the projected unit credit method. In
certain countries pension benefits are provided on an unfunded basis, some administered by trustee companies. Formal,
independent, actuarial valuations of the Group\u2019s main plans are undertaken regularly, normally at least every three years.
Remeasurement movements in the year are recognised through the statement of comprehensive income. Discount rates are
derived from AA rated corporate bond yields except in countries where there is no deep market in corporate bonds where
government bond yields are used. Discount rates are selected to reflect the term of the expected benefit payments. Projected
inflation rates and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed
interest government bonds. In the UK, mortality rates are determined by adjusting the SAPS S3 standard mortality tables to reflect
recent scheme experience. These rates are then projected to reflect improvements in life expectancy in line with the CMI 2022
projections with a long-term rate of improvement of 1.0% per year for both males and females. In the US, mortality rates are
calculated using the PRI-2012 white collar table adjusted to reflect recent experience. These rates are projected using MP-2020 to
allow for future improvements in life expectancy.
The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2043 for an individual then
at the age of 60 is as follows:
UK
US
Male
Years
Female
Years
Male
Years
Female
Years
Current
27.1
28.0
27.3
28.7
Projected for 2043
28.2
29.2
28.9
30.2
The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of a
general fund, or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk and
return. Investments are diversified to limit the financial effect of the failure of any individual investment. The physical asset allocation
strategy for three of the four UK plans is 36% in return-seeking assets and 64% in liability-matching assets. During 2019, a buy-in
insurance contract was purchased to cover substantially all of the obligations of the other UK plan. At 31\u00a0December 2023, the value
of the insurance contract was \u00a3387 million (2022: \u00a3402 million). The asset allocation of the US plans is currently set at 25% return-
seeking assets and 75% liability-matching assets.
The pension plans are exposed to risk that arises because the estimated market value of the plans\u2019 assets might decline, the
investment returns might reduce, or the estimated value of the plans\u2019 liabilities might increase.
In line with the agreed mix of return-seeking assets to generate future returns and liability-matching assets to better match future
pension obligations, the Group has defined an overall long-term investment strategy for the plans, with investments across a broad
range of assets. The main market risks within the asset and hedging portfolio are against credit risk, interest rates, long-term
inflation, equities, property, currency and bank counterparty risk.
The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive to
changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in long-
term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a decrease in the
liabilities.
The interest rate risk and credit rate risk in the US are partially hedged. The targets are based on an accounting measure of the plan
liabilities.
For the UK plans, there is an interest rate and inflation hedging strategy in place. The targets are based on an economic measure of
the plan liabilities.
Climate-related impacts, along with other environmental, social and governance (ESG) considerations, can be financially material
with regard both to expected returns and to risk implications. The incorporation of such considerations into investment policy is
subject to local regulations and fiduciary obligations.
In the UK, the defined benefit pension schemes operated for the benefit of former Glaxo Wellcome employees and former
SmithKline Beecham employees remain separate. These schemes were closed to new entrants in 2001 and subsequent UK
employees are entitled to join a defined contribution scheme. In addition, the Group operates a number of post-retirement
healthcare schemes, the principal one of which is in the US.
The UK defined benefit plans closed to future accrual effective from 31 March 2022. As a result, post closure the accrued benefits of
active participants are revalued in line with inflation (RPI for the legacy Glaxo Wellcome plans and CPI for the legacy SmithKline
Beecham plans subject to the relevant caps for each arrangement) rather than capped pay increases. From 1 April 2022, former
defined benefits plans employees were transferred to the defined contribution plans. All defined benefit plan participants who were
still active at 1 April 2022 received a defined pension contribution of \u00a310,000 each in 2022.
The US cash balance pension plan closed to future accrual from 1 January 2021.
The Group has applied the following financial assumptions in assessing the defined benefit liabilities:
UK
US
Rest of World
2023
% pa
2022
% pa
2021
% pa
2023
% pa
2022
% pa
2021
% pa
2023
% pa
2022
% pa
2021
% pa
Rate of increase of future earnings
n/a
n/a
2.00
n/a
n/a
n/a
3.20
3.40
2.90
Discount rate
4.60
4.80
2.00
5.00
5.30
2.70
3.10
3.40
1.10
Expected pension increases
2.90
3.10
3.20
n/a
n/a
n/a
2.50
2.40
2.30
Cash balance credit/conversion rate
n/a
n/a
n/a
4.00
3.90
2.00
0.60
0.80
0.20
Inflation rate
2.90
3.10
3.20
2.50
2.50
2.25
2.00
2.30
1.90
Sensitivity analysis detailing the effect of changes in assumptions is provided on page 227. The analysis provided reflects the
assumption changes which have the most material impact on the results of the Group.
The amounts recorded in the income statement and statement of comprehensive income for the three years ended 31\u00a0December
2023 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:
Pensions
Post-retirement
benefits
2023
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
\u2013
5
91
96
12
Past service cost
3
\u2013
\u2013
3
\u2013
Net interest cost
(5)
35
16
46
47
Gains from settlements
\u2013
\u2013
(6)
(6)
\u2013
Expenses
14
16
\u2013
30
(1)
12
56
101
169
58
Remeasurement gains/(losses) recorded in the statement of
comprehensive income
28
45
38
111
(40)
Pensions
Post-retirement
benefits
2022
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
13
7
126
146
22
Past service cost/(credit)
6
\u2013
\u2013
6
\u2013
Net interest (income)/cost
(11)
20
9
18
32
Gains from settlements
\u2013
\u2013
(22)
(22)
\u2013
Expenses
14
21
\u2013
35
(1)
22
48
113
183
53
Remeasurement gains/(losses) recorded in the statement of
comprehensive income
(1,169)
36
261
(872)
228
Pensions
Post-retirement
benefits
2021
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
53
9
119
181
17
Past service cost/(credit)
27
2
(10)
19
(3)
Net interest (income)/cost
3
18
7
28
22
Gains from settlements
\u2013
\u2013
(2)
(2)
\u2013
Expenses
15
12
2
29
\u2013
98
41
116
255
36
Remeasurement gains/(losses) recorded in the statement of
comprehensive income1
572
98
186
856
68
The amounts included within past service costs in the UK included \u00a33 million (2022: \u00a36 million; 2021: \u00a326 million) of augmentation
costs which arose from Major restructuring programmes.
A summarised balance sheet presentation of the Group defined benefit pension schemes and other post-retirement benefits is set
out in the table below:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Recognised in other non-current assets:
Pension schemes in surplus
634
229
741
Recognised in pensions and other post-employment benefits:
\u00a0 Pension schemes in deficit
(1,397)
(1,585)
(1,870)
\u00a0 Post-retirement benefits
(943)
(994)
(1,243)
(2,340)
(2,579)
(3,113)
In the event of a plan wind-up, GSK believes the UK pension scheme rules provide the company with the right to a refund of surplus
assets following the full settlement of plan liabilities. As a result, the net surplus in the UK defined benefit pension schemes is
recognised in full.
The fair values of the assets and liabilities of the UK and US defined benefit pension schemes, together with aggregated data for
other defined benefit pension schemes in the Group are as follows:
At 31\u00a0December 2023
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
1,647
447
349
2,443
\u2013\u00a0 unlisted
\u2013
\u2013
2
2
Multi-asset funds
852
\u2013
\u2013
852
Property:
\u2013\u00a0 listed
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 unlisted
467
119
24
610
Corporate bonds:
\u2013\u00a0 listed
2,019
698
205
2,922
\u2013\u00a0 unlisted
\u2013
\u2013
15
15
Government bonds:
\u2013\u00a0 listed
4,897
774
527
6,198
Insurance contracts
990
\u2013
771
1,761
Other (liabilities)/assets
(1,374)
104
89
(1,181)
Fair value of assets
9,498
2,142
1,982
13,622
Present value of scheme obligations
(9,222)
(2,757)
(2,406)
(14,385)
Net surplus/(obligation)
276
(615)
(424)
(763)
Included in other non-current assets
457
\u2013
177
634
Included in pensions and other post-employment benefits
(181)
(615)
(601)
(1,397)
276
(615)
(424)
(763)
Actual return on plan assets
647
196
138
981
The multi-asset funds comprise investments in pooled investment vehicles that are invested across a range of asset classes,
increasing diversification within the growth portfolio. The value of funds in this asset class with a quoted market price is \u00a3209 million
(2022: \u00a3211 million).\u00a0
The \u2018Other (liabilities)/assets\u2019 category comprises cash and mark to market values of derivative positions.
Index-linked gilts held as part of a UK repo programme are included in government bonds. The related loan of \u00a31,853 million at
31\u00a0December 2023 (2022: \u00a32,376 million; 2021: \u00a3513 million) is deducted within \u2018Other assets\u2019.
At 31\u00a0December 2022
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
1,351
437
371
2,159
\u2013\u00a0 unlisted
\u2013
\u2013
2
2
Multi-asset funds
1,101
\u2013
\u2013
1,101
Property:
\u2013\u00a0 listed
\u2013
\u2013
19
19
\u2013\u00a0 unlisted
464
140
1
605
Corporate bonds:
\u2013\u00a0 listed
1,692
779
124
2,595
\u2013\u00a0 unlisted
\u2013
\u2013
15
15
Government bonds:
\u2013\u00a0 listed
4,048
723
558
5,329
Insurance contracts
1,003
\u2013
691
1,694
Other (liabilities)/assets
(645)
181
89
(375)
Fair value of assets
9,014
2,260
1,870
13,144
Present value of scheme obligations
(9,117)
(3,030)
(2,353)
(14,500)
Net surplus/(obligation)
(103)
(770)
(483)
(1,356)
\u2014
\u2014
\u2014
\u2014
Included in other non-current assets
109
\u2013
120
229
Included in pensions and other post-employment benefits
(212)
(770)
(603)
(1,585)
(103)
(770)
(483)
(1,356)
Actual return on plan assets
(4,710)
(253)
(550)
(5,513)
At 31\u00a0December 2021
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
3,954
522
731
5,207
\u2013\u00a0 unlisted
\u2013
\u2013
4
4
Multi-asset funds
1,415
\u2013
\u2013
1,415
Property:
\u2013\u00a0 listed
\u2013
\u2013
68
68
\u2013\u00a0 unlisted
502
154
1
657
Corporate bonds:
\u2013\u00a0 listed
1,503
975
140
2,618
\u2013\u00a0 unlisted
\u2013
\u2013
15
15
Government bonds:
\u2013\u00a0 listed
5,054
724
984
6,762
Insurance contracts
1,334
\u2013
917
2,251
Other (liabilities)/assets
(130)
149
72
91
Fair value of assets
13,632
2,524
2,932
19,088
Asset ceiling restrictions
\u2013
\u2013
(26)
(26)
Present value of scheme obligations
(13,299)
(3,248)
(3,644)
(20,191)
Net surplus/(obligation)
333
(724)
(738)
(1,129)
Included in Other non-current assets
606
\u2013
135
741
Included in Pensions and other post-employment benefits
(273)
(724)
(873)
(1,870)
333
(724)
(738)
(1,129)
Actual return on plan assets
541
97
48
686
Pensions
Post-retirement
benefits
Movements in fair values of assets
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Assets at 1\u00a0January 2021
13,582
2,635
2,989
19,206
\u2013
Exchange adjustments
\u2013
31
(184)
(153)
\u2013
Interest income
187
57
18
262
\u2013
Expenses
(15)
(12)
\u2013
(27)
\u2013
Settlements and curtailments
\u2013
\u2013
(7)
(7)
\u2013
Remeasurement
354
40
30
424
\u2013
Employer contributions
139
40
133
312
105
Scheme participants\u2019 contributions
3
\u2013
24
27
15
Benefits paid
(618)
(267)
(97)
(982)
(120)
Assets at 31\u00a0December 2021
13,632
2,524
2,906
19,062
\u2013
Exchange adjustments
\u2013
286
122
408
\u2013
Interest income
271
71
28
370
\u2013
Expenses
(14)
(21)
\u2013
(35)
\u2013
Settlements and curtailments
\u2013
\u2013
(8)
(8)
\u2013
Remeasurement
(4,981)
(324)
(578)
(5,883)
\u2013
Employer contributions
755
50
114
919
117
Scheme participants\u2019 contributions
\u2013
\u2013
15
15
18
Transfer to assets held for sale/distribution
\u2013
\u2013
(624)
(624)
\u2013
Benefits paid
(649)
(326)
(105)
(1,080)
(135)
Assets at 31\u00a0December 2022
9,014
2,260
1,870
13,144
\u2013
Exchange adjustments
\u2014
(125)
(84)
(209)
\u2013
Interest income
430
111
60
601
\u2013
Expenses
(14)
(16)
\u2014
(30)
\u2013
Settlements and curtailments
\u2013
\u2013
2
2
\u2013
Remeasurement
217
85
78
380
\u2013
Employer contributions
363
125
118
606
98
Scheme participants\u2019 contributions
\u2013
\u2013
11
11
18
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
\u2013
Benefits paid
(512)
(298)
(73)
(883)
(116)
Assets at 31\u00a0December 2023
9,498
2,142
1,982
13,622
\u2013
The final instalment of the cash funding or technical provision deficits of \u00a31,080\u00a0million identified in the 31 December 2020 pension
scheme valuations in three GSK UK Pension Schemes was paid in 2023.
During March 2022, GSK transferred 7,004 GSK Consumer Healthcare Holdings Limited (GSKCHH) C Ordinary Shares (representing
11.03%. (in aggregate) of GSK\u2019s interest in GSKCHH to three Scottish Limited Partnerships (\u201cSLPs\u201d), each providing a funding
mechanism for a separate GSK UK defined benefit pension scheme. As part of the steps relating to the demerger and separation,
the SLPs transferred their applicable portion of GSKCHH C Ordinary Shares to Haleon plc (\u201cHaleon\u201d) in consideration for shares in
Haleon. At the time of demerger the SLPs together held shares representing 7.5% of the total issued share capital of Haleon. The
contributions were collateralised by the creation of three Scottish Limited Partnerships (SLPs). Each of the three principal UK
defined benefit pension schemes (two benefiting current and former Glaxo Welcome employees, with the third benefiting current
and former SmithKline Beecham employees) had an interest in one of the SLPs at the time of demerger.
Scottish Limited Partnership
General Partner
Limited Partners
GSK (No. 1) Scottish Limited Partnership
GSK GP1 Ltd
GSK LP Ltd
Berkeley Square Pension Trustee Company Ltd acting on
behalf of the GSK Pension Scheme (ceased to be a
Limited Partner effective from 28 June 2023)
GSK (No. 2) Scottish Limited Partnership
GSK GP1 Ltd
GSK LP Ltd
Berkeley Square Pension Trustee Company Ltd acting on
behalf of the GSK Pension Fund (ceased to be a Limited
Partner effective from 28 June 2023)
GSK (No. 3) Scottish Limited Partnership
GSK GP2 Ltd
GSK LP Ltd
SmithKline Beecham Pension Plan Trustee Ltd acting on
behalf of the SmithKline Beecham Pension Plan\u00a0 (ceased
to be a Limited Partner effective from 28 June 2023)
Each pension scheme, through its SLP interest received a distribution from that SLP with regards to the net proceeds of sales of
Haleon shares and dividend income on the Haleon shares up to the amount equal to the agreed threshold (\u201cProceeds Threshold\u201d).
of \u00a31,080\u00a0million increased by \u00a37\u00a0million notional interest. Payment of this amount fully funded the cash funding or \u201ctechnical
provisions\u201d deficits in the three pension schemes shown by the 31 December 2020 valuations. As at 31\u00a0December 2023, total cash
contributions totalling \u00a3353\u00a0million (2022: \u00a3691 million; 2021: \u00a344 million) were made towards the Proceeds Threshold leaving no
further outstanding amount due to the UK pension schemes. The cash contributions included \u00a317\u00a0million of distributions of dividends
on Haleon shares from the SLPs to the Schemes.
The GSK UK Pension Schemes exited the SLP partnership on 28 June 2023 after receipt of the Proceeds Threshold and notional
interest. The remaining economic interest in the SLPs is held by GSK LP Ltd, a 100% owned subsidiary of GSK plc and the GSK-
controlled General Partner of each SLP.
Employer contributions for 2024, are estimated to be approximately \u00a3350\u00a0million in respect of defined benefit pension schemes and
\u00a380\u00a0million in respect of other post-retirement benefits.
Pensions
Post-retirement
benefits
Movements in defined benefit obligations
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Obligations at 1\u00a0January 2021
(13,858)
(3,445)
(4,007)
(21,310)
(1,363)
Exchange adjustments
\u2013
(40)
258
218
4
Service cost
(56)
(9)
(151)
(216)
(29)
Past service cost
(28)
(2)
25
(5)
(12)
Interest cost
(190)
(76)
(23)
(289)
(26)
Settlements and curtailments
\u2013
\u2013
17
17
\u2013
Remeasurement
218
57
164
439
78
Scheme participants\u2019 contributions
(3)
\u2013
(24)
(27)
(15)
Benefits paid
618
267
97
982
120
Obligations at31\u00a0December 2021
(13,299)
(3,248)
(3,644)
(20,191)
(1,243)
Exchange adjustments
\u2013
(371)
(124)
(495)
(125)
Service cost
(13)
(7)
(126)
(146)
(22)
Past service cost
(6)
\u2013
\u2013
(6)
\u2013
Interest cost
(260)
(91)
(37)
(388)
(32)
Settlements and curtailments
\u2013
\u2013
29
29
\u2013
Remeasurement
3,812
360
839
5,011
228
Scheme participants\u2019 contributions
\u2013
\u2013
(15)
(15)
(18)
Transfer to assets held for sale/distribution
\u2013
\u2013
621
621
83
Benefits paid
649
326
105
1,080
135
Obligations at 31\u00a0December 2022
(9,117)
(3,031)
(2,352)
(14,500)
(994)
Exchange adjustments
\u2013
166
87
253
53
Service cost
\u2013
(5)
(91)
(96)
(13)
Past service cost
(3)
\u2013
\u2013
(3)
\u2013
Interest cost
(425)
(145)
(76)
(646)
(47)
Settlements and curtailments
\u2013
\u2013
4
4
\u2013
Remeasurement
(189)
(40)
(40)
(269)
(40)
Scheme participants\u2019 contributions
\u2013
\u2013
(11)
(11)
(18)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
\u2013
Benefits paid
512
298
73
883
116
Obligations at 31\u00a0December 2023
(9,222)
(2,757)
(2,406)
(14,385)
(943)
The defined benefit pension obligation is analysed as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Funded
(13,782)
(13,887)
(19,419)
Unfunded
(603)
(613)
(772)
(14,385)
(14,500)
(20,191)
The liability for the US post-retirement healthcare scheme has been assessed using the same assumptions as for the US pension
scheme, together with the assumption for future medical inflation of 6.75% (2022: 7%) in 2023, grading down to 5% in 2031 and
thereafter. At 31\u00a0December 2023, the US post-retirement healthcare scheme obligation was \u00a3785 million (2022: \u00a3870 million; 2021:
\u00a31,059 million). Post-retirement benefits are unfunded.
The movement in the net defined benefit liability is as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
At 1 January
(1,356)
(1,129)
(2,104)
Exchange adjustments
44
(87)
65
Service cost
(96)
(146)
(216)
Past service cost
(3)
(6)
(5)
Interest cost
(45)
(18)
(27)
Settlements and curtailments
6
21
10
Remeasurements:
Return on plan assets, excluding amounts included in interest
380
(5,883)
424
(Loss)/gain from change in demographic assumptions
135
92
(62)
Gain/(loss) from change in financial assumptions
(137)
5,868
716
Experience (loss)/gain
(267)
(949)
(215)
Employer contributions
606
919
312
Transfer to assets held for sale/distribution
\u2013
(3)
\u2013
Expenses
(30)
(35)
(27)
At 31 December
(763)
(1,356)
(1,129)
The remeasurements included within post-retirement benefits are detailed below:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Gain from change in demographic assumptions
7
21
19
Gain/(loss) from change in financial assumptions
(43)
219
35
Experience gains
(4)
(12)
24
(40)
228
78
The defined benefit pension obligation analysed by membership category is as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Active
1,508
1,390
4,196
Retired
8,730
8,540
11,115
Deferred
4,147
4,570
4,880
14,385
14,500
20,191
The post-retirement benefit obligation analysed by membership category is as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Active
277
306
494
Retired
666
688
748
Deferred
\u2013
\u2013
1
943
994
1,243
The weighted average duration of the defined benefit obligation is as follows:
2023
years
2022
years
2021
years
Pension benefits
11
12
15
Post-retirement benefits
10
10
12
Sensitivity analysis
The effect of changes in assumptions used on the benefit obligations and on the 2024 annual defined benefit pension and post-
retirement costs are detailed below. This information has been determined by taking into account the duration of the liabilities and
the overall profile of the plan memberships.
