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The financial statements on pages 204 to 290 were approved by the Board on 25\u00a0February 2025 and signed on its behalf by
Sir Jonathan Symonds
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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 specialty medicines, vaccines and general
medicines. GSK focuses on the science of the immune system
and advanced technologies, investing in four core therapeutic
areas: respiratory, immunology and inflammation; oncology;
HIV; and infectious diseases.
Compliance with applicable law and IFRS
The consolidated 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 (\"IFRS Accounting Standards\").
Composition of the consolidated financial
statements
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards. The consolidated
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 consolidated financial statements cover the financial
year from 1 January to 31\u00a0December 2024, with comparative
figures for the financial years from 1 January to 31\u00a0December
2023 and, where appropriate, from 1 January to 31\u00a0December
2022.
Accounting principles and policies
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention modified by the revaluation of certain
items, as stated in the accounting policies.
The consolidated financial statements have been prepared in
accordance with the Group\u2019s accounting policies approved by
the Board as 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 consolidated 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
consolidated 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 evaluated the potential effects of both physical and
transitional climate change risks, along with planned mitigation
efforts, on the valuation of assets and liabilities; with
consideration of the risks outlined in the Task Force on Climate-
related Financial Disclosures (TCFD).
As of 31 December 2024, the Group has determined that
climate-related risks do not have a material impact on the
significant judgements and estimates and, as a result, the
valuation of the assets or liabilities have not been impacted.
The Group has reviewed the recoverable values of key assets
impacted such as property, plant, and equipment, inventories,
goodwill, and intangible assets given their potential exposure to
climate-related risks, as well as the Group\u2019s planned transition
efforts.
Among the risks identified is the impact on metered dose
inhalers (MDI). The Group is mitigating this risk by transitioning
to a lower-carbon propellant. This transition is not anticipated
to materially affect the recoverable amounts, or estimated
useful lives, of related property, plant, and equipment.
Additional information can be found in Note 17 'Property, plant,
and equipment'.
While the Group does not foresee any significant medium-term
impact at present, it remains aware of the evolving nature of
climate-related risks. The Group continues to evaluate the
implications on judgements and estimates, as well as on any
potential effects 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 FRS 101 \u2018Reduced Disclosure
Framework\u2019 and the Companies Act 2006. The company
balance sheet is presented on page 291 and the accounting
policies are given on pages\u00a0 292 to 299.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-769": { "value": "
1. Presentation of the financial statements
Description of business
GSK is a global biopharma group which prevents and treats
disease with specialty medicines, vaccines and general
medicines. GSK focuses on the science of the immune system
and advanced technologies, investing in four core therapeutic
areas: respiratory, immunology and inflammation; oncology;
HIV; and infectious diseases.
Compliance with applicable law and IFRS
The consolidated 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 (\"IFRS Accounting Standards\").
Composition of the consolidated financial
statements
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards. The consolidated
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 consolidated financial statements cover the financial
year from 1 January to 31\u00a0December 2024, with comparative
figures for the financial years from 1 January to 31\u00a0December
2023 and, where appropriate, from 1 January to 31\u00a0December
2022.
Accounting principles and policies
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention modified by the revaluation of certain
items, as stated in the accounting policies.
The consolidated financial statements have been prepared in
accordance with the Group\u2019s accounting policies approved by
the Board as 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 consolidated 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
consolidated 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 evaluated the potential effects of both physical and
transitional climate change risks, along with planned mitigation
efforts, on the valuation of assets and liabilities; with
consideration of the risks outlined in the Task Force on Climate-
related Financial Disclosures (TCFD).
As of 31 December 2024, the Group has determined that
climate-related risks do not have a material impact on the
significant judgements and estimates and, as a result, the
valuation of the assets or liabilities have not been impacted.
The Group has reviewed the recoverable values of key assets
impacted such as property, plant, and equipment, inventories,
goodwill, and intangible assets given their potential exposure to
climate-related risks, as well as the Group\u2019s planned transition
efforts.
Among the risks identified is the impact on metered dose
inhalers (MDI). The Group is mitigating this risk by transitioning
to a lower-carbon propellant. This transition is not anticipated
to materially affect the recoverable amounts, or estimated
useful lives, of related property, plant, and equipment.
Additional information can be found in Note 17 'Property, plant,
and equipment'.
While the Group does not foresee any significant medium-term
impact at present, it remains aware of the evolving nature of
climate-related risks. The Group continues to evaluate the
implications on judgements and estimates, as well as on any
potential effects 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 FRS 101 \u2018Reduced Disclosure
Framework\u2019 and the Companies Act 2006. The company
balance sheet is presented on page 291 and the accounting
policies are given on pages\u00a0 292 to 299.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-771": { "value": "GSK is a global biopharma group which prevents and treats disease with specialty medicines, vaccines and general medicines. GSK focuses on the science of the immune system and advanced technologies, investing in four core therapeutic areas: respiratory, immunology and inflammation; oncology; HIV; and infectious diseases.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-772": { "value": "
Compliance with applicable law and IFRS
The consolidated 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 (\"IFRS Accounting Standards\").", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-773": { "value": "
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-774": { "value": "
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention modified by the revaluation of certain
items, as stated in the accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-775": { "value": "
The financial statements of the parent company, GSK plc, have
been prepared in accordance with FRS 101 \u2018Reduced Disclosure
Framework\u2019 and the Companies Act 2006. The company
balance sheet is presented on page 291 and the accounting
policies are given on pages\u00a0 292 to 299.
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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; and
\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 control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
\u2013 has power over the investee;
\u2013 is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2013 has the ability to use its power to affect its returns.
This is generally through control over the financial and
operating policies of the subsidiary.
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, 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 fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the 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 fair value of the consideration transferred 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 gain or loss on net monetary position is
charged to the consolidated income statement.
2. Accounting principles and policies continued
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 so there is no significant element of financing.
Revenue from the product sales 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.
Revenue from the product sales 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 collaboration agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market medicines 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 cost of \u00a37\u00a0million (2023: net
recoveries of cost of \u00a345\u00a0million; 2022: cost of \u00a31,635\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
(2023: \u00a31\u00a0million; 2022: \u00a33\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 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.
2. Accounting principles and policies continued
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 accumulated depreciation and
accumulated 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 and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful 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 balance sheet.
Right of use assets are initially measured at the amount of the
corresponding lease liability plus lease payments made at or
before the commencement day, initial incremental direct costs,
asset retirement obligations and less any lease incentives
received. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The corresponding liability to the lessor is recognised as a lease
obligation within short and long-term borrowings. The lease
liability is initially measured at the discounted present value of
the lease payments that are not paid at the commencement
date. The carrying amount of the lease liability is subsequently
increased to reflect interest on the liability and reduced by lease
payments made.
2. Accounting principles and policies continued
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, or a non-cancellable
term of more than 10 years, 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, or a
non-cancellable term of 10 years or less, 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 which are not linked to an index or a rate 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. For land and
buildings or vehicle leases the lease and non-lease components
are accounted for together in the lease when the non-lease
components can be reliably determined in advance and are
charged directly by the lessor.
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 accumulated 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 have a finite life and are stated at cost less
accumulated amortisation and accumulated 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 patent period plus 10 years, or
30 years if no patent 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 subsequent to the acquisition of
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 are capitalised as other intangible assets where the
software 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 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
Impairment of non-current assets
The carrying amounts 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 amounts 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.
2. Accounting principles and policies continued
Inventories
Inventories are included in the consolidated 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 amount to reduce it to its net realisable value; 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 comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are 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 on principal outstanding
(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.
2. Accounting principles and policies continued
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 the 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 amount 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 consolidated income statement, the
consolidated statement of comprehensive income or directly in
equity, according to the accounting treatment of the related
transaction.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
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.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. 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.
Restructuring
Costs of restructuring arise from restructuring programmes that
are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal plan
in place, and management has created a valid expectation by
separately announcing the main features of the plan to those
affected by it, or has started implementation.
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
Non-current assets or 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. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-778": { "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; and
\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 control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
\u2013 has power over the investee;
\u2013 is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2013 has the ability to use its power to affect its returns.
This is generally through control over the financial and
operating policies of the subsidiary.
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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-779": { "value": "
Entities over which the Group has control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
\u2013 has power over the investee;
\u2013 is exposed, or has rights, to variable returns from its
involvement with the investee; and
\u2013 has the ability to use its power to affect its returns.
This is generally through control over the financial and
operating policies of the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-781": { "value": "
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, 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-780": { "value": "
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, 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-782": { "value": "
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, 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-784": { "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 fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the 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 fair value of the consideration transferred 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-783": { "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 fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the 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 fair value of the consideration transferred 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-786": { "value": "
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the 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
Goodwill
Goodwill is stated at cost less accumulated 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 have a finite life and are stated at cost less
accumulated amortisation and accumulated 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 patent period plus 10 years, or
30 years if no patent 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 subsequent to the acquisition of
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 are capitalised as other intangible assets where the
software 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 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-785": { "value": "
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the 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
Goodwill
Goodwill is stated at cost less accumulated 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-787": { "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 gain or loss on net monetary position is
charged to the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-788": { "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 so there is no significant element of financing.
Revenue from the product sales 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.
Revenue from the product sales 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 collaboration agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market medicines 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 cost of \u00a37\u00a0million (2023: net
recoveries of cost of \u00a345\u00a0million; 2022: cost of \u00a31,635\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
(2023: \u00a31\u00a0million; 2022: \u00a33\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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-789": { "value": "
Revenue from the product sales 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-790": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-791": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-792": { "value": "
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.
Costs of restructuring arise from restructuring programmes that
are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal plan
in place, and management has created a valid expectation by
separately announcing the main features of the plan to those
affected by it, or has started implementation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-793": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-794": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-795": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-796": { "value": "
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the cost of
purchase or construction, less accumulated depreciation and
accumulated 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 and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-797": { "value": "Financing costs are capitalised within
the cost of qualifying assets in construction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-798": { "value": "
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-799": { "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 balance sheet.
Right of use assets are initially measured at the amount of the
corresponding lease liability plus lease payments made at or
before the commencement day, initial incremental direct costs,
asset retirement obligations and less any lease incentives
received. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The corresponding liability to the lessor is recognised as a lease
obligation within short and long-term borrowings. The lease
liability is initially measured at the discounted present value of
the lease payments that are not paid at the commencement
date. The carrying amount of the lease liability is subsequently
increased to reflect interest on the liability and reduced by lease
payments made.
2. Accounting principles and policies continued
For calculating the discounted lease liability on leases with
annual payments of \u00a32\u00a0million or more, or a non-cancellable
term of more than 10 years, 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, or a
non-cancellable term of 10 years or less, 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 which are not linked to an index or a rate 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. For land and
buildings or vehicle leases the lease and non-lease components
are accounted for together in the lease when the non-lease
components can be reliably determined in advance and are
charged directly by the lessor.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-800": { "value": "
Other intangible assets
Intangible assets have a finite life and are stated at cost less
accumulated amortisation and accumulated 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 patent period plus 10 years, or
30 years if no patent 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 subsequent to the acquisition of
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 are capitalised as other intangible assets where the
software 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 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-802": { "value": "
Impairment of non-current assets
The carrying amounts 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 amounts 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-801": { "value": "
Impairment of non-current assets
The carrying amounts 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 amounts that would have existed, net
of depreciation or amortisation, had no impairments been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-803": { "value": "
Inventories
Inventories are included in the consolidated 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 amount to reduce it to its net realisable value; 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-804": { "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 comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are 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 on principal outstanding
(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.
2. Accounting principles and policies continued
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 the 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 amount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-806": { "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.
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 comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are 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 on principal outstanding
(SPPI) test.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-805": { "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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-807": { "value": "
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.
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-808": { "value": "
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.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group\u2019s right
to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-809": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-810": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-811": { "value": "
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are 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 on principal outstanding
(SPPI) test", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-813": { "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.
2. Accounting principles and policies continued
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-812": { "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.
2. Accounting principles and policies continued
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-814": { "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 the 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 amount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-815": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-816": { "value": "
Hedge accounting
Derivatives designated as the hedging instruments are
classified at inception of the 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 amount 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-817": { "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 consolidated income statement, the
consolidated statement of comprehensive income or directly in
equity, according to the accounting treatment of the related
transaction.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
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.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-818": { "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.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-819": { "value": "
Restructuring
Costs of restructuring arise from restructuring programmes that
are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal plan
in place, and management has created a valid expectation by
separately announcing the main features of the plan to those
affected by it, or has started implementation.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-821": { "value": "
Assets and liabilities held for sale or distribution
and discontinued operations
Non-current assets or 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. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-820": { "value": "
Assets and liabilities held for sale or distribution
and discontinued operations
Non-current assets or 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. 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 comprehensive income and the
consolidated statement of cash flows and comparatives are
restated on a consistent basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-822": { "value": "
Non-current assets or 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-823": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-825": { "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 2024 was \u00a331,376 million (2023:
\u00a330,328 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 2024
of \u00a316,384 million (2023 : \u00a315,820 million) was after recording
deductions of \u00a314,100 million (2023: \u00a316,539 million) for rebates,
allowances, returns and other discounts. At 31\u00a0December 2024,
the total accrual amounted to \u00a35,235 million (2023: \u00a35,951
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 \u00a3526 million (2023: \u00a3756
million). At 31 December 2024, current tax payable was \u00a3703
million (2023: \u00a3500 million), non-current corporation tax
payable was \u00a3nil million (2023: \u00a375 million) and current tax
recoverable was \u00a3489 million (2023: \u00a3373 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 2024, the Group had recognised provisions of
\u00a3636 million in respect of uncertain tax positions (2023: \u00a3584
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 \u00a31,964 million (2023 : \u00a3271 million).
At 31\u00a0December 2024 provisions for legal and other disputes
amounted to \u00a31,446\u00a0million (2023: \u00a3267 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.
3. Critical accounting judgements and key sources of estimation uncertainty continued
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 2024 income statement charge for contingent
consideration was \u00a31,762 million (2023: \u00a3768 million).
At 31\u00a0December 2024, the liability for contingent consideration
amounted to \u00a37,280\u00a0million (2023: \u00a36,662 million). Of this
amount, \u00a36,061\u00a0million (2023: \u00a35,718\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
(2023: three UK schemes), with a combined surplus of \u00a3725
million at 31\u00a0December 2024 (2023: \u00a3457 million). There are
further recognised pension surpluses totalling \u00a3173 million
spread across five countries (2023: \u00a3177 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 \u00a3320 million and an increase in the annual
pension cost of approximately \u00a317 million. Similarly, a 0.25%
increase in the discount rate would lead to a decrease in the
net pension deficit of approximately \u00a3309 million and a
decrease in the annual pension cost of approximately \u00a319
million.
A 0.75% reduction in the discount rate would lead to an
increase in the net pension deficit of approximately \u00a31,012
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 \u00a3883 million and a decrease in the
annual pension cost of approximately \u00a355 million. The selection
of different assumptions could affect the future results of the
Group.
Impairment of intangible assets
The Group's intangible assets primarily comprise acquired
licences, patents, amortised brands, and product development
costs. At 31\u00a0December 2024, these assets have a carrying
amount of \u00a314,936 million (2023: \u00a314,166 million). Intangible
assets are tested for impairment when indicators of impairment
arise, or annually where the asset is not yet in use.
Estimates
Given the inherent uncertainty in pharmaceutical development
and commercialisation, there is significant estimation involved
in determining the recoverable amount of intangible assets. The
recoverable amount of intangible assets is determined as the
higher of their fair value less costs of disposal and their value in
use. The value in use is estimated using discounted cash flow
models, which require estimates such as future sales forecasts,
discount rates, probability of technical and regulatory success
(PTRS) and the results from research and development
activities. The key source of estimation uncertainty is in relation
to the portfolio of intangible assets as a whole. Based on the
number of assets held and the different assumptions for each
asset, it is not practicable to give a meaningful sensitivity
analysis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-824": { "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 2024 was \u00a331,376 million (2023:
\u00a330,328 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 2024
of \u00a316,384 million (2023 : \u00a315,820 million) was after recording
deductions of \u00a314,100 million (2023: \u00a316,539 million) for rebates,
allowances, returns and other discounts. At 31\u00a0December 2024,
the total accrual amounted to \u00a35,235 million (2023: \u00a35,951
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 \u00a3526 million (2023: \u00a3756
million). At 31 December 2024, current tax payable was \u00a3703
million (2023: \u00a3500 million), non-current corporation tax
payable was \u00a3nil million (2023: \u00a375 million) and current tax
recoverable was \u00a3489 million (2023: \u00a3373 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 2024, the Group had recognised provisions of
\u00a3636 million in respect of uncertain tax positions (2023: \u00a3584
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 \u00a31,964 million (2023 : \u00a3271 million).
At 31\u00a0December 2024 provisions for legal and other disputes
amounted to \u00a31,446\u00a0million (2023: \u00a3267 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.
3. Critical accounting judgements and key sources of estimation uncertainty continued
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 2024 income statement charge for contingent
consideration was \u00a31,762 million (2023: \u00a3768 million).
At 31\u00a0December 2024, the liability for contingent consideration
amounted to \u00a37,280\u00a0million (2023: \u00a36,662 million). Of this
amount, \u00a36,061\u00a0million (2023: \u00a35,718\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
(2023: three UK schemes), with a combined surplus of \u00a3725
million at 31\u00a0December 2024 (2023: \u00a3457 million). There are
further recognised pension surpluses totalling \u00a3173 million
spread across five countries (2023: \u00a3177 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 \u00a3320 million and an increase in the annual
pension cost of approximately \u00a317 million. Similarly, a 0.25%
increase in the discount rate would lead to a decrease in the
net pension deficit of approximately \u00a3309 million and a
decrease in the annual pension cost of approximately \u00a319
million.
A 0.75% reduction in the discount rate would lead to an
increase in the net pension deficit of approximately \u00a31,012
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 \u00a3883 million and a decrease in the
annual pension cost of approximately \u00a355 million. The selection
of different assumptions could affect the future results of the
Group.