0.25%
increase
\u00a3m
0.25%
decrease
\u00a3m
Discount rate
(Decrease)/increase in annual pension cost
(18)
18
Increase/(decrease) in annual post-retirement benefits cost
1
(1)
(Decrease)/increase in pension obligation
(373)
391
(Decrease)/increase in post-retirement benefits obligation
(20)
22
0.75%
increase
\u00a3m
0.75%
decrease
\u00a3m
(Decrease)/increase in annual pension cost
(58)
51
Increase/(decrease) in annual post-retirement benefits cost
3
(3)
(Decrease)/increase in pension obligation
(1,071)
1,231
(Decrease)/increase in post-retirement benefits obligation
(57)
66
0.25%
increase
\u00a3m
0.25%
decrease
\u00a3m
Inflation rate
Increase/(decrease) in annual pension cost
16
(14)
Increase/(decrease) in pension obligation
289
(280)
0.75%
increase
\u00a3m
0.75%
decrease
\u00a3m
Increase/(decrease) in annual pension cost
46
(40)
Increase/(decrease) in pension obligation
897
(803)
1 year
increase
\u00a3m
Life expectancy
Increase in annual pension cost
20
Increase in annual post-retirement benefits cost
2
Increase in pension obligation
432
Increase in post-retirement benefits obligation
32
1%
increase
\u00a3m
Rate of future healthcare inflation
Increase in annual post-retirement benefits cost
2
Increase in post-retirement benefits obligation
34
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-828": { "value": "
32. Other provisions
Legal
and other
disputes
\u00a3m
Major
restructuring
programmes
\u00a3m
Employee
related
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1\u00a0January 2023
218
351
309
306
1,184
Exchange adjustments
(21)
(13)
(9)
(5)
(48)
Charge for the year
266
172
177
124
739
Reversed unused
(4)
(55)
(33)
(143)
(235)
Unwinding of discount
10
\u2013
\u2013
\u2013
10
Utilised
(202)
(169)
(62)
(88)
(521)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
\u2013
Additions through business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications and other movements
\u2013
(1)
1
113
113
Transfer to Pension obligations
\u2013
(3)
\u2013
\u2013
(3)
At 31\u00a0December 2023
267
282
383
307
1,239
To be settled within one year
248
215
172
109
744
To be settled after one year
19
67
211
198
495
At 31\u00a0December 2023
267
282
383
307
1,239
Legal and other disputes
The Group is involved in a substantial number of legal and other
disputes, including notification of possible claims, as set out in
Note 47, \u2018Legal proceedings\u2019. Provisions for legal and other
disputes include amounts relating to product liability, anti-trust,
government investigations, contract terminations and self
insurance.
The Group may become involved in significant legal
proceedings in respect of which it is not possible to
meaningfully assess whether the outcome will result in a
probable outflow, or to quantify or reliably estimate the liability,
if any, that could result from ultimate resolution of the
proceedings. In these cases, the Group would provide
appropriate disclosures about such cases, but no provision
would be made.
The net charge for the year of \u00a3262\u00a0million (including reversals
and estimated insurance recoveries) primarily related to
provisions for product liability cases, commercial disputes and
various other government investigations.
The discount on the provision is \u00a310\u00a0million in 2023 (2022:
\u00a33\u00a0million). The discount was calculated using risk-adjusted
projected cash flows and risk-free rates of return.
In respect of product liability claims related to certain products,
provision is made when there is sufficient history of claims made
and settlements to enable management to make a reliable
estimate of the provision required to cover unasserted claims,
and to determine the probability of the outflow of cash. The
ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations.
The Group\u2019s position could change over time, and, therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group\u2019s
financial accounts.
It is in the nature of the Group\u2019s business that a number of these
matters may be the subject of negotiation and litigation over
many years. Litigation proceedings, including the various
appeal procedures, often take many years to reach resolution,
and out-of-court settlement discussions can also often be
protracted. Indemnified disputes will result in a provision charge
and a corresponding receivable.
The Group is in potential settlement discussions in a number of
the disputes for which amounts have been provided and, based
on its current assessment of the progress of these disputes,
estimates that \u00a3248\u00a0million of the amount provided at
31\u00a0December 2023 will be settled within one year. For a
discussion of legal issues, see Note 47, \u2018Legal proceedings\u2019.
Major restructuring programmes
During 2023, the Group had two major restructuring
programmes: the Separation Preparation programme which
focused on preparing for the separation of GSK into two
companies and is now largely complete, plus the Significant
Acquisitions programme which is focused on the integration of
recent acquisitions.
Restructuring provisions primarily include severance costs when
management has made a formal decision to eliminate certain
positions and this has been communicated to the groups of
employees affected and appropriate consultation procedures
completed, where appropriate. No provision is made for staff
severance payments that are paid immediately.
The discount on the provisions increased by \u00a30.4\u00a0million in 2023
(2022: increased by \u00a31\u00a0million).
Pension augmentation includes \u00a33\u00a0million relating to the
defined benefit plan arising from staff redundancies, as shown
in Note 31, \u2018Pensions and other post-employment benefits\u2019.
Employee related provisions
Employee related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31\u00a0December 2023, the provision for these benefits
amounted to \u00a348\u00a0million (2022: \u00a366\u00a0million). Other employee
benefits reflect a variety of provisions for severance costs,
jubilee awards and other long-service benefits.
Given the nature of these provisions, the amounts are likely to
be settled over many years.
Other provisions
Included in other provisions are provisions for onerous contracts,
insurance provisions and a number of other provisions including
vehicle insurance and regulatory matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-827": { "value": "
32. Other provisions
Legal
and other
disputes
\u00a3m
Major
restructuring
programmes
\u00a3m
Employee
related
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1\u00a0January 2023
218
351
309
306
1,184
Exchange adjustments
(21)
(13)
(9)
(5)
(48)
Charge for the year
266
172
177
124
739
Reversed unused
(4)
(55)
(33)
(143)
(235)
Unwinding of discount
10
\u2013
\u2013
\u2013
10
Utilised
(202)
(169)
(62)
(88)
(521)
Transfer to assets held for sale/distribution
\u2013
\u2013
\u2013
\u2013
\u2013
Additions through business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications and other movements
\u2013
(1)
1
113
113
Transfer to Pension obligations
\u2013
(3)
\u2013
\u2013
(3)
At 31\u00a0December 2023
267
282
383
307
1,239
To be settled within one year
248
215
172
109
744
To be settled after one year
19
67
211
198
495
At 31\u00a0December 2023
267
282
383
307
1,239
Legal and other disputes
The Group is involved in a substantial number of legal and other
disputes, including notification of possible claims, as set out in
Note 47, \u2018Legal proceedings\u2019. Provisions for legal and other
disputes include amounts relating to product liability, anti-trust,
government investigations, contract terminations and self
insurance.
The Group may become involved in significant legal
proceedings in respect of which it is not possible to
meaningfully assess whether the outcome will result in a
probable outflow, or to quantify or reliably estimate the liability,
if any, that could result from ultimate resolution of the
proceedings. In these cases, the Group would provide
appropriate disclosures about such cases, but no provision
would be made.
The net charge for the year of \u00a3262\u00a0million (including reversals
and estimated insurance recoveries) primarily related to
provisions for product liability cases, commercial disputes and
various other government investigations.
The discount on the provision is \u00a310\u00a0million in 2023 (2022:
\u00a33\u00a0million). The discount was calculated using risk-adjusted
projected cash flows and risk-free rates of return.
In respect of product liability claims related to certain products,
provision is made when there is sufficient history of claims made
and settlements to enable management to make a reliable
estimate of the provision required to cover unasserted claims,
and to determine the probability of the outflow of cash. The
ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations.
The Group\u2019s position could change over time, and, therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group\u2019s
financial accounts.
It is in the nature of the Group\u2019s business that a number of these
matters may be the subject of negotiation and litigation over
many years. Litigation proceedings, including the various
appeal procedures, often take many years to reach resolution,
and out-of-court settlement discussions can also often be
protracted. Indemnified disputes will result in a provision charge
and a corresponding receivable.
The Group is in potential settlement discussions in a number of
the disputes for which amounts have been provided and, based
on its current assessment of the progress of these disputes,
estimates that \u00a3248\u00a0million of the amount provided at
31\u00a0December 2023 will be settled within one year. For a
discussion of legal issues, see Note 47, \u2018Legal proceedings\u2019.
Major restructuring programmes
During 2023, the Group had two major restructuring
programmes: the Separation Preparation programme which
focused on preparing for the separation of GSK into two
companies and is now largely complete, plus the Significant
Acquisitions programme which is focused on the integration of
recent acquisitions.
Restructuring provisions primarily include severance costs when
management has made a formal decision to eliminate certain
positions and this has been communicated to the groups of
employees affected and appropriate consultation procedures
completed, where appropriate. No provision is made for staff
severance payments that are paid immediately.
The discount on the provisions increased by \u00a30.4\u00a0million in 2023
(2022: increased by \u00a31\u00a0million).
Pension augmentation includes \u00a33\u00a0million relating to the
defined benefit plan arising from staff redundancies, as shown
in Note 31, \u2018Pensions and other post-employment benefits\u2019.
Employee related provisions
Employee related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31\u00a0December 2023, the provision for these benefits
amounted to \u00a348\u00a0million (2022: \u00a366\u00a0million). Other employee
benefits reflect a variety of provisions for severance costs,
jubilee awards and other long-service benefits.
Given the nature of these provisions, the amounts are likely to
be settled over many years.
Other provisions
Included in other provisions are provisions for onerous contracts,
insurance provisions and a number of other provisions including
vehicle insurance and regulatory matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-829": { "value": "
33. Contingent consideration liabilities
The consideration for certain acquisitions includes amounts contingent on future events such as development milestones or sales
performance. The Group has provided for the fair value of this contingent consideration as follows:
Shionogi-ViiV
Healthcare
\u00a3m
Affinivax
\u00a3m
Novartis
Vaccines
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1\u00a0January 2021
5,359
\u2013
477
33
5,869
Remeasurement through income statement
1,026
\u2013
32
5
1,063
Cash payments: operating cash flows
(721)
\u2013
(21)
\u2013
(742)
Cash payments: investing activities
(105)
\u2013
(9)
\u2013
(114)
At 31\u00a0December 2021
5,559
\u2013
479
38
6,076
Remeasurement through income statement
1,431
17
231
(34)
1,645
Exchange movement through reserves
\u2013
2
\u2013
\u2013
2
Initial recognition from business combinations
\u2013
482
\u2013
\u2013
482
Cash payments: operating cash flows
(1,031)
\u2013
(27)
\u2013
(1,058)
Cash payments: investing activities
(69)
\u2013
(10)
\u2013
(79)
At 31\u00a0December 2022
5,890
501
673
4
7,068
Remeasurement through income statement
934
44
(210)
\u2013
768
Exchange movement through reserves
\u2013
(29)
\u2013
\u2013
(29)
Cash payments: operating cash flows
(1,106)
\u2013
(28)
\u2013
(1,134)
Cash payments: investing activities
\u2013
\u2013
(11)
\u2013
(11)
At 31\u00a0December 2023
5,718
516
424
4
6,662
Of the contingent consideration payable at 31\u00a0December 2023, \u00a31,053 million (2022: \u00a31,289 million) is expe cted to be paid within
one year.
The consideration payable for the acquisition of the Shionogi-ViiV Healthcare joint venture, Affinivax and the Novartis Vaccines\u00a0
business are expected to be paid over a number of years. As a result, the total estimated liabilities are discounted to their present
values, shown above. The Shionogi-ViiV Healthcare contingent consideration liability is discounted at 8% (2022: 8%), the Affinivax
contingent consideration liability is discounted at 8.5% (2022: 9.9%) and the Novartis Vaccines contingent consideration liability is
discounted at 7.5% (2022: 7.5%) for commercialised products and at 8.5% (2022: 8.5%) for pipeline assets.
The Shionogi-ViiV Healthcare and Novartis Vaccines contingent consideration liabilities are calculated principally based on the
forecast sales performance of specified products over the lives of those products.\u00a0
The Affinivax contingent consideration is based upon two potential milestone payments, each of $0.6 billion (\u00a30.5 billion) which will
be paid if certain paediatric clinical development milestones are achieved.\u00a0
The table below shows on an indicative basis the income statement and balance sheet sensitivity to reasonably possible changes
in key inputs to the valuations of the contingent consideration liabilities.
2023
2022
Increase/(decrease) in financial liability and loss/(gain) in
income statement
Shionogi-ViiV
Healthcare
\u00a3m
Affinivax
\u00a3m
Novartis
Vaccines
\u00a3m
Shionogi-ViiV
Healthcare
\u00a3m
Affinivax
\u00a3m
Novartis
Vaccines
\u00a3m
10% increase in sales forecasts*
539
N/A
63
556
N/A
103
15% increase in sales forecasts*
807
N/A
94
834
N/A
154
10% decrease in sales forecasts*
(539)
N/A
(62)
(555)
N/A
(103)
15% decrease in sales forecasts*
(808)
N/A
(92)
(833)
N/A
(153)
1% increase in discount rate
(174)
(12)
(26)
(199)
(7)
(55)
1.5% increase in discount rate
(256)
(18)
(38)
(292)
(10)
(80)
1% decrease in discount rate
184
13
30
214
7
65
1.5% decrease in discount rate
281
19
47
328
11
101
10 cent appreciation of US Dollar
386
44
11
411
45
22
15 cent appreciation of US Dollar
604
69
17
645
71
36
10 cent depreciation of US Dollar
(330)
(38)
(8)
(347)
(38)
(19)
15 cent depreciation of US Dollar
(478)
(54)
(12)
(501)
(56)
(27)
10 cent appreciation of Euro
91
N/A
19
109
N/A
23
15 cent appreciation of Euro
144
N/A
30
171
N/A
36
10 cent depreciation of Euro
(79)
N/A
(16)
(91)
N/A
(19)
15 cent depreciation of Euro
(113)
N/A
(22)
(130)
N/A
(28)
10% increase in probability of milestone success
n/a
75
21
N/A
82
20
10% decrease in probability of milestone success
n/a
(75)
(10)
N/A
(82)
(10)
*The sales forecast is for ViiV Healthcare sales only in respect of the Shionogi-ViiV Healthcare contingent consideration. An explanation of the accounting for
ViiV Healthcare is set out on page 84.
35. Contingent liabilities
At 31\u00a0December 2023, contingent liabilities where GSK has a present obligation as a result of a past event, comprising guarantees
and other items arising in the normal course of business, amounted to \u00a332 million ( 2022: \u00a358 million). At 31\u00a0December 2023, \u00a30.2
million (2022 : \u00a30.5 million) of financial assets were pledged as collateral for contingent liabilities. Provision is made for the outcome
of tax, legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a
reliable estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a probable outflow, or
to quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant legal and other disputes to
which the Group is a party are set out in Note 47, \u2018Legal proceedings\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-830": { "value": "
34. Other non-current liabilities
2023
\u00a3m
2022
\u00a3m
Accruals
4
11
Deferred income
254
83
Other payables
849
805
1,107
899
Other payables includes a number of employee-related liabilities including employee savings plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-831": { "value": "
36. Commitments
Contractual obligations and commitments
2023
\u00a3m
2022
\u00a3m
Contracted for but not provided in the financial statements:
Intangible assets
16,329
10,659
Property, plant and equipment
762
743
Investments
153
138
Purchase commitments
31
161
Pensions and post-retirement benefits
\u2013
345
Interest on loans
5,446
6,322
Future finance charges on leases
254
146
Lease contracts that have not yet commenced
5
395
22,980
18,909
The commitments related to intangible assets include milestone payments, which are dependent on successful clinical development
or on meeting specified sales targets, and which represent the maximum that would be paid if all milestones, however unlikely, are
achieved. The amounts disclosed are not risk-adjusted or discounted. The increase in intangible asset commitments in 2023 is
mainly attributable to new R&D collaborations including collaborations with Wave Life Sciences USA, Inc. and Shanghai Hansoh
Biomedical Co. Ltd.
In 2022, GSK reached an agreement with the trustees of the UK pension schemes to make additional contributions of \u00a31,080 million,
to eliminate the pension deficit identified at the 31 December 2020 actuarial funding valuation. Prior to the Consumer Healthcare
demerger, GSK agreed to collateralise this commitment and accelerate funding with additional contributions (Refer to Note 31
'Pensions and other post-employment benefits'). At 31\u00a0December 2023, \u00a3nil (2022: \u00a3345\u00a0million) additional contributions were
unpaid.
Included within the total commitments above is \u00a330\u00a0million related to nature based carbon removal projects that support GSK\u2019s net-
zero and nature positive goals and \u00a346\u00a0million related to the transition to a lower-carbon propellant.
The table excludes any amounts already capitalised in the Financial Statements for the year end 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-832": { "value": "
37. Share capital and share premium account
Share Consolidation
Following completion of the Consumer Healthcare business demerger on 18 July 2022, GSK plc Ordinary shares were consolidated
to maintain share price comparability before and after demerger. The consolidation was approved by GSK shareholders at a
General Meeting held on 6 July 2022. Shareholders received 4 new Ordinary shares with a nominal value of 31\u00bc pence each for
every 5 existing Ordinary shares which had a nominal value of 25 pence each. Earnings per share, diluted earnings per share,
adjusted earnings per share and dividends per share were retrospectively adjusted to reflect the Share Consolidation in all the
periods presented in years 2021 and 2022.
Ordinary shares of 25p each pre-share consolidation
Ordinary shares of 31\u00bcp each post-share consolidation
Share
premium
Number
\u00a3m
\u00a3m
Share capital issued and fully paid:
At 1\u00a0January 2021
5,385,189,617
1,346
3,281
Issued under employee share schemes
1,825,442
1
20
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
\u2013
At 31\u00a0December 2021
5,387,015,059
1,347
3,301
Impact of share consolidation
(1,077,403,011)
\u2013
\u2013
Issued under employee share schemes
1,731,293
\u2013
25
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
114
At 31\u00a0December 2022
4,311,343,341
1,347
3,440
Issued under employee share schemes
802,642
1
9
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2023
4,312,145,983
1,348
3,451
At 31\u00a0December 2023 , of the issued share capital, 58,817,197 shares were held in the ESOP Trusts, out of which 58,493,518 shares
were held for the future exercise of share options and share awards and 323,679 shares were held for the Executive Supplemental
Savings plan. 197,068,169 shares were held as Treasury shares and 4,056,260,617 shares were in free issue. All issued shares are fully
paid and there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP
Trusts are disclosed in Note 45, \u2018Employee share schemes\u2019.
38. Movements in equity
Retained earnings and other reserves amounted to \u00a38,548 million at 31\u00a0December 2023 (2022 : \u00a35,811 million; 2021 : \u00a310,407 million)
of which \u00a3451 million ( 2022: \u00a3463 million; 2021 : \u00a3476 million) related to associates and joint ventures.
The cumulative translation exchange in equity is as follows:
Net translation exchange included in:
Retained
earnings
\u00a3m
Fair value
reserve
\u00a3m
Non-
controlling
interests
\u00a3m
Total
translation
exchange
\u00a3m
At 1 January 2021
(539)
(9)
(161)
(709)
Exchange movements on overseas net assets and net investment hedges
(239)
\u2013
(20)
(259)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
and associates
(25)
\u2013
\u2013
(25)
At 31\u00a0December 2021
(803)
(9)
(181)
(993)
Exchange movements on overseas net assets and net investment hedges
109
4
(28)
85
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
2
\u2013
\u2013
2
Movement attributable to continuing operations
(692)
(5)
(209)
(906)
Movement attributable to discontinued operations1
263
\u2013
112
375
At 31\u00a0December 2022
(429)
(5)
(97)
(531)
Exchange movements on overseas net assets and net investment hedges
(41)
19
(25)
(47)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
At 31\u00a0December 2023
(504)
14
(122)
(612)
(1) Includes \u00a3554\u00a0million reclassification to the consolidated income statement of net exchange gains related to the demerger of the Consumer Healthcare
business.
The analysis of other comprehensive income by equity category is as follows:
2023
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(41)
19
\u2013
(22)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
Fair value movements on cash flow hedges
\u2013
(1)
\u2013
(1)
Tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Reclassification of cash flow hedges to income
\u2013
4
\u2013
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(25)
(25)
Fair value movements on equity investments
\u2013
(244)
\u2013
(244)
Tax on fair value movements on equity investments
\u2013
14
\u2013
14
Remeasurement on defined benefit plans
71
\u2013
\u2013
71
Tax on remeasurement defined benefit plans
(41)
\u2013
\u2013
(41)
Fair value movements on cash flow hedges
\u2013
(40)
\u2013
(40)
Total other comprehensive (expense)/income for the year
(45)
(247)
(25)
(317)
2022
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
109
4
\u2013
113
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
2
\u2013
\u2013
2
Fair value movements on cash flow hedges
\u2013
(18)
\u2013
(18)
Tax on fair value movements on cash flow hedges
\u2013
9
\u2013
9
Reclassification of cash flow hedges to income
\u2013
14
\u2013
14
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(28)
(28)
Fair value movements on equity investments
\u2013
(754)
\u2013
(754)
Tax on fair value movements on equity investments
\u2013
56
\u2013
56
Remeasurement on defined benefit plans
(786)
\u2013
\u2013
(786)
Tax on remeasurement defined benefit plans
211
\u2013
\u2013
211
Fair value movements on cash flow hedges
\u2013
(6)
\u2013
(6)
Other comprehensive (expense)/income for the year from continuing operations
(464)
(695)
(28)
(1,187)
Other comprehensive (expense)/income for the year from discontinued operations
375
(19)
\u2013
356
Total other comprehensive (expense)/income for the year
(89)
(714)
(28)
(831)
2021
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(239)
\u2013
\u2013
(239)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(25)
\u2013
\u2013
(25)
Fair value movements on cash flow hedges
\u2013
5
\u2013
5
Tax on fair value movements on cash flow hedges
\u2013
(8)
\u2013
(8)
Reclassification of cash flow hedges to income statement
\u2013
12
\u2013
12
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(20)
(20)
Fair value movements on equity investments
\u2013
(911)
\u2013
(911)
Tax on fair value movements on equity investments
\u2013
131
\u2013
131
Remeasurement losses on defined benefit plans
941
\u2013
\u2013
941
Tax on remeasurement defined benefit plans
(223)
\u2013
\u2013
(223)
Other comprehensive (expense)/income for the year
454
(771)
(20)
(337)
Information on net investment hedges is provided in part (d) of Note 44 \u2018Financial instruments and related disclosures'.
The analysis of other reserves is as follows:
ESOP Trust
shares
\u00a3m
Fair value
reserve
\u00a3m
Cash flow
hedge reserve
\u00a3m
Other
reserves
\u00a3m
Total
\u00a3m
At 1\u00a0January 2021
(195)
1,302
(31)
2,129
3,205
Exchange adjustments
(1)
\u2013
\u2013
\u2013
(1)
Transferred to income and expenses in the year on impairments of equity
\u00a0 investments
168
\u2013
\u2013
\u2013
168
Transferred to retained earnings in the year on disposal of equity investments
\u2013
(139)
\u2013
\u2013
(139)
Net fair value movement in the year
\u2013
(780)
10
\u2013
(770)
At 31\u00a0December 2021
(28)
383
(21)
2,129
2,463
Exchange adjustments
(36)
28
12
\u2013
4
Transferred to retained earnings in the year on disposal of equity investments
\u2013
(21)
17
\u2013
(4)
Balances derecognised on demerger
\u2013
\u2013
(169)
\u2013
(169)
Net fair value movement in the year
\u2013
(698)
141
\u2013
(557)
Ordinary shares acquired by ESOP Trusts
(1,200)
\u2013
\u2013
\u2013
(1,200)
Write-down of shares held by ESOP Trusts
911
\u2013
\u2013
\u2013
911
At 31\u00a0December 2022
(353)
(308)
(20)
2,129
1,448
Exchange adjustments
26
(5)
(2)
\u2013
19
Transferred to retained earnings in the year on disposal of equity investments
\u2013
33
\u2013
\u2013
33
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/(loss) transferred to non-financial assets
\u2013
\u2013
36
\u2013
36
Net fair value movement in the year (including tax)
\u2013
(230)
(40)
\u2013
(270)
Ordinary shares acquired by ESOP Trusts
(285)
\u2013
\u2013
\u2013
(285)
Write-down of shares held by ESOP Trusts
324
\u2013
\u2013
\u2013
324
At 31\u00a0December 2023
(288)
(510)
(22)
2,129
1,309
Other reserves include various non-distributable merger and pre-merger reserves amounting to \u00a31,849 million at 31\u00a0December 2023
(2022: \u00a31,849 million; 2021: \u00a31,849 million). Other reserves also include the capital redemption reserve created as a result of the share
buy-back programme amounting to \u00a3280 million at 31\u00a0December 2023 (2022 : \u00a3280 million; 2021: \u00a3280 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-833": { "value": "
37. Share capital and share premium account
Share Consolidation
Following completion of the Consumer Healthcare business demerger on 18 July 2022, GSK plc Ordinary shares were consolidated
to maintain share price comparability before and after demerger. The consolidation was approved by GSK shareholders at a
General Meeting held on 6 July 2022. Shareholders received 4 new Ordinary shares with a nominal value of 31\u00bc pence each for
every 5 existing Ordinary shares which had a nominal value of 25 pence each. Earnings per share, diluted earnings per share,
adjusted earnings per share and dividends per share were retrospectively adjusted to reflect the Share Consolidation in all the
periods presented in years 2021 and 2022.
Ordinary shares of 25p each pre-share consolidation
Ordinary shares of 31\u00bcp each post-share consolidation
Share
premium
Number
\u00a3m
\u00a3m
Share capital issued and fully paid:
At 1\u00a0January 2021
5,385,189,617
1,346
3,281
Issued under employee share schemes
1,825,442
1
20
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
\u2013
At 31\u00a0December 2021
5,387,015,059
1,347
3,301
Impact of share consolidation
(1,077,403,011)
\u2013
\u2013
Issued under employee share schemes
1,731,293
\u2013
25
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
114
At 31\u00a0December 2022
4,311,343,341
1,347
3,440
Issued under employee share schemes
802,642
1
9
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2023
4,312,145,983
1,348
3,451
At 31\u00a0December 2023 , of the issued share capital, 58,817,197 shares were held in the ESOP Trusts, out of which 58,493,518 shares
were held for the future exercise of share options and share awards and 323,679 shares were held for the Executive Supplemental
Savings plan. 197,068,169 shares were held as Treasury shares and 4,056,260,617 shares were in free issue. All issued shares are fully
paid and there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP
Trusts are disclosed in Note 45, \u2018Employee share schemes\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-834": { "value": "
38. Movements in equity
Retained earnings and other reserves amounted to \u00a38,548 million at 31\u00a0December 2023 (2022 : \u00a35,811 million; 2021 : \u00a310,407 million)
of which \u00a3451 million ( 2022: \u00a3463 million; 2021 : \u00a3476 million) related to associates and joint ventures.
The cumulative translation exchange in equity is as follows:
Net translation exchange included in:
Retained
earnings
\u00a3m
Fair value
reserve
\u00a3m
Non-
controlling
interests
\u00a3m
Total
translation
exchange
\u00a3m
At 1 January 2021
(539)
(9)
(161)
(709)
Exchange movements on overseas net assets and net investment hedges
(239)
\u2013
(20)
(259)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
and associates
(25)
\u2013
\u2013
(25)
At 31\u00a0December 2021
(803)
(9)
(181)
(993)
Exchange movements on overseas net assets and net investment hedges
109
4
(28)
85
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
2
\u2013
\u2013
2
Movement attributable to continuing operations
(692)
(5)
(209)
(906)
Movement attributable to discontinued operations1
263
\u2013
112
375
At 31\u00a0December 2022
(429)
(5)
(97)
(531)
Exchange movements on overseas net assets and net investment hedges
(41)
19
(25)
(47)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
At 31\u00a0December 2023
(504)
14
(122)
(612)
(1) Includes \u00a3554\u00a0million reclassification to the consolidated income statement of net exchange gains related to the demerger of the Consumer Healthcare
business.
The analysis of other comprehensive income by equity category is as follows:
2023
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(41)
19
\u2013
(22)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(34)
\u2013
\u2013
(34)
Fair value movements on cash flow hedges
\u2013
(1)
\u2013
(1)
Tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Reclassification of cash flow hedges to income
\u2013
4
\u2013
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(25)
(25)
Fair value movements on equity investments
\u2013
(244)
\u2013
(244)
Tax on fair value movements on equity investments
\u2013
14
\u2013
14
Remeasurement on defined benefit plans
71
\u2013
\u2013
71
Tax on remeasurement defined benefit plans
(41)
\u2013
\u2013
(41)
Fair value movements on cash flow hedges
\u2013
(40)
\u2013
(40)
Total other comprehensive (expense)/income for the year
(45)
(247)
(25)
(317)
2022
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
109
4
\u2013
113
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
2
\u2013
\u2013
2
Fair value movements on cash flow hedges
\u2013
(18)
\u2013
(18)
Tax on fair value movements on cash flow hedges
\u2013
9
\u2013
9
Reclassification of cash flow hedges to income
\u2013
14
\u2013
14
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(28)
(28)
Fair value movements on equity investments
\u2013
(754)
\u2013
(754)
Tax on fair value movements on equity investments
\u2013
56
\u2013
56
Remeasurement on defined benefit plans
(786)
\u2013
\u2013
(786)
Tax on remeasurement defined benefit plans
211
\u2013
\u2013
211
Fair value movements on cash flow hedges
\u2013
(6)
\u2013
(6)
Other comprehensive (expense)/income for the year from continuing operations
(464)
(695)
(28)
(1,187)
Other comprehensive (expense)/income for the year from discontinued operations
375
(19)
\u2013
356
Total other comprehensive (expense)/income for the year
(89)
(714)
(28)
(831)
2021
Retained
earnings
\u00a3m
Other
reserves
\u00a3m
Non-
controlling
interests
\u00a3m
Total
\u00a3m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(239)
\u2013
\u2013
(239)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(25)
\u2013
\u2013
(25)
Fair value movements on cash flow hedges
\u2013
5
\u2013
5
Tax on fair value movements on cash flow hedges
\u2013
(8)
\u2013
(8)
Reclassification of cash flow hedges to income statement
\u2013
12
\u2013
12
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
\u2013
\u2013
(20)
(20)
Fair value movements on equity investments
\u2013
(911)
\u2013
(911)
Tax on fair value movements on equity investments
\u2013
131
\u2013
131
Remeasurement losses on defined benefit plans
941
\u2013
\u2013
941
Tax on remeasurement defined benefit plans
(223)
\u2013
\u2013
(223)
Other comprehensive (expense)/income for the year
454
(771)
(20)
(337)
Information on net investment hedges is provided in part (d) of Note 44 \u2018Financial instruments and related disclosures'.
The analysis of other reserves is as follows:
ESOP Trust
shares
\u00a3m
Fair value
reserve
\u00a3m
Cash flow
hedge reserve
\u00a3m
Other
reserves
\u00a3m
Total
\u00a3m
At 1\u00a0January 2021
(195)
1,302
(31)
2,129
3,205
Exchange adjustments
(1)
\u2013
\u2013
\u2013
(1)
Transferred to income and expenses in the year on impairments of equity
\u00a0 investments
168
\u2013
\u2013
\u2013
168
Transferred to retained earnings in the year on disposal of equity investments
\u2013
(139)
\u2013
\u2013
(139)
Net fair value movement in the year
\u2013
(780)
10
\u2013
(770)
At 31\u00a0December 2021
(28)
383
(21)
2,129
2,463
Exchange adjustments
(36)
28
12
\u2013
4
Transferred to retained earnings in the year on disposal of equity investments
\u2013
(21)
17
\u2013
(4)
Balances derecognised on demerger
\u2013
\u2013
(169)
\u2013
(169)
Net fair value movement in the year
\u2013
(698)
141
\u2013
(557)
Ordinary shares acquired by ESOP Trusts
(1,200)
\u2013
\u2013
\u2013
(1,200)
Write-down of shares held by ESOP Trusts
911
\u2013
\u2013
\u2013
911
At 31\u00a0December 2022
(353)
(308)
(20)
2,129
1,448
Exchange adjustments
26
(5)
(2)
\u2013
19
Transferred to retained earnings in the year on disposal of equity investments
\u2013
33
\u2013
\u2013
33
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/(loss) transferred to non-financial assets
\u2013
\u2013
36
\u2013
36
Net fair value movement in the year (including tax)
\u2013
(230)
(40)
\u2013
(270)
Ordinary shares acquired by ESOP Trusts
(285)
\u2013
\u2013
\u2013
(285)
Write-down of shares held by ESOP Trusts
324
\u2013
\u2013
\u2013
324
At 31\u00a0December 2023
(288)
(510)
(22)
2,129
1,309
Other reserves include various non-distributable merger and pre-merger reserves amounting to \u00a31,849 million at 31\u00a0December 2023
(2022: \u00a31,849 million; 2021: \u00a31,849 million). Other reserves also include the capital redemption reserve created as a result of the share
buy-back programme amounting to \u00a3280 million at 31\u00a0December 2023 (2022 : \u00a3280 million; 2021: \u00a3280 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-835": { "value": "
39. Non-controlling interests
Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests
are individually not material.
ViiV Healthcare
GSK holds 78.3% of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial
information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Turnover
6,308
5,619
4,637
Profit after taxation
2,034
1,528
1,087
Other comprehensive income/(expense)
(19)
94
(17)
Total comprehensive income
2,015
1,622
1,070
2023
\u00a3m
2022
\u00a3m
Non-current assets
2,528
2,716
Current assets
3,330
3,354
Total assets
5,858
6,070
Current liabilities
(3,881)
(3,762)
Non-current liabilities
(8,453)
(8,983)
Total liabilities
(12,334)
(12,745)
Net liabilities
(6,476)
(6,675)
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Net cash inflow from operating activities
2,192
3,442
2,128
Net cash outflow from investing activities
(2)
(174)
(287)
Net cash outflow from financing activities
(2,463)
(2,718)
(1,608)
Increase/(decrease) in cash and bank overdrafts in the year
(273)
550
233
The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related
adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of \u00a32,034\u00a0million (2022:
\u00a31,528\u00a0million; 2021: \u00a31,087\u00a0million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
\u00a3858 million (2022: \u00a31,483 million; 2021: \u00a31,218 million) for remeasurement of contingent consideration payable. This consideration is
expected to be paid over a number of years.
The following amounts attributable to the ViiV Healthcare group are included in GSK\u2019s financial statements:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Share of profit for the year attributable to non-controlling interest
373
415
196
Dividends paid to non-controlling interest
398
480
224
Non-controlling interest in the consolidated balance sheet
(648)
(611)
(570)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-836": { "value": "
40. Related party transactions
At 31\u00a0December 2023, a loan of \u00a30.8 million (2022: \u00a3nil) to Index Ventures and a loan of \u00a30.6 million (2022: \u00a3nil ) to Medicxi Ventures
I LP remained due to GSK. Cash distributions were received from investment in Medicxi Ventures I LP of \u00a310.7 million (2022: Medicxi
Ventures I LP of \u00a36 million).
In December 2023, Qura Therapeutics LLC was liquidated, the investment and the associated commitment for future contributions
were de-recognised from the balance sheet.\u00a0 An immaterial gain (less than \u00a31 million) was recognised.
The Group had no other significant related party transactions which might reasonably be expected to influence decisions made by
the users of these Financial Statements.
The aggregate compensation of the Directors and GLT is given in Note 9, \u2018Employee costs\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-837": { "value": "
41. Acquisitions and disposals
Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:
2023
Business acquisitions
On 28 June 2023, GSK completed the acquisition of BELLUS Health Inc. (\"Bellus\") which was effected through a Plan of
Arrangement (the \u201cArrangement\u201d) pursuant to the Canada Business Corporations Act. The Arrangement was approved by Bellus\u2019
shareholders on 16 June 2023. Upon completion, GSK acquired all outstanding common shares of Bellus for US$14.75 per common
share in cash, representing a total equity value of US$2\u00a0billion (\u00a31.6\u00a0billion). The acquisition provides GSK access to camlipixant, a
potential best-in-class and highly selective P2X3 antagonist currently in phase III development for the first-line treatment of adult
patients with refractory chronic cough (RCC).
Total
\u00a3m
Net assets acquired:
Intangible assets
1,438
Non-current equity investments
2
Right of use assets
1
Trade and other receivables
96
Investments held as current assets
51
Cash and cash equivalents
148
Lease liabilities
(1)
Trade and other payables
(103)
Deferred tax liabilities
(136)
1,496
Non-controlling interest
\u2013
Goodwill
109
Total consideration
1,605
In 2023, the provisional values of the identifiable assets and liabilities acquired in the Affinivax, Inc. business combination were
updated for the finalisation of the fair value of intangible assets, resulting in an increase in intellectual property of \u00a339 million, a
decrease to goodwill of \u00a331 million and a decrease to deferred tax of \u00a38 million. The amounts recognised at 31 December 2022
have not been restated on the basis of materiality.
Business disposals
GSK completed no material business disposals in 2023.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
Cash flows
Business
Acquisitions
\u00a3m
Business
Disposals
\u00a3m
Cash consideration (paid)/ received
(1,605)
68
Net deferred consideration paid
\u2013
(19)
Transaction costs
(17)
\u2013
Cash and cash equivalents acquired/(divested)
148
\u2013
Cash (outflow)/inflow
(1,474)
49
2022
Business acquisitions
On 1 July 2022, GSK completed the acquisition of 100% of Sierra Oncology, Inc., a California-based, late-stage biopharmaceutical
company focused on targeted therapies for the treatment of rare forms of cancer, for $1.9\u00a0billion (\u00a31.6\u00a0billion). The main asset is
momelotinib which targets the medical needs of myelofibrosis patients with anaemia. Total transaction costs were \u00a352\u00a0million.
On 15 August 2022, GSK completed the acquisition of 100% of Affinivax, Inc. a clinical-stage biopharmaceutical company based in
Cambridge, Boston, Massachusetts focused on pneumococcal vaccine candidates. The consideration for the acquisition comprised
an upfront payment of $2.2\u00a0billion (\u00a31.8\u00a0billion) as adjusted for working capital acquired paid upon closing and two potential
milestone payments each of $0.6\u00a0billion (\u00a30.5\u00a0billion) to be paid upon the achievement of certain paediatric clinical development
milestones. The estimated fair value of the contingent consideration payable was \u00a3482\u00a0million. The values were provisional and
were subject to change. The total transaction costs were \u00a371\u00a0million.
During 2022, no sales arising from the Sierra Oncology or Affinivax businesses were included in Group turnover and no revenue is
expected until regulatory approval is received on the acquired assets.
GSK continues to support the ongoing development of the acquired assets and consequently these assets will be loss making until
regulatory approval on these assets is received. The development of these assets has been integrated into the Group\u2019s existing R&D
activities, so it was impracticable to quantify these development costs or the impact on Total profit after taxation for the period
ended 31 December 2022.
Goodwill of \u00a31,127\u00a0million (\u00a3162\u00a0million for Sierra Oncology and \u00a3965\u00a0million for Affinivax), which is not expected to be deductible for
tax purposes, has been recognised. The goodwill represents workforce in place, and specific synergies available to GSK from the
business combinations. The goodwill has been allocated to the Group\u2019s Commercial Operations and R&D segments (refer to Note
19 \u2018Goodwill\u2019 for allocation methodology).
Sierra
Oncology
\u00a3m
Affinivax
\u00a3m
Total
\u00a3m
Net assets acquired
Intangible assets
1,497
1,467
2,964
Property, plant and equipment
\u2013
30
30
Right of use assets
1
52
53
Inventory
60
\u2013
60
Trade and other receivables
2
17
19
Cash and cash equivalents
175
109
284
Lease liabilities
(1)
(55)
(56)
Trade and other payables
(40)
(77)
(117)
Taxation
(259)
(236)
(495)
1,435
1,307
2,742
Goodwill
162
965
1,127
Total
1,597
2,272
3,869
Total cash
1,597
1,790
3,387
Fair value of contingent consideration
\u2013
482
482
On 24 November 2022 GSK signed an agreement to buy out the 25% non-controlling interest in Glaxo Saudi Arabia Ltd for
SAR94\u00a0million (\u00a321\u00a0million), paid in 2023.
Demerger of Consumer Healthcare business
On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon, an independent listed
company. The separation was effected by way of a demerger of 80.1% of GSK\u2019s 68% holding in the Consumer Healthcare business to
GSK shareholders. Following the demerger, 54.5% of Haleon was held in aggregate by GSK shareholders, 6.0% was held by GSK
(including shares received by GSK\u2019s consolidated ESOP trusts) and 7.5% was held by certain Scottish Limited Partnerships (SLPs) set up
to provide collateral for a funding mechanism pursuant to which GSK will provide additional funding for GSK\u2019s UK defined benefit
pension schemes (Note 31, 'Pensions and other post-employment benefits'). The aggregate ownership by GSK (including ownership by
the ESOP trusts and SLPs) after the demerger of 13.5% was measured at fair value with changes through profit or loss. In 2022, Pfizer
held 32% of Haleon after the demerger.
Under IFRIC 17 \u2018Distributions of Non-cash Assets to Owners\u2019 a liability and an equity distribution are measured at the fair value of
the assets to be distributed when the dividend is appropriately authorised and it is no longer at the entity\u2019s discretion. The liability
and equity movement, and associated gain on distribution were recognised in Q3 2022 when the demerger distribution was
authorised and occurred.
The asset distributed was the 54.5% ownership of the Consumer Healthcare business. The net carrying value of the Consumer
Healthcare business in the consolidated financial statements, including the retained 13.5% and net of the amount attributable to
the non-controlling interest, was approximately \u00a311\u00a0billion at the end of June. GSK\u2019s \u00a36.3\u00a0billion share of the shareholder loans made
in Q1 2022 in advance of the pre-separation dividends was eliminated in the consolidated financial statements. The assets
distributed were reduced by Consumer Healthcare transactions up to 18 July that principally included pre-separation dividends
declared and settled after the end of Q2 2022 and before 18 July 2022. Those dividends included: \u00a310.4\u00a0billion (\u00a37.1\u00a0billion
attributable to GSK) of dividends funded by Consumer Healthcare debt that was partially on-lent during Q1 2022 and dividends of
\u00a30.6\u00a0billion (\u00a30.4\u00a0billion attributable to GSK) from available cash balances.
The fair value of the 54.5% ownership of the Consumer Healthcare business distributed was \u00a315.5\u00a0billion. This was measured by
reference to the quoted average Haleon share price over the first five days of trading, this being a fair value measured with
observable inputs which was considered to be representative of the fair value at the distribution date. A gain on distribution of this
fair value less book value of the attributable net assets of the Consumer Healthcare business of \u00a37.7\u00a0billion was recorded in the
income statement in 2022. There was an additional gain of \u00a32.4\u00a0billion to remeasure the retained 13.5% from its book value to fair
value of \u00a33.9\u00a0billion using the same fair value methodology as used for the distributed shares. The gain on distribution and on
remeasurement of the retained stake upon demerger was presented as part of discontinued operations. Any future gains or losses
on the retained stake in Haleon will be recognised in continuing operations. In addition, there was a reclassification of the Group\u2019s
share of cumulative exchange differences arising on translation of the foreign currency net assets of the divested subsidiaries and
offsetting net investment hedges from reserves into the income statement of \u00a30.6\u00a0billion. The total gain on demerger of Consumer
Healthcare was \u00a310.1\u00a0billion. These transactions were presented in profit from discontinued operations in 2022.
2022
\u00a3m
Fair value of the Consumer Healthcare business distributed (54.5%)
15,526
Fair value of the retained ownership in Haleon plc (13.5%)
3,853
Total fair value
19,379
Carrying amount of the net assets and liabilities distributed/de-recognised
(12,887)
Carrying amount of the non-controlling interest de-recognised
3,038
Gain on demerger before exchange movements and transaction costs
9,530
Reclassification of exchange movements and net investment hedge movements on disposal of overseas subsidiaries
554
Total gain on the demerger of Consumer Healthcare
10,084
Consumer Healthcare was presented as a discontinued operation as at 30 June 2022 and disclosed as such in the interim financial
statements. The Consolidated Income Statement and Consolidated Cash Flow Statement distinguish discontinued operations from
continuing operations. Comparative figures have been restated on a consistent basis. Financial information relating to the
operations of Consumer Healthcare for the period is set out on the following page and includes financial information until 18 July
2022.