Impairment of intangible assets
The Group's intangible assets primarily comprise acquired
licences, patents, amortised brands, and product development
costs. At 31\u00a0December 2024, these assets have a carrying
amount of \u00a314,936 million (2023: \u00a314,166 million). Intangible
assets are tested for impairment when indicators of impairment
arise, or annually where the asset is not yet in use.
Estimates
Given the inherent uncertainty in pharmaceutical development
and commercialisation, there is significant estimation involved
in determining the recoverable amount of intangible assets. The
recoverable amount of intangible assets is determined as the
higher of their fair value less costs of disposal and their value in
use. The value in use is estimated using discounted cash flow
models, which require estimates such as future sales forecasts,
discount rates, probability of technical and regulatory success
(PTRS) and the results from research and development
activities. The key source of estimation uncertainty is in relation
to the portfolio of intangible assets as a whole. Based on the
number of assets held and the different assumptions for each
asset, it is not practicable to give a meaningful sensitivity
analysis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-826": { "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 2024 was \u00a331,376 million (2023: \u00a330,328 million). EstimatesGross 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 2024 of \u00a316,384 million (2023 : \u00a315,820 million) was after recording deductions of \u00a314,100 million (2023: \u00a316,539 million) for rebates, allowances, returns and other discounts. At 31\u00a0December 2024, the total accrual amounted to \u00a35,235 million (2023: \u00a35,951 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.TaxationThe tax charge for the year was \u00a3526 million (2023: \u00a3756 million). At 31 December 2024, current tax payable was \u00a3703 million (2023: \u00a3500 million), non-current corporation tax payable was \u00a3nil million (2023: \u00a375 million) and current tax recoverable was \u00a3489 million (2023: \u00a3373 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 2024, the Group had recognised provisions of \u00a3636 million in respect of uncertain tax positions (2023: \u00a3584 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 disputesLegal costs for the year were \u00a31,964 million (2023 : \u00a3271 million). At 31\u00a0December 2024 provisions for legal and other disputes amounted to \u00a31,446\u00a0million (2023: \u00a3267 million).JudgementManagement 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.3. Critical accounting judgements and key sources of estimation uncertainty continuedThe 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 considerationThe 2024 income statement charge for contingent consideration was \u00a31,762 million (2023: \u00a3768 million).At 31\u00a0December 2024, the liability for contingent consideration amounted to \u00a37,280\u00a0million (2023: \u00a36,662 million). Of this amount, \u00a36,061\u00a0million (2023: \u00a35,718\u00a0million) related to the acquisition of the former Shionogi-ViiV Healthcare joint venture in 2012.EstimatesAny 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 benefitsJudgementWhere 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 (2023: three UK schemes), with a combined surplus of \u00a3725 million at 31\u00a0December 2024 (2023: \u00a3457 million). There are further recognised pension surpluses totalling \u00a3173 million spread across five countries (2023: \u00a3177 million across five countries). GSK has made the judgement that these amounts meet the requirements of recoverability.EstimatesThe 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 \u00a3320 million and an increase in the annual pension cost of approximately \u00a317 million. Similarly, a 0.25% increase in the discount rate would lead to a decrease in the net pension deficit of approximately \u00a3309 million and a decrease in the annual pension cost of approximately \u00a319 million. A 0.75% reduction in the discount rate would lead to an increase in the net pension deficit of approximately \u00a31,012 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 \u00a3883 million and a decrease in the annual pension cost of approximately \u00a355 million. The selection of different assumptions could affect the future results of the Group.Impairment of intangible assetsThe Group's intangible assets primarily comprise acquired licences, patents, amortised brands, and product development costs. At 31\u00a0December 2024, these assets have a carrying amount of \u00a314,936 million (2023: \u00a314,166 million). Intangible assets are tested for impairment when indicators of impairment arise, or annually where the asset is not yet in use. EstimatesGiven the inherent uncertainty in pharmaceutical development and commercialisation, there is significant estimation involved in determining the recoverable amount of intangible assets. The recoverable amount of intangible assets is determined as the higher of their fair value less costs of disposal and their value in use. The value in use is estimated using discounted cash flow models, which require estimates such as future sales forecasts, discount rates, probability of technical and regulatory success (PTRS) and the results from research and development activities. The key source of estimation uncertainty is in relation to the portfolio of intangible assets as a whole. Based on the number of assets held and the different assumptions for each asset, it is not practicable to give a meaningful sensitivity analysis.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-828": { "value": "
4. New accounting requirements
Amendments to IFRS accounting standards applicable
from 1 January 2024
GSK has adopted the following amendments to IFRS
accounting standards, with no material impact to the Group in
the year ended 31\u00a0December 2024:
\u2013 Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants - Amendments to IAS
1.
\u2013 Supplier Finance Arrangements - Amendments to IAS 7 and
IFRS 7.
\u2013 Lease Liability in a Sale and Leaseback - Amendments to
IFRS 16.
New IFRS accounting standards and amendments issued
but not yet effective
Certain amendments to IFRS accounting standards and
interpretations have been published that are not mandatory for
the 31\u00a0December 2024 reporting period and have not been
early adopted by the Group. The amendments and
interpretations that are not expected to have a material impact
on the results or financial position of the Group in future
reporting periods are:
\u2013 Lack of Exchangeability - Amendments to IAS 21 (effective
from 1 January 2025, endorsed by the UKEB).
\u2013 Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, not yet endorsed by the UKEB).
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective from 1 January 2027, not yet endorsed by the
UKEB).
\u2013 Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, not yet endorsed by the UKEB).
IFRS 18 Presentation and Disclosure in Financial Statements
was issued by the IASB on 9 April 2024 and introduces new
presentation and disclosure requirements, particularly for the
Income statement.
Furthermore the new accounting standard provides enhanced
principles on aggregation and disaggregation of information
and introduces new disclosures for Management Performance
Measures.
The requirements are effective for periods beginning on or after
1 January 2027 and are not yet endorsed by the UKEB.
GSK is assessing the impact of adopting the new requirements
introduced by IFRS 18, and will adopt the standard for the
reporting period ending 31 December 2027, subject to
endorsement in the UK.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-827": { "value": "
4. New accounting requirements
Amendments to IFRS accounting standards applicable
from 1 January 2024
GSK has adopted the following amendments to IFRS
accounting standards, with no material impact to the Group in
the year ended 31\u00a0December 2024:
\u2013 Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants - Amendments to IAS
1.
\u2013 Supplier Finance Arrangements - Amendments to IAS 7 and
IFRS 7.
\u2013 Lease Liability in a Sale and Leaseback - Amendments to
IFRS 16.
New IFRS accounting standards and amendments issued
but not yet effective
Certain amendments to IFRS accounting standards and
interpretations have been published that are not mandatory for
the 31\u00a0December 2024 reporting period and have not been
early adopted by the Group. The amendments and
interpretations that are not expected to have a material impact
on the results or financial position of the Group in future
reporting periods are:
\u2013 Lack of Exchangeability - Amendments to IAS 21 (effective
from 1 January 2025, endorsed by the UKEB).
\u2013 Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, not yet endorsed by the UKEB).
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective from 1 January 2027, not yet endorsed by the
UKEB).
\u2013 Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, not yet endorsed by the UKEB).
IFRS 18 Presentation and Disclosure in Financial Statements
was issued by the IASB on 9 April 2024 and introduces new
presentation and disclosure requirements, particularly for the
Income statement.
Furthermore the new accounting standard provides enhanced
principles on aggregation and disaggregation of information
and introduces new disclosures for Management Performance
Measures.
The requirements are effective for periods beginning on or after
1 January 2027 and are not yet endorsed by the UKEB.
GSK is assessing the impact of adopting the new requirements
introduced by IFRS 18, and will adopt the standard for the
reporting period ending 31 December 2027, subject to
endorsement in the UK.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-829": { "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:
2024
2023
2022
Average rates:
US$/\u00a3
1.28
1.24
1.24
Euro/\u00a3
1.18
1.15
1.17
Yen/\u00a3
193
175
161
2024
2023
2022
Period end rates:
US$/\u00a3
1.25
1.27
1.20
Euro/\u00a3
1.20
1.15
1.13
Yen/\u00a3
197
180
159
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-832": { "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 s egments; Commercial Operations and Total R&D. Members of the GLT
are responsible for each segment.
Originally, GSK reported 2021 results under four segments: 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. There is no change to the reportable segments in the current or prior periods.
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
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
31,376
30,328
29,324
31,376
30,328
29,324
Product sales are reported within three product groups: Vaccines, Specialty Medicines and General Medicines.
Commercial Operations:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Shingles
3,364
3,446
2,958
Meningitis
1,437
1,260
1,116
RSV
590
1,238
\u2013
Influenza
408
504
714
Established Vaccines
3,339
3,266
3,085
9,138
9,714
7,873
Pandemic Vaccines
\u2013
150
64
Vaccines
9,138
9,864
7,937
HIV
7,089
6,444
5,749
Respiratory/Immunology and Other
3,299
3,025
2,609
Oncology
1,410
731
602
11,798
10,200
8,960
Pandemic
12
44
2,309
Specialty Medicines
11,810
10,244
11,269
Respiratory
7,213
6,825
6,548
Other General Medicines
3,215
3,395
3,570
General Medicines
10,428
10,220
10,118
Total Commercial Operations
31,376
30,328
29,324
6. Turnover and segment information continued
During 2024, sales were made to three US wholesalers of \u00a34,538\u00a0million (2023: \u00a34,494 million; 2022: \u00a34,045 million), \u00a34,792\u00a0million
(2023: \u00a34,498 million; 2022: \u00a34,161 million) and \u00a33,366\u00a0million (2023: \u00a33,531 million; 2022: \u00a33,227 million) respectively, after allocating
final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of RAR (returns and rebates) accruals of \u00a3740 million (2023: \u00a3728 million).
Segment profit
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
15,335
14,656
13,590
Research and development
(5,845)
(5,607)
(5,060)
Segment profit
9,490
9,049
8,530
Corporate and other unallocated costs
(342)
(263)
(379)
Other reconciling items between segment profit and operating profit
(5,127)
(2,041)
(1,718)
Total Operating profit
4,021
6,745
6,433
Finance income
122
115
76
Finance costs
(669)
(792)
(879)
Gain on disposal of interest in associates
6
1
\u2013
Share of after-tax losses of associates and joint ventures
(3)
(5)
(2)
Profit before taxation from continuing operations
3,477
6,064
5,628
Taxation
(526)
(756)
(707)
Profit after taxation for the year from continuing operations
2,951
5,308
4,921
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 including amounts reclassified from the foreign currency
translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds \u00a325\u00a0million. Please refer
to the detail of Other reconciling items between segment profit and operating profit in the analysis of adjusting items in the Group
financial review on page 98 to 100.
Depreciation and amortisation by segment
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
906
893
829
Research and development
569
572
467
Segment depreciation and amortisation
1,475
1,465
1,296
Corporate and other unallocated depreciation and amortisation
74
110
112
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
1,002
719
739
Total depreciation and amortisation
2,551
2,294
2,147
6. Turnover and segment information continued
PP&E, intangible asset and goodwill impairment by segment
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
102
27
29
Research and development
22
13
32
Segment impairment
124
40
61
Corporate and other unallocated impairment
11
35
20
Other reconciling items between segment impairment and total impairment
302
432
420
Total impairment
437
507
501
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(28)
(16)
(6)
Research and development
(2)
(9)
(19)
Segment impairment reversals
(30)
(25)
(25)
Corporate and other unallocated impairment reversals
(3)
(14)
\u2013
Other reconciling items between segment impairment reversals and total impairment reversals
\u2013
\u2013
(1)
Total impairment reversals
(33)
(39)
(26)
Net operating assets by segment
2024
\u00a3m
2023
\u00a3m
Commercial Operations
12,501
12,302
Research and development
7,459
7,021
Segment net operating assets
19,960
19,323
Corporate and other unallocated net operating assets
43
625
Net operating assets
20,003
19,948
Net debt
(13,095)
(15,040)
Investments in associates and joint ventures
96
55
Current equity investment
\u2013
2,204
Derivative financial instruments
(82)
16
Current and deferred taxation
6,161
5,536
Assets held for sale (excluding cash and cash equivalents)
3
76
Net assets
13,086
12,795
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a36,061\u00a0million
(2023: \u00a35,718\u00a0million) and the Pfizer put option of \u00a3915\u00a0million (2023: \u00a3848\u00a0million).
Geographical information
The UK is regarded as being the Group\u2019s country of domicile.
Turnover by location of customer
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK
708
693
695
US
16,384
15,820
14,542
Rest of World
14,284
13,815
14,087
External turnover
31,376
30,328
29,324
Non-current assets by location of subsidiary
2024
\u00a3m
2023
\u00a3m
UK
7,803
6,464
US
13,977
13,280
Belgium
5,378
5,337
Rest of World
5,588
6,606
Non-current assets
32,746
31,687
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-831": { "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 s egments; Commercial Operations and Total R&D. Members of the GLT
are responsible for each segment.
Originally, GSK reported 2021 results under four segments: 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. There is no change to the reportable segments in the current or prior periods.
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
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
31,376
30,328
29,324
31,376
30,328
29,324
Product sales are reported within three product groups: Vaccines, Specialty Medicines and General Medicines.
Commercial Operations:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Shingles
3,364
3,446
2,958
Meningitis
1,437
1,260
1,116
RSV
590
1,238
\u2013
Influenza
408
504
714
Established Vaccines
3,339
3,266
3,085
9,138
9,714
7,873
Pandemic Vaccines
\u2013
150
64
Vaccines
9,138
9,864
7,937
HIV
7,089
6,444
5,749
Respiratory/Immunology and Other
3,299
3,025
2,609
Oncology
1,410
731
602
11,798
10,200
8,960
Pandemic
12
44
2,309
Specialty Medicines
11,810
10,244
11,269
Respiratory
7,213
6,825
6,548
Other General Medicines
3,215
3,395
3,570
General Medicines
10,428
10,220
10,118
Total Commercial Operations
31,376
30,328
29,324
6. Turnover and segment information continued
During 2024, sales were made to three US wholesalers of \u00a34,538\u00a0million (2023: \u00a34,494 million; 2022: \u00a34,045 million), \u00a34,792\u00a0million
(2023: \u00a34,498 million; 2022: \u00a34,161 million) and \u00a33,366\u00a0million (2023: \u00a33,531 million; 2022: \u00a33,227 million) respectively, after allocating
final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of RAR (returns and rebates) accruals of \u00a3740 million (2023: \u00a3728 million).
Segment profit
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
15,335
14,656
13,590
Research and development
(5,845)
(5,607)
(5,060)
Segment profit
9,490
9,049
8,530
Corporate and other unallocated costs
(342)
(263)
(379)
Other reconciling items between segment profit and operating profit
(5,127)
(2,041)
(1,718)
Total Operating profit
4,021
6,745
6,433
Finance income
122
115
76
Finance costs
(669)
(792)
(879)
Gain on disposal of interest in associates
6
1
\u2013
Share of after-tax losses of associates and joint ventures
(3)
(5)
(2)
Profit before taxation from continuing operations
3,477
6,064
5,628
Taxation
(526)
(756)
(707)
Profit after taxation for the year from continuing operations
2,951
5,308
4,921
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 including amounts reclassified from the foreign currency
translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds \u00a325\u00a0million. Please refer
to the detail of Other reconciling items between segment profit and operating profit in the analysis of adjusting items in the Group
financial review on page 98 to 100.
Depreciation and amortisation by segment
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
906
893
829
Research and development
569
572
467
Segment depreciation and amortisation
1,475
1,465
1,296
Corporate and other unallocated depreciation and amortisation
74
110
112
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
1,002
719
739
Total depreciation and amortisation
2,551
2,294
2,147
6. Turnover and segment information continued
PP&E, intangible asset and goodwill impairment by segment
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
102
27
29
Research and development
22
13
32
Segment impairment
124
40
61
Corporate and other unallocated impairment
11
35
20
Other reconciling items between segment impairment and total impairment
302
432
420
Total impairment
437
507
501
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(28)
(16)
(6)
Research and development
(2)
(9)
(19)
Segment impairment reversals
(30)
(25)
(25)
Corporate and other unallocated impairment reversals
(3)
(14)
\u2013
Other reconciling items between segment impairment reversals and total impairment reversals
\u2013
\u2013
(1)
Total impairment reversals
(33)
(39)
(26)
Net operating assets by segment
2024
\u00a3m
2023
\u00a3m
Commercial Operations
12,501
12,302
Research and development
7,459
7,021
Segment net operating assets
19,960
19,323
Corporate and other unallocated net operating assets
43
625
Net operating assets
20,003
19,948
Net debt
(13,095)
(15,040)
Investments in associates and joint ventures
96
55
Current equity investment
\u2013
2,204
Derivative financial instruments
(82)
16
Current and deferred taxation
6,161
5,536
Assets held for sale (excluding cash and cash equivalents)
3
76
Net assets
13,086
12,795
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a36,061\u00a0million
(2023: \u00a35,718\u00a0million) and the Pfizer put option of \u00a3915\u00a0million (2023: \u00a3848\u00a0million).
Geographical information
The UK is regarded as being the Group\u2019s country of domicile.
Turnover by location of customer
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK
708
693
695
US
16,384
15,820
14,542
Rest of World
14,284
13,815
14,087
External turnover
31,376
30,328
29,324
Non-current assets by location of subsidiary
2024
\u00a3m
2023
\u00a3m
UK
7,803
6,464
US
13,977
13,280
Belgium
5,378
5,337
Rest of World
5,588
6,606
Non-current assets
32,746
31,687
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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-830": { "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 s egments; Commercial Operations and Total R&D. Members of the GLT
are responsible for each segment.
Originally, GSK reported 2021 results under four segments: 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. There is no change to the reportable segments in the current or prior periods.
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
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
31,376
30,328
29,324
31,376
30,328
29,324
Product sales are reported within three product groups: Vaccines, Specialty Medicines and General Medicines.