This financial information differs both in purpose and basis of preparation from the Historical Financial Information and the Interim
Financial Information included in the Haleon prospectus and from that which was published by Haleon on 2 March 2023. As a
result, whilst the two sets of financial information are similar, they are not the same because of certain differences in accounting and
disclosure under IFRS.
Total results
2022
\u00a3m
2021
\u00a3m
Turnover
5,581
9,418
Expense
(4,730)
(7,575)
Profit before tax
851
1,843
Taxation
(235)
(263)
Tax rate %
27.6%
14.3%
(Loss)/profit after taxation from discontinued operations: Consumer Healthcare
616
1,580
Other gains/(losses) on demerger
2,433
\u2013
Remeasurement of discontinued operations distributed to shareholders on demerger
7,651
\u2013
Profit after taxation on demerger of discontinued operations
10,700
1,580
Non-controlling interest in discontinued operations
205
511
Earnings attributable to shareholders from discontinued operations
10,495
1,069
Earnings per share from discontinued operations
260.6p
26.7p
Other business disposals
There were no other material business disposals in 2022.
Cash flows
Business
acquisitions
\u00a3m
Business
disposals -
demerger
\u00a3m
Business
disposals -
other
\u00a3m
Cash consideration
(3,392)
\u2013
\u2013
Net deferred consideration paid
\u2013
\u2013
(34)
Cash and cash equivalents (divested)/acquired
284
(933)
(9)
(3,108)
(933)
(43)
Transaction costs paid
(79)
(141)
\u2013
Cash (outflow)/inflow
(3,187)
(1,074)
(43)
Cash consideration for business acquisitions included \u00a35\u00a0million related to other business acquisition activity.
2021
Business acquisitions
GSK completed no material business acquisitions in 2021.
Business disposals
GSK made a number of business disposals for net cash consideration received in the year of \u00a310\u00a0million. The profit on the disposal of
the businesses in the year of \u00a324\u00a0million was calculated as follows:
Total
\u00a3m
Consideration:
Cash consideration including currency forwards, purchase adjustments and deferred consideration
10
Total
10
Net assets sold:
Property, plant and equipment
3
Cash and cash equivalents
1
Other net assets
1
Total
5
Costs:
Deal costs
(16)
Reclassification of exchange from other comprehensive income
35
Gain on disposals in 2021
24
Associates and joint ventures
On 20 May 2021 GSK agreed with Innoviva, Inc. (\u201cInnoviva\u201d) to sell all of its approximately 32\u00a0million shares of common stock of
Innoviva back to Innoviva at a price of $12.25 per share, raising gross proceeds of approximately $392\u00a0million. Following settlement
of the transaction, GSK will no longer hold any Innoviva stock. See details in Note 21 \u2018Investment in associates and joint ventures\u2019.
Cash flows
Business
disposals
\u00a3m
Associates
and joint
ventures
disposals
\u00a3m
Cash consideration received
43
277
Net deferred consideration paid
(51)
\u2013
Transaction costs
(8)
\u2013
Cash and cash equivalents (divested)/acquired
(1)
\u2013
Cash (outflow)/inflow
(17)
277
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-838": { "value": "
Cash flows
Business
Acquisitions
\u00a3m
Business
Disposals
\u00a3m
Cash consideration (paid)/ received
(1,605)
68
Net deferred consideration paid
\u2013
(19)
Transaction costs
(17)
\u2013
Cash and cash equivalents acquired/(divested)
148
\u2013
Cash (outflow)/inflow
(1,474)
49
Cash flows
Business
acquisitions
\u00a3m
Business
disposals -
demerger
\u00a3m
Business
disposals -
other
\u00a3m
Cash consideration
(3,392)
\u2013
\u2013
Net deferred consideration paid
\u2013
\u2013
(34)
Cash and cash equivalents (divested)/acquired
284
(933)
(9)
(3,108)
(933)
(43)
Transaction costs paid
(79)
(141)
\u2013
Cash (outflow)/inflow
(3,187)
(1,074)
(43)
Cash consideration for business acquisitions included \u00a35\u00a0million related to other business acquisition activity.
Cash flows
Business
disposals
\u00a3m
Associates
and joint
ventures
disposals
\u00a3m
Cash consideration received
43
277
Net deferred consideration paid
(51)
\u2013
Transaction costs
(8)
\u2013
Cash and cash equivalents (divested)/acquired
(1)
\u2013
Cash (outflow)/inflow
(17)
277
42. Adjustments reconciling Total profit after tax to
operating cash flows
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Total profit after tax from continuing operations
5,308
4,921
3,516
Tax on profits
756
707
83
Share of after-tax (profits)/losses of associates and joint ventures
5
2
(33)
Finance expense net of finance income
677
803
755
Depreciation
1,082
1,061
1,034
Amortisation of intangible assets
1,212
1,086
1,088
Impairment and assets written off
467
481
529
Profit on sale of businesses
\u2013
(36)
(47)
Profit on sale of intangible assets
(12)
(185)
(539)
(Profit)/loss on sale of investments in associates
(1)
\u2013
36
Profit on sale of equity investments
\u2013
(1)
(8)
Changes in working capital:
Decrease/(increase) in inventories
(424)
(269)
51
(Increase) in trade receivables
(794)
(158)
(780)
Increase/(decrease) in trade payables
(15)
494
229
(Increase)/decrease in other receivables
145
(458)
(382)
Contingent consideration paid (see Note 33)
(1,134)
(1,058)
(742)
Other non-cash increase in contingent consideration liabilities
492
1,628
1,063
Increase/(decrease) in other payables
689
(5)
1,505
Decrease in pension and other provisions
(457)
(962)
(299)
Share-based incentive plans
307
346
343
Fair value adjustments
(107)
(283)
(31)
Other
(100)
(170)
(122)
Operating cash flow from continuing operations
8,096
7,944
7,249
Operating cash flow from discontinued operations
\u2013
932
1,994
Total cash generated from operations
8,096
8,876
9,243
43. Reconciliation of net cash flow to movement in net debt
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
Net debt, at beginning of year, as adjusted
(17,197)
(19,838)
(20,780)
Decrease in cash and bank overdrafts
(468)
(7,597)
(2,504)
Decrease in liquid investments
(72)
(1)
(18)
Issue of long-term loans
(223)
(1,025)
\u2013
Repayment of short-term notes
2,116
5,074
2,304
Repayment of/(increase in) other short-term loans
333
(1,021)
(301)
Repayment of long-term loans
144
1,594
\u2013
Repayment of lease liabilities
197
202
181
Investments/(debt) of subsidiary undertakings acquired
50
(24)
\u2013
Exchange adjustments
554
(1,531)
314
Other non-cash movements
(474)
(207)
(134)
Decrease/(increase) in net debt from continuing operations
2,157
(4,536)
(158)
Decrease/(increase) in net debt from discontinued operations
\u2013
7,177
1,100
Total net debt at end of year
(15,040)
(17,197)
(19,838)
Analysis of changes in net debt
At 1\u00a0January
2023
\u00a3m
Exchange
\u00a3m
Other
\u00a3m
Interest
expense
\u00a3m
Change
in fair value
\u00a3m
Reclass-
ifications
\u00a3m
Cash flow
\u00a3m
At
31\u00a0December
2023
\u00a3m
Liquid investments
67
(4)
51
\u2013
\u2013
\u2013
(72)
42
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
3,723
(105)
\u2013
\u2013
\u2013
\u2013
(682)
2,936
Overdrafts
(298)
6
\u2013
\u2013
\u2013
\u2013
214
(78)
3,425
(99)
\u2013
\u2013
\u2013
\u2013
(468)
2,858
Debt due within one year:
Commercial paper
(1,191)
56
\u2013
\u2013
\u2013
\u2013
320
(815)
European/US MTN & Bank facilities
(2,146)
48
\u2013
\u2013
\u2013
(1,669)
2,116
(1,651)
Lease liabilities
(167)
12
(3)
\u2013
\u2013
(195)
197
(156)
Other
(150)
21
3
\u2013
\u2013
\u2013
13
(113)
(3,654)
137
\u2013
\u2013
\u2013
(1,864)
2,646
(2,735)
Debt due after one year:
European/US MTN & Bank facilities
(16,194)
469
\u2013
(19)
\u2013
1,669
(79)
(14,154)
Lease liabilities
(841)
42
(447)
\u2013
\u2013
195
\u2013
(1,051)
(17,035)
511
(447)
(19)
\u2013
1,864
(79)
(15,205)
Net debt
(17,197)
545
(396)
(19)
\u2013
\u2013
2,027
(15,040)
Interest payable
(207)
1
(29)
(693)
\u2013
\u2013
766
(162)
Derivative financial instruments
8
\u2013
\u2013
\u2013
343
\u2013
(335)
16
Total liabilities from financing
\u00a0 activities*
(20,888)
649
(476)
(712)
343
\u2013
2,998
(18,086)
*Excluding cash and cash equivalents, overdrafts and liquid investments.
Analysis of changes in net debt
At 1\u00a0January
2022
\u00a3m
Exchange
\u00a3m
Other
\u00a3m
Interest
expense
\u00a3m
Change
in fair value
\u00a3m
Reclass-
ifications
\u00a3m
Demerger
\u00a3m
Cash flow
\u00a3m
At
31\u00a0December
2022
\u00a3m
Liquid investments
61
7
\u2013
(1)
67
Cash and cash equivalents
3,861
99
1
\u2013
\u2013
\u2013
7,496
(7,734)
3,723
Overdrafts
(450)
15
\u2013
\u2013
\u2013
\u2013
\u2013
137
(298)
Liquid investments attributed to
\u00a0 continuing operations
3,411
114
1
\u2013
\u2013
\u2013
7,496
(7,597)
3,425
Liquid investments attributed to
\u00a0 discontinued operations
407
37
\u2013
\u2013
\u2013
\u2013
(7,496)
7,052
\u2013
3,818
151
1
\u2013
\u2013
\u2013
\u2013
(545)
3,425
Debt due within one year:
Commercial paper
(252)
(30)
\u2013
\u2013
\u2013
\u2013
\u2013
(909)
(1,191)
European/US MTN & Bank facilities
(2,596)
(174)
\u2013
\u2013
\u2013
(4,426)
\u2013
5,050
(2,146)
Lease liabilities
(173)
(14)
5
\u2013
\u2013
(186)
\u2013
201
(167)
Other
(52)
(2)
(9)
\u2013
\u2013
\u2013
\u2013
(87)
(150)
Debt due within one year attributed
\u00a0 to continuing operations
(3,073)
(220)
(4)
\u2013
\u2013
(4,612)
\u2013
4,255
(3,654)
Debt due within one year attributed
\u00a0 to discontinued operations
(72)
(3)
(15)
\u2013
\u2013
(3)
1,559
(1,466)
\u2013
(3,145)
(223)
(19)
\u2013
\u2013
(4,615)
1,559
2,789
(3,654)
Debt due after one year:
European/US MTN & Bank facilities
(19,760)
(1,386)
\u2013
(43)
\u2013
4,426
\u2013
569
(16,194)
Lease liabilities
(725)
(59)
(243)
\u2013
\u2013
186
\u2013
\u2013
(841)
Debt due after one year attributed to
\u00a0 continuing operations
(20,485)
(1,445)
(243)
(43)
\u2013
4,612
\u2013
569
(17,035)
Debt due after one year attributed to\u00a0
\u00a0 discontinued operations
(87)
(777)
(6)
(4)
48
3
10,059
(9,236)
\u2013
(20,572)
(2,222)
(249)
(47)
48
4,615
10,059
(8,667)
(17,035)
Net debt
(19,838)
(2,287)
(267)
(47)
48
\u2013
11,618
(6,424)
(17,197)
Interest payable
(244)
(5)
(33)
(865)
\u2013
\u2013
92
848
(207)
Derivative financial instruments
(22)
\u2013
\u2013
\u2013
670
\u2013
\u2013
(640)
8
Total liabilities from financing
\u00a0 activities*
(23,983)
(2,450)
(301)
(912)
718
\u2013
11,710
(5,670)
(20,888)
*Excluding cash and cash equivalents, overdrafts and liquid investments.
For further information on significant changes in net debt see Note 30, \u2018Net debt\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-839": { "value": "
Demerger of Consumer Healthcare business
On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon, an independent listed
company. The separation was effected by way of a demerger of 80.1% of GSK\u2019s 68% holding in the Consumer Healthcare business to
GSK shareholders. Following the demerger, 54.5% of Haleon was held in aggregate by GSK shareholders, 6.0% was held by GSK
(including shares received by GSK\u2019s consolidated ESOP trusts) and 7.5% was held by certain Scottish Limited Partnerships (SLPs) set up
to provide collateral for a funding mechanism pursuant to which GSK will provide additional funding for GSK\u2019s UK defined benefit
pension schemes (Note 31, 'Pensions and other post-employment benefits'). The aggregate ownership by GSK (including ownership by
the ESOP trusts and SLPs) after the demerger of 13.5% was measured at fair value with changes through profit or loss. In 2022, Pfizer
held 32% of Haleon after the demerger.
Under IFRIC 17 \u2018Distributions of Non-cash Assets to Owners\u2019 a liability and an equity distribution are measured at the fair value of
the assets to be distributed when the dividend is appropriately authorised and it is no longer at the entity\u2019s discretion. The liability
and equity movement, and associated gain on distribution were recognised in Q3 2022 when the demerger distribution was
authorised and occurred.
The asset distributed was the 54.5% ownership of the Consumer Healthcare business. The net carrying value of the Consumer
Healthcare business in the consolidated financial statements, including the retained 13.5% and net of the amount attributable to
the non-controlling interest, was approximately \u00a311\u00a0billion at the end of June. GSK\u2019s \u00a36.3\u00a0billion share of the shareholder loans made
in Q1 2022 in advance of the pre-separation dividends was eliminated in the consolidated financial statements. The assets
distributed were reduced by Consumer Healthcare transactions up to 18 July that principally included pre-separation dividends
declared and settled after the end of Q2 2022 and before 18 July 2022. Those dividends included: \u00a310.4\u00a0billion (\u00a37.1\u00a0billion
attributable to GSK) of dividends funded by Consumer Healthcare debt that was partially on-lent during Q1 2022 and dividends of
\u00a30.6\u00a0billion (\u00a30.4\u00a0billion attributable to GSK) from available cash balances.
The fair value of the 54.5% ownership of the Consumer Healthcare business distributed was \u00a315.5\u00a0billion. This was measured by
reference to the quoted average Haleon share price over the first five days of trading, this being a fair value measured with
observable inputs which was considered to be representative of the fair value at the distribution date. A gain on distribution of this
fair value less book value of the attributable net assets of the Consumer Healthcare business of \u00a37.7\u00a0billion was recorded in the
income statement in 2022. There was an additional gain of \u00a32.4\u00a0billion to remeasure the retained 13.5% from its book value to fair
value of \u00a33.9\u00a0billion using the same fair value methodology as used for the distributed shares. The gain on distribution and on
remeasurement of the retained stake upon demerger was presented as part of discontinued operations. Any future gains or losses
on the retained stake in Haleon will be recognised in continuing operations. In addition, there was a reclassification of the Group\u2019s
share of cumulative exchange differences arising on translation of the foreign currency net assets of the divested subsidiaries and
offsetting net investment hedges from reserves into the income statement of \u00a30.6\u00a0billion. The total gain on demerger of Consumer
Healthcare was \u00a310.1\u00a0billion. These transactions were presented in profit from discontinued operations in 2022.
2022
\u00a3m
Fair value of the Consumer Healthcare business distributed (54.5%)
15,526
Fair value of the retained ownership in Haleon plc (13.5%)
3,853
Total fair value
19,379
Carrying amount of the net assets and liabilities distributed/de-recognised
(12,887)
Carrying amount of the non-controlling interest de-recognised
3,038
Gain on demerger before exchange movements and transaction costs
9,530
Reclassification of exchange movements and net investment hedge movements on disposal of overseas subsidiaries
554
Total gain on the demerger of Consumer Healthcare
10,084
Consumer Healthcare was presented as a discontinued operation as at 30 June 2022 and disclosed as such in the interim financial
statements. The Consolidated Income Statement and Consolidated Cash Flow Statement distinguish discontinued operations from
continuing operations. Comparative figures have been restated on a consistent basis. Financial information relating to the
operations of Consumer Healthcare for the period is set out on the following page and includes financial information until 18 July
2022.
This financial information differs both in purpose and basis of preparation from the Historical Financial Information and the Interim
Financial Information included in the Haleon prospectus and from that which was published by Haleon on 2 March 2023. As a
result, whilst the two sets of financial information are similar, they are not the same because of certain differences in accounting and
disclosure under IFRS.
Total results
2022
\u00a3m
2021
\u00a3m
Turnover
5,581
9,418
Expense
(4,730)
(7,575)
Profit before tax
851
1,843
Taxation
(235)
(263)
Tax rate %
27.6%
14.3%
(Loss)/profit after taxation from discontinued operations: Consumer Healthcare
616
1,580
Other gains/(losses) on demerger
2,433
\u2013
Remeasurement of discontinued operations distributed to shareholders on demerger
7,651
\u2013
Profit after taxation on demerger of discontinued operations
10,700
1,580
Non-controlling interest in discontinued operations
205
511
Earnings attributable to shareholders from discontinued operations
10,495
1,069
Earnings per share from discontinued operations
260.6p
26.7p
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-840": { "value": "
44. Financial instruments and related disclosures
The objective of GSK\u2019s Treasury activities is to minimise the net
cost of financial operations and reduce its volatility to benefit
earnings and cash flows. GSK uses a variety of financial
instruments to finance its operations and derivative financial
instruments to manage market risks from these operations.
Derivatives principally comprise foreign exchange forward
contracts and swaps which are used to swap borrowings and
liquid assets into currencies required for Group purposes as well
as interest rate swaps which are used to manage exposure to
financial risks from changes in interest rates. These financial
instruments reduce the uncertainty of foreign currency
transactions and interest payments.
Derivatives are used exclusively for hedging purposes in relation
to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK\u2019s financial strategy supports the Group\u2019s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of \u00a315
billion (see Note 30, \u2018Net debt\u2019) and total equity, including items
related to non-controlling interests, of \u00a313 billion (see
\u2018Consolidated statement of changes in equity\u2019 on page 182).
Total capital, including that provided by non-controlling
interests, is \u00a328\u00a0billion.
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group\u2019s long-term credit
rating with Standard & Poor\u2019s is A (stable outlook) and with
Moody\u2019s Investor Services (\u2018Moody\u2019s\u2019) is A2 (stable outlook). The
Group\u2019s short-term credit ratings are A-1 and P-1 with Standard
& Poor\u2019s and Moody\u2019s respectively.
Liquidity risk management
GSK\u2019s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31\u00a0December 2023, GSK had \u00a32.8 billion of borrowings
repayable within one year and held \u00a33.0\u00a0billion of cash and
cash equivalents and liquid investments of which \u00a32.2 billion
was held centrally.
GSK has access to short-term finance under a $10\u00a0billion
(\u00a37.8\u00a0billion) US commercial paper programme; $850\u00a0million
(\u00a3667\u00a0million) was in issue at 31\u00a0December 2023 (2022:
$900\u00a0million (\u00a3748\u00a0million)). GSK has access to short-term
finance under a \u00a35\u00a0billion Euro commercial paper programme;
\u20ac170\u00a0million (\u00a3148\u00a0million) was in issue at 31\u00a0December 2023
(2022: \u20ac500\u00a0million (\u00a3443\u00a0million)). GSK has a\u00a0 \u00a31.6\u00a0billion three-
year and a $2.2\u00a0billion (\u00a31.7\u00a0billion) 364 day committed facility.
These committed facilities were undrawn at 31\u00a0December 2023.
GSK considers this level of committed facilities to be adequate,
given current liquidity requirements.
GSK has a \u00a320\u00a0billion Euro Medium Term Note programme and
at 31\u00a0December 2023, \u00a39.2\u00a0billion of notes were in issue under
this programme. The Group also had $8.4\u00a0billion (\u00a36.6\u00a0billion) of
notes in issue at 31\u00a0December 2023 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2024
and 2045.
The put option owned by Pfizer in ViiV Healthcare is exercisable.
In reviewing liquidity requirements GSK considers that sufficient
financing options are available should the put option be
exercised.
Market risk
Interest rate risk management
GSK\u2019s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group\u2019s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group\u2019s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
Foreign exchange risk management
The Group\u2019s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK\u2019s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group\u2019s investment in overseas assets (see \u2018Net
investment hedges\u2019 section of this note for further details).
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31\u00a0December
2023 to be \u00a39,528 million (31\u00a0December 2022: \u00a310,180 million)
which is the total of the Group\u2019s financial assets with the
exception of \u2019Other investments\u2019 (comprising equity
investments) which bear equity risk rather than credit risk. See
page 247 for details on the Group\u2019s total financial assets. At
31\u00a0December 2023, GSK\u2019s greatest concentration of credit risk
was \u00a31.2 billion with a wholesaler in the US (2022: \u00a31.1 billion with
a wholesaler in the US). See page 245 for further information on
the Group\u2019s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current reporting
period in assessing the loss allowance for financial assets at
amortised cost or at FVTOCI since the adoption of IFRS 9 at the
start of the 2018 reporting period.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK\u2019s banking
and investment counterparties based on long-term credit
ratings from Moody\u2019s and Standard & Poor\u2019s. Usage of these
limits is actively monitored.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK\u2019s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under ISDA
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 255 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
At 31\u00a0December 2023, \u00a344 million (2022: \u00a360 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: \u00a318\u00a0million in Saudi Arabia with Saudi British Bank; \u00a315\u00a0million with Halk Bank in the UK; \u00a37 million in
Nigeria held with United Bank for Africa, Zenith Bank, Access Bank and Stanbic IBTC Bank; \u00a32 million in Brazil held with Banco
Bradesco, Itau UniBanco, Banco Do Brasil and Caixa Economica Federal; and \u00a31\u00a0million with Banco De La Produccion in Ecuador.
Of the \u00a355\u00a0million of bank balances and deposits held with BBB/Baa rated counterparties, \u00a33.4\u00a0million was held with BBB-/Baa3
rated counterparties, including balances or deposits of \u00a32.6\u00a0million with State Bank of India in India. These banks are used for local
investment purposes.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2023.
Credit ratings are assigned by Standard & Poor\u2019s and Moody\u2019s respectively. Where the opinions of the two rating agencies differ,
GSK assigns the lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the
ratings are converted to global ratings equivalent to those of Standard & Poor\u2019s or Moody\u2019s using published conversion tables.
These credit ratings form the basis of the assessment of the expected credit loss on Treasury-related balances held at amortised
cost being bank balances and deposits and Government securities.
2023
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
28
1,815
55
44
1,942
US Treasury and Treasury repo only money market funds
155
\u2013
\u2013
\u2013
\u2013
155
Liquidity funds
839
\u2013
\u2013
\u2013
\u2013
839
Government securities
\u2013
42
\u2013
\u2013
\u2013
42
Third party financial derivatives
\u2013
\u2013
130
\u2013
\u2013
130
Total
994
70
1,945
55
44
3,108
2022
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
\u2013
1,215
49
60
1,324
US Treasury and Treasury repo only money market funds
146
\u2013
\u2013
\u2013
\u2013
146
Liquidity funds
2,253
\u2013
\u2013
\u2013
\u2013
2,253
Government securities
\u2013
67
\u2013
\u2013
\u2013
67
Third party financial derivatives
\u2013
\u2013
188
\u2013
\u2013
188
Total
2,399
67
1,403
49
60
3,978
GSK\u2019s centrally managed cash reserves amounted to \u00a32.2\u00a0billion
at 31\u00a0December 2023, all available within three months. This
includes \u00a32.0\u00a0billion of cash managed by the Group for ViiV
Healthcare, a 78.3% owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group\u2019s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2022:79%) of the sales of the US
Commercial Operations business in 2023.
At 31\u00a0December 2023, the Group had trade receivables due
from these three wholesalers totalling \u00a33,319 million or 56% of
total trade receivables (2022: \u00a33,001 million or 55%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group\u2019s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6 'Turnover and segment information'.
GSK\u2019s assessment is that there is limited credit risk associated
with these customers.
The Group\u2019s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and Standard & Poor\u2019s credit ratings, development
of GSK internal risk ratings, and establishment and periodic
review of credit limits.
All new customers are subject to a credit vetting process and
existing customers will be subject to a review at least annually.
The vetting process and subsequent reviews involve obtaining
information including the customer\u2019s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody\u2019s, Standard & Poor\u2019s)
reports, payment performance history (from trade references,
industry credit groups) and bank references.
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer\u2019s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 26, \u2018Trade and other receivables\u2019).
Credit enhancements
The Group uses credit enhancements including factoring and
credit insurance to minimise the credit risk of the trade
receivables in the Group. At 31\u00a0December 2023, \u00a3421 million
(2022: \u00a3332 million) of trade receivables were insured in order
to protect the receivables from loss due to credit risks such as
default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 247 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2023 and
31\u00a0December 2022.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, foreign exchange forward contracts,
swaps and options \u2013 based on the present value of
contractual cash \ufb02ows or option valuation models using
market sourced data (exchange rates or interest rates) at the
balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present values of expected future
cash flows.
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, including put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments.
2023
2022
Notes
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
9
9
21
21
Trade and other receivables
b
3,829
3,829
3,789
3,789
Liquid investments
42
42
67
67
Cash and cash equivalents
1,942
1,942
1,324
1,324
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
931
931
1,153
1,153
Trade and other receivables
a,b
2,541
2,541
2,327
2,327
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
2,410
2,410
4,401
4,401
Other non-current assets
a,b
18
18
13
13
Trade and other receivables
a,b
23
23
50
50
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
98
98
165
165
Cash and cash equivalents
a
994
994
2,399
2,399
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
32
32
25
25
Total financial assets
12,869
12,869
15,734
15,734
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,348)
(5,233)
(6,322)
(6,035)
\u2013\u00a0 other bonds
(10,456)
(10,762)
(12,017)
(11,930)
\u2013\u00a0 bank loans and overdrafts
(191)
(191)
(447)
(447)
\u2013\u00a0 commercial paper in a designated hedging relationship
(148)
(148)
(443)
(443)
\u2013\u00a0 other commercial paper
(667)
(667)
(748)
(748)
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,811)
(17,002)
(19,979)
(19,605)
Trade and other payables
c
(13,383)
(13,383)
(14,065)
(14,065)
Other provisions
c
(199)
(199)
(63)
(63)
Other non-current liabilities
c
(54)
(54)
(84)
(84)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(6,662)
(6,662)
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(78)
(78)
(77)
(77)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(36)
(36)
(106)
(106)
Total financial liabilities excluding lease liabilities
(37,223)
(37,414)
(41,442)
(41,068)
Net financial assets and financial liabilities excluding lease liabilities
(24,354)
(24,545)
(25,708)
(25,334)
The valuation methodology used to measure fair value in the above table is described and categorised on page 246.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 249 to 250.
Fair value of investments in GSK shares
At 31\u00a0December 2023, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying value of \u00a3288 million
(2022: \u00a3354 million) and a market value of \u00a3853 million (2022: \u00a3861 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2023, the carrying value,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2023, GSK held Treasury shares at a cost of \u00a33,447 million (2022: \u00a33,797 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2023
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
741
\u2013
190
931
Trade and other receivables
\u2013
2,541
\u2013
2,541
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
2,204
\u2013
206
2,410
Other non-current assets
\u2013
\u2013
18
18
Trade and other receivables
\u2013
23
\u2013
23
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
98
\u2013
98
Cash and cash equivalents
994
\u2013
\u2013
994
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
32
\u2013
32
3,939
2,694
414
7,047
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(78)
\u2013
(78)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(36)
\u2013
(36)
\u2013
(114)
(6,662)
(6,776)
At 31\u00a0December 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
823
\u2013
330
1,153
Trade and other receivables
\u2013
2,327
\u2013
2,327
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
4,087
\u2013
314
4,401
Other non-current assets
\u2013
\u2013
13
13
Trade and other receivables
\u2013
50
\u2013
50
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
165
\u2013
165
Cash and cash equivalents
2,399
\u2013
\u2013
2,399
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
25
\u2013
25
7,309
2,567
657
10,533
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(77)
\u2013
(77)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(106)
\u2013
(106)
\u2013
(183)
(7,068)
(7,251)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2023
\u00a3m
2022
\u00a3m
At 1 January
(6,411)
(5,657)
Exchange adjustments
\u2013
46
Net losses recognised in the income statement
(863)
(1,627)
Net (losses)/ gains recognised in other comprehensive income
(142)
91
Contingent consideration related to business acquisitions in the period
\u2013
(482)
Settlement of contingent consideration liabilities
1,145
1,137
Additions
57
97
Disposals and settlements
(25)
(16)
Transfers from Level 3
(9)
\u2013
At 31 December
(6,248)
(6,411)
Of the total net losses of \u00a3863 million (2022: \u00a31,627 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3857 million (2022: \u00a31,623 million) were in respect of financial instruments which were held at the end of the year
and were reported in Other operating income/expense. Charges of \u00a3934\u00a0million (2022: \u00a31,431\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
gain of \u00a3210\u00a0million (2022: \u00a3231 million loss) arose from remeasurement of the contingent consideration payable for the acquisition
of the Novartis Vaccines business. The acquisition of Affinivax in 2022 resulted in the additon of \u00a3482\u00a0million of contingent
consideration to Level 3 financial liabilities, with charges of \u00a344\u00a0million (2022: \u00a317\u00a0million) arising on the remeasurement of the
contingent consideration liability for the year. There were transfers of \u00a39\u00a0million out of Level 3 financial instruments in the year (2022:\u00a0
no transfers into or out of Level 3 financial instruments). Movements arising on the translation of overseas net assets for
consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses include the impact of other
exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December included \u00a35,718\u00a0million (2022: \u00a35,890\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3424\u00a0million (2022: \u00a3673\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. As a result of the acquisition of Affinivax in 2022, contingent consideration payable of \u00a3516\u00a0million (2022:
\u00a3501 million) is recognised at 31 December. This consideration is expected to be paid over a number of years and will vary in line
with the achievement of certain development milestones and movements in the USD/GBP exchange rate. Sensitivity analysis on
these balances is provided in Note 33, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, pension surplus balances and prepayments, which are outside the scope of IFRS 9.
2023
2022
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 26)
23
2,541
3,829
6,393
992
7,385
50
2,327
3,789
6,166
887
7,053
Other non-current assets
\u00a0 (Note 24)
18
\u2013
9
27
1,557
1,584
13
\u2013
21
34
1,160
1,194
41
2,541
3,838
6,420
2,549
8,969
63
2,327
3,810
6,200
2,047
8,247
Trade and other receivables include trade receivables of \u00a35,905\u00a0million (2022: \u00a35,452\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a323 million (2022: \u00a350 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,541 million (2022: \u00a32,327 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,341 million
(2022: \u00a33,075 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2023
2022
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 29)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
\u2013
(14,065)
(14,065)
(2,198)
(16,263)
Other provisions
\u00a0 (Note 32)
\u2013
(199)
(199)
(1,040)
(1,239)
\u2013
(63)
(63)
(1,121)
(1,184)
Contingent consideration
\u00a0 liabilities (Note 33)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
(7,068)
\u2013
(7,068)
\u2013
(7,068)
Other non-current liabilities\u00a0
(Note 34)
\u2013
(54)
(54)
(1,053)
(1,107)
\u2013
(84)
(84)
(815)
(899)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(7,068)
(14,212)
(21,280)
(4,134)
(25,414)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are classified as \u2018held for trading\u2019,
other than designated and effective hedging instruments, and are presented as current assets or liabilities if they are expected to be
settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2023
Fair value
2022
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3175\u00a0million (2022: \u00a3167\u00a0million))
\u2013
(2)
5
\u2013
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a312,339\u00a0million (2022: \u00a37,197\u00a0million))
32
(34)
20
(106)
Derivatives designated and effective as hedging instruments
32
(36)
25
(106)
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a310,375\u00a0million (2022: \u00a35,908\u00a0million))
98
(78)
163
(76)
Embedded and other derivatives
\u2013
\u2013
2
(1)
Derivatives classified as held for trading
98
(78)
165
(77)
Total derivative instruments
130
(114)
190
(183)
Fair value hedges
At 31\u00a0December 2023 and 31\u00a0December 2022, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2023, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD) and Japanese (JPY) foreign operations as shown in the table below.
The carrying value of bonds on page 247 included \u00a35,348\u00a0million (2022: \u00a36,322\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2022 and 2023, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Foreign exchange derivative financial assets and liabilities are presented in the line \u2018Derivative financial
instruments\u2019 (either as assets or liabilities) on the Consolidated balance sheet. The following tables detail the foreign exchange
forward contracts and swaps outstanding at the end of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. No other sources of ineffectiveness emerged from these hedging
relationships. No ineffectiveness was recorded from cash flow hedges in 2023 (2022: \u00a3nil). No ineffectiveness was recorded from net
investment hedges (2022: \u00a3nil).
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net Notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months
1.27
USD
145
(1)
(1)
3 to 6 months
\u2013
\u2013
\u2013
\u2013
\u2013
Over 6 months
1.25
USD
35
(1)
(1)
Sell foreign currency:
Less than 3 months
1.16
EUR
(5)
\u2013
\u2013
175
(2)
(2)
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.15
EUR
9,146
(12)
126
181.42
JPY
133
(1)
28
1.27
USD
2,633
8
97
Over 6 months
1.67
CAD
260
2
10
1.66
SGD
167
1
7
Borrowings:
Less than 3 months
EUR
148
(148)
12
3 to 6 months
\u2013
\u2013
\u2013
\u2013
Over 6 months
JPY
236
(235)
(3)
EUR
5,127
(5,113)
125
17,850
(5,498)
402
2023
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Cash flow hedges
Variability in cash flows from a highly probable forecast
\u00a0 transaction
2
(2)
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
2022
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months
1.23
USD
100
2
2
3 to 6 months
1.16
EUR
50
2
2
Over 6 months
1.15
EUR
24
1
1
Sell foreign currency:
Less than 3 months
1.14
EUR
(7)
\u2013
\u2013
167
5
5
2022
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.14
EUR
6,559
(103)
(317)
160.90
JPY
194
(3)
(9)
3 to 6 months
\u2013
\u2013
\u2013
\u2013
\u2013
Over 6 months
1.57
CAD
270
18
15
1.59
SGD
174
2
1
Borrowings:
Less than 3 months
EUR
293
(293)
(4)
3 to 6 months
EUR
150
(150)
(3)
Over 6 months
EUR
6,341
(6,322)
(300)
13,981
(6,851)
(617)
2022
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Cash flow hedges
Variability in cash flows from a highly probable forecast
\u00a0 transaction
(2)
2
\u2013
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
(3)
2
\u2013
Net investment hedges
\u2013
Net investment in foreign operations
617
(1,120)
\u2013
\u00a3nil (2022: \u00a33 million) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2023
Amount reclassified to profit or loss
Amount reclassified to balance sheet
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges
Variability in cash flows from a
highly probable forecast
transaction
(41)
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
37
Intangible
assets
Variability in cash flows from
foreign exchange exposure
arising on Euro denominated
coupon payments relating to
debt issued
(1)
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
\u2013
\u2013
Net investment hedges
Net investment in foreign
operations
402
\u2013
Finance
income or
expense
\u2013
7
Other
income or
expense
\u2013
\u2013
2022
Amount reclassified to profit or loss
Amount reclassified to balance sheet
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges
Variability in cash flows from
a highly probable forecast
transaction
(5)
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
8
Intangible
assets
Variability in cash flows from
foreign exchange exposure
arising on Euro denominated
coupon payments relating to
debt issued
4
\u2013
Finance
income or
expense
\u2013
(2)
Finance
income or
expense
\u2013
\u2013
Net investment hedges
Net investment in foreign
operations
(617)
\u2013
Finance
income or
expense
\u2013
194
Discontinued
Operations (1)
\u2013
\u2013
(1) Reclassified to the Consolidated income statement on the demerger of the Consumer Healthcare business.
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
There are none of these swaps outstanding at 31\u00a0December 2023 or at 31\u00a0December 2022.
The only impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the Cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the Consolidated balance sheet.
\u00a321 million (2022: \u00a324 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge
accounting is no longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2023
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2022
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past
(23)
\u2013
Finance
income or
expense
\u2013
3
Finance
income or
expense
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31\u00a0December 2023 and 31\u00a0December 2022. The column \u2018Net amount\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2023
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets set off
\u00a3m
Net financial
assets/
(liabilities) per
balance sheet
\u00a3m
Related
amounts not
set off in the
balance sheet
\u00a3m
Net
\u00a3m
Financial assets
Trade and other receivables
6,394
(1)
6,393
\u2013
6,393
Derivative financial instruments
130
\u2013
130
(108)
22
Financial liabilities
Trade and other payables
(13,384)
1
(13,383)
\u2013
(13,383)
Derivative financial instruments
(114)
\u2013
(114)
108
(6)
31\u00a0December 2022
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
Financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities)
\u00a3m
Related
amounts not
offset
\u00a3m
Net
balance
\u00a3m
Financial assets
Trade and other receivables
6,166
\u2013
6,166
\u2013
6,166
Derivative financial instruments
190
\u2013
190
(163)
27
Financial liabilities
Trade and other payables
(14,065)
\u2013
(14,065)
\u2013
(14,065)
Derivative financial instruments
(183)
\u2013
(183)
163
(20)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA (International Swaps and Derivatives Association) agreements where each
party has the option to settle amounts on a net basis in the event of default of the other party. As there is presently not a legally
enforceable right of offset, these amounts have not been offset in the balance sheet, but have been presented separately in the
table above.
(f) Debt interest rate repricing table
The following table sets out the exposure of the Group to interest rates on debt, including commercial paper. The maturity analysis
of fixed rate debt is stated by contractual maturity and of floating rate debt by interest rate repricing dates. For the purpose of this
table, debt is defined as all classes of borrowings other than lease liabilities.
2023
2022
Total
debt
\u00a3m
Total
\u00a3m
Floating and fixed rate debt less than one year
(2,657)
(3,785)
Between one and two years
(1,434)
(1,714)
Between two and three years
(1,475)
(1,490)
Between three and four years
(740)
(1,505)
Between four and five years
(2,350)
(748)
Between five and ten years
(3,031)
(4,736)
Greater than ten years
(5,124)
(6,001)
Total
(16,811)
(19,979)
Original issuance profile:
Fixed rate interest
(15,847)
(18,355)
Floating rate interest
(964)
(1,624)
(16,811)
(19,979)
(g) Sensitivity analysis
The tables below illustrate the estimated impact on the income statement and equity as a result of hypothetical market movements
in foreign exchange and interest rates in relation to the Group\u2019s financial instruments. The range of variables chosen for the
sensitivity analysis reflects management\u2019s view of changes which are reasonably possible over a one-year period.
Foreign exchange sensitivity
The Group operates internationally and is primarily exposed to foreign exchange risk in relation to Sterling against movements in US
Dollar, Euro and Japanese Yen. Foreign exchange risk arises from the translation of financial assets and liabilities which are not in
the functional currency of the entity that holds them. Based on the Group\u2019s net financial assets and liabilities as at 31 December, a
weakening and strengthening of Sterling against these currencies, with all other variables held constant, is illustrated in the tables
below. The tables exclude financial instruments that expose the Group to foreign exchange risk where this risk is fully hedged with
another financial instrument.
2023
2022
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
\u00a3m
Increase/(decrease) in
income
\u00a3m
10 cent appreciation of the US Dollar
61
99
15 cent appreciation of the US Dollar
97
155
10 cent appreciation of the Euro
(4)
(7)
15 cent appreciation of the Euro
(7)
(12)
10 yen appreciation of the Yen
\u2013
\u2013
15 yen appreciation of the Yen
\u2013
(1)
2023
2022
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
\u00a3m
Increase/(decrease) in
income
\u00a3m
10 cent depreciation of the US Dollar
(52)
(84)
15 cent depreciation of the US Dollar
(76)
(121)
10 cent depreciation of the Euro
4
6
15 cent depreciation of the Euro
5
9
10 yen depreciation of the Yen
\u2013
\u2013
15 yen depreciation of the Yen
\u2013
\u2013
The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments
hedging the Group\u2019s net investments in its European (Euro) foreign operations and cash flow hedges of its foreign exchange
exposure arising on Euro denominated coupon payments relating to notes issued under the Group\u2019s European Medium Term
Note programme.
2023
2022
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
\u00a3m
Increase/(decrease)
in equity
\u00a3m
10 cent appreciation of the US Dollar
(209)
\u2013
15 cent appreciation of the US Dollar
(327)
\u2013
10 cent appreciation of the Euro
(1,372)
(1,290)
15 cent appreciation in Euro
(2,160)
(2,034)
2023
2022
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
\u00a3m
Increase/(decrease)
in equity
\u00a3m
10 cent depreciation of the US Dollar
178
\u2013
15 cent depreciation of the US Dollar
258
\u2013
10 cent depreciation of the Euro
1,152
1,080
15 cent depreciation of the Euro
1,662
1,557
The tables below present the Group\u2019s sensitivity to a weakening and strengthening of Sterling against the relevant currency based
on the composition of net debt as shown in Note 30, 'Net debt', adjusted for the effects of foreign exchange derivatives that are not
part of net debt but affect future foreign currency cash flows.
2023
2022
Impact of foreign exchange movements on net debt
(Increase)/decrease
in net debt
\u00a3m
(Increase)/decrease
in net debt
\u00a3m
10 cent appreciation of the US Dollar
(622)
(999)
15\u00a0 cent appreciation of the US Dollar
(974)
(1,570)
10 cent appreciation of the Euro
386
11
15 cent appreciation of the Euro
609
17
10 yen appreciation of the Yen
(5)
13
15 yen appreciation of the Yen
(7)
20
2023
2022
Impact of foreign exchange movements on net debt
(Increase)/decrease
in net debt
\u00a3m
(Increase)/decrease
in net debt
\u00a3m
10 cent depreciation of the US Dollar
531
846
15 cent depreciation of the US Dollar
769
1,222
10 cent depreciation of the Euro
(325)
(9)
15 cent depreciation of the Euro
(468)
(13)
10 yen depreciation of the Yen
4
(12)
15 yen depreciation of the Yen
6
(17)
Interest rate sensitivity
The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will
affect future cash flows or the fair values of financial instruments.
The majority of debt is issued at fixed interest rates and changes in the floating rates of interest do not significantly affect the
Group\u2019s net interest charge, although the majority of cash and liquid investments earn floating rates of interest.
The table below hypothetically shows the Group\u2019s sensitivity to changes in interest rates in relation to Sterling, US Dollar and Euro
floating rate financial assets and liabilities. A 1% (100 basis points) or 1.5% (150 basis points) movement in EUR, USD or Sterling
interest rates is not deemed to have a material effect on equity.\u00a0 A 1% (100 basis points) or 1.5% (150 basis points) decrease in EUR,
USD or Sterling interest rates would have an equal and opposite impact to that shown below.
2023
2022
Income statement impact of interest rate movements
Increase/(decrease)
in income
\u00a3m
Increase/(decrease)
in income
\u00a3m
1% (100 basis points) increase in Sterling interest rates
41
36
1.5% (150 basis points) increase in Sterling interest rates
62
55
1% (100 basis points) increase in US Dollar interest rates
(34)
(34)
1.5% (150 basis points) increase in US Dollar interest rates
(51)
(51)
1% (100 basis points) increase in Euro interest rates
(9)
(13)
1.5% (150 basis points) increase in Euro interest rates
(13)
(19)
(h) Contractual cash flows for non-derivative financial liabilities and derivative instruments
The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group\u2019s non-
derivative financial liabilities on an undiscounted basis. For the purpose of this table, debt is defined as all classes of borrowings
except for lease liabilities. Interest is calculated based on debt held at 31 December without taking account of future issuance.