Commercial Operations:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Shingles
3,364
3,446
2,958
Meningitis
1,437
1,260
1,116
RSV
590
1,238
\u2013
Influenza
408
504
714
Established Vaccines
3,339
3,266
3,085
9,138
9,714
7,873
Pandemic Vaccines
\u2013
150
64
Vaccines
9,138
9,864
7,937
HIV
7,089
6,444
5,749
Respiratory/Immunology and Other
3,299
3,025
2,609
Oncology
1,410
731
602
11,798
10,200
8,960
Pandemic
12
44
2,309
Specialty Medicines
11,810
10,244
11,269
Respiratory
7,213
6,825
6,548
Other General Medicines
3,215
3,395
3,570
General Medicines
10,428
10,220
10,118
Total Commercial Operations
31,376
30,328
29,324
6. Turnover and segment information continued
During 2024, sales were made to three US wholesalers of \u00a34,538\u00a0million (2023: \u00a34,494 million; 2022: \u00a34,045 million), \u00a34,792\u00a0million
(2023: \u00a34,498 million; 2022: \u00a34,161 million) and \u00a33,366\u00a0million (2023: \u00a33,531 million; 2022: \u00a33,227 million) respectively, after allocating
final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of RAR (returns and rebates) accruals of \u00a3740 million (2023: \u00a3728 million).
Segment profit
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
15,335
14,656
13,590
Research and development
(5,845)
(5,607)
(5,060)
Segment profit
9,490
9,049
8,530
Corporate and other unallocated costs
(342)
(263)
(379)
Other reconciling items between segment profit and operating profit
(5,127)
(2,041)
(1,718)
Total Operating profit
4,021
6,745
6,433
Finance income
122
115
76
Finance costs
(669)
(792)
(879)
Gain on disposal of interest in associates
6
1
\u2013
Share of after-tax losses of associates and joint ventures
(3)
(5)
(2)
Profit before taxation from continuing operations
3,477
6,064
5,628
Taxation
(526)
(756)
(707)
Profit after taxation for the year from continuing operations
2,951
5,308
4,921
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 including amounts reclassified from the foreign currency
translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds \u00a325\u00a0million. Please refer
to the detail of Other reconciling items between segment profit and operating profit in the analysis of adjusting items in the Group
financial review on page 98 to 100.
Depreciation and amortisation by segment
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
906
893
829
Research and development
569
572
467
Segment depreciation and amortisation
1,475
1,465
1,296
Corporate and other unallocated depreciation and amortisation
74
110
112
Other reconciling items between segment depreciation and amortisation and total depreciation and
\u00a0 amortisation
1,002
719
739
Total depreciation and amortisation
2,551
2,294
2,147
6. Turnover and segment information continued
PP&E, intangible asset and goodwill impairment by segment
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Commercial Operations
102
27
29
Research and development
22
13
32
Segment impairment
124
40
61
Corporate and other unallocated impairment
11
35
20
Other reconciling items between segment impairment and total impairment
302
432
420
Total impairment
437
507
501
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(28)
(16)
(6)
Research and development
(2)
(9)
(19)
Segment impairment reversals
(30)
(25)
(25)
Corporate and other unallocated impairment reversals
(3)
(14)
\u2013
Other reconciling items between segment impairment reversals and total impairment reversals
\u2013
\u2013
(1)
Total impairment reversals
(33)
(39)
(26)
Net operating assets by segment
2024
\u00a3m
2023
\u00a3m
Commercial Operations
12,501
12,302
Research and development
7,459
7,021
Segment net operating assets
19,960
19,323
Corporate and other unallocated net operating assets
43
625
Net operating assets
20,003
19,948
Net debt
(13,095)
(15,040)
Investments in associates and joint ventures
96
55
Current equity investment
\u2013
2,204
Derivative financial instruments
(82)
16
Current and deferred taxation
6,161
5,536
Assets held for sale (excluding cash and cash equivalents)
3
76
Net assets
13,086
12,795
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of \u00a36,061\u00a0million
(2023: \u00a35,718\u00a0million) and the Pfizer put option of \u00a3915\u00a0million (2023: \u00a3848\u00a0million).
Geographical information
The UK is regarded as being the Group\u2019s country of domicile.
Turnover by location of customer
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK
708
693
695
US
16,384
15,820
14,542
Rest of World
14,284
13,815
14,087
External turnover
31,376
30,328
29,324
Non-current assets by location of subsidiary
2024
\u00a3m
2023
\u00a3m
UK
7,803
6,464
US
13,977
13,280
Belgium
5,378
5,337
Rest of World
5,588
6,606
Non-current assets
32,746
31,687
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-833": { "value": "
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 s egments; Commercial Operations and Total R&D. Members of the GLT
are responsible for each segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-834": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-835": { "value": "The UK is regarded as being the Group\u2019s country of domicile.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-838": { "value": "
7. Other operating income/(expense)
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Upfront settlement income (1)
\u2013
\u2013
922
Fair value remeasurements of equity investments
51
(122)
256
Disposal of businesses and assets
246
61
215
Fair value remeasurements on contingent consideration recognised in business combinations(2)
(1,751)
(791)
(1,607)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
(67)
245
(85)
Fair value adjustments on derivative financial instruments
\u2013
7
3
Other (expense)/income
(9)
237
61
(1,530)
(363)
(235)
(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\u00a0billion (\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.
(2) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Fair value remeasurements of equity investments in 2024 included a gain of \u00a322 million (2023: \u00a317\u00a0million loss) 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 2024 and 2023 primarily includes milestone income.
Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.
Fair value remeasurements on contingent consideration recognised as business combinations included a net charge of \u00a31,533
million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, and a \u00a3206 million net charge payable to
Novartis related to the Vaccines acquisition, together with fair value movements on related hedging contracts.
Other income in 2023 primarily included 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-837": { "value": "
7. Other operating income/(expense)
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Upfront settlement income (1)
\u2013
\u2013
922
Fair value remeasurements of equity investments
51
(122)
256
Disposal of businesses and assets
246
61
215
Fair value remeasurements on contingent consideration recognised in business combinations(2)
(1,751)
(791)
(1,607)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
(67)
245
(85)
Fair value adjustments on derivative financial instruments
\u2013
7
3
Other (expense)/income
(9)
237
61
(1,530)
(363)
(235)
(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\u00a0billion (\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.
(2) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Fair value remeasurements of equity investments in 2024 included a gain of \u00a322 million (2023: \u00a317\u00a0million loss) 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 2024 and 2023 primarily includes milestone income.
Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.
Fair value remeasurements on contingent consideration recognised as business combinations included a net charge of \u00a31,533
million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, and a \u00a3206 million net charge payable to
Novartis related to the Vaccines acquisition, together with fair value movements on related hedging contracts.
Other income in 2023 primarily included 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-836": { "value": "
7. Other operating income/(expense)
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Upfront settlement income (1)
\u2013
\u2013
922
Fair value remeasurements of equity investments
51
(122)
256
Disposal of businesses and assets
246
61
215
Fair value remeasurements on contingent consideration recognised in business combinations(2)
(1,751)
(791)
(1,607)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
(67)
245
(85)
Fair value adjustments on derivative financial instruments
\u2013
7
3
Other (expense)/income
(9)
237
61
(1,530)
(363)
(235)
(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\u00a0billion (\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.
(2) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Fair value remeasurements of equity investments in 2024 included a gain of \u00a322 million (2023: \u00a317\u00a0million loss) 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 2024 and 2023 primarily includes milestone income.
Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.
Fair value remeasurements on contingent consideration recognised as business combinations included a net charge of \u00a31,533
million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, and a \u00a3206 million net charge payable to
Novartis related to the Vaccines acquisition, together with fair value movements on related hedging contracts.
Other income in 2023 primarily included 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-841": { "value": "
8. Operating profit
The following items have been included in operating profit:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Employee costs (Note 9)
8,759
8,473
7,693
Advertising
851
835
735
Distribution costs
198
199
192
Depreciation of property, plant and equipment
886
892
885
Impairment of property, plant and equipment, net of reversals
88
17
70
Depreciation of right of use assets
211
190
176
Impairment of right of use assets, net of reversals
(1)
10
40
Amortisation of intangible assets
1,454
1,212
1,086
Impairment of intangible assets, net of reversals
317
418
365
Impairment of tangible and intangible assets held for sale, net of reversals
\u2013
23
\u2013
Net foreign exchange (gains)/losses
13
11
11
Inventories:
\u00a0 Cost of inventories included in cost of sales
6,495
6,576
6,137
\u00a0 Write-down of inventories
1,046
979
687
\u00a0 Reversal of prior year write-down of inventories
(630)
(598)
(483)
Short-term lease charge
13
8
6
Low-value lease charge
2
2
2
Variable lease payments
15
17
9
Fees payable to the company\u2019s auditor and its associates in relation to the Group (see below)
23.3
22.0
26.9
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 \u00a387 million (2023: \u00a334 million gain; 2022 : \u00a32 million loss) arising from the
recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas
associates is \u00a3nil ( 2023: \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 \u00a3353\u00a0million (2023: \u00a3382 million ; 2022 : \u00a3321 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.8
10.2
10.9
Audit of the company\u2019s subsidiaries
10.3
10.2
9.7
Total audit services
21.1
20.4
20.6
Audit-related and other assurance services
2.2
1.6
6.3
Total audit services, audit-related and other assurance services
23.3
22.0
26.9
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 (2023: \u00a3 nil; 2022: \u00a34.4\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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-840": { "value": "
8. Operating profit
The following items have been included in operating profit:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Employee costs (Note 9)
8,759
8,473
7,693
Advertising
851
835
735
Distribution costs
198
199
192
Depreciation of property, plant and equipment
886
892
885
Impairment of property, plant and equipment, net of reversals
88
17
70
Depreciation of right of use assets
211
190
176
Impairment of right of use assets, net of reversals
(1)
10
40
Amortisation of intangible assets
1,454
1,212
1,086
Impairment of intangible assets, net of reversals
317
418
365
Impairment of tangible and intangible assets held for sale, net of reversals
\u2013
23
\u2013
Net foreign exchange (gains)/losses
13
11
11
Inventories:
\u00a0 Cost of inventories included in cost of sales
6,495
6,576
6,137
\u00a0 Write-down of inventories
1,046
979
687
\u00a0 Reversal of prior year write-down of inventories
(630)
(598)
(483)
Short-term lease charge
13
8
6
Low-value lease charge
2
2
2
Variable lease payments
15
17
9
Fees payable to the company\u2019s auditor and its associates in relation to the Group (see below)
23.3
22.0
26.9
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 \u00a387 million (2023: \u00a334 million gain; 2022 : \u00a32 million loss) arising from the
recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas
associates is \u00a3nil ( 2023: \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 \u00a3353\u00a0million (2023: \u00a3382 million ; 2022 : \u00a3321 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.8
10.2
10.9
Audit of the company\u2019s subsidiaries
10.3
10.2
9.7
Total audit services
21.1
20.4
20.6
Audit-related and other assurance services
2.2
1.6
6.3
Total audit services, audit-related and other assurance services
23.3
22.0
26.9
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 (2023: \u00a3 nil; 2022: \u00a34.4\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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-839": { "value": "
8. Operating profit
The following items have been included in operating profit:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Employee costs (Note 9)
8,759
8,473
7,693
Advertising
851
835
735
Distribution costs
198
199
192
Depreciation of property, plant and equipment
886
892
885
Impairment of property, plant and equipment, net of reversals
88
17
70
Depreciation of right of use assets
211
190
176
Impairment of right of use assets, net of reversals
(1)
10
40
Amortisation of intangible assets
1,454
1,212
1,086
Impairment of intangible assets, net of reversals
317
418
365
Impairment of tangible and intangible assets held for sale, net of reversals
\u2013
23
\u2013
Net foreign exchange (gains)/losses
13
11
11
Inventories:
\u00a0 Cost of inventories included in cost of sales
6,495
6,576
6,137
\u00a0 Write-down of inventories
1,046
979
687
\u00a0 Reversal of prior year write-down of inventories
(630)
(598)
(483)
Short-term lease charge
13
8
6
Low-value lease charge
2
2
2
Variable lease payments
15
17
9
Fees payable to the company\u2019s auditor and its associates in relation to the Group (see below)
23.3
22.0
26.9
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 \u00a387 million (2023: \u00a334 million gain; 2022 : \u00a32 million loss) arising from the
recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas
associates is \u00a3nil ( 2023: \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 \u00a3353\u00a0million (2023: \u00a3382 million ; 2022 : \u00a3321 million), see Note 10,
\u2018Major restructuring costs\u2019.
Fees payable to the company\u2019s auditor and its associates:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.8
10.2
10.9
Audit of the company\u2019s subsidiaries
10.3
10.2
9.7
Total audit services
21.1
20.4
20.6
Audit-related and other assurance services
2.2
1.6
6.3
Total audit services, audit-related and other assurance services
23.3
22.0
26.9
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 (2023: \u00a3 nil; 2022: \u00a34.4\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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit
0.2
0.2
0.2
10. Major restructuring costs
Within the Pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the
business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or R&D
sites, are likely to take several years to complete.
Major restructuring costs are those related to specific Board-approved Major restructuring programmes, including integration costs
following material acquisitions, which are structural and are of a significant scale where the costs of individual or related projects
exceed \u00a325\u00a0million.
In January 2020, the Board approved a Separation restructuring programme to prepare for the separation of GSK into two
companies. This programme is largely complete. After the acquisition of Sierra Oncology (July 2022) and Affinivax (August 2022),
the Board approved a Major restructuring programme for the integration of significant acquisitions designed to integrate and
achieve synergies. GSK acquired Bellus Health Inc. in June 2023 and Aiolos Bio, Inc. in February 2024.
The total restructuring costs of \u00a3353 million in 2024 (2023: \u00a3382 million; 2022: \u00a3321 million) were incurred in the following areas:
\u2013 Restructuring costs for separation of GSK into two companies aiming to provide a robust and sustainable state for the
Pharmaceutical organisation
\u2013 Continued transformation of central functions, including GSK technology platforms and interfaces, to deliver greater digital
synergies, simplification of applications and staff reductions
\u2013 The integration of acquisitions
The analysis of the costs charged to operating profit under these programmes was as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Increase in provision for Major restructuring programmes (see Note 32)
195
172
138
Amount of provision reversed unused (see Note 32)
(51)
(55)
(111)
Impairment (reversals)/losses recognised
(12)
33
122
Other non-cash charges/(credit)
58
86
(7)
Other cash costs
163
146
179
353
382
321
Provision reversals of \u00a351 million mainly relate to the Separation restructuring programme. Asset impairment credit of \u00a312 million and
other non-cash charges of \u00a358 million principally comprised fixed asset write-downs of manufacturing and accelerated
depreciation where asset lives have been shortened in the supply chain manufacturing network as a result of the Major restructuring
programmes. All other charges have been or will be settled in cash and include site closure costs, consultancy and project
management costs.
The analysis of Major restructuring charges by programme was as follows:
2024
Cash
\u00a3m
Non-cash
\u00a3m
Total
\u00a3m
Separation restructuring programme
200
36
236
Significant acquisitions
59
1
60
Legacy programmes
48
9
57
307
46
353
2023
Cash
\u00a3m
Non-cash
\u00a3m
Total
\u00a3m
Separation restructuring programme
199
117
316
Significant acquisitions
65
1
66
Legacy programmes
(1)
1
\u2013
263
119
382
The analysis of Major restructuring charges by income statement line was as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cost of sales
163
164
102
Selling, general and administration
160
216
180
Research and development
9
2
39
Other operating expense
21
\u2013
\u2013
353
382
321
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-842": { "value": "
Fees payable to the company\u2019s auditor and its associates:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit of parent company and consolidated financial statements including attestation under
\u00a0 s.404 of Sarbanes-Oxley Act 2002
10.8
10.2
10.9
Audit of the company\u2019s subsidiaries
10.3
10.2
9.7
Total audit services
21.1
20.4
20.6
Audit-related and other assurance services
2.2
1.6
6.3
Total audit services, audit-related and other assurance services
23.3
22.0
26.9
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 (2023: \u00a3 nil; 2022: \u00a34.4\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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Audit
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-844": { "value": "
9. Employee costs
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Wages and salaries
6,750
6,706
6,110
Social security costs
862
818
763
Pension and other post-employment costs, including augmentations (Note 31)
368
356
369
Cost of share-based incentive plans
347
321
314
Severance and other costs from integration and restructuring activities
432
272
137
8,759
8,473
7,693
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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share value plan
260
244
243
Performance share plan
67
58
55
Share option plans
6
5
4
Cash settled and other plans
14
14
12
347
321
314
The average number of persons employed by the Group (including Directors) during the year:
2024
Number
2023
Number
2022
Number
Manufacturing
23,206
23,209
22,946
Selling, general and administration
33,503
34,446
34,642
Research and development
12,596
12,589
11,542
Total Continuing Operations
69,305
70,244
69,130
Discontinued Operations
\u2013
\u2013
21,292
Total
69,305
70,244
90,422
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 299.
The compensation of the Directors and senior management (members of the GLT) in aggregate, was as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Wages and salaries
32
37
31
Social security costs
6
4
5
Pension and other post-employment costs
1
1
2
Cost of share-based incentive plans
38
32
28
77
74
66
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 157 to 162.
31. Pensions and other post-employment benefits
Pension and other post-employment costs
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK pension schemes
120
96
114
US pension schemes
40
56
48
Other overseas pension schemes
151
146
154
Unfunded post-retirement healthcare schemes
57
58
53
368
356
369
Analysed as:
Funded defined benefit/hybrid pension schemes
132
134
152
Unfunded defined benefit pension schemes
29
35
31
Unfunded post-retirement healthcare schemes
57
58
53
Defined benefit schemes
218
227
236
Defined contribution pension schemes
150
129
133
368
356
369
The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cost of sales
87
94
104
Selling, general and administration
92
91
90
Research and development
39
42
42
218
227
236
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 factors such as 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 2023
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 2044 for an individual then
at the age of 60 is as follows:
UK
US
Male
Years
Female
Years
Male
Years
Female
Years
Current
26.8
28.3
27.4
28.8
Projected for 2044
27.9
29.5
28.9
30.2
31. Pensions and other post-employment benefits continued
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 target exposure for\u00a0
three of the four UK plans is split 36%\u00a0 to return-seeking assets and 64% to 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 2024, the value of the
insurance contract was \u00a3340 million (2023: \u00a3387 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 market value of the plans\u2019 assets might decline or the estimated value
of the plans\u2019 liabilities might increase.