Floating rate interest is estimated using the prevailing interest rate at the balance sheet date. Cash flows in foreign currencies are
translated using spot rates at 31 December.
At 31\u00a0December 2023
Debt
\u00a3m
Interest
on debt
\u00a3m
Lease
liabilities
\u00a3m
Finance
charge
on lease
liabilities
\u00a3m
Trade payables
and other
liabilities not
in net debt
\u00a3m
Total
\u00a3m
Due in less than one year
(2,660)
(547)
(156)
(41)
(14,526)
\u2013
(17,930)
Between one and two years
(1,436)
(507)
(214)
(36)
(1,469)
\u2013
(3,662)
Between two and three years
(1,477)
(466)
(134)
(31)
(1,150)
\u2013
(3,258)
Between three and four years
(742)
(449)
(114)
(27)
(1,406)
\u2013
(2,738)
Between four and five years
(2,359)
(399)
(88)
(23)
(940)
\u2013
(3,809)
Between five and ten years
(3,054)
(1,611)
(325)
(75)
(2,037)
\u2013
(7,102)
Greater than ten years
(5,172)
(1,467)
(176)
(21)
(1,043)
\u2013
(7,879)
Gross contractual cash flows
(16,900)
(5,446)
(1,207)
(254)
(22,571)
\u2013
(46,378)
At 31\u00a0December 2022
Debt
\u00a3m
Interest
on debt
\u00a3m
Lease
liabilities
\u00a3m
Finance
charge
on lease
liabilities
\u00a3m
Trade payables
and other
liabilities not
in net debt
\u00a3m
Total
\u00a3m
Due in less than one year
(3,786)
(594)
(167)
(25)
(15,362)
(19,934)
Between one and two years
(1,717)
(570)
(201)
(22)
(1,097)
(3,607)
Between two and three years
(1,496)
(531)
(127)
(19)
(1,034)
(3,207)
Between three and four years
(1,508)
(489)
(97)
(15)
(1,277)
(3,386)
Between four and five years
(751)
(472)
(80)
(13)
(1,008)
(2,324)
Between five and ten years
(4,765)
(1,810)
(201)
(41)
(2,641)
(9,458)
Greater than ten years
(6,063)
(1,856)
(135)
(11)
(1,134)
(9,199)
Gross contractual cash flows
(20,086)
(6,322)
(1,008)
(146)
(23,553)
(51,115)
The table below provides an analysis of the anticipated contractual cash flows for the Group\u2019s derivative instruments excluding
equity options which do not give rise to cash flows, and other embedded derivatives, which are not material, using undiscounted
cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign
exchange contracts are presented for the purpose of this table although, in practice, the Group uses standard settlement
arrangements to reduce its liquidity requirements on these instruments.
2023
2022
Gross cash inflows
Gross cash outflows
Gross cash inflows
Gross cash outflows
Foreign exchange forward
contracts and swaps
\u00a3m
Foreign exchange forward
contracts and swaps
\u00a3m
Foreign exchange forward
contracts and swaps
\u00a3m
Foreign exchange forward
contracts and swaps
\u00a3m
Less than one year
31,961
(31,944)
24,418
(24,410)
Gross contractual cash flows
31,961
(31,944)
24,418
(24,410)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-841": { "value": "
The objective of GSK\u2019s Treasury activities is to minimise the net
cost of financial operations and reduce its volatility to benefit
earnings and cash flows. GSK uses a variety of financial
instruments to finance its operations and derivative financial
instruments to manage market risks from these operations.
Derivatives principally comprise foreign exchange forward
contracts and swaps which are used to swap borrowings and
liquid assets into currencies required for Group purposes as well
as interest rate swaps which are used to manage exposure to
financial risks from changes in interest rates. These financial
instruments reduce the uncertainty of foreign currency
transactions and interest payments.
Derivatives are used exclusively for hedging purposes in relation
to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK\u2019s financial strategy supports the Group\u2019s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of \u00a315
billion (see Note 30, \u2018Net debt\u2019) and total equity, including items
related to non-controlling interests, of \u00a313 billion (see
\u2018Consolidated statement of changes in equity\u2019 on page 182).
Total capital, including that provided by non-controlling
interests, is \u00a328\u00a0billion.
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group\u2019s long-term credit
rating with Standard & Poor\u2019s is A (stable outlook) and with
Moody\u2019s Investor Services (\u2018Moody\u2019s\u2019) is A2 (stable outlook). The
Group\u2019s short-term credit ratings are A-1 and P-1 with Standard
& Poor\u2019s and Moody\u2019s respectively.
Liquidity risk management
GSK\u2019s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31\u00a0December 2023, GSK had \u00a32.8 billion of borrowings
repayable within one year and held \u00a33.0\u00a0billion of cash and
cash equivalents and liquid investments of which \u00a32.2 billion
was held centrally.
GSK has access to short-term finance under a $10\u00a0billion
(\u00a37.8\u00a0billion) US commercial paper programme; $850\u00a0million
(\u00a3667\u00a0million) was in issue at 31\u00a0December 2023 (2022:
$900\u00a0million (\u00a3748\u00a0million)). GSK has access to short-term
finance under a \u00a35\u00a0billion Euro commercial paper programme;
\u20ac170\u00a0million (\u00a3148\u00a0million) was in issue at 31\u00a0December 2023
(2022: \u20ac500\u00a0million (\u00a3443\u00a0million)). GSK has a\u00a0 \u00a31.6\u00a0billion three-
year and a $2.2\u00a0billion (\u00a31.7\u00a0billion) 364 day committed facility.
These committed facilities were undrawn at 31\u00a0December 2023.
GSK considers this level of committed facilities to be adequate,
given current liquidity requirements.
GSK has a \u00a320\u00a0billion Euro Medium Term Note programme and
at 31\u00a0December 2023, \u00a39.2\u00a0billion of notes were in issue under
this programme. The Group also had $8.4\u00a0billion (\u00a36.6\u00a0billion) of
notes in issue at 31\u00a0December 2023 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2024
and 2045.
The put option owned by Pfizer in ViiV Healthcare is exercisable.
In reviewing liquidity requirements GSK considers that sufficient
financing options are available should the put option be
exercised.
Market risk
Interest rate risk management
GSK\u2019s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group\u2019s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group\u2019s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
Foreign exchange risk management
The Group\u2019s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK\u2019s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group\u2019s investment in overseas assets (see \u2018Net
investment hedges\u2019 section of this note for further details).
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31\u00a0December
2023 to be \u00a39,528 million (31\u00a0December 2022: \u00a310,180 million)
which is the total of the Group\u2019s financial assets with the
exception of \u2019Other investments\u2019 (comprising equity
investments) which bear equity risk rather than credit risk. See
page 247 for details on the Group\u2019s total financial assets. At
31\u00a0December 2023, GSK\u2019s greatest concentration of credit risk
was \u00a31.2 billion with a wholesaler in the US (2022: \u00a31.1 billion with
a wholesaler in the US). See page 245 for further information on
the Group\u2019s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current reporting
period in assessing the loss allowance for financial assets at
amortised cost or at FVTOCI since the adoption of IFRS 9 at the
start of the 2018 reporting period.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK\u2019s banking
and investment counterparties based on long-term credit
ratings from Moody\u2019s and Standard & Poor\u2019s. Usage of these
limits is actively monitored.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK\u2019s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under ISDA
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 255 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
At 31\u00a0December 2023, \u00a344 million (2022: \u00a360 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: \u00a318\u00a0million in Saudi Arabia with Saudi British Bank; \u00a315\u00a0million with Halk Bank in the UK; \u00a37 million in
Nigeria held with United Bank for Africa, Zenith Bank, Access Bank and Stanbic IBTC Bank; \u00a32 million in Brazil held with Banco
Bradesco, Itau UniBanco, Banco Do Brasil and Caixa Economica Federal; and \u00a31\u00a0million with Banco De La Produccion in Ecuador.
Of the \u00a355\u00a0million of bank balances and deposits held with BBB/Baa rated counterparties, \u00a33.4\u00a0million was held with BBB-/Baa3
rated counterparties, including balances or deposits of \u00a32.6\u00a0million with State Bank of India in India. These banks are used for local
investment purposes.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2023.
Credit ratings are assigned by Standard & Poor\u2019s and Moody\u2019s respectively. Where the opinions of the two rating agencies differ,
GSK assigns the lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the
ratings are converted to global ratings equivalent to those of Standard & Poor\u2019s or Moody\u2019s using published conversion tables.
These credit ratings form the basis of the assessment of the expected credit loss on Treasury-related balances held at amortised
cost being bank balances and deposits and Government securities.
2023
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
28
1,815
55
44
1,942
US Treasury and Treasury repo only money market funds
155
\u2013
\u2013
\u2013
\u2013
155
Liquidity funds
839
\u2013
\u2013
\u2013
\u2013
839
Government securities
\u2013
42
\u2013
\u2013
\u2013
42
Third party financial derivatives
\u2013
\u2013
130
\u2013
\u2013
130
Total
994
70
1,945
55
44
3,108
2022
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
\u2013
1,215
49
60
1,324
US Treasury and Treasury repo only money market funds
146
\u2013
\u2013
\u2013
\u2013
146
Liquidity funds
2,253
\u2013
\u2013
\u2013
\u2013
2,253
Government securities
\u2013
67
\u2013
\u2013
\u2013
67
Third party financial derivatives
\u2013
\u2013
188
\u2013
\u2013
188
Total
2,399
67
1,403
49
60
3,978
GSK\u2019s centrally managed cash reserves amounted to \u00a32.2\u00a0billion
at 31\u00a0December 2023, all available within three months. This
includes \u00a32.0\u00a0billion of cash managed by the Group for ViiV
Healthcare, a 78.3% owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group\u2019s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2022:79%) of the sales of the US
Commercial Operations business in 2023.
At 31\u00a0December 2023, the Group had trade receivables due
from these three wholesalers totalling \u00a33,319 million or 56% of
total trade receivables (2022: \u00a33,001 million or 55%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group\u2019s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6 'Turnover and segment information'.
GSK\u2019s assessment is that there is limited credit risk associated
with these customers.
The Group\u2019s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and Standard & Poor\u2019s credit ratings, development
of GSK internal risk ratings, and establishment and periodic
review of credit limits.
All new customers are subject to a credit vetting process and
existing customers will be subject to a review at least annually.
The vetting process and subsequent reviews involve obtaining
information including the customer\u2019s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody\u2019s, Standard & Poor\u2019s)
reports, payment performance history (from trade references,
industry credit groups) and bank references.
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer\u2019s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 26, \u2018Trade and other receivables\u2019).
Credit enhancements
The Group uses credit enhancements including factoring and
credit insurance to minimise the credit risk of the trade
receivables in the Group. At 31\u00a0December 2023, \u00a3421 million
(2022: \u00a3332 million) of trade receivables were insured in order
to protect the receivables from loss due to credit risks such as
default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-842": { "value": "
Capital management
GSK\u2019s financial strategy supports the Group\u2019s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of \u00a315
billion (see Note 30, \u2018Net debt\u2019) and total equity, including items
related to non-controlling interests, of \u00a313 billion (see
\u2018Consolidated statement of changes in equity\u2019 on page 182).
Total capital, including that provided by non-controlling
interests, is \u00a328\u00a0billion.
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group\u2019s long-term credit
rating with Standard & Poor\u2019s is A (stable outlook) and with
Moody\u2019s Investor Services (\u2018Moody\u2019s\u2019) is A2 (stable outlook). The
Group\u2019s short-term credit ratings are A-1 and P-1 with Standard
& Poor\u2019s and Moody\u2019s respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-843": { "value": "
Liquidity risk management
GSK\u2019s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31\u00a0December 2023, GSK had \u00a32.8 billion of borrowings
repayable within one year and held \u00a33.0\u00a0billion of cash and
cash equivalents and liquid investments of which \u00a32.2 billion
was held centrally.
GSK has access to short-term finance under a $10\u00a0billion
(\u00a37.8\u00a0billion) US commercial paper programme; $850\u00a0million
(\u00a3667\u00a0million) was in issue at 31\u00a0December 2023 (2022:
$900\u00a0million (\u00a3748\u00a0million)). GSK has access to short-term
finance under a \u00a35\u00a0billion Euro commercial paper programme;
\u20ac170\u00a0million (\u00a3148\u00a0million) was in issue at 31\u00a0December 2023
(2022: \u20ac500\u00a0million (\u00a3443\u00a0million)). GSK has a\u00a0 \u00a31.6\u00a0billion three-
year and a $2.2\u00a0billion (\u00a31.7\u00a0billion) 364 day committed facility.
These committed facilities were undrawn at 31\u00a0December 2023.
GSK considers this level of committed facilities to be adequate,
given current liquidity requirements.
GSK has a \u00a320\u00a0billion Euro Medium Term Note programme and
at 31\u00a0December 2023, \u00a39.2\u00a0billion of notes were in issue under
this programme. The Group also had $8.4\u00a0billion (\u00a36.6\u00a0billion) of
notes in issue at 31\u00a0December 2023 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2024
and 2045.
The put option owned by Pfizer in ViiV Healthcare is exercisable.
In reviewing liquidity requirements GSK considers that sufficient
financing options are available should the put option be
exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-844": { "value": "
Market risk
Interest rate risk management
GSK\u2019s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group\u2019s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group\u2019s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
Foreign exchange risk management
The Group\u2019s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK\u2019s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group\u2019s investment in overseas assets (see \u2018Net
investment hedges\u2019 section of this note for further details).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-845": { "value": "
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31\u00a0December
2023 to be \u00a39,528 million (31\u00a0December 2022: \u00a310,180 million)
which is the total of the Group\u2019s financial assets with the
exception of \u2019Other investments\u2019 (comprising equity
investments) which bear equity risk rather than credit risk. See
page 247 for details on the Group\u2019s total financial assets. At
31\u00a0December 2023, GSK\u2019s greatest concentration of credit risk
was \u00a31.2 billion with a wholesaler in the US (2022: \u00a31.1 billion with
a wholesaler in the US). See page 245 for further information on
the Group\u2019s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current reporting
period in assessing the loss allowance for financial assets at
amortised cost or at FVTOCI since the adoption of IFRS 9 at the
start of the 2018 reporting period.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK\u2019s banking
and investment counterparties based on long-term credit
ratings from Moody\u2019s and Standard & Poor\u2019s. Usage of these
limits is actively monitored.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK\u2019s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under ISDA
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 255 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
At 31\u00a0December 2023, \u00a344 million (2022: \u00a360 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: \u00a318\u00a0million in Saudi Arabia with Saudi British Bank; \u00a315\u00a0million with Halk Bank in the UK; \u00a37 million in
Nigeria held with United Bank for Africa, Zenith Bank, Access Bank and Stanbic IBTC Bank; \u00a32 million in Brazil held with Banco
Bradesco, Itau UniBanco, Banco Do Brasil and Caixa Economica Federal; and \u00a31\u00a0million with Banco De La Produccion in Ecuador.
Of the \u00a355\u00a0million of bank balances and deposits held with BBB/Baa rated counterparties, \u00a33.4\u00a0million was held with BBB-/Baa3
rated counterparties, including balances or deposits of \u00a32.6\u00a0million with State Bank of India in India. These banks are used for local
investment purposes.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2023.
Credit ratings are assigned by Standard & Poor\u2019s and Moody\u2019s respectively. Where the opinions of the two rating agencies differ,
GSK assigns the lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the
ratings are converted to global ratings equivalent to those of Standard & Poor\u2019s or Moody\u2019s using published conversion tables.
These credit ratings form the basis of the assessment of the expected credit loss on Treasury-related balances held at amortised
cost being bank balances and deposits and Government securities.
2023
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
28
1,815
55
44
1,942
US Treasury and Treasury repo only money market funds
155
\u2013
\u2013
\u2013
\u2013
155
Liquidity funds
839
\u2013
\u2013
\u2013
\u2013
839
Government securities
\u2013
42
\u2013
\u2013
\u2013
42
Third party financial derivatives
\u2013
\u2013
130
\u2013
\u2013
130
Total
994
70
1,945
55
44
3,108
2022
AAA/Aaa
\u00a3m
AA/Aa
\u00a3m
A/A
\u00a3m
BBB/Baa
\u00a3m
BB+/Ba1
and below
/unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013
\u2013
1,215
49
60
1,324
US Treasury and Treasury repo only money market funds
146
\u2013
\u2013
\u2013
\u2013
146
Liquidity funds
2,253
\u2013
\u2013
\u2013
\u2013
2,253
Government securities
\u2013
67
\u2013
\u2013
\u2013
67
Third party financial derivatives
\u2013
\u2013
188
\u2013
\u2013
188
Total
2,399
67
1,403
49
60
3,978
GSK\u2019s centrally managed cash reserves amounted to \u00a32.2\u00a0billion
at 31\u00a0December 2023, all available within three months. This
includes \u00a32.0\u00a0billion of cash managed by the Group for ViiV
Healthcare, a 78.3% owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group\u2019s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2022:79%) of the sales of the US
Commercial Operations business in 2023.
At 31\u00a0December 2023, the Group had trade receivables due
from these three wholesalers totalling \u00a33,319 million or 56% of
total trade receivables (2022: \u00a33,001 million or 55%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group\u2019s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6 'Turnover and segment information'.
GSK\u2019s assessment is that there is limited credit risk associated
with these customers.
The Group\u2019s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and Standard & Poor\u2019s credit ratings, development
of GSK internal risk ratings, and establishment and periodic
review of credit limits.
All new customers are subject to a credit vetting process and
existing customers will be subject to a review at least annually.
The vetting process and subsequent reviews involve obtaining
information including the customer\u2019s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody\u2019s, Standard & Poor\u2019s)
reports, payment performance history (from trade references,
industry credit groups) and bank references.
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer\u2019s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 26, \u2018Trade and other receivables\u2019).
Credit enhancements
The Group uses credit enhancements including factoring and
credit insurance to minimise the credit risk of the trade
receivables in the Group. At 31\u00a0December 2023, \u00a3421 million
(2022: \u00a3332 million) of trade receivables were insured in order
to protect the receivables from loss due to credit risks such as
default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-848": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 247 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2023 and
31\u00a0December 2022.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, foreign exchange forward contracts,
swaps and options \u2013 based on the present value of
contractual cash \ufb02ows or option valuation models using
market sourced data (exchange rates or interest rates) at the
balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present values of expected future
cash flows.
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, including put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments.
2023
2022
Notes
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
9
9
21
21
Trade and other receivables
b
3,829
3,829
3,789
3,789
Liquid investments
42
42
67
67
Cash and cash equivalents
1,942
1,942
1,324
1,324
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
931
931
1,153
1,153
Trade and other receivables
a,b
2,541
2,541
2,327
2,327
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
2,410
2,410
4,401
4,401
Other non-current assets
a,b
18
18
13
13
Trade and other receivables
a,b
23
23
50
50
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
98
98
165
165
Cash and cash equivalents
a
994
994
2,399
2,399
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
32
32
25
25
Total financial assets
12,869
12,869
15,734
15,734
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,348)
(5,233)
(6,322)
(6,035)
\u2013\u00a0 other bonds
(10,456)
(10,762)
(12,017)
(11,930)
\u2013\u00a0 bank loans and overdrafts
(191)
(191)
(447)
(447)
\u2013\u00a0 commercial paper in a designated hedging relationship
(148)
(148)
(443)
(443)
\u2013\u00a0 other commercial paper
(667)
(667)
(748)
(748)
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,811)
(17,002)
(19,979)
(19,605)
Trade and other payables
c
(13,383)
(13,383)
(14,065)
(14,065)
Other provisions
c
(199)
(199)
(63)
(63)
Other non-current liabilities
c
(54)
(54)
(84)
(84)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(6,662)
(6,662)
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(78)
(78)
(77)
(77)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(36)
(36)
(106)
(106)
Total financial liabilities excluding lease liabilities
(37,223)
(37,414)
(41,442)
(41,068)
Net financial assets and financial liabilities excluding lease liabilities
(24,354)
(24,545)
(25,708)
(25,334)
The valuation methodology used to measure fair value in the above table is described and categorised on page 246.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 249 to 250.
Fair value of investments in GSK shares
At 31\u00a0December 2023, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying value of \u00a3288 million
(2022: \u00a3354 million) and a market value of \u00a3853 million (2022: \u00a3861 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2023, the carrying value,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2023, GSK held Treasury shares at a cost of \u00a33,447 million (2022: \u00a33,797 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2023
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
741
\u2013
190
931
Trade and other receivables
\u2013
2,541
\u2013
2,541
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
2,204
\u2013
206
2,410
Other non-current assets
\u2013
\u2013
18
18
Trade and other receivables
\u2013
23
\u2013
23
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
98
\u2013
98
Cash and cash equivalents
994
\u2013
\u2013
994
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
32
\u2013
32
3,939
2,694
414
7,047
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(78)
\u2013
(78)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(36)
\u2013
(36)
\u2013
(114)
(6,662)
(6,776)
At 31\u00a0December 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
823
\u2013
330
1,153
Trade and other receivables
\u2013
2,327
\u2013
2,327
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
4,087
\u2013
314
4,401
Other non-current assets
\u2013
\u2013
13
13
Trade and other receivables
\u2013
50
\u2013
50
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
165
\u2013
165
Cash and cash equivalents
2,399
\u2013
\u2013
2,399
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
25
\u2013
25
7,309
2,567
657
10,533
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(77)
\u2013
(77)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(106)
\u2013
(106)
\u2013
(183)
(7,068)
(7,251)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2023
\u00a3m
2022
\u00a3m
At 1 January
(6,411)
(5,657)
Exchange adjustments
\u2013
46
Net losses recognised in the income statement
(863)
(1,627)
Net (losses)/ gains recognised in other comprehensive income
(142)
91
Contingent consideration related to business acquisitions in the period
\u2013
(482)
Settlement of contingent consideration liabilities
1,145
1,137
Additions
57
97
Disposals and settlements
(25)
(16)
Transfers from Level 3
(9)
\u2013
At 31 December
(6,248)
(6,411)
Of the total net losses of \u00a3863 million (2022: \u00a31,627 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3857 million (2022: \u00a31,623 million) were in respect of financial instruments which were held at the end of the year
and were reported in Other operating income/expense. Charges of \u00a3934\u00a0million (2022: \u00a31,431\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
gain of \u00a3210\u00a0million (2022: \u00a3231 million loss) arose from remeasurement of the contingent consideration payable for the acquisition
of the Novartis Vaccines business. The acquisition of Affinivax in 2022 resulted in the additon of \u00a3482\u00a0million of contingent
consideration to Level 3 financial liabilities, with charges of \u00a344\u00a0million (2022: \u00a317\u00a0million) arising on the remeasurement of the
contingent consideration liability for the year. There were transfers of \u00a39\u00a0million out of Level 3 financial instruments in the year (2022:\u00a0
no transfers into or out of Level 3 financial instruments). Movements arising on the translation of overseas net assets for
consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses include the impact of other
exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December included \u00a35,718\u00a0million (2022: \u00a35,890\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3424\u00a0million (2022: \u00a3673\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. As a result of the acquisition of Affinivax in 2022, contingent consideration payable of \u00a3516\u00a0million (2022:
\u00a3501 million) is recognised at 31 December. This consideration is expected to be paid over a number of years and will vary in line
with the achievement of certain development milestones and movements in the USD/GBP exchange rate. Sensitivity analysis on
these balances is provided in Note 33, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, pension surplus balances and prepayments, which are outside the scope of IFRS 9.
2023
2022
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 26)
23
2,541
3,829
6,393
992
7,385
50
2,327
3,789
6,166
887
7,053
Other non-current assets
\u00a0 (Note 24)
18
\u2013
9
27
1,557
1,584
13
\u2013
21
34
1,160
1,194
41
2,541
3,838
6,420
2,549
8,969
63
2,327
3,810
6,200
2,047
8,247
Trade and other receivables include trade receivables of \u00a35,905\u00a0million (2022: \u00a35,452\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a323 million (2022: \u00a350 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,541 million (2022: \u00a32,327 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,341 million
(2022: \u00a33,075 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2023
2022
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 29)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
\u2013
(14,065)
(14,065)
(2,198)
(16,263)
Other provisions
\u00a0 (Note 32)
\u2013
(199)
(199)
(1,040)
(1,239)
\u2013
(63)
(63)
(1,121)
(1,184)
Contingent consideration
\u00a0 liabilities (Note 33)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
(7,068)
\u2013
(7,068)
\u2013
(7,068)
Other non-current liabilities\u00a0
(Note 34)
\u2013
(54)
(54)
(1,053)
(1,107)
\u2013
(84)
(84)
(815)
(899)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(7,068)
(14,212)
(21,280)
(4,134)
(25,414)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are classified as \u2018held for trading\u2019,
other than designated and effective hedging instruments, and are presented as current assets or liabilities if they are expected to be
settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2023
Fair value
2022
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3175\u00a0million (2022: \u00a3167\u00a0million))
\u2013
(2)
5
\u2013
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a312,339\u00a0million (2022: \u00a37,197\u00a0million))
32
(34)
20
(106)
Derivatives designated and effective as hedging instruments
32
(36)
25
(106)
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a310,375\u00a0million (2022: \u00a35,908\u00a0million))
98
(78)
163
(76)
Embedded and other derivatives
\u2013
\u2013
2
(1)
Derivatives classified as held for trading
98
(78)
165
(77)
Total derivative instruments
130
(114)
190
(183)
Fair value hedges
At 31\u00a0December 2023 and 31\u00a0December 2022, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2023, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD) and Japanese (JPY) foreign operations as shown in the table below.
The carrying value of bonds on page 247 included \u00a35,348\u00a0million (2022: \u00a36,322\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2022 and 2023, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Foreign exchange derivative financial assets and liabilities are presented in the line \u2018Derivative financial
instruments\u2019 (either as assets or liabilities) on the Consolidated balance sheet. The following tables detail the foreign exchange
forward contracts and swaps outstanding at the end of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. No other sources of ineffectiveness emerged from these hedging
relationships. No ineffectiveness was recorded from cash flow hedges in 2023 (2022: \u00a3nil). No ineffectiveness was recorded from net
investment hedges (2022: \u00a3nil).
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net Notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months
1.27
USD
145
(1)
(1)
3 to 6 months
\u2013
\u2013
\u2013
\u2013
\u2013
Over 6 months
1.25
USD
35
(1)
(1)
Sell foreign currency:
Less than 3 months
1.16
EUR
(5)
\u2013
\u2013
175
(2)
(2)
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.15
EUR
9,146
(12)
126
181.42
JPY
133
(1)
28
1.27
USD
2,633
8
97
Over 6 months
1.67
CAD
260
2
10
1.66
SGD
167
1
7
Borrowings:
Less than 3 months
EUR
148
(148)
12
3 to 6 months
\u2013
\u2013
\u2013
\u2013
Over 6 months
JPY
236
(235)
(3)
EUR
5,127
(5,113)
125
17,850
(5,498)
402
2023
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Cash flow hedges
Variability in cash flows from a highly probable forecast
\u00a0 transaction
2
(2)
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
2022
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months
1.23
USD
100
2
2
3 to 6 months
1.16
EUR
50
2
2
Over 6 months
1.15
EUR
24
1
1
Sell foreign currency:
Less than 3 months
1.14
EUR
(7)
\u2013
\u2013
167
5
5
2022
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.14
EUR
6,559
(103)
(317)
160.90
JPY
194
(3)
(9)
3 to 6 months
\u2013
\u2013
\u2013
\u2013
\u2013
Over 6 months
1.57
CAD
270
18
15
1.59
SGD
174
2
1
Borrowings:
Less than 3 months
EUR
293
(293)
(4)
3 to 6 months
EUR
150
(150)
(3)
Over 6 months
EUR
6,341
(6,322)
(300)
13,981
(6,851)
(617)
2022
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Cash flow hedges
Variability in cash flows from a highly probable forecast
\u00a0 transaction
(2)
2
\u2013
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
(3)
2
\u2013
Net investment hedges
\u2013
Net investment in foreign operations
617
(1,120)
\u2013
\u00a3nil (2022: \u00a33 million) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2023
Amount reclassified to profit or loss
Amount reclassified to balance sheet
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges
Variability in cash flows from a
highly probable forecast
transaction
(41)
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
37
Intangible
assets
Variability in cash flows from
foreign exchange exposure
arising on Euro denominated
coupon payments relating to
debt issued
(1)
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
\u2013
\u2013
Net investment hedges
Net investment in foreign
operations
402
\u2013
Finance
income or
expense
\u2013
7
Other
income or
expense
\u2013
\u2013
2022
Amount reclassified to profit or loss
Amount reclassified to balance sheet
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges
Variability in cash flows from
a highly probable forecast
transaction
(5)
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
8
Intangible
assets
Variability in cash flows from
foreign exchange exposure
arising on Euro denominated
coupon payments relating to
debt issued
4
\u2013
Finance
income or
expense
\u2013
(2)
Finance
income or
expense
\u2013
\u2013
Net investment hedges
Net investment in foreign
operations
(617)
\u2013
Finance
income or
expense
\u2013
194
Discontinued
Operations (1)
\u2013
\u2013
(1) Reclassified to the Consolidated income statement on the demerger of the Consumer Healthcare business.
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
There are none of these swaps outstanding at 31\u00a0December 2023 or at 31\u00a0December 2022.
The only impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the Cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the Consolidated balance sheet.
\u00a321 million (2022: \u00a324 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge
accounting is no longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2023
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2022
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past
(23)
\u2013
Finance
income or
expense
\u2013
3
Finance
income or
expense
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31\u00a0December 2023 and 31\u00a0December 2022. The column \u2018Net amount\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2023
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets set off
\u00a3m
Net financial
assets/
(liabilities) per
balance sheet
\u00a3m
Related
amounts not
set off in the
balance sheet
\u00a3m
Net
\u00a3m
Financial assets
Trade and other receivables
6,394
(1)
6,393
\u2013
6,393
Derivative financial instruments
130
\u2013
130
(108)
22
Financial liabilities
Trade and other payables
(13,384)
1
(13,383)
\u2013
(13,383)
Derivative financial instruments
(114)
\u2013
(114)
108
(6)
31\u00a0December 2022
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
Financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities)
\u00a3m
Related
amounts not
offset
\u00a3m
Net
balance
\u00a3m
Financial assets
Trade and other receivables
6,166
\u2013
6,166
\u2013
6,166
Derivative financial instruments
190
\u2013
190
(163)
27
Financial liabilities
Trade and other payables
(14,065)
\u2013
(14,065)
\u2013
(14,065)
Derivative financial instruments
(183)
\u2013
(183)
163
(20)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA (International Swaps and Derivatives Association) agreements where each
party has the option to settle amounts on a net basis in the event of default of the other party. As there is presently not a legally
enforceable right of offset, these amounts have not been offset in the balance sheet, but have been presented separately in the
table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-847": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 247 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2023 and
31\u00a0December 2022.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, foreign exchange forward contracts,
swaps and options \u2013 based on the present value of
contractual cash \ufb02ows or option valuation models using
market sourced data (exchange rates or interest rates) at the
balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present values of expected future
cash flows.
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, including put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments.
2023
2022
Notes
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
9
9
21
21
Trade and other receivables
b
3,829
3,829
3,789
3,789
Liquid investments
42
42
67
67
Cash and cash equivalents
1,942
1,942
1,324
1,324
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
931
931
1,153
1,153
Trade and other receivables
a,b
2,541
2,541
2,327
2,327
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
2,410
2,410
4,401
4,401
Other non-current assets
a,b
18
18
13
13
Trade and other receivables
a,b
23
23
50
50
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
98
98
165
165
Cash and cash equivalents
a
994
994
2,399
2,399
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
32
32
25
25
Total financial assets
12,869
12,869
15,734
15,734
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,348)
(5,233)
(6,322)
(6,035)
\u2013\u00a0 other bonds
(10,456)
(10,762)
(12,017)
(11,930)
\u2013\u00a0 bank loans and overdrafts
(191)
(191)
(447)
(447)
\u2013\u00a0 commercial paper in a designated hedging relationship
(148)
(148)
(443)
(443)
\u2013\u00a0 other commercial paper
(667)
(667)
(748)
(748)
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,811)
(17,002)
(19,979)
(19,605)
Trade and other payables
c
(13,383)
(13,383)
(14,065)
(14,065)
Other provisions
c
(199)
(199)
(63)
(63)
Other non-current liabilities
c
(54)
(54)
(84)
(84)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(6,662)
(6,662)
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(78)
(78)
(77)
(77)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(36)
(36)
(106)
(106)
Total financial liabilities excluding lease liabilities
(37,223)
(37,414)
(41,442)
(41,068)
Net financial assets and financial liabilities excluding lease liabilities
(24,354)
(24,545)
(25,708)
(25,334)
The valuation methodology used to measure fair value in the above table is described and categorised on page 246.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 249 to 250.
Fair value of investments in GSK shares
At 31\u00a0December 2023, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying value of \u00a3288 million
(2022: \u00a3354 million) and a market value of \u00a3853 million (2022: \u00a3861 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2023, the carrying value,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2023, GSK held Treasury shares at a cost of \u00a33,447 million (2022: \u00a33,797 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2023
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
741
\u2013
190
931
Trade and other receivables
\u2013
2,541
\u2013
2,541
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
2,204
\u2013
206
2,410
Other non-current assets
\u2013
\u2013
18
18
Trade and other receivables
\u2013
23
\u2013
23
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
98
\u2013
98
Cash and cash equivalents
994
\u2013
\u2013
994
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
32
\u2013
32
3,939
2,694
414
7,047
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(78)
\u2013
(78)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(36)
\u2013
(36)
\u2013
(114)
(6,662)
(6,776)
At 31\u00a0December 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
823
\u2013
330
1,153
Trade and other receivables
\u2013
2,327
\u2013
2,327
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
4,087
\u2013
314
4,401
Other non-current assets
\u2013
\u2013
13
13
Trade and other receivables
\u2013
50
\u2013
50
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
165
\u2013
165
Cash and cash equivalents
2,399
\u2013
\u2013
2,399
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
25
\u2013
25
7,309
2,567
657
10,533
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(77)
\u2013
(77)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(106)
\u2013
(106)
\u2013
(183)
(7,068)
(7,251)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2023
\u00a3m
2022
\u00a3m
At 1 January
(6,411)
(5,657)
Exchange adjustments
\u2013
46
Net losses recognised in the income statement
(863)
(1,627)
Net (losses)/ gains recognised in other comprehensive income
(142)
91
Contingent consideration related to business acquisitions in the period
\u2013
(482)
Settlement of contingent consideration liabilities
1,145
1,137
Additions
57
97
Disposals and settlements
(25)
(16)
Transfers from Level 3
(9)
\u2013
At 31 December
(6,248)
(6,411)
Of the total net losses of \u00a3863 million (2022: \u00a31,627 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3857 million (2022: \u00a31,623 million) were in respect of financial instruments which were held at the end of the year
and were reported in Other operating income/expense. Charges of \u00a3934\u00a0million (2022: \u00a31,431\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
gain of \u00a3210\u00a0million (2022: \u00a3231 million loss) arose from remeasurement of the contingent consideration payable for the acquisition
of the Novartis Vaccines business. The acquisition of Affinivax in 2022 resulted in the additon of \u00a3482\u00a0million of contingent
consideration to Level 3 financial liabilities, with charges of \u00a344\u00a0million (2022: \u00a317\u00a0million) arising on the remeasurement of the
contingent consideration liability for the year. There were transfers of \u00a39\u00a0million out of Level 3 financial instruments in the year (2022:\u00a0
no transfers into or out of Level 3 financial instruments). Movements arising on the translation of overseas net assets for
consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses include the impact of other
exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December included \u00a35,718\u00a0million (2022: \u00a35,890\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3424\u00a0million (2022: \u00a3673\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. As a result of the acquisition of Affinivax in 2022, contingent consideration payable of \u00a3516\u00a0million (2022:
\u00a3501 million) is recognised at 31 December. This consideration is expected to be paid over a number of years and will vary in line
with the achievement of certain development milestones and movements in the USD/GBP exchange rate. Sensitivity analysis on
these balances is provided in Note 33, \u2018Contingent consideration liabilities\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-846": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 247 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2023 and
31\u00a0December 2022.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
\u2013 Other investments \u2013 equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
\u2013 Trade receivables carried at fair value \u2013 based on invoiced
amount
\u2013 Interest rate swaps, foreign exchange forward contracts,
swaps and options \u2013 based on the present value of
contractual cash \ufb02ows or option valuation models using
market sourced data (exchange rates or interest rates) at the
balance sheet date
\u2013 Cash equivalents carried at fair value \u2013 based on net asset
value of the funds
\u2013 Contingent consideration for business acquisitions and
divestments \u2013 based on present values of expected future
cash flows.
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
\u2013 Receivables and payables, including put options, carried at
amortised cost \u2013 approximates to the carrying amount
\u2013 Liquid investments \u2013 approximates to the carrying amount
\u2013 Cash and cash equivalents carried at amortised cost \u2013
approximates to the carrying amount
\u2013 Long-term loans \u2013 based on quoted market prices (a level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of\u2008other fixed rate borrowings and floating rate bank
loans
\u2013 Short-term loans, overdrafts and commercial paper \u2013
approximates to the carrying amount because of the short
maturity of these instruments.
2023
2022
Notes
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
9
9
21
21
Trade and other receivables
b
3,829
3,829
3,789
3,789
Liquid investments
42
42
67
67
Cash and cash equivalents
1,942
1,942
1,324
1,324
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
931
931
1,153
1,153
Trade and other receivables
a,b
2,541
2,541
2,327
2,327
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
2,410
2,410
4,401
4,401
Other non-current assets
a,b
18
18
13
13
Trade and other receivables
a,b
23
23
50
50
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
98
98
165
165
Cash and cash equivalents
a
994
994
2,399
2,399
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
32
32
25
25
Total financial assets
12,869
12,869
15,734
15,734
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,348)
(5,233)
(6,322)
(6,035)
\u2013\u00a0 other bonds
(10,456)
(10,762)
(12,017)
(11,930)
\u2013\u00a0 bank loans and overdrafts
(191)
(191)
(447)
(447)
\u2013\u00a0 commercial paper in a designated hedging relationship
(148)
(148)
(443)
(443)
\u2013\u00a0 other commercial paper
(667)
(667)
(748)
(748)
\u2013\u00a0 other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,811)
(17,002)
(19,979)
(19,605)
Trade and other payables
c
(13,383)
(13,383)
(14,065)
(14,065)
Other provisions
c
(199)
(199)
(63)
(63)
Other non-current liabilities
c
(54)
(54)
(84)
(84)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(6,662)
(6,662)
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(78)
(78)
(77)
(77)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(36)
(36)
(106)
(106)
Total financial liabilities excluding lease liabilities
(37,223)
(37,414)
(41,442)
(41,068)
Net financial assets and financial liabilities excluding lease liabilities
(24,354)
(24,545)
(25,708)
(25,334)
The valuation methodology used to measure fair value in the above table is described and categorised on page 246.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 249 to 250.
Fair value of investments in GSK shares
At 31\u00a0December 2023, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying value of \u00a3288 million
(2022: \u00a3354 million) and a market value of \u00a3853 million (2022: \u00a3861 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2023, the carrying value,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2023, GSK held Treasury shares at a cost of \u00a33,447 million (2022: \u00a33,797 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group\u2019s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31\u00a0December 2023
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
741
\u2013
190
931
Trade and other receivables
\u2013
2,541
\u2013
2,541
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
2,204
\u2013
206
2,410
Other non-current assets
\u2013
\u2013
18
18
Trade and other receivables
\u2013
23
\u2013
23
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
98
\u2013
98
Cash and cash equivalents
994
\u2013
\u2013
994
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
32
\u2013
32
3,939
2,694
414
7,047
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(78)
\u2013
(78)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(36)
\u2013
(36)
\u2013
(114)
(6,662)
(6,776)
At 31\u00a0December 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI
823
\u2013
330
1,153
Trade and other receivables
\u2013
2,327
\u2013
2,327
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
4,087
\u2013
314
4,401
Other non-current assets
\u2013
\u2013
13
13
Trade and other receivables
\u2013
50
\u2013
50
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
165
\u2013
165
Cash and cash equivalents
2,399
\u2013
\u2013
2,399
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
25
\u2013
25
7,309
2,567
657
10,533
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,068)
(7,068)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(77)
\u2013
(77)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(106)
\u2013
(106)
\u2013
(183)
(7,068)
(7,251)
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2023
\u00a3m
2022
\u00a3m
At 1 January
(6,411)
(5,657)
Exchange adjustments
\u2013
46
Net losses recognised in the income statement
(863)
(1,627)
Net (losses)/ gains recognised in other comprehensive income
(142)
91
Contingent consideration related to business acquisitions in the period
\u2013
(482)
Settlement of contingent consideration liabilities
1,145
1,137
Additions
57
97
Disposals and settlements
(25)
(16)
Transfers from Level 3
(9)
\u2013
At 31 December
(6,248)
(6,411)
Of the total net losses of \u00a3863 million (2022: \u00a31,627 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a3857 million (2022: \u00a31,623 million) were in respect of financial instruments which were held at the end of the year
and were reported in Other operating income/expense. Charges of \u00a3934\u00a0million (2022: \u00a31,431\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
gain of \u00a3210\u00a0million (2022: \u00a3231 million loss) arose from remeasurement of the contingent consideration payable for the acquisition
of the Novartis Vaccines business. The acquisition of Affinivax in 2022 resulted in the additon of \u00a3482\u00a0million of contingent
consideration to Level 3 financial liabilities, with charges of \u00a344\u00a0million (2022: \u00a317\u00a0million) arising on the remeasurement of the
contingent consideration liability for the year. There were transfers of \u00a39\u00a0million out of Level 3 financial instruments in the year (2022:\u00a0
no transfers into or out of Level 3 financial instruments). Movements arising on the translation of overseas net assets for
consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses include the impact of other
exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December included \u00a35,718\u00a0million (2022: \u00a35,890\u00a0million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further \u00a3424\u00a0million (2022: \u00a3673\u00a0million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. As a result of the acquisition of Affinivax in 2022, contingent consideration payable of \u00a3516\u00a0million (2022:
\u00a3501 million) is recognised at 31 December. This consideration is expected to be paid over a number of years and will vary in line
with the achievement of certain development milestones and movements in the USD/GBP exchange rate. Sensitivity analysis on
these balances is provided in Note 33, \u2018Contingent consideration liabilities\u2019.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, pension surplus balances and prepayments, which are outside the scope of IFRS 9.