Within the broad investment strategy outlined above, the return-seeking assets are primarily intended to generate future returns
while the liability-matching assets are intended to match future pension obligations. Each pool invests across a broad range of
assets. The main risks within the portfolios 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 in the US is partially hedged, with the target 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 benefit 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 cash funding or technical provision deficits of \u00a31,080\u00a0million identified in the 31 December 2020 pension scheme valuations in
three GSK UK defined benefit pension schemes and increased by \u00a37\u00a0million notional interest, were fully paid in 2023, (2023:
\u00a3353\u00a0million; 2022: \u00a3691\u00a0million). The contributions were collateralised by the creation of three Scottish Limited Partnerships (SLPs)
during the GSK Consumer Healthcare Holdings Limited demerger, each SLP providing a funding mechanism for each of the three
principal UK defined benefit pension schemes (two benefiting current and former Glaxo Wellcome employees, with the third
benefiting current and former SmithKline Beecham employees).
The US cash balance pension plan closed to future accrual from 1 January 2021.\u00a0
The Group has applied the following financial assumptions in assessing the defined benefit liabilities:
UK
US
Rest of World
2024
% pa
2023
% pa
2022
% pa
2024
% pa
2023
% pa
2022
% pa
2024
% pa
2023
% pa
2022
% pa
Rate of increase of future earnings
n/a
n/a
n/a
n/a
n/a
n/a
3.20
3.20
3.40
Discount rate
5.50
4.60
4.80
5.50
5.00
5.30
3.30
3.10
3.40
Expected pension increases
2.90
2.90
3.10
n/a
n/a
n/a
2.40
2.50
2.40
Cash balance credit/conversion rate
n/a
n/a
n/a
4.80
4.00
3.90
1.10
0.60
0.80
Inflation rate
2.90
2.90
3.10
2.50
2.50
2.50
1.90
2.00
2.30
Sensitivity analysis detailing the effect of changes in assumptions is provided on page 250. The analysis provided reflects the
assumption changes which have the most material impact on the results of the Group.
31. Pensions and other post-employment benefits continued
The amounts recorded in the income statement and statement of comprehensive income for the three years ended 31\u00a0December
2024 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:
Pensions
Post-retirement
benefits
2024
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Group
\u00a3m
Amounts charged to operating profit
Current service cost
\u2013
3
94
97
14
Past service cost
18
\u2013
\u2013
18
\u2013
Net interest (income)/cost
(15)
26
14
25
43
Gains from settlements
\u2013
\u2013
(2)
(2)
\u2013
Expenses
12
11
\u2013
23
\u2013
15
40
106
161
57
Remeasurement gains/(losses) recorded in the statement of
\u00a0 comprehensive income
237
90
129
456
50
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
\u2014
5
91
96
12
Past service cost/(credit)
3
\u2013
\u2013
3
\u2013
Net interest (income)/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
\u00a0 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
\u2014
\u2014
6
\u2014
Net interest (income)/cost
(11)
20
9
18
32
Gains from settlements
\u2013
\u2013
(22)
(22)
\u2013
Expenses
14
21
\u2014
35
(1)
22
48
113
183
53
Remeasurement gains/(losses) recorded in the statement of
\u00a0 comprehensive income1
(1,169)
36
261
(872)
228
The amounts included within past service costs in the UK included \u00a318 million (2023: \u00a33 million; 2022: \u00a36 million) of augmentation
costs which arose from Major restructuring programmes.
31. Pensions and other post-employment benefits continued
A summarised balance sheet presentation of the Group defined benefit pension schemes and other post-retirement benefits is set
out in the table below:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Recognised in other non-current assets:
Pension schemes in surplus
898
634
229
Recognised in pensions and other post-employment benefits:
\u00a0 Pension schemes in deficit
(1,001)
(1,397)
(1,585)
\u00a0 Post-retirement benefits
(863)
(943)
(994)
(1,864)
(2,340)
(2,579)
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 2024
UK
\u00a3m
US
\u00a3m
Rest of World
\u00a3m
Group
\u00a3m
Equities:
\u2013\u00a0 listed
1,669
472
364
2,505
\u2013\u00a0 unlisted
\u2013
\u2013
2
2
Multi-asset funds
923
\u2013
\u2013
923
Property:
\u2013\u00a0 listed
\u2013
\u2013
\u2013
\u2013
\u2013\u00a0 unlisted
407
99
24
530
Corporate bonds:
\u2013\u00a0 listed
2,104
739
208
3,051
\u2013\u00a0 unlisted
\u2013
\u2013
15
15
Government bonds:
\u2013\u00a0 listed
4,107
772
489
5,368
Insurance contracts
883
\u2013
822
1,705
Other (liabilities)/assets
(1,291)
125
81
(1,085)
Fair value of assets
8,802
2,207
2,005
13,014
Present value of scheme obligations
(8,241)
(2,596)
(2,280)
(13,117)
Net surplus/(obligation)
561
(389)
(275)
(103)
Included in other non-current assets
725
\u2013
173
898
Included in pensions and other post-employment benefits
(164)
(389)
(448)
(1,001)
561
(389)
(275)
(103)
Actual return/(loss) on plan assets
(213)
132
121
40
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 investments in this asset class with a quoted market price were fully\u00a0
redeemed during the year (2023: \u00a3209 million).
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 \u00a31,634 million at
31\u00a0December 2024 (2023: \u00a31,853 million; 2022: \u00a32,376 million) is deducted within \u2018Other assets\u2019.
31. Pensions and other post-employment benefits continued
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)
\u2014
\u2014
\u2014
\u2014
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
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)
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)
31. Pensions and other post-employment benefits continued
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 2022
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
\u2013
(125)
(84)
(209)
\u2013
Interest income
430
111
60
601
\u2013
Expenses
(14)
(16)
\u2013
(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
Benefits paid
(512)
(298)
(73)
(883)
(116)
Assets at 31\u00a0December 2023
9,498
2,142
1,982
13,622
\u2013
Exchange adjustments
\u2013
37
(116)
(79)
\u2013
Interest income
426
102
59
587
\u2013
Expenses
(12)
(11)
\u2013
(23)
\u2013
Settlements and curtailments
\u2013
\u2013
(1)
(1)
\u2013
Remeasurement
(639)
30
62
(547)
\u2013
Employer contributions
63
179
109
351
94
Scheme participants\u2019 contributions
\u2013
\u2013
11
11
18
Benefits paid
(534)
(272)
(101)
(907)
(112)
Assets at 31\u00a0December 2024
8,802
2,207
2,005
13,014
\u2013
During 2024, the Group made a deficit reduction contribution to the UK pension schemes of \u00a330\u00a0million (2023:\u00a3nil), eliminating the
deficit identified in the 31 December 2023 triennial funding valuation. The Group also made a contribution to the US Cash Balance
Plan of \u00a3150\u00a0million (2023: \u00a396\u00a0million).
Employer contributions for 2025 are estimated to be approximately \u00a3270\u00a0million in respect of defined benefit pension schemes and
\u00a380\u00a0million in respect of other post-retirement benefits.
31. Pensions and other post-employment benefits continued
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 2022
(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)
Benefits paid
512
298
73
883
116
Obligations at 31\u00a0December 2023
(9,222)
(2,757)
(2,406)
(14,385)
(943)
Exchange adjustments
\u2013
(40)
133
93
(7)
Service cost
\u2013
(3)
(94)
(97)
(14)
Past service cost
(18)
\u2013
\u2013
(18)
\u2013
Interest cost
(411)
(128)
(73)
(612)
(43)
Settlements and curtailments
\u2013
\u2013
3
3
\u2013
Remeasurement
876
60
67
1,003
50
Scheme participants\u2019 contributions
\u2013
\u2013
(11)
(11)
(18)
Benefits paid
534
272
101
907
112
Obligations at 31\u00a0December 2024
(8,241)
(2,596)
(2,280)
(13,117)
(863)
31. Pensions and other post-employment benefits continued
The defined benefit pension obligation is analysed as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Funded
(12,564)
(13,782)
(13,887)
Unfunded
(553)
(603)
(613)
(13,117)
(14,385)
(14,500)
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 6.50% (2023: 6.75%) in 2024, grading down to 5% in 2031 and
thereafter. At 31\u00a0December 2024, the US post-retirement healthcare scheme obligation was \u00a3748 million (2023: \u00a3785 million; 2022:
\u00a3870 million). Post-retirement benefits are unfunded.
The movement in the net defined benefit liability is as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
At 1 January
(763)
(1,356)
(1,129)
Exchange adjustments
14
44
(87)
Service cost
(97)
(96)
(146)
Past service cost
(18)
(3)
(6)
Interest cost
(25)
(45)
(18)
Settlements and curtailments
2
6
21
Remeasurements:
Return on plan assets, excluding amounts included in interest
(547)
380
(5,883)
Gain/(loss) from change in demographic assumptions
90
135
92
Gain/(loss) from change in financial assumptions
890
(137)
5,868
Experience gain/(loss)
23
(267)
(949)
Employer contributions
351
606
919
Transfer to assets held for sale/distribution
\u2013
\u2013
(3)
Expenses
(23)
(30)
(35)
At 31 December
(103)
(763)
(1,356)
The remeasurements included within post-retirement benefits are detailed below:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Gain from change in demographic assumptions
7
7
21
Gain/(loss) from change in financial assumptions
44
(43)
219
Experience gain/(loss)
(1)
(4)
(12)
50
(40)
228
The defined benefit pension obligation analysed by membership category is as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Active
1,418
1,508
1,390
Retired
8,147
8,730
8,540
Deferred
3,552
4,147
4,570
13,117
14,385
14,500
The post-retirement benefit obligation analysed by membership category is as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Active
277
277
306
Retired
586
666
688
Deferred
\u2013
\u2013
\u2013
863
943
994
The weighted average duration of the defined benefit obligation is as follows:
2024
years
2023
years
2022
years
Pension benefits
11
11
12
Post-retirement benefits
9
10
10
31. Pensions and other post-employment benefits continued
Sensitivity analysis
The effect of changes in assumptions used on the benefit obligations and on the 2025 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
(19)
17
Increase/(decrease) in annual post-retirement benefits cost
1
(1)
(Decrease)/increase in pension obligation
(309)
320
(Decrease)/increase in post-retirement benefits obligation
(17)
18
0.75%
increase
\u00a3m
0.75%
decrease
\u00a3m
(Decrease)/increase in annual pension cost
(55)
51
Increase/(decrease) in annual post-retirement benefits cost
2
(3)
(Decrease)/increase in pension obligation
(883)
1,012
(Decrease)/increase in post-retirement benefits obligation
(49)
55
0.25%
increase
\u00a3m
0.25%
decrease
\u00a3m
Inflation rate
Increase/(decrease) in annual pension cost
13
(12)
Increase/(decrease) in pension obligation
234
(229)
0.75%
increase
\u00a3m
0.75%
decrease
\u00a3m
Increase/(decrease) in annual pension cost
42
(36)
Increase/(decrease) in pension obligation
737
(646)
1 year
increase
\u00a3m
Life expectancy
Increase in annual pension cost
20
Increase in annual post-retirement benefits cost
2
Increase in pension obligation
380
Increase in post-retirement benefits obligation
29
1%
increase
\u00a3m
Rate of future healthcare inflation
Increase in annual post-retirement benefits cost
2
Increase in post-retirement benefits obligation
22
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-843": { "value": "
9. Employee costs
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Wages and salaries
6,750
6,706
6,110
Social security costs
862
818
763
Pension and other post-employment costs, including augmentations (Note 31)
368
356
369
Cost of share-based incentive plans
347
321
314
Severance and other costs from integration and restructuring activities
432
272
137
8,759
8,473
7,693
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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share value plan
260
244
243
Performance share plan
67
58
55
Share option plans
6
5
4
Cash settled and other plans
14
14
12
347
321
314
The average number of persons employed by the Group (including Directors) during the year:
2024
Number
2023
Number
2022
Number
Manufacturing
23,206
23,209
22,946
Selling, general and administration
33,503
34,446
34,642
Research and development
12,596
12,589
11,542
Total Continuing Operations
69,305
70,244
69,130
Discontinued Operations
\u2013
\u2013
21,292
Total
69,305
70,244
90,422
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 299.
The compensation of the Directors and senior management (members of the GLT) in aggregate, was as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Wages and salaries
32
37
31
Social security costs
6
4
5
Pension and other post-employment costs
1
1
2
Cost of share-based incentive plans
38
32
28
77
74
66
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 157 to 162.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-845": { "value": "
The compensation of the Directors and senior management (members of the GLT) in aggregate, was as follows:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Wages and salaries
32
37
31
Social security costs
6
4
5
Pension and other post-employment costs
1
1
2
Cost of share-based incentive plans
38
32
28
77
74
66
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 157 to 162.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-849": { "value": "
11. Finance income
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
60
48
31
Financial assets measured at fair value through profit or loss
72
60
31
(Net losses)/net gains arising from net investment hedge relationships(1)
(16)
\u2013
12
Other finance income
6
7
2
122
115
76
(1)\u00a0 (Net losses)/net gains arising from net investment hedge relationships contains a \u00a315\u00a0million loss relating to ineffectiveness on net investment hedges (2023:
\u00a3nil 2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-848": { "value": "
11. Finance income
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
60
48
31
Financial assets measured at fair value through profit or loss
72
60
31
(Net losses)/net gains arising from net investment hedge relationships(1)
(16)
\u2013
12
Other finance income
6
7
2
122
115
76
(1)\u00a0 (Net losses)/net gains arising from net investment hedge relationships contains a \u00a315\u00a0million loss relating to ineffectiveness on net investment hedges (2023:
\u00a3nil 2022: \u00a3nil).
12. Finance expense
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance expense arising on:
\u00a0 Financial liabilities at amortised cost
(569)
(672)
(789)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
(262)
(23)
743
Retranslation of loans
266
25
(761)
Reclassification of hedges from other comprehensive income
(4)
(4)
(2)
Unwinding of discounts on provisions
(25)
(15)
(7)
Finance expense arising on lease liabilities
(46)
(38)
(30)
Other finance expense
(29)
(65)
(33)
(669)
(792)
(879)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-847": { "value": "
11. Finance income
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
60
48
31
Financial assets measured at fair value through profit or loss
72
60
31
(Net losses)/net gains arising from net investment hedge relationships(1)
(16)
\u2013
12
Other finance income
6
7
2
122
115
76
(1)\u00a0 (Net losses)/net gains arising from net investment hedge relationships contains a \u00a315\u00a0million loss relating to ineffectiveness on net investment hedges (2023:
\u00a3nil 2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-846": { "value": "
11. Finance income
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance income arising from:
Financial assets measured at amortised cost
60
48
31
Financial assets measured at fair value through profit or loss
72
60
31
(Net losses)/net gains arising from net investment hedge relationships(1)
(16)
\u2013
12
Other finance income
6
7
2
122
115
76
(1)\u00a0 (Net losses)/net gains arising from net investment hedge relationships contains a \u00a315\u00a0million loss relating to ineffectiveness on net investment hedges (2023:
\u00a3nil 2022: \u00a3nil).
12. Finance expense
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance expense arising on:
\u00a0 Financial liabilities at amortised cost
(569)
(672)
(789)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
(262)
(23)
743
Retranslation of loans
266
25
(761)
Reclassification of hedges from other comprehensive income
(4)
(4)
(2)
Unwinding of discounts on provisions
(25)
(15)
(7)
Finance expense arising on lease liabilities
(46)
(38)
(30)
Other finance expense
(29)
(65)
(33)
(669)
(792)
(879)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-851": { "value": "
12. Finance expense
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance expense arising on:
\u00a0 Financial liabilities at amortised cost
(569)
(672)
(789)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
(262)
(23)
743
Retranslation of loans
266
25
(761)
Reclassification of hedges from other comprehensive income
(4)
(4)
(2)
Unwinding of discounts on provisions
(25)
(15)
(7)
Finance expense arising on lease liabilities
(46)
(38)
(30)
Other finance expense
(29)
(65)
(33)
(669)
(792)
(879)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-850": { "value": "
12. Finance expense
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Finance expense arising on:
\u00a0 Financial liabilities at amortised cost
(569)
(672)
(789)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
(262)
(23)
743
Retranslation of loans
266
25
(761)
Reclassification of hedges from other comprehensive income
(4)
(4)
(2)
Unwinding of discounts on provisions
(25)
(15)
(7)
Finance expense arising on lease liabilities
(46)
(38)
(30)
Other finance expense
(29)
(65)
(33)
(669)
(792)
(879)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-855": { "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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax (losses)/profits of associates
(3)
(2)
1
Share of after-tax losses of joint ventures
\u2013
(3)
(3)
(3)
(5)
(2)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax losses
(3)
(5)
(2)
Share of other comprehensive income/(expense)
21
7
(9)
Share of total comprehensive income/(expense)
18
2
(11)
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2024 (2023: \u00a3nil; 2022 : \u00a3nil).
Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Joint
ventures
\u00a3m
Associates
\u00a3m
2024
Total
\u00a3m
Joint
ventures
\u00a3m
Associates
\u00a3m
2023
Total
\u00a3m
At 1 January
\u2013
55
55
10
64
74
Exchange adjustments
\u2013
(3)
(3)
\u2013
(3)
(3)
Additions
\u2013
43
43
\u2013
\u2013
\u2013
Disposals
\u2013
(2)
(2)
(7)
\u2013
(7)
Distributions received
\u2013
(15)
(15)
\u2013
(11)
(11)
Net fair value movements through other comprehensive income
\u2013
21
21
\u2013
7
7
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
\u2013
(3)
(3)
(3)
(2)
(5)
At 31 December
\u2013
96
96
\u2013
55
55
During the year GSK entered into a new research alliance with Flagship Pioneering, Inc. with an initial investment of $50\u00a0million
(\u00a339\u00a0million).
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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Turnover
7,023
6,308
5,619
Profit after taxation
1,619
2,034
1,528
Other comprehensive income/(expense)
7
(19)
94
Total comprehensive income
1,626
2,015
1,622
2024
\u00a3m
2023
\u00a3m
Non-current assets
2,649
2,528
Current assets
3,479
3,330
Total assets
6,128
5,858
Current liabilities
(4,218)
(3,881)
Non-current liabilities
(8,566)
(8,453)
Total liabilities
(12,784)
(12,334)
Net liabilities
(6,656)
(6,476)
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Net cash inflow from operating activities
2,554
2,192
3,442
Net cash outflow from investing activities
(106)
(2)
(174)
Net cash outflow from financing activities
(2,518)
(2,463)
(2,718)
Increase/(decrease) in cash and bank overdrafts in the year
(70)
(273)
550
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 \u00a31,619\u00a0million (2023:
\u00a32,034\u00a0million; 2022: \u00a31,528\u00a0million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
\u00a31,377 million (2023: \u00a3858 million; 2022 : \u00a31,483 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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of profit for the year attributable to non-controlling interest
357
373
415
Dividends paid to non-controlling interest
392
398
480
Non-controlling interest in the consolidated balance sheet
(683)
(648)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-854": { "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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax (losses)/profits of associates
(3)
(2)
1
Share of after-tax losses of joint ventures
\u2013
(3)
(3)
(3)
(5)
(2)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax losses
(3)
(5)
(2)
Share of other comprehensive income/(expense)
21
7
(9)
Share of total comprehensive income/(expense)
18
2
(11)
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2024 (2023: \u00a3nil; 2022 : \u00a3nil).
Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Joint
ventures
\u00a3m
Associates
\u00a3m
2024
Total
\u00a3m
Joint
ventures
\u00a3m
Associates
\u00a3m
2023
Total
\u00a3m
At 1 January
\u2013
55
55
10
64
74
Exchange adjustments
\u2013
(3)
(3)
\u2013
(3)
(3)
Additions
\u2013
43
43
\u2013
\u2013
\u2013
Disposals
\u2013
(2)
(2)
(7)
\u2013
(7)
Distributions received
\u2013
(15)
(15)
\u2013
(11)
(11)
Net fair value movements through other comprehensive income
\u2013
21
21
\u2013
7
7
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
\u2013
(3)
(3)
(3)
(2)
(5)
At 31 December
\u2013
96
96
\u2013
55
55
During the year GSK entered into a new research alliance with Flagship Pioneering, Inc. with an initial investment of $50\u00a0million
(\u00a339\u00a0million).
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-853": { "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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax (losses)/profits of associates
(3)
(2)
1
Share of after-tax losses of joint ventures
\u2013
(3)
(3)
(3)
(5)
(2)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax losses
(3)
(5)
(2)
Share of other comprehensive income/(expense)
21
7
(9)
Share of total comprehensive income/(expense)
18
2
(11)
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2024 (2023: \u00a3nil; 2022 : \u00a3nil).
Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Joint
ventures
\u00a3m
Associates
\u00a3m
2024
Total
\u00a3m
Joint
ventures
\u00a3m
Associates
\u00a3m
2023
Total
\u00a3m
At 1 January
\u2013
55
55
10
64
74
Exchange adjustments
\u2013
(3)
(3)
\u2013
(3)
(3)
Additions
\u2013
43
43
\u2013
\u2013
\u2013
Disposals
\u2013
(2)
(2)
(7)
\u2013
(7)
Distributions received
\u2013
(15)
(15)
\u2013
(11)
(11)
Net fair value movements through other comprehensive income
\u2013
21
21
\u2013
7
7
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
\u2013
(3)
(3)
(3)
(2)
(5)
At 31 December
\u2013
96
96
\u2013
55
55
During the year GSK entered into a new research alliance with Flagship Pioneering, Inc. with an initial investment of $50\u00a0million
(\u00a339\u00a0million).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-852": { "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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax (losses)/profits of associates
(3)
(2)
1
Share of after-tax losses of joint ventures
\u2013
(3)
(3)
(3)
(5)
(2)
Aggregated financial information in respect of GSK\u2019s share of other associated undertakings and joint ventures is set out below:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of after-tax losses
(3)
(5)
(2)
Share of other comprehensive income/(expense)
21
7
(9)
Share of total comprehensive income/(expense)
18
2
(11)
The Group\u2019s sales to associates and joint ventures were \u00a3nil in 2024 (2023: \u00a3nil; 2022 : \u00a3nil).
Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.
21. Investments in associates and joint ventures
Joint
ventures
\u00a3m
Associates
\u00a3m
2024
Total
\u00a3m
Joint
ventures
\u00a3m
Associates
\u00a3m
2023
Total
\u00a3m
At 1 January
\u2013
55
55
10
64
74
Exchange adjustments
\u2013
(3)
(3)
\u2013
(3)
(3)
Additions
\u2013
43
43
\u2013
\u2013
\u2013
Disposals
\u2013
(2)
(2)
(7)
\u2013
(7)
Distributions received
\u2013
(15)
(15)
\u2013
(11)
(11)
Net fair value movements through other comprehensive income
\u2013
21
21
\u2013
7
7
Profit/(loss) after tax recognised in the consolidated income
\u00a0 statement
\u2013
(3)
(3)
(3)
(2)
(5)
At 31 December
\u2013
96
96
\u2013
55
55
During the year GSK entered into a new research alliance with Flagship Pioneering, Inc. with an initial investment of $50\u00a0million
(\u00a339\u00a0million).
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-857": { "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
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK current year charge
186
207
200
Rest of World current year charge
1,458
1,371
1,351
Charge/(credit) in respect of prior periods
(92)
43
(60)
Current taxation
1,552
1,621
1,491
Deferred taxation
(1,026)
(865)
(784)
526
756
707
In 2024, GSK made corporate income tax payments globally of \u00a31.3\u00a0billion (2023: \u00a31.3 billion), of which \u00a3106 million (2023: \u00a3205
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
2024
\u00a3m
2024
%
2023
\u00a3m
2023
%
2022
\u00a3m
2022
%
Profit before tax
3,477
6,064
5,628
UK statutory rate of taxation
869
25.0
1,425
23.5
1,069
19.0
Differences in overseas taxation rates
185
5.3
159
2.6
318
5.6
Benefit of intellectual property incentives
(602)
(17.3)
(696)
(11.5)
(600)
(10.7)
R&D credits
(89)
(2.6)
(121)
(2.0)
(119)
(2.1)
Permanent differences on disposals, acquisitions and transfers
2
0.1
10
0.2
275
4.9
Other permanent differences
302
8.7
102
1.7
82
1.5
Re-assessments of prior year current tax estimates
(92)
(2.6)
43
0.7
(60)
(1.1)
Re-assessments of prior year deferred tax estimates
(40)
(1.2)
(147)
(2.4)
(233)
(4.1)
Changes in tax rates
(9)
(0.3)
(19)
(0.3)
(25)
(0.4)
Tax charge/tax rate
526
15.1
756
12.5
707
12.6
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 2024 were France, Germany and Italy. This adverse impact was offset by the
benefit of intellectual property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) 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. The introduction of new global minimum corporate income tax rules
introduced in the UK and Belgium with effect from 1 January 2024 (in line with the OECD\u2019s Pillar 2 framework) resulted in a
reduction in these incentives and an additional tax charge of \u00a36\u00a0million.
Other permanent differences includes the impact of the partial deductibility of Zantac settlement costs.
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.
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring, 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.
14. Taxation continued
Tax on items charged to equity and statement of comprehensive income
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current taxation
Share-based payments
(4)
(1)
(3)
Defined benefit plans
\u2013
(143)
\u2013
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
Fair value movements on equity investments
4
(6)
12
\u2013
(150)
9
Deferred taxation
Share-based payments
\u2013
(6)
11
Defined benefit plans
122
184
(211)
Fair value movements on cash flow hedges
(1)
(1)
(9)
Fair value movements on equity investments
(21)
(8)
(68)
100
169
(277)
Total charge/(credit) to equity and statement of comprehensive income
100
19
(268)
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
We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border supply
routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax authorities as to
the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in more than one
country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities performed there
and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity undertaken there, and 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. 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\u00a0December 2024 the Group had recognised provisions of \u00a3636 million in
respect of such uncertain tax positions (2023: \u00a3584 million). The net increase in recognised provisions during 2024 was driven by the
reassessment of estimates and the agreement of a number of open issues with tax authorities in various jurisdictions. 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 \u00a3159 million as at 31\u00a0December 2024 (2023: \u00a3165 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 (2023: \u00a318 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 \u00a3696 million (2023: \u00a3869 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.
14. Taxation continued
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 2023
(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
\u00a0 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
Exchange adjustments
9
(37)
2
(10)
(5)
\u2013
\u2013
11
(30)
Credit/(charge) to income statement
97
197
50
32
(103)
455
(8)
306
1,026
Credit/(charge) to statement of comprehensive
\u00a0 income
\u2013
\u2013
\u2013
\u2013
(122)
\u2013
\u2013
22
(100)
Acquisitions/disposals
\u2013
(190)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(190)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(69)
(69)
At 31\u00a0December 2024
132
(706)
973
1,274
341
2,449
66
1,846
6,375
Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to Aiolos Bio, Inc. (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 \u00a32,449\u00a0million (2023: \u00a31,994\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 (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax deduction
is only available on a paid basis.The Group has adopted the mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2024
\u00a3m
2023
\u00a3m
Deferred tax assets
6,757
6,049
Deferred tax liabilities
(382)
(311)
6,375
5,738
2024
2023
Unrecognised tax losses and attributes
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Trading losses and attributes expiring:
Within 10 years
1,034
145
939
149
More than 10 years
1,598
84
1,238
66
Available indefinitely
693
161
228
47
At 31 December
3,325
390
2,405
262
Capital losses expiring:
Available indefinitely
2,253
565
2,261
567
At 31 December
2,253
565
2,261
567
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-856": { "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
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
UK current year charge
186
207
200
Rest of World current year charge
1,458
1,371
1,351
Charge/(credit) in respect of prior periods
(92)
43
(60)
Current taxation
1,552
1,621
1,491
Deferred taxation
(1,026)
(865)
(784)
526
756
707
In 2024, GSK made corporate income tax payments globally of \u00a31.3\u00a0billion (2023: \u00a31.3 billion), of which \u00a3106 million (2023: \u00a3205
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
2024
\u00a3m
2024
%
2023
\u00a3m
2023
%
2022
\u00a3m
2022
%
Profit before tax
3,477
6,064
5,628
UK statutory rate of taxation
869
25.0
1,425
23.5
1,069
19.0
Differences in overseas taxation rates
185
5.3
159
2.6
318
5.6
Benefit of intellectual property incentives
(602)
(17.3)
(696)
(11.5)
(600)
(10.7)
R&D credits
(89)
(2.6)
(121)
(2.0)
(119)
(2.1)
Permanent differences on disposals, acquisitions and transfers
2
0.1
10
0.2
275
4.9
Other permanent differences
302
8.7
102
1.7
82
1.5
Re-assessments of prior year current tax estimates
(92)
(2.6)
43
0.7
(60)
(1.1)
Re-assessments of prior year deferred tax estimates
(40)
(1.2)
(147)
(2.4)
(233)
(4.1)
Changes in tax rates
(9)
(0.3)
(19)
(0.3)
(25)
(0.4)
Tax charge/tax rate
526
15.1
756
12.5
707
12.6
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 2024 were France, Germany and Italy. This adverse impact was offset by the
benefit of intellectual property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) 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. The introduction of new global minimum corporate income tax rules
introduced in the UK and Belgium with effect from 1 January 2024 (in line with the OECD\u2019s Pillar 2 framework) resulted in a
reduction in these incentives and an additional tax charge of \u00a36\u00a0million.
Other permanent differences includes the impact of the partial deductibility of Zantac settlement costs.
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.
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring, 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.
14. Taxation continued
Tax on items charged to equity and statement of comprehensive income
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current taxation
Share-based payments
(4)
(1)
(3)
Defined benefit plans
\u2013
(143)
\u2013
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
Fair value movements on equity investments
4
(6)
12
\u2013
(150)
9
Deferred taxation
Share-based payments
\u2013
(6)
11
Defined benefit plans
122
184
(211)
Fair value movements on cash flow hedges
(1)
(1)
(9)
Fair value movements on equity investments
(21)
(8)
(68)
100
169
(277)
Total charge/(credit) to equity and statement of comprehensive income
100
19
(268)
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
We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border supply
routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax authorities as to
the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in more than one
country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities performed there
and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity undertaken there, and 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. 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\u00a0December 2024 the Group had recognised provisions of \u00a3636 million in
respect of such uncertain tax positions (2023: \u00a3584 million). The net increase in recognised provisions during 2024 was driven by the
reassessment of estimates and the agreement of a number of open issues with tax authorities in various jurisdictions. 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 \u00a3159 million as at 31\u00a0December 2024 (2023: \u00a3165 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 (2023: \u00a318 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 \u00a3696 million (2023: \u00a3869 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.
14. Taxation continued
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 2023
(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
\u00a0 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
Exchange adjustments
9
(37)
2
(10)
(5)
\u2013
\u2013
11
(30)
Credit/(charge) to income statement
97
197
50
32
(103)
455
(8)
306
1,026
Credit/(charge) to statement of comprehensive
\u00a0 income
\u2013
\u2013
\u2013
\u2013
(122)
\u2013
\u2013
22
(100)
Acquisitions/disposals
\u2013
(190)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(190)
R&D credits utilisation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(69)
(69)
At 31\u00a0December 2024
132
(706)
973
1,274
341
2,449
66
1,846
6,375
Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to Aiolos Bio, Inc. (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 \u00a32,449\u00a0million (2023: \u00a31,994\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 (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax deduction
is only available on a paid basis.The Group has adopted the mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2024
\u00a3m
2023
\u00a3m
Deferred tax assets
6,757
6,049
Deferred tax liabilities
(382)
(311)
6,375
5,738
2024
2023
Unrecognised tax losses and attributes
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Tax losses
\u00a3m
Unrecognised
deferred tax
asset
\u00a3m
Trading losses and attributes expiring:
Within 10 years
1,034
145
939
149
More than 10 years
1,598
84
1,238
66
Available indefinitely
693
161
228
47
At 31 December
3,325
390
2,405
262
Capital losses expiring:
Available indefinitely
2,253
565
2,261
567
At 31 December
2,253
565
2,261
567
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-858": { "value": "
15. Earnings per share
2024
pence
2023
pence
2022
pence
Basic earnings per share from continuing operations
63.2
121.6
110.8
Basic earnings per share from discontinued operations
\u2013
\u2013
260.6
Total basic earnings per share
63.2
121.6
371.4
Diluted earnings per share from continuing operations
62.2
119.9
109.2
Diluted earnings per share from discontinued operations
\u2013
\u2013
257.0
Total diluted earnings per share
62.2
119.9
366.2
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
2024
millions
2023
millions
2022
millions
Basic
4,077
4,052
4,026
Dilution for share options and awards
65
59
58
Diluted
4,142
4,111
4,084
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-859": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-860": { "value": "
16. Dividends
2024
2023
2022
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
11 July 2024
15.00
612
13 July 2023
14.00
567
1 July 2022
17.50
704
Second interim
10 October 2024
15.00
612
12 October 2023
14.00
568
6 October 2022
16.25
654
Third interim
9 January 2025
15.00
612
11 January 2024
14.00
568
12 January 2023
13.75
555
Fourth interim
10 April 2025
16.00
653
11 April 2024
16.00
652*
13 April 2023
13.75
557**
Total
61.00
2,489
58.00
2,355
61.25
2,470
*The estimate for the fourth interim dividend for 2023 disclosed in the 2023 annual report was \u00a3649\u00a0million, \u00a33\u00a0million less than the dividend that was ultimately paid.
**The estimate for the fourth interim dividend for 2022 disclosed in the 2022 annual report was \u00a3555\u00a0million, \u00a32\u00a0million less than the dividend that was ultimately paid.
Under IFRS accounting standards, 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
2024 financial statements recognise those dividends paid in 2024 , namely the third and fourth interim dividends for 2023, and the
first and second interim dividends for 2024.
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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cash dividends to shareholders
2,444
2,247
3,467
Dividends in specie to shareholders in Haleon plc shares (Note 41)
\u2013
\u2013
15,526
2,444
2,247
18,993
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-861": { "value": "0.1600", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-862": { "value": "653000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-863": { "value": "0.1600", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-864": { "value": "652000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-865": { "value": "0.1375", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-866": { "value": "557000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-867": { "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 2023
6,648
10,953
1,850
19,451
Exchange adjustments
(189)
(265)
(44)
(498)
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
Exchange adjustments
(141)
(233)
(51)
(425)
Additions
42
166
1,185
1,393
Capitalised borrowing costs
\u2013
\u2013
20
20
Disposals and write-offs
(144)
(381)
(5)
(530)
Reclassifications
179
762
(949)
(8)
Transfer to assets held for sale/distribution
(16)
(3)
\u2013
(19)
Cost at 31\u00a0December 2024
6,375
11,015
2,320
19,710
Depreciation at 1\u00a0January 2023
(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)
Exchange adjustments
76
139
\u2013
215
Charge for the year
(211)
(675)
\u2013
(886)
Disposals and write-offs
121
325
\u2013
446
Transfer to assets held for sale/distribution
14
2
\u2013
16
Reclassifications
(27)
26
\u2013
(1)
Depreciation at 31\u00a0December 2024
(3,350)
(6,494)
\u2013
(9,844)
Impairment at 1\u00a0January 2023
(260)
(472)
(42)
(774)
Exchange adjustments
4
7
1
12
Disposals and write-offs
27
114
13
154
Impairment losses
(11)
(32)
\u2014
(43)
Reversal of impairments
3
23
\u2013
26
Impairment at 31\u00a0December 2023
(237)
(360)
(28)
(625)
Exchange adjustments
3
5
1
9
Disposals and write-offs
22
55
3
80
Impairment losses
(27)
(84)
(5)
(116)
Reversal of impairments
4
23
1
28
Reclassifications
(24)
(13)
22
(15)
Impairment at 31\u00a0December 2024
(259)
(374)
(6)
(639)
Total accumulated depreciation and impairment at 31\u00a0December 2023
(3,560)
(6,671)
(28)
(10,259)
Total accumulated depreciation and impairment at 31\u00a0December 2024
(3,609)
(6,868)
(6)
(10,483)
Net book value at 1\u00a0January 2023
3,113
4,012
1,808
8,933
Net book value at 31\u00a0December 2023
2,895
4,033
2,092
9,020
Net book value at 31\u00a0December 2024
2,766
4,147
2,314
9,227
17. Property, plant and equipment continued
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2023: 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 7.5% (2023: 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% (2023: 9%).
Net impairment losses have been charged to cost of sales: \u00a362 million (2023: net impairment reversals \u00a31 million), R&D: \u00a315 million
(2023: net impairment reversals \u00a35 million) and SG&A: \u00a311 million (2023: \u00a323 million), after crediting net impairment reversals of \u00a310
million (2023: net impairment losses \u00a327 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. \u00a315 million (2023: \u00a317\u00a0million) of the impairment reversal has been credited to cost of
sales, \u00a3nil (2023: \u00a35\u00a0million) of the impairment reversal has been credited to R&D expenses and \u00a313 million (2023: \u00a34\u00a0million) of the
impairment reversal has been credited to SG&A.
During 2024, \u00a365 million (2023: \u00a334 million) of computer software was reclassified from assets in construction to intangible assets
on becoming ready for use.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments. As of 31 December 2024, \u00a397 million (2023: \u00a353\u00a0million) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-868": { "value": "
Land and
buildings
\u00a3m
Plant,
equipment
and vehicles
\u00a3m
Assets in
construction
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2023
6,648
10,953
1,850
19,451
Exchange adjustments
(189)
(265)
(44)
(498)
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
Exchange adjustments
(141)
(233)
(51)
(425)
Additions
42
166
1,185
1,393
Capitalised borrowing costs
\u2013
\u2013
20
20
Disposals and write-offs
(144)
(381)
(5)
(530)
Reclassifications
179
762
(949)
(8)
Transfer to assets held for sale/distribution
(16)
(3)
\u2013
(19)
Cost at 31\u00a0December 2024
6,375
11,015
2,320
19,710
Depreciation at 1\u00a0January 2023
(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)
Exchange adjustments
76
139
\u2013
215
Charge for the year
(211)
(675)
\u2013
(886)
Disposals and write-offs
121
325
\u2013
446
Transfer to assets held for sale/distribution
14
2
\u2013
16
Reclassifications
(27)
26
\u2013
(1)
Depreciation at 31\u00a0December 2024
(3,350)
(6,494)
\u2013
(9,844)
Impairment at 1\u00a0January 2023
(260)
(472)
(42)
(774)
Exchange adjustments
4
7
1
12
Disposals and write-offs
27
114
13
154
Impairment losses
(11)
(32)
\u2014
(43)
Reversal of impairments
3
23
\u2013
26
Impairment at 31\u00a0December 2023
(237)
(360)
(28)
(625)
Exchange adjustments
3
5
1
9
Disposals and write-offs
22
55
3
80
Impairment losses
(27)
(84)
(5)
(116)
Reversal of impairments
4
23
1
28
Reclassifications
(24)
(13)
22
(15)
Impairment at 31\u00a0December 2024
(259)
(374)
(6)
(639)
Total accumulated depreciation and impairment at 31\u00a0December 2023
(3,560)
(6,671)
(28)
(10,259)
Total accumulated depreciation and impairment at 31\u00a0December 2024
(3,609)
(6,868)
(6)
(10,483)
Net book value at 1\u00a0January 2023
3,113
4,012
1,808
8,933
Net book value at 31\u00a0December 2023
2,895
4,033
2,092
9,020
Net book value at 31\u00a0December 2024
2,766
4,147
2,314
9,227
17. Property, plant and equipment continued
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2023: 4% ).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-869": { "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 7.5% (2023: 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% (2023: 9%).
Net impairment losses have been charged to cost of sales: \u00a362 million (2023: net impairment reversals \u00a31 million), R&D: \u00a315 million
(2023: net impairment reversals \u00a35 million) and SG&A: \u00a311 million (2023: \u00a323 million), after crediting net impairment reversals of \u00a310
million (2023: net impairment losses \u00a327 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. \u00a315 million (2023: \u00a317\u00a0million) of the impairment reversal has been credited to cost of
sales, \u00a3nil (2023: \u00a35\u00a0million) of the impairment reversal has been credited to R&D expenses and \u00a313 million (2023: \u00a34\u00a0million) of the
impairment reversal has been credited to SG&A.
During 2024, \u00a365 million (2023: \u00a334 million) of computer software was reclassified from assets in construction to intangible assets
on becoming ready for use.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments. As of 31 December 2024, \u00a397 million (2023: \u00a353\u00a0million) has been
capitalised in property, plant, and equipment regarding the transition to a lower-carbon propellant
The carrying amount at 31\u00a0December 2024 of intangible assets after which impairments have been charged in the year was \u00a3427
million ( 2023 : \u00a3533 million), resulting from the appraisal of GSK\u2019s assumptions related to in-licences and collaboration agreements.
The carrying amount at 31\u00a0December 2024 of intangible assets, after which impairment reversals have been charged in the year
was \u00a3nil million (2023: \u00a3nil million). No individual intangible asset accounted for a material impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-870": { "value": "
18. Right of use assets
Land and
buildings
\u00a3m
Plant and
equipment
\u00a3m
Vehicles
\u00a3m
Total
\u00a3m
Net book value at 1\u00a0January 2023
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)
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
Exchange adjustments
(5)
\u2013
(4)
(9)
Other additions
107
6
117
230
Depreciation
(126)
(2)
(83)
(211)
Disposals
(92)
\u2013
(10)
(102)
Net Impairment Reversals
1
\u2013
\u2013
1
Net book value at 31\u00a0December 2024
636
8
202
846
Commitments for future payments related to leases not yet commenced but which we have committed to, leases of low-value
assets and leases which are less than twelve months are not material.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-872": { "value": "
19. Goodwill
2024
\u00a3m
2023
\u00a3m
Cost at 1 January
6,811
7,046
Exchange adjustments
(39)
(313)
Additions through business combinations (Note 41)
210
109
Other movements (Note 41)
\u2013
(31)
Cost at 31 December
6,982
6,811
Net book value at 1 January
6,811
7,046
Net book value at 31 December
6,982
6,811
All goodwill is allocated to the Group\u2019s segments as follows:
2024
\u00a3m
2023
\u00a3m
Commercial operations
6,076
5,951
Research and development
906
860
Net book value at 31 December
6,982
6,811
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 7.5% ( 2023 : 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 Research & development 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
2024
Commercial operations
1% p.a.
7.5% p.a.
Research and development
1% p.a.
7.5% p.a.
2023
Commercial operations
0% p.a.
7% p.a.
Research and development
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 takes 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
Total
\u00a3m
Cost at 1\u00a0January 2023
1,959
25,717
27,676
Exchange adjustments
(30)
(664)
(694)
Capitalised development costs
\u2013
363
363
Additions through business combinations
\u2013
1,438
1,438
Other additions
144
525
669
Disposals and asset write-offs
(125)
(13)
(138)
Transfer to assets held for sale/distribution
2
\u2013
2
Reclassifications
34
(3)
31
Cost at 31\u00a0December 2023
1,984
27,363
29,347
Exchange adjustments
(8)
(176)
(184)
Capitalised development costs
\u2013
246
246
Additions through business combinations
\u2013
913
913
Other additions
166
1,270
1,436
Disposals and asset write-offs
(39)
(140)
(179)
Reclassifications
65
(5)
60
Cost at 31\u00a0December 2024
2,168
29,471
31,639
Amortisation at 1\u00a0January 2023
(1,223)
(9,181)
(10,404)
Exchange adjustments
18
174
192
Charge for the year
(203)
(1,009)
(1,212)
Disposals and asset write-offs
100
8
108
Transfer to assets held for sale
(3)
\u2013
(3)
Reclassifications
4
1
5
Amortisation at 31\u00a0December 2023
(1,307)
(10,007)
(11,314)
Exchange adjustments
7
83
90
Charge for the year
(211)
(1,243)
(1,454)
Disposals and asset write-offs
33
47
80
Reclassifications
(1)
(13)
(14)
Amortisation at 31\u00a0December 2024
(1,479)
(11,133)
(12,612)
Impairment at 1\u00a0January 2023
(81)
(2,873)
(2,954)
Exchange adjustments
1
70
71
Impairment losses
(23)
(398)
(421)
Reversal of impairments
3
\u2013
3
Disposals and asset write-offs
25
11
36
Impairment at 31\u00a0December 2023
(75)
(3,190)
(3,265)
Exchange adjustments
(1)
4
3
Impairment losses
(6)
(314)
(320)
Reversal of impairments
3
\u2013
3
Disposals and asset write-offs
5
84
89
Reclassifications
(36)
14
(22)
Impairment at 31\u00a0December 2024
(110)
(3,402)
(3,512)
Total accumulated amortisation and impairment at 31\u00a0December 2023
(1,382)
(13,197)
(14,579)
Total accumulated amortisation and impairment at 31\u00a0December 2024
(1,589)
(14,535)
(16,124)
Net book value at 1 January 2023
655
13,663
14,318
Net book value at 31\u00a0December 2023
602
14,166
14,768
Net book value at 31\u00a0December 2024
579
14,936
15,515
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2023: 4% ).
The net book value of computer software included \u00a3231 million (2023: \u00a3270 million) of internally generated costs.
The carrying amount at 31\u00a0December 2024 of intangible assets after which impairments have been charged in the year was \u00a3427
million ( 2023 : \u00a3533 million), resulting from the appraisal of GSK\u2019s assumptions related to in-licences and collaboration agreements.
The carrying amount at 31\u00a0December 2024 of intangible assets, after which impairment reversals have been charged in the year
was \u00a3nil million (2023: \u00a3nil million). No individual intangible asset accounted for a material impairment.
20. Other intangible assets continued
The patent expiry dates of the Group\u2019s most significant assets, where relevant, are set out on pages 301 to 306. Please refer to Note
2, 'Accounting principles and policies' for the Group\u2019s accounting policy and estimate of the useful life for intangible assets.
Amortisation and impairment losses, net of reversals, have been charged in the income statement as follows:
Amortisation
Net impairment losses
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cost of sales
982
668
\u2013
1
Selling, general and administration
84
103
6
18
Research and development
388
441
311
399
1,454
1,212
317
418
Licences, patents and amortised brands include 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 carrying amounts of the largest individual items are as follows:
2024
\u00a3m
2023
\u00a3m
Tesaro Assets
2,350
2,656
Meningitis Portfolio
1,473
1,717
Affinivax Assets
1,452
1,429
Camlipixant
1,438
1,438
Momelotinib
1,408
1,470
Dolutegravir (including Cabotegravir)
967
1,059
Aiolos Assets
887
\u2013
CureVac Assets
535
191
Iteos Assets
471
443
Alector Assets
371
425
Benlysta
298
424
Shingrix
277
289
Hansoh Pharma Assets
247
\u2013
Chimagen
227
\u2013
RSV
201
139
BMS Assets
173
191
Spero
163
163
Wave Life Sciences
115
116
Arrowhead
114
114
UCB
93
115
DT
91
104
Relvar/Breo/Anoro
86
125
Stiefel Trade Name
84
116
Fluarix/FluLaval
55
100
Okairos
\u2013
198
Others
1,360
1,144
Total
14,936
14,166
On 14 February 2024, GSK completed its acquisition of Aiolos Bio, Inc. The main asset acquired is AIO-001.
On 3 July 2024, GSK and CureVac N.V. announced a restructuring of their existing collaboration into a new licensing agreement, in
order to work together to develop mRNA vaccines for infectious diseases.
In 2024, GSK announced collaborations with Hansoh Pharma to develop HS-20093 and HS-20089.
On 29 October 2024, GSK entered into an agreement to acquire CMG1A46 from Chimagen Biosciences to expand its immunology
pipeline.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-871": { "value": "
19. Goodwill
2024
\u00a3m
2023
\u00a3m
Cost at 1 January
6,811
7,046
Exchange adjustments
(39)
(313)
Additions through business combinations (Note 41)
210
109
Other movements (Note 41)
\u2013
(31)
Cost at 31 December
6,982
6,811
Net book value at 1 January
6,811
7,046
Net book value at 31 December
6,982
6,811
All goodwill is allocated to the Group\u2019s segments as follows:
2024
\u00a3m
2023
\u00a3m
Commercial operations
6,076
5,951
Research and development
906
860
Net book value at 31 December
6,982
6,811
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 7.5% ( 2023 : 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 Research & development 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
2024
Commercial operations
1% p.a.
7.5% p.a.
Research and development
1% p.a.
7.5% p.a.
2023
Commercial operations
0% p.a.
7% p.a.
Research and development
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 takes 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-873": { "value": "
20. Other intangible assets
Computer
software
\u00a3m
Licences, patents,
amortised brands
\u00a3m
Total
\u00a3m
Cost at 1\u00a0January 2023
1,959
25,717
27,676
Exchange adjustments
(30)
(664)
(694)
Capitalised development costs
\u2013
363
363
Additions through business combinations
\u2013
1,438
1,438
Other additions
144
525
669
Disposals and asset write-offs
(125)
(13)
(138)
Transfer to assets held for sale/distribution
2
\u2013
2
Reclassifications
34
(3)
31
Cost at 31\u00a0December 2023
1,984
27,363
29,347
Exchange adjustments
(8)
(176)
(184)
Capitalised development costs
\u2013
246
246
Additions through business combinations
\u2013
913
913
Other additions
166
1,270
1,436
Disposals and asset write-offs
(39)
(140)
(179)
Reclassifications
65
(5)
60
Cost at 31\u00a0December 2024
2,168
29,471
31,639
Amortisation at 1\u00a0January 2023
(1,223)
(9,181)
(10,404)
Exchange adjustments
18
174
192
Charge for the year
(203)
(1,009)
(1,212)
Disposals and asset write-offs
100
8
108
Transfer to assets held for sale
(3)
\u2013
(3)
Reclassifications
4
1
5
Amortisation at 31\u00a0December 2023
(1,307)
(10,007)
(11,314)
Exchange adjustments
7
83
90
Charge for the year
(211)
(1,243)
(1,454)
Disposals and asset write-offs
33
47
80
Reclassifications
(1)
(13)
(14)
Amortisation at 31\u00a0December 2024
(1,479)
(11,133)
(12,612)
Impairment at 1\u00a0January 2023
(81)
(2,873)
(2,954)
Exchange adjustments
1
70
71
Impairment losses
(23)
(398)
(421)
Reversal of impairments
3
\u2013
3
Disposals and asset write-offs
25
11
36
Impairment at 31\u00a0December 2023
(75)
(3,190)
(3,265)
Exchange adjustments
(1)
4
3
Impairment losses
(6)
(314)
(320)
Reversal of impairments
3
\u2013
3
Disposals and asset write-offs
5
84
89
Reclassifications
(36)
14
(22)
Impairment at 31\u00a0December 2024
(110)
(3,402)
(3,512)
Total accumulated amortisation and impairment at 31\u00a0December 2023
(1,382)
(13,197)
(14,579)
Total accumulated amortisation and impairment at 31\u00a0December 2024
(1,589)
(14,535)
(16,124)
Net book value at 1 January 2023
655
13,663
14,318
Net book value at 31\u00a0December 2023
602
14,166
14,768
Net book value at 31\u00a0December 2024
579
14,936
15,515
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2023: 4% ).
The net book value of computer software included \u00a3231 million (2023: \u00a3270 million) of internally generated costs.
The carrying amount at 31\u00a0December 2024 of intangible assets after which impairments have been charged in the year was \u00a3427
million ( 2023 : \u00a3533 million), resulting from the appraisal of GSK\u2019s assumptions related to in-licences and collaboration agreements.
The carrying amount at 31\u00a0December 2024 of intangible assets, after which impairment reversals have been charged in the year
was \u00a3nil million (2023: \u00a3nil million). No individual intangible asset accounted for a material impairment.
20. Other intangible assets continued
The patent expiry dates of the Group\u2019s most significant assets, where relevant, are set out on pages 301 to 306. Please refer to Note
2, 'Accounting principles and policies' for the Group\u2019s accounting policy and estimate of the useful life for intangible assets.
Amortisation and impairment losses, net of reversals, have been charged in the income statement as follows:
Amortisation
Net impairment losses
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cost of sales
982
668
\u2013
1
Selling, general and administration
84
103
6
18
Research and development
388
441
311
399
1,454
1,212
317
418
Licences, patents and amortised brands include 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 carrying amounts of the largest individual items are as follows:
2024
\u00a3m
2023
\u00a3m
Tesaro Assets
2,350
2,656
Meningitis Portfolio
1,473
1,717
Affinivax Assets
1,452
1,429
Camlipixant
1,438
1,438
Momelotinib
1,408
1,470
Dolutegravir (including Cabotegravir)
967
1,059
Aiolos Assets
887
\u2013
CureVac Assets
535
191
Iteos Assets
471
443
Alector Assets
371
425
Benlysta
298
424
Shingrix
277
289
Hansoh Pharma Assets
247
\u2013
Chimagen
227
\u2013
RSV
201
139
BMS Assets
173
191
Spero
163
163
Wave Life Sciences
115
116
Arrowhead
114
114
UCB
93
115
DT
91
104
Relvar/Breo/Anoro
86
125
Stiefel Trade Name
84
116
Fluarix/FluLaval
55
100
Okairos
\u2013
198
Others
1,360
1,144
Total
14,936
14,166
On 14 February 2024, GSK completed its acquisition of Aiolos Bio, Inc. The main asset acquired is AIO-001.
On 3 July 2024, GSK and CureVac N.V. announced a restructuring of their existing collaboration into a new licensing agreement, in
order to work together to develop mRNA vaccines for infectious diseases.
In 2024, GSK announced collaborations with Hansoh Pharma to develop HS-20093 and HS-20089.
On 29 October 2024, GSK entered into an agreement to acquire CMG1A46 from Chimagen Biosciences to expand its immunology
pipeline.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-874": { "value": "
Amortisation and impairment losses, net of reversals, have been charged in the income statement as follows:
Amortisation
Net impairment losses
2024
\u00a3m
2023
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cost of sales
982
668
\u2013
1
Selling, general and administration
84
103
6
18
Research and development
388
441
311
399
1,454
1,212
317
418
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-875": { "value": "
22. Current equity investments
Current
Investments
measured at
FVTPL
2024
\u00a3m
Investments
measured at
FVTPL
2023
\u00a3m
At 1 January
2,204
4,087
Net fair value movements through profit or loss
22
(17)
Disposals and settlements
(2,226)
(1,863)
Exchange adjustments
\u2013
(3)
At 31 December
\u2013
2,204
Current equity investments represented Haleon plc shares held after the demerger of Consumer Healthcare. Shares were held for
trading and measured at fair value through profit or loss (FVTPL) based on the Haleon plc share price with changes in fair value
presented as Other operating income/(expense) in continuing operations. The Group\u2019s investment in Haleon plc was fully disposed
of in May 2024.
23. Other investments
Non-current
Investments
designated as
measured at
FVTOCI
\u00a3m
Investments
measured at
FVTPL
\u00a3m
2024
\u00a3m
Investments
designated as
measured at
FVTOCI
\u00a3m
Investments
measured at
FVTPL
\u00a3m
2023
\u00a3m
At 1 January
931
206
1,137
1,153
314
1,467
Exchange adjustments
4
4
8
(26)
(15)
(41)
Additions
70
38
108
93
29
122
Net fair value movements through other comprehensive income
(107)
\u2013
(107)
(253)
\u2013
(253)
Net fair value movements through profit or loss
\u2013
29
29
\u2013
(122)
(122)
Held for sale
\u2013
\u2013
\u2013
(16)
\u2013
(16)
Disposals
(55)
(20)
(75)
(20)
\u2013
(20)
31 December
843
257
1,100
931
206
1,137
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 gains of \u00a32 million through other comprehensive income and \u00a3nil
through profit or loss (2023: exchange losse s of \u00a337 million through other comprehensive income and \u00a3nil through profit or loss).
Other investments include listed investments of \u00a3646 million (2023: \u00a3741 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 2024 were in Wave life Sciences Ltd, which had a fair
value at 31\u00a0December 2024 of \u00a3165 million (2023: \u00a355 million) and Crispr Therapeutics AG which had a fair value at 31 December
2024 of \u00a3101 million (2023 : \u00a3158 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 \u00a355 million (2023: \u00a320 million ) were disposed of
during the year. The cumulative profit on these investments after tax was \u00a314 million (2023: loss of \u00a326 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 2024 was SR
One Capital Fund I-B, LP which had a fair value at 31\u00a0December 2024 of \u00a3135 million ( 2023: \u00a3102 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-876": { "value": "
24. Other non-current assets
2024
\u00a3m
2023
\u00a3m
Amounts receivable under insurance contracts
957
854
Pension schemes in surplus
898
634
Other receivables
87
96
1,942
1,584
Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.
Within the other receivables of \u00a387 million (2023: \u00a396 million), \u00a336 million (2023: \u00a327 million ) is classified as financial assets of which
\u00a331 million (2023: \u00a318 million) is classified as fair value through profit or loss. On the remaining balance of \u00a35 million
( 2023: \u00a39 million), the expected credit loss allowance was immaterial at 31\u00a0December 2024 and 2023 .
Other receivables include \u00a37 million r elating to nature-based carbon credits projects (2023: \u00a37 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-877": { "value": "the expected credit loss allowance was immaterial at 31\u00a0December 2024 and 2023 .
Of the total trade receivables balance, \u00a313 million (2023: \u00a310 million) is considered credit impaired, against which a \u00a35 million (2023:
\u00a38 million ) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a3857 million (2023: \u00a31,045 million), \u00a3360 million (2023 : \u00a3408 million) is classified as financial assets of
which \u00a32 million (2023: \u00a3nil) is classified as held at fair value through profit or loss. At 31\u00a0December 2024, an expected credit loss
allowance of \u00a39 million (2023: \u00a33 million) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a36\u00a0million (2023 : \u00a33\u00a0million) reported in profit or loss during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-878": { "value": "
25. Inventories
2024
\u00a3m
2023
\u00a3m
Raw materials and consumables
1,361
1,594
Work in progress
2,683
2,449
Finished goods
1,625
1,455
5,669
5,498
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-880": { "value": "
26. Trade and other receivables
2024
\u00a3m
2023
\u00a3m
Trade receivables, net of loss allowance
5,563
5,905
Accrued income
18
69
Prepayments
390
355
Interest receivable
1
2
Employee loans and advances
7
9
Other receivables
857
1,045
6,836
7,385
There were no trade or other receivable balances (2023 : \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3447 million ( 2023: \u00a3565\u00a0million). Other
significant balance within other receivables is royalties receivable of \u00a3164\u00a0million (2023 : \u00a3226\u00a0million ).
Loss allowance-trade receivables
2024
\u00a3m
2023
\u00a3m
At 1 January
85
91
Exchange adjustments
(2)
(6)
Charge for the year
34
11
Transfer to assets held for sale
(1)
\u2013
Subsequent recoveries of amounts provided for
(12)
(9)
Utilised
(5)
(2)
At 31 December
99
85
Of the total trade receivables balance, \u00a313 million (2023: \u00a310 million) is considered credit impaired, against which a \u00a35 million (2023:
\u00a38 million ) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a3857 million (2023: \u00a31,045 million), \u00a3360 million (2023 : \u00a3408 million) is classified as financial assets of
which \u00a32 million (2023: \u00a3nil) is classified as held at fair value through profit or loss. At 31\u00a0December 2024, an expected credit loss
allowance of \u00a39 million (2023: \u00a33 million) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a36\u00a0million (2023 : \u00a33\u00a0million) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-879": { "value": "
26. Trade and other receivables
2024
\u00a3m
2023
\u00a3m
Trade receivables, net of loss allowance
5,563
5,905
Accrued income
18
69
Prepayments
390
355
Interest receivable
1
2
Employee loans and advances
7
9
Other receivables
857
1,045
6,836
7,385
There were no trade or other receivable balances (2023 : \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3447 million ( 2023: \u00a3565\u00a0million). Other
significant balance within other receivables is royalties receivable of \u00a3164\u00a0million (2023 : \u00a3226\u00a0million ).
Loss allowance-trade receivables
2024
\u00a3m
2023
\u00a3m
At 1 January
85
91
Exchange adjustments
(2)
(6)
Charge for the year
34
11
Transfer to assets held for sale
(1)
\u2013
Subsequent recoveries of amounts provided for
(12)
(9)
Utilised
(5)
(2)
At 31 December
99
85
Of the total trade receivables balance, \u00a313 million (2023: \u00a310 million) is considered credit impaired, against which a \u00a35 million (2023:
\u00a38 million ) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
Within the other receivables of \u00a3857 million (2023: \u00a31,045 million), \u00a3360 million (2023 : \u00a3408 million) is classified as financial assets of
which \u00a32 million (2023: \u00a3nil) is classified as held at fair value through profit or loss. At 31\u00a0December 2024, an expected credit loss
allowance of \u00a39 million (2023: \u00a33 million) was recognised in respect of financial assets, with a release in expected credit loss
allowance of \u00a36\u00a0million (2023 : \u00a33\u00a0million) 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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-881": { "value": "
There were no trade or other receivable balances (2023 : \u00a3nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of \u00a3447 million ( 2023: \u00a3565\u00a0million). Other
significant balance within other receivables is royalties receivable of \u00a3164\u00a0million (2023 : \u00a3226\u00a0million ).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-882": { "value": "
27. Cash and cash equivalents
2024
\u00a3m
2023
\u00a3m
Cash at bank and in hand
943
748
Cash equivalents
2,927
2,188
3,870
2,936
Cash and cash equivalents included \u00a3177 million (2023: \u00a3190 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-883": { "value": "
Cash and cash equivalents included \u00a3177 million (2023: \u00a3190 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-885": { "value": "
28. Assets held for sale
2024
\u00a3m
2023
\u00a3m
Property, plant and equipment
3
60
Other
\u2013
16
3
76
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.
Demerger of Consumer Healthcare business
On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon plc, 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 plc 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 plc 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 amount 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 plc 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 plc 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. 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 plc 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.
41. Acquisitions and disposals continued
Total results
2022
\u00a3m
Turnover
5,581
Expense
(4,730)
Profit before tax
851
Taxation
(235)
Tax rate %
27.6%
(Loss)/profit after taxation from discontinued operations: Consumer Healthcare
616
Other gains/(losses) on demerger
2,433
Remeasurement of discontinued operations distributed to shareholders on demerger
7,651
Profit after taxation on demerger of discontinued operations
10,700
Non-controlling interest in discontinued operations
205
Earnings attributable to shareholders from discontinued operations
10,495
Earnings per share from discontinued operations
260.6p
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-884": { "value": "
28. Assets held for sale
2024
\u00a3m
2023
\u00a3m
Property, plant and equipment
3
60
Other
\u2013
16
3
76
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-888": { "value": "
29. Trade and other payables
2024
\u00a3m
2023
\u00a3m
Trade payables
3,462
3,717
Wages and salaries
1,465
1,683
Social security
125
126
ViiV Healthcare put option
915
848
Other payables
420
346
Deferred income
171
222
Customer return and rebate accruals
6,486
6,799
Other accruals
2,291
2,103
15,335
15,844
Trade and other payable included \u00a3nil (2023: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier
financing arrangements to certain suppliers. The amounts involved at 31\u00a0December 2024 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2024 was \u00a3176 million (2023 : \u00a3192 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 110. At 31\u00a0December 2024, customer
return and rebate accruals included \u00a35,235 million (2023: \u00a35,781 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
2024
\u00a3m
2023
\u00a3m
10% increase in sales forecasts*
92
84
15% increase in sales forecasts*
139
126
10% decrease in sales forecasts*
(92)
(84)
15% decrease in sales forecast*
(138)
(126)
1% (100 basis points) increase in discount rate
(22)
(18)
1.50% (150 basis points) increase in discount rate
(32)
(26)
1% (100 basis points) decrease in discount rate
23
19
1.50% (150 basis points) decrease in discount rate
34
28
10 cent appreciation of US Dollar
62
54
15 cent appreciation of US Dollar
97
85
10 cent depreciation of US Dollar
(53)
(46)
15 cent depreciation of US Dollar
(76)
(67)
10 cent appreciation of Euro
20
22
15 cent appreciation of Euro
31
34
10 cent depreciation of Euro
(17)
(18)
15 cent depreciation of Euro
(24)
(26)
*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 (2023: \u00a3162\u00a0million).
An explanation of the accounting for ViiV Healthcare is set out on page 89.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-887": { "value": "
29. Trade and other payables
2024
\u00a3m
2023
\u00a3m
Trade payables
3,462
3,717
Wages and salaries
1,465
1,683
Social security
125
126
ViiV Healthcare put option
915
848
Other payables
420
346
Deferred income
171
222
Customer return and rebate accruals
6,486
6,799
Other accruals
2,291
2,103
15,335
15,844
Trade and other payable included \u00a3nil (2023: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier
financing arrangements to certain suppliers. The amounts involved at 31\u00a0December 2024 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2024 was \u00a3176 million (2023 : \u00a3192 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 110. At 31\u00a0December 2024, customer
return and rebate accruals included \u00a35,235 million (2023: \u00a35,781 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
2024
\u00a3m
2023
\u00a3m
10% increase in sales forecasts*
92
84
15% increase in sales forecasts*
139
126
10% decrease in sales forecasts*
(92)
(84)
15% decrease in sales forecast*
(138)
(126)
1% (100 basis points) increase in discount rate
(22)
(18)
1.50% (150 basis points) increase in discount rate
(32)
(26)
1% (100 basis points) decrease in discount rate
23
19
1.50% (150 basis points) decrease in discount rate
34
28
10 cent appreciation of US Dollar
62
54
15 cent appreciation of US Dollar
97
85
10 cent depreciation of US Dollar
(53)
(46)
15 cent depreciation of US Dollar
(76)
(67)
10 cent appreciation of Euro
20
22
15 cent appreciation of Euro
31
34
10 cent depreciation of Euro
(17)
(18)
15 cent depreciation of Euro
(24)
(26)
*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 (2023: \u00a3162\u00a0million).
An explanation of the accounting for ViiV Healthcare is set out on page 89.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-886": { "value": "
29. Trade and other payables
2024
\u00a3m
2023
\u00a3m
Trade payables
3,462
3,717
Wages and salaries
1,465
1,683
Social security
125
126
ViiV Healthcare put option
915
848
Other payables
420
346
Deferred income
171
222
Customer return and rebate accruals
6,486
6,799
Other accruals
2,291
2,103
15,335
15,844
Trade and other payable included \u00a3nil (2023: \u00a3nil) due to associates and joint ventures. The Group provides limited supplier
financing arrangements to certain suppliers. The amounts involved at 31\u00a0December 2024 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2024 was \u00a3176 million (2023 : \u00a3192 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 110. At 31\u00a0December 2024, customer
return and rebate accruals included \u00a35,235 million (2023: \u00a35,781 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
2024
\u00a3m
2023
\u00a3m
10% increase in sales forecasts*
92
84
15% increase in sales forecasts*
139
126
10% decrease in sales forecasts*
(92)
(84)
15% decrease in sales forecast*
(138)
(126)
1% (100 basis points) increase in discount rate
(22)
(18)
1.50% (150 basis points) increase in discount rate
(32)
(26)
1% (100 basis points) decrease in discount rate
23
19
1.50% (150 basis points) decrease in discount rate
34
28
10 cent appreciation of US Dollar
62
54
15 cent appreciation of US Dollar
97
85
10 cent depreciation of US Dollar
(53)
(46)
15 cent depreciation of US Dollar
(76)
(67)
10 cent appreciation of Euro
20
22
15 cent appreciation of Euro
31
34
10 cent depreciation of Euro
(17)
(18)
15 cent depreciation of Euro
(24)
(26)
*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 (2023: \u00a3162\u00a0million).
An explanation of the accounting for ViiV Healthcare is set out on page 89.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-889": { "value": "
2024
\u00a3m
2023
\u00a3m
Trade payables
3,462
3,717
Wages and salaries
1,465
1,683
Social security
125
126
ViiV Healthcare put option
915
848
Other payables
420
346
Deferred income
171
222
Customer return and rebate accruals
6,486
6,799
Other accruals
2,291
2,103
15,335
15,844
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-891": { "value": "
30. Net debt
Listing exchange
2024
\u00a3m
2023
\u00a3m
Current assets:
Liquid investments
21
42
Cash and cash equivalents
3,870
2,936
3,891
2,978
Short-term borrowings:
Commercial paper
\u2013
(815)
Bank loans, overdrafts and other
(762)
(191)
3.000% US$ US Medium Term Note 2024
New York Stock Exchange
\u2013
(784)
1.375% \u20ac Euro Medium Term Note 2024
London Stock Exchange
\u2013
(867)
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
(622)
\u2013
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
(797)
\u2013
Lease liabilities
(168)
(156)
(2,349)
(2,813)
Long-term borrowings:
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
\u2013
(650)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
\u2013
(783)
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(581)
(608)
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(829)
(867)
3.000% \u20ac Euro Medium Term Note 2027
London Stock Exchange
(414)
(434)
3.375% \u00a3 Euro Medium Term Note 2027
London Stock Exchange
(307)
(306)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,393)
(1,370)
0.883% \u00a5 Euro Medium Term Note 2028
London Stock Exchange
(216)
(235)
1.250% \u00a3 Euro Medium Term Note 2028
London Stock Exchange
(746)
(745)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(792)
(778)
1.375% \u20ac Euro Medium Term Note 2029
London Stock Exchange
(414)
(433)
1.750% \u20ac Euro Medium Term Note 2030
London Stock Exchange
(621)
(650)
2.875% \u20ac Euro Medium Term Note 2031
London Stock Exchange
(576)
\u2013
3.125% \u20ac Euro Medium Term Note 2032
London Stock Exchange
(577)
(604)
5.250% \u00a3 Euro Medium Term Note 2033
London Stock Exchange
(567)
(566)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(396)
(390)
1.625% \u00a3 Euro Medium Term Note 2035
London Stock Exchange
(745)
(745)
3.250% \u20ac Euro Medium Term Note 2036
London Stock Exchange
(494)
\u2013
6.375% US$ US Medium Note 2038
New York Stock Exchange
(2,176)
(2,139)
6.375% \u00a3 Euro Medium Term Note 2039
London Stock Exchange
(627)
(627)
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
(392)
(385)
4.250% \u00a3 Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(2)
(1)
Lease liabilities
(934)
(1,051)
(14,637)
(15,205)
Net debt
(13,095)
(15,040)
30. Net debt continued
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2024, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2024 was approximately 4.3% (2023:
approximately 0.9%). Liquid investment balances at 31\u00a0December 2024 earning interest at floating rates amount to \u00a311 million
(2023: \u00a331\u00a0million). Liquid investment balances at 31\u00a0December 2024 earning interest at fixed rates amount to \u00a310 million ( 2023 :
\u00a311\u00a0million ).
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 2024 was approximately 4.8% (2023 : approximately 4.7%). Cash and cash equivalents
at 31\u00a0December 2024 earning interest at floating and fixed rates amounted to \u00a33,746 million and \u00a31\u00a0million respectively (2023:
\u00a32,720\u00a0million and \u00a338\u00a0million) and non-interest bearing holdings amounted to \u00a3123\u00a0million ( 2023: \u00a3178\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 (\u00a38.0 billion) US commercial paper programme. There was no US commercial paper in issue at 31\u00a0December
2024 (2023: $850 million (\u00a3667 million)). GSK has a \u00a35 billion Euro commercial paper programme. There was no Euro commercial
paper in issue at 31\u00a0December 2024 (2023: \u20ac170 million ( \u00a3148 million)). GSK has \u00a31.6\u00a0billion of three-year committed facilities and
$2.2\u00a0billion ( \u00a31.8 billion) of 364 day committed facilities. The three-year committed facilities were signed in February 2022 and
extended by one year in August 2024 to September 2027. The 364-day committed facilities were signed in September 2024. All
facilities were undrawn at 31 December 2024.
There was no commercial paper in issue at 31 December 2024. The weighted average interest rate on commercial paper
borrowings at 31 December 2023 was 5.1%.
The weighted average interest rate on current bank loans and overdrafts at 31\u00a0December 2024 was 3.4% (2023 : 4.6% ).
The average effective pre-swap interest rate of notes classified as short-term at 31\u00a0December 2024 was 3.9% (2023: 2.4%).
Long-term borrowings
At 31 December 2024 GSK had long-term borrowings of \u00a314.6\u00a0billion (2023: \u00a315.2\u00a0billion), of which \u00a38.4\u00a0billion (2023: \u00a38.7\u00a0billion) fell
due in more than five years.
The average effective pre-swap interest rate of all notes in issue at 31\u00a0December 2024 was approximately 3.8% (2023:
approximately 3.7%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.4% (2023: 1.5% and 6.6%), with
repayment dates ranging from 2030 to 2045 (2023: 2029 to 2045).
During 2023, through a bilateral buyback of outstanding Sterling Notes, GSK repurchased \u00a376\u00a0million of the 5.250% \u00a3 Euro Medium
Term Note 2033 and \u00a369\u00a0million of the 6.375% \u00a3 Euro Medium Term Note 2039.
Effective rates shown for 2023 exclude the impact of one-off premiums associated with the repurchase of the Sterling Notes.
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $26 million (\u00a321 million), (2023: $54 million
(\u00a342 million)) as security against irrevocable letters of credit issued on the Group\u2019s behalf in respect of the Group\u2019s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note 32,
'Other provisions\u2019.
Lease liabilities
The total cash outflow for leases for the year ended 31\u00a0December 2024 was \u00a3256\u00a0million (2023: \u00a3197\u00a0million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2024
\u00a3m
2023
\u00a3m
Rental payments due within one year
168
156
Rental payments due between one and two years
222
214
Rental payments due between two and three years
146
134
Rental payments due between three and four years
109
114
Rental payments due between four and five years
73
88
Rental payments due after five years
384
501
Total lease liabilities
1,102
1,207
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-890": { "value": "
30. Net debt
Listing exchange
2024
\u00a3m
2023
\u00a3m
Current assets:
Liquid investments
21
42
Cash and cash equivalents
3,870
2,936
3,891
2,978
Short-term borrowings:
Commercial paper
\u2013
(815)
Bank loans, overdrafts and other
(762)
(191)
3.000% US$ US Medium Term Note 2024
New York Stock Exchange
\u2013
(784)
1.375% \u20ac Euro Medium Term Note 2024
London Stock Exchange
\u2013
(867)
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
(622)
\u2013
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
(797)
\u2013
Lease liabilities
(168)
(156)
(2,349)
(2,813)
Long-term borrowings:
4.000% \u20ac Euro Medium Term Note 2025
London Stock Exchange
\u2013
(650)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
\u2013
(783)
1.000% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(581)
(608)
1.250% \u20ac Euro Medium Term Note 2026
London Stock Exchange
(829)
(867)
3.000% \u20ac Euro Medium Term Note 2027
London Stock Exchange
(414)
(434)
3.375% \u00a3 Euro Medium Term Note 2027
London Stock Exchange
(307)
(306)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,393)
(1,370)
0.883% \u00a5 Euro Medium Term Note 2028
London Stock Exchange
(216)
(235)
1.250% \u00a3 Euro Medium Term Note 2028
London Stock Exchange
(746)
(745)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(792)
(778)
1.375% \u20ac Euro Medium Term Note 2029
London Stock Exchange
(414)
(433)
1.750% \u20ac Euro Medium Term Note 2030
London Stock Exchange
(621)
(650)
2.875% \u20ac Euro Medium Term Note 2031
London Stock Exchange
(576)
\u2013
3.125% \u20ac Euro Medium Term Note 2032
London Stock Exchange
(577)
(604)
5.250% \u00a3 Euro Medium Term Note 2033
London Stock Exchange
(567)
(566)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(396)
(390)
1.625% \u00a3 Euro Medium Term Note 2035
London Stock Exchange
(745)
(745)
3.250% \u20ac Euro Medium Term Note 2036
London Stock Exchange
(494)
\u2013
6.375% US$ US Medium Note 2038
New York Stock Exchange
(2,176)
(2,139)
6.375% \u00a3 Euro Medium Term Note 2039
London Stock Exchange
(627)
(627)
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
(392)
(385)
4.250% \u00a3 Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(2)
(1)
Lease liabilities
(934)
(1,051)
(14,637)
(15,205)
Net debt
(13,095)
(15,040)
30. Net debt continued
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2024, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2024 was approximately 4.3% (2023:
approximately 0.9%). Liquid investment balances at 31\u00a0December 2024 earning interest at floating rates amount to \u00a311 million
(2023: \u00a331\u00a0million). Liquid investment balances at 31\u00a0December 2024 earning interest at fixed rates amount to \u00a310 million ( 2023 :
\u00a311\u00a0million ).
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 2024 was approximately 4.8% (2023 : approximately 4.7%). Cash and cash equivalents
at 31\u00a0December 2024 earning interest at floating and fixed rates amounted to \u00a33,746 million and \u00a31\u00a0million respectively (2023:
\u00a32,720\u00a0million and \u00a338\u00a0million) and non-interest bearing holdings amounted to \u00a3123\u00a0million ( 2023: \u00a3178\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 (\u00a38.0 billion) US commercial paper programme. There was no US commercial paper in issue at 31\u00a0December
2024 (2023: $850 million (\u00a3667 million)). GSK has a \u00a35 billion Euro commercial paper programme. There was no Euro commercial
paper in issue at 31\u00a0December 2024 (2023: \u20ac170 million ( \u00a3148 million)). GSK has \u00a31.6\u00a0billion of three-year committed facilities and
$2.2\u00a0billion ( \u00a31.8 billion) of 364 day committed facilities. The three-year committed facilities were signed in February 2022 and
extended by one year in August 2024 to September 2027. The 364-day committed facilities were signed in September 2024. All
facilities were undrawn at 31 December 2024.
There was no commercial paper in issue at 31 December 2024. The weighted average interest rate on commercial paper
borrowings at 31 December 2023 was 5.1%.
The weighted average interest rate on current bank loans and overdrafts at 31\u00a0December 2024 was 3.4% (2023 : 4.6% ).
The average effective pre-swap interest rate of notes classified as short-term at 31\u00a0December 2024 was 3.9% (2023: 2.4%).
Long-term borrowings
At 31 December 2024 GSK had long-term borrowings of \u00a314.6\u00a0billion (2023: \u00a315.2\u00a0billion), of which \u00a38.4\u00a0billion (2023: \u00a38.7\u00a0billion) fell
due in more than five years.
The average effective pre-swap interest rate of all notes in issue at 31\u00a0December 2024 was approximately 3.8% (2023:
approximately 3.7%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.4% (2023: 1.5% and 6.6%), with
repayment dates ranging from 2030 to 2045 (2023: 2029 to 2045).
During 2023, through a bilateral buyback of outstanding Sterling Notes, GSK repurchased \u00a376\u00a0million of the 5.250% \u00a3 Euro Medium
Term Note 2033 and \u00a369\u00a0million of the 6.375% \u00a3 Euro Medium Term Note 2039.
Effective rates shown for 2023 exclude the impact of one-off premiums associated with the repurchase of the Sterling Notes.
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $26 million (\u00a321 million), (2023: $54 million
(\u00a342 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 total cash outflow for leases for the year ended 31\u00a0December 2024 was \u00a3256\u00a0million (2023: \u00a3197\u00a0million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2024
\u00a3m
2023
\u00a3m
Rental payments due within one year
168
156
Rental payments due between one and two years
222
214
Rental payments due between two and three years
146
134
Rental payments due between three and four years
109
114
Rental payments due between four and five years
73
88
Rental payments due after five years
384
501
Total lease liabilities
1,102
1,207
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-892": { "value": "
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31\u00a0December 2024, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31\u00a0December 2024 was approximately 4.3% (2023:
approximately 0.9%). Liquid investment balances at 31\u00a0December 2024 earning interest at floating rates amount to \u00a311 million
(2023: \u00a331\u00a0million). Liquid investment balances at 31\u00a0December 2024 earning interest at fixed rates amount to \u00a310 million ( 2023 :
\u00a311\u00a0million ).
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 2024 was approximately 4.8% (2023 : approximately 4.7%). Cash and cash equivalents
at 31\u00a0December 2024 earning interest at floating and fixed rates amounted to \u00a33,746 million and \u00a31\u00a0million respectively (2023:
\u00a32,720\u00a0million and \u00a338\u00a0million) and non-interest bearing holdings amounted to \u00a3123\u00a0million ( 2023: \u00a3178\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-893": { "value": "
Lease liabilities
The total cash outflow for leases for the year ended 31\u00a0December 2024 was \u00a3256\u00a0million (2023: \u00a3197\u00a0million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2024
\u00a3m
2023
\u00a3m
Rental payments due within one year
168
156
Rental payments due between one and two years
222
214
Rental payments due between two and three years
146
134
Rental payments due between three and four years
109
114
Rental payments due between four and five years
73
88
Rental payments due after five years
384
501
Total lease liabilities
1,102
1,207
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-895": { "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 2024
267
282
383
307
1,239
Exchange adjustments
57
(3)
(6)
(14)
34
Charge for the year
2,039
195
216
161
2,611
Reversed unused
(50)
(51)
(52)
(30)
(183)
Unwinding of discount
18
1
\u2013
\u2013
19
Utilised
(885)
(149)
(123)
(70)
(1,227)
Reclassifications and other movements
\u2013
16
8
36
60
Transfer to pension obligations
\u2013
(18)
\u2013
\u2013
(18)
At 31\u00a0December 2024
1,446
273
426
390
2,535
To be settled within one year
1,393
178
178
197
1,946
To be settled after one year
53
95
248
193
589
At 31\u00a0December 2024
1,446
273
426
390
2,535
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 \u00a31,989\u00a0million (including reversals
and estimated insurance recoveries) primarily reflected the
\u00a31.8\u00a0billion charge for the Zantac settlement and related legal
fees, as well as provisions for other product liability cases,
commercial disputes and various other government
investigations.
The discount on the provision is \u00a318\u00a0million in 2024 (2023:
\u00a310\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 statements.
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 \u00a31,393\u00a0million of the amount provided at
31\u00a0December 2024 will be settled within one year, primarily
related to the resolution of Zantac. For a discussion of legal
issues, see Note 47, \u2018Legal proceedings\u2019.
Major restructuring programmes
During 2024 , the Group had two major restructuring
programmes: the Separation restructuring programme which
focused on 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 \u00a31\u00a0million in 2024
(2023: increased by \u00a30.4\u00a0million).
Transfer to pension obligations reflects augmentation costs of
\u00a318\u00a0million relating to defined benefit plans arising from staff
redundancies, as shown in Note 31, \u2018Pensions and other post-
employment benefits\u2019.
32. Other provisions continued
Employee-related provisions
Employee-related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31\u00a0December 2024, the provision for these benefits
amounted to \u00a346\u00a0million (2023: \u00a348\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, environmental remediation and regulatory
matters.
47. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
\u2018Accounting principles and policies\u2019 and Note 32, \u2018Other
provisions\u2019. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31\u00a0December 2024, the Group\u2019s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, \u2018Taxation\u2019) was \u00a31,446\u00a0million. There can be no assurance
that any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group\u2019s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group\u2019s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK\u2019s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51\u00a0million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury\u2019s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, a
divided panel of the Court of Appeals for the Federal Circuit
reversed the district court\u2019s ruling and reinstated the jury award
in GSK\u2019s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva\u2019s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury\u2019s damages award
of $235.51\u00a0million in GSK\u2019s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva\u2019s request.\u00a0 Certain issues remain to
be resolved at the District Court. On 12 December 2024, the trial
judge ruled that further briefing is needed. The briefing is to be
completed by 24 February 2025.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY\u00ae.\u00a0 On 14
August 2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8.\u00a0 Pfizer/BioNTech filed an
Answer and Counterclaims to GSK\u2019s First Amended Complaint
on 30 August 2024. Trial has yet to be scheduled.\u00a0
On 12 October 2024, GSK filed two separate patent
infringement suits against Moderna, Inc. in the United States
District Court for the District of Delaware. The first suit alleges
infringement of 7 GSK patents by the COVID-19 vaccine,
SPIKEVAX.\u00a0 The second suit alleges infringement of 6 GSK
patents by the RSV vaccine, mRESVIA.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY does not infringe five GSK patents.\u00a0
Acuitas also seeks a ruling that the patents are invalid.\u00a0
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023.\u00a0 In each of those matters GSK counterclaimed
that Pfizer\u2019s RSV vaccine infringes GSK\u2019s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer\u2019s RSV vaccine,
Abrysvo.\u00a0 Additional patents have been added to the US
litigation.\u00a0 Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer\u2019s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (\u201cUPC\u201d) at the
D\u00fcsseldorf Local Division.\u00a0 On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
47. Legal proceedings continued
The trial in the UK action took place in June 2023.\u00a0 On 7
October 2024, the London High Court ruled in Pfizer\u2019s favour
and invalidated two of GSK\u2019s patents relating to RSV vaccine
technology. The Court held a hearing on 13 December 2024 at
which GSK sought the Court\u2019s permission to appeal its 7
October 2024 ruling. On 16 January 2025, the court issued a
decision refusing permission to appeal. GSK is seeking
permission to appeal from the Court of Appeal.\u00a0 In the
Netherlands, two separate first-instance hearings were held
and the parties await a decision.\u00a0 Trial dates have not been set
in Belgium or the UPC. In the US, the Court has set a trial date
of 3 August 2026. GSK is seeking monetary compensation from
Pfizer for Pfizer\u2019s infringing sales of Abrysvo. GSK\u2019s sales of
Arexvy are not at issue in these litigations.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
In\ufb02uenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgements granted in
favour of the Group and remanded the third-party payer cases
back to district court. Discovery is complete, and class
certification and summary judgment briefing has been
completed. A hearing on certain Daubert motions relating to
experts was held on 1 February 2024. On 25 October 2024, the
district court granted GSK\u2019s motion to exclude Plaintiffs\u2019 expert
on causation, and excluded a portion of Plaintiffs\u2019 damages
expert. The Court has scheduled a hearing on Plaintiffs\u2019 motion
for class certification for 12 March 2025, and a hearing on GSK\u2019s
motion for summary judgment for 21 April 2025.\u00a0
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding pending in the United
States District Court for the Southern District of Florida. Cases
have also been filed in a number of state courts, the majority of
which are in Delaware.\u00a0
As announced on 9 October 2024 GSK reached agreements
with 10 plaintiff firms who together represent 93%
(approximately 80,000 claimants) of the Zantac state court
product liability cases pending against GSK in the United
States. Under these agreements, GSK will make an aggregate
payment of up to $2.2\u00a0billion to resolve all U.S. state court
product liability cases handled by these plaintiff firms that meet
agreed eligibility and participation criteria (the \u201cState Courts
Settlement\u201d). The participating plaintiff firms are unanimously
recommending to their clients that they accept the terms of the
State Courts Settlement, which is expected to be fully
implemented by the end of H1 2025.
As of February 2025, the vast majority of the remaining state
court cases have resolved or been dismissed, such that less than
1% of the state court cases remain.\u00a0 There are no cases with trial
dates in 2025 and just two personal injury cases with trial dates
in 2026, both of which are in Nevada.\u00a0
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70\u00a0million to resolve the Zantac qui
tam complaint previously filed by Valisure. The agreement in
principle is subject to final approval from the Department of
Justice.\u00a0
GSK\u2019s appeal of the Delaware Superior Court\u2019s decision
allowing Plaintiffs to present expert evidence of general
causation on all ten cancer types to a jury remains pending.
Oral argument has been scheduled before the Delaware
Supreme Court on 16 April 2025. As previously disclosed,
approximately 14,000 product liability cases were dismissed
following the grant of defendants\u2019 Daubert motions in
December 2022 in the Federal MDL proceeding. These are now
on appeal by the plaintiffs to the United States Court of
Appeals for the Eleventh Circuit, along with appeals in the
medical monitoring and consumer class action cases. GSK
remains confident in its position and will continue to vigorously
defend against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel.\u00a0 The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant.\u00a0 There
are also approximately 120 individual actions that have been
filed in Canada.\u00a0
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. This case remains
pending. On 11 November 2020, the Mayor & City of Baltimore
filed an action against the Group alleging that Zantac
increased the risk of cancer and/or caused cancer in Baltimore
patients, and that the Group failed to warn of or concealed
those risks. Fact and expert discovery is ongoing. The court has
set a trial date of 28 September 2026.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac.\u00a0
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers\u2019
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran \u201coff-label\u201d for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group\u2019s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court\u2019s decision in favour of the Group.\u00a0
47. Legal proceedings continued
There remains one state court case and four proposed class
actions in Canada, which are not currently active and plaintiffs\u2019
counsel are seeking to discontinue.
Sales and marketing and regulation
The Group\u2019s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent \u2013 Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit alleging violation of the state consumer protection
statute. The lawsuit alleges that GSK engaged in deceptive and
unfair practices with respect to Flovent.\u00a0
GSK Korea \u2013 Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea\u2019s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using \u201cstraw bidders.\u201d
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers are co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70\u00a0million which is approximately \u00a345,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court\u2019s decision. The case is
now before the Korea Supreme Court.
The Korea Fair Trade Commission (KFTC) also commenced
proceedings regarding the same matter. KFTC hearings took
place in July 2023 and GSK Korea was found in violation of
applicable fair trade law. The KFTC imposed a fine of
KRW351\u00a0million which is approximately \u00a3212,000.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney\u2019s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group\u2019s
electronic health record programmes.\u00a0 The Group is
cooperating with this enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (\u201cHELP\u201d) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group is cooperating
with the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to
the purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs\u2019 class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court\u2019s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs\u2019 renewed motion for class certification after remand.
On 9 April 2021, the district court denied Plaintiffs\u2019 motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied Plaintiffs\u2019 motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court\u2019s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied Plaintiffs\u2019 renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
47. Legal proceedings continued
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Zejula Royalty Dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent licence agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment.\u00a0
Trial was held in the week of 6 March 