2023
2022
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At
FVTPL
\u00a3m
At
FVTOCI
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other
\u00a0 receivables (Note 26)
23
2,541
3,829
6,393
992
7,385
50
2,327
3,789
6,166
887
7,053
Other non-current assets
\u00a0 (Note 24)
18
\u2013
9
27
1,557
1,584
13
\u2013
21
34
1,160
1,194
41
2,541
3,838
6,420
2,549
8,969
63
2,327
3,810
6,200
2,047
8,247
Trade and other receivables include trade receivables of \u00a35,905\u00a0million (2022: \u00a35,452\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a323 million (2022: \u00a350 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,541 million (2022: \u00a32,327 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and \u00a33,341 million
(2022: \u00a33,075 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2023
2022
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
At FVTPL
\u00a3m
Amortised
cost
\u00a3m
Financial
instruments
\u00a3m
Non-
financial
instruments
\u00a3m
Total
\u00a3m
Trade and other payables
\u00a0 (Note 29)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
\u2013
(14,065)
(14,065)
(2,198)
(16,263)
Other provisions
\u00a0 (Note 32)
\u2013
(199)
(199)
(1,040)
(1,239)
\u2013
(63)
(63)
(1,121)
(1,184)
Contingent consideration
\u00a0 liabilities (Note 33)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
(7,068)
\u2013
(7,068)
\u2013
(7,068)
Other non-current liabilities\u00a0
(Note 34)
\u2013
(54)
(54)
(1,053)
(1,107)
\u2013
(84)
(84)
(815)
(899)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(7,068)
(14,212)
(21,280)
(4,134)
(25,414)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are classified as \u2018held for trading\u2019,
other than designated and effective hedging instruments, and are presented as current assets or liabilities if they are expected to be
settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2023
Fair value
2022
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3175\u00a0million (2022: \u00a3167\u00a0million))
\u2013
(2)
5
\u2013
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a312,339\u00a0million (2022: \u00a37,197\u00a0million))
32
(34)
20
(106)
Derivatives designated and effective as hedging instruments
32
(36)
25
(106)
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a310,375\u00a0million (2022: \u00a35,908\u00a0million))
98
(78)
163
(76)
Embedded and other derivatives
\u2013
\u2013
2
(1)
Derivatives classified as held for trading
98
(78)
165
(77)
Total derivative instruments
130
(114)
190
(183)
Fair value hedges
At 31\u00a0December 2023 and 31\u00a0December 2022, the Group had no designated fair value hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-849": { "value": "
Fair value of investments in GSK shares
At 31\u00a0December 2023, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying value of \u00a3288 million
(2022: \u00a3354 million) and a market value of \u00a3853 million (2022: \u00a3861 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2023, the carrying value,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2023, GSK held Treasury shares at a cost of \u00a33,447 million (2022: \u00a33,797 million) which has been deducted from
retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-850": { "value": "
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are classified as \u2018held for trading\u2019,
other than designated and effective hedging instruments, and are presented as current assets or liabilities if they are expected to be
settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2023
Fair value
2022
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3175\u00a0million (2022: \u00a3167\u00a0million))
\u2013
(2)
5
\u2013
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a312,339\u00a0million (2022: \u00a37,197\u00a0million))
32
(34)
20
(106)
Derivatives designated and effective as hedging instruments
32
(36)
25
(106)
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a310,375\u00a0million (2022: \u00a35,908\u00a0million))
98
(78)
163
(76)
Embedded and other derivatives
\u2013
\u2013
2
(1)
Derivatives classified as held for trading
98
(78)
165
(77)
Total derivative instruments
130
(114)
190
(183)
Fair value hedges
At 31\u00a0December 2023 and 31\u00a0December 2022, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2023, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group\u2019s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD) and Japanese (JPY) foreign operations as shown in the table below.
The carrying value of bonds on page 247 included \u00a35,348\u00a0million (2022: \u00a36,322\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2022 and 2023, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group\u2019s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Foreign exchange derivative financial assets and liabilities are presented in the line \u2018Derivative financial
instruments\u2019 (either as assets or liabilities) on the Consolidated balance sheet. The following tables detail the foreign exchange
forward contracts and swaps outstanding at the end of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group\u2019s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. No other sources of ineffectiveness emerged from these hedging
relationships. No ineffectiveness was recorded from cash flow hedges in 2023 (2022: \u00a3nil). No ineffectiveness was recorded from net
investment hedges (2022: \u00a3nil).
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net Notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months
1.27
USD
145
(1)
(1)
3 to 6 months
\u2013
\u2013
\u2013
\u2013
\u2013
Over 6 months
1.25
USD
35
(1)
(1)
Sell foreign currency:
Less than 3 months
1.16
EUR
(5)
\u2013
\u2013
175
(2)
(2)
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.15
EUR
9,146
(12)
126
181.42
JPY
133
(1)
28
1.27
USD
2,633
8
97
Over 6 months
1.67
CAD
260
2
10
1.66
SGD
167
1
7
Borrowings:
Less than 3 months
EUR
148
(148)
12
3 to 6 months
\u2013
\u2013
\u2013
\u2013
Over 6 months
JPY
236
(235)
(3)
EUR
5,127
(5,113)
125
17,850
(5,498)
402
2023
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Cash flow hedges
Variability in cash flows from a highly probable forecast
\u00a0 transaction
2
(2)
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
2022
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months
1.23
USD
100
2
2
3 to 6 months
1.16
EUR
50
2
2
Over 6 months
1.15
EUR
24
1
1
Sell foreign currency:
Less than 3 months
1.14
EUR
(7)
\u2013
\u2013
167
5
5
2022
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
value
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.14
EUR
6,559
(103)
(317)
160.90
JPY
194
(3)
(9)
3 to 6 months
\u2013
\u2013
\u2013
\u2013
\u2013
Over 6 months
1.57
CAD
270
18
15
1.59
SGD
174
2
1
Borrowings:
Less than 3 months
EUR
293
(293)
(4)
3 to 6 months
EUR
150
(150)
(3)
Over 6 months
EUR
6,341
(6,322)
(300)
13,981
(6,851)
(617)
2022
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
\u00a3m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
\u00a3m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
\u00a3m
Cash flow hedges
Variability in cash flows from a highly probable forecast
\u00a0 transaction
(2)
2
\u2013
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
(3)
2
\u2013
Net investment hedges
\u2013
Net investment in foreign operations
617
(1,120)
\u2013
\u00a3nil (2022: \u00a33 million) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2023
Amount reclassified to profit or loss
Amount reclassified to balance sheet
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges
Variability in cash flows from a
highly probable forecast
transaction
(41)
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
37
Intangible
assets
Variability in cash flows from
foreign exchange exposure
arising on Euro denominated
coupon payments relating to
debt issued
(1)
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
\u2013
\u2013
Net investment hedges
Net investment in foreign
operations
402
\u2013
Finance
income or
expense
\u2013
7
Other
income or
expense
\u2013
\u2013
2022
Amount reclassified to profit or loss
Amount reclassified to balance sheet
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
\u00a3m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges
Variability in cash flows from
a highly probable forecast
transaction
(5)
\u2013
Finance
income or
expense
\u2013
\u2013
\u2013
8
Intangible
assets
Variability in cash flows from
foreign exchange exposure
arising on Euro denominated
coupon payments relating to
debt issued
4
\u2013
Finance
income or
expense
\u2013
(2)
Finance
income or
expense
\u2013
\u2013
Net investment hedges
Net investment in foreign
operations
(617)
\u2013
Finance
income or
expense
\u2013
194
Discontinued
Operations (1)
\u2013
\u2013
(1) Reclassified to the Consolidated income statement on the demerger of the Consumer Healthcare business.
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
There are none of these swaps outstanding at 31\u00a0December 2023 or at 31\u00a0December 2022.
The only impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the Cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line \u2018Derivative financial instruments\u2019 (either
as assets or liabilities) on the Consolidated balance sheet.
\u00a321 million (2022: \u00a324 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge
accounting is no longer applied.
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2023
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past
\u2013
\u2013
Finance
income or
expense
\u2013
4
Finance
income or
expense
2022
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
\u00a3m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
\u00a3m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
\u00a3m
Due to
hedged item
affecting
profit or loss
\u00a3m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past
(23)
\u2013
Finance
income or
expense
\u2013
3
Finance
income or
expense
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-851": { "value": "
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31\u00a0December 2023 and 31\u00a0December 2022. The column \u2018Net amount\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2023
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
financial
(liabilities)/
assets set off
\u00a3m
Net financial
assets/
(liabilities) per
balance sheet
\u00a3m
Related
amounts not
set off in the
balance sheet
\u00a3m
Net
\u00a3m
Financial assets
Trade and other receivables
6,394
(1)
6,393
\u2013
6,393
Derivative financial instruments
130
\u2013
130
(108)
22
Financial liabilities
Trade and other payables
(13,384)
1
(13,383)
\u2013
(13,383)
Derivative financial instruments
(114)
\u2013
(114)
108
(6)
31\u00a0December 2022
Gross
financial
assets/
(liabilities)
\u00a3m
Gross
Financial
(liabilities)/
assets offset
\u00a3m
Net financial
assets/
(liabilities)
\u00a3m
Related
amounts not
offset
\u00a3m
Net
balance
\u00a3m
Financial assets
Trade and other receivables
6,166
\u2013
6,166
\u2013
6,166
Derivative financial instruments
190
\u2013
190
(163)
27
Financial liabilities
Trade and other payables
(14,065)
\u2013
(14,065)
\u2013
(14,065)
Derivative financial instruments
(183)
\u2013
(183)
163
(20)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA (International Swaps and Derivatives Association) agreements where each
party has the option to settle amounts on a net basis in the event of default of the other party. As there is presently not a legally
enforceable right of offset, these amounts have not been offset in the balance sheet, but have been presented separately in the
table above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-852": { "value": "
45. Employee share schemes
GSK operates several employee share schemes, including the Share Value Plan, whereby awards are granted to employees to
acquire shares or ADS in GSK plc at no cost after a three-year vesting period and the Performance Share Plan, whereby awards are
granted to employees to acquire shares or ADS in GSK plc at no cost, subject to\u202fthe achievement by the Group of specified
performance targets. The granting of these restricted share awards has replaced the granting of options to employees as the cost
of the schemes more readily equates to the potential gain to be made by the employee. The Group also operates savings related
share option schemes, whereby options are granted to employees to acquire shares in GSK plc at a discounted price.
Grants of restricted share awards are normally exercisable at the end of the three-year vesting or performance period. Awards are
normally granted to employees to acquire shares or ADS in GSK plc but in some circumstances may be settled in cash. Grants under
savings-related share option schemes are normally exercisable after three years\u2019 saving. In accordance with UK practice, the
majority of options under the savings-related share option schemes are granted at a price 20% below the market price ruling at the
date of grant. Options under historical share option schemes were granted at the market price ruling at the date of grant.
The total charge for share-based incentive plans in 2023 was \u00a3321 million (2022 : \u00a3314 million; 2021: \u00a3345 million). Of this amount,
\u00a3244 million (2022: \u00a3243 million; 2021: \u00a3258 million) arose from the Share Value Plan. See Note 9, \u2018Employee costs\u2019 for further details.
GSK share award schemes
Share Value Plan
Under the Share Value Plan, share awards are granted to certain employees at no cost. The awards vest after two and a half to
three years and there are no performance criteria attached. The fair value of these awards is determined based on the closing
share price on the day of grant, after deducting the expected future dividend yield of 3.8% (2022: 3.2%; 2021: 3.8%) over the
duration of the award.
Number of shares and ADS issuable
Shares
Number (000)
Weighted
fair value
ADS
Number (000)
Weighted
fair value
At 1\u00a0January 2021
28,874
16,116
Awards granted
11,220
\u00a313.28
6,358
$36.68
Awards exercised
(10,074)
(5,240)
Awards cancelled
(1,776)
(1,705)
At 31\u00a0December 2021
28,244
15,529
Awards granted
10,987
\u00a313.00
6,133
$30.64
Awards exercised
(9,538)
(4,919)
Awards cancelled
(1,718)
(1,314)
At 31\u00a0December 2022
27,975
15,429
Awards granted
11,548
\u00a312.79
6,449
$31.65
Awards exercised
(8,599)
(4,856)
Awards cancelled
(1,144)
(797)
At 31\u00a0December 2023
29,780
16,225
Performance Share Plan
Under the Performance Share Plan, share awards are granted to Directors and senior executives at no cost. The percentage of
each award that vests is based upon the performance of the Group over a defined measurement period with dividends reinvested
during the same period. For awards granted from 2020, the performance conditions are based on four measures over a three-year
performance period. These are adjusted free cash flow (30%), TSR (30%), R&D new product performance (20%) and pipeline
progress (20%). For awards granted from 2022, the performance conditions are based on five measures over a three-year
performance period. These are TSR (30%), pipeline progress (20%), profit measure (20%), sale measure (20%) and ESG
environment (10%).\u00a0
The fair value of the awards is determined based on the closing share price on the day of grant. For TSR performance elements, this
is adjusted by the likelihood of that condition being met, as assessed at the time of grant.
During 2023, awards were made of 4.3 million shares at a weighted fair value of \u00a312.40 and 1.0 million ADS at a weighted fair value
of \u00a329.96. At 31\u00a0December 2023, there were outstanding awards over 13.3 million shares and 2.7 million ADS.
Share options and savings-related options
For the purposes of valuing savings-related options to arrive at the share-based payment charge, a Black-Scholes option pricing
model has been used. The assumptions used in the model are as follows:
2023 Grant
2022 Grant
2021 Grant
Risk-free interest rate
4.57%
3.37%
0.74%
Dividend yield
4.0%
3.3%
3.8%
Volatility
34%
36%
27%
Expected life
3 years
3 years
3 years
Savings-related options grant price (including 20% discount)
\u00a311.20
\u00a311.39
\u00a312.07
Options outstanding for the Share Save Plan
Savings-related
share option schemes
Number
000
Weighted
exercise
price
At 31\u00a0December 2023
6,196
\u00a311.13
Range of exercise prices on options outstanding at year end
\u00a310.34
\u2014\u00a0 \u00a0 \u00a314.15
Weighted average market price on exercise during year
\u00a314.32
Weighted average remaining contractual life
1.9 years
Options over 1.9 million shares were granted during the year under the savings-related share option scheme at a weighted average
fair value of \u00a34.08. At 31\u00a0December 2023, 4.2 million of the savings-related share options were not exercisable.
There has been no change in the effective exercise price of any outstanding options during the year.
Employee Share Ownership Plan Trusts
The Group sponsors Employee Share Ownership Plan (ESOP) Trusts to acquire and hold shares in GSK plc to satisfy awards made
under employee incentive plans and options granted under employee share option schemes. The trustees of the ESOP Trusts
purchase shares with finance provided by the Group by way of loans or contributions. The costs of running the ESOP Trusts are
charged to the income statement. Shares held by the ESOP Trusts are deducted from other reserves and amortised down to the
value of proceeds, if any, receivable from employees on exercise by a transfer to retained earnings. The trustees have waived their
rights to dividends on the shares held by the ESOP Trusts.
At 31\u00a0December 2023, 58,817,197 shares were held in the ESOP Trusts, out of which 58,493,518 were held for the future exercise of
share options and share awards and 323,679 shares were held for the Executive Supplemental Savings Plan.
Shares held for share award schemes
2023
2022
Number of shares (000)
58,817
59,814
\u00a3m
\u00a3m
Nominal value
18
19
Carrying value
288
353
Market value
853
861
Shares held for share option schemes
2023
2022
Number of shares (000)
\u2013
65
\u00a3m
\u00a3m
Nominal value
\u2013
\u2013
Carrying value
\u2013
1
Market value
\u2013
1
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46. Principal Group companies
The following represent the principal subsidiaries and their countries of incorporation of the Group at 31\u00a0December 2023. The equity
share capital of these entities is shown in the percentage columns. All companies are incorporated in their principal country of
operation except where stated.
England
%
Glaxo Group Limited
100
Glaxo Operations UK Limited
100
Glaxo Wellcome UK Limited
100
GlaxoSmithKline Capital plc\u00a0
100
GlaxoSmithKline Export Limited
100
GlaxoSmithKline Finance plc
100
GlaxoSmithKline Holdings Limited(a)
100
GlaxoSmithKline IHC Limited
100
GlaxoSmithKline Intellectual Property (No.2) Limited
100
GlaxoSmithKline Intellectual Property (No.3) Limited
100
GlaxoSmithKline Intellectual Property (No.4) Limited
100
GlaxoSmithKline Intellectual Property Development Limited
100
GlaxoSmithKline Intellectual Property Limited
100
GlaxoSmithKline Research & Development Limited
100
GlaxoSmithKline Services Unlimited(a)
100
GlaxoSmithKline UK Limited
100
GlaxoSmithKline US Trading Limited
100
Setfirst Limited
100
SmithKline Beecham Limited
100
ViiV Healthcare Finance Limited
78.3
ViiV Healthcare UK (No.3) Limited
78.3
Viiv Healthcare UK Limited
78.3
Europe
%
GlaxoSmithKline AG (Switzerland)
100
Glaxo Wellcome Production S.A.S (France)
100
GlaxoSmithKline B.V. (Netherlands)
100
GlaxoSmithKline Biologicals SA (Belgium)
100
GlaxoSmithKline GmbH & Co. KG (Germany)
100
GlaxoSmithKline Manufacturing SpA (Italy)
100
GlaxoSmithKline Pharma GmbH (Austria)
100
GlaxoSmithKline Pharmaceuticals SA (Belgium)
100
GlaxoSmithKline S.A. (Spain)
100
GlaxoSmithKline S.p.A. (Italy)
100
GlaxoSmithKline Single Member A.E.B.E. (Greece)
100
GlaxoSmithKline Trading Services Limited (Republic of
\u00a0 Ireland)(b)
100
GSK Capital B.V. (Netherlands)(b)
100
GSK Services Sp z o.o. (Poland)
100
GSK Vaccines GmbH (Germany)
100
GSK Vaccines S.r.l. (Italy)
100
JSC GlaxoSmithKline Trading (Russia)
100
Laboratoire GlaxoSmithKline (France)
100
Laboratorios ViiV Healthcare, S.L. (Spain)
78.3
ViiV Healthcare GmbH (Germany)
78.3
ViiV Healthcare S.r.l. (Italy)
78.3
ViiV Healthcare SAS (France)
78.3
Scotland
%
GSK (No.1) Scottish Limited Partnership
100
US
%
Affinivax, Inc
100
Corixa Corporation
100
GlaxoSmithKline Capital Inc.
100
GlaxoSmithKline Holdings (Americas) Inc.
100
GlaxoSmithKline LLC
100
GSK Equity Investments, Limited
100
Human Genome Sciences, Inc
100
Stiefel Laboratories, Inc
100
Tesaro, Inc.
100
ViiV Healthcare Company
78.3
Others
%
Glaxo Saudi Arabia Limited (Saudi Arabia)
100
Glaxo Wellcome Manufacturing Pte Ltd (Singapore)
100
GlaxoSmithKline (Thailand) Limited (Thailand)
100
GlaxoSmithKline Australia Pty Ltd (Australia)
100
GlaxoSmithKline Brasil Limitada (Brazil)
100
GlaxoSmithKline Far East B.V. (Taiwan)
100
GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S. (Turkey)
100
GlaxoSmithKline Inc. (Canada)
100
GlaxoSmithKline K.K. (Japan)
100
GlaxoSmithKline Korea Limited (Republic of Korea)
100
GlaxoSmithKline Limited (Hong Kong)
100
GlaxoSmithKline Mexico S.A. de C.V. (Mexico)
100
GlaxoSmithKline Pakistan Limited (Pakistan)
82.6
GlaxoSmithKline Pharmaceuticals Limited (India)
75
GSK Enterprise Management Co, Ltd (China)
100
GSK Pharma Vietnam Company Limited (Vietnam)
100
ID Biomedical Corporation of Quebec (Canada)
100
ViiV Healthcare K.K (Japan)
78.3
ViiV Healthcare ULC (Canada)
78.3
(a) Directly held wholly-owned subsidiary of GSK plc.
(b) Tax resident in UK.
The subsidiaries and associates listed above principally affect the figures in the Group\u2019s financial statements. Each of
GlaxoSmithKline Capital Inc., GlaxoSmithKline Capital plc, GlaxoSmithKline Finance plc, GSK Capital BV and GlaxoSmithKline LLC, is
a wholly-owned finance subsidiary of the company, and the Company has fully and unconditionally guaranteed the securities
issued by each of GlaxoSmithKline Capital Inc., GlaxoSmithKline Capital plc, GlaxoSmithKline Finance plc, GSK Capital BV and
GlaxoSmithKline LLC.
+ See pages 306 to 314 for a complete list of subsidiary undertakings, associates and joint ventures, which form part of these financial statements.
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48. Post balance sheet events
Acquisition of Aiolos Bio, Inc
On 9 January 2024, GSK announced it had entered into an agreement to acquire Aiolos Bio, Inc, (Aiolos) a clinical stage
biopharmaceutical company focused on addressing the unmet treatment needs of patients with certain respiratory and
inflammatory conditions, for an upfront payment of US$1\u00a0billion and up to US$400\u00a0million in certain success-based regulatory
milestone payments. In addition, GSK will also be responsible for success-based milestone payments as well as tiered royalties owed
to Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui). The transaction was subject to customary conditions, including applicable
regulatory agency clearances under the Hart- Scott-Rodino Act in the US, and subsequently closed on 14 February 2024. Given the
timing of the closure of the transaction, GSK expects to disclose the provisional accounting for the acquisition in the Q1 2024 Results
Announcement.
Disposal of shares in Haleon plc
On 17 January 2024, GSK completed the sale of 300 million shares in Haleon plc equivalent to 3.2% of Haleon plc\u2019s issued share
capital at a price of 326 pence per share, raising gross proceeds of \u00a3978\u00a0million. Following the sale, GSK holds approximately 385
million ordinary shares in Haleon plc, representing over 4.0% of the issued share capital of Haleon plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-855": { "value": "100\u00a0Milverton\u00a0Drive,\u00a0Suite\u00a0800,\u00a0Mississauga\u00a0ON\u00a0L5R\u00a04H1,\u00a0Canada", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-856": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-857": { "value": "Effective 15 May 2022 GlaxoSmithKline plc changed its name to GSK plc", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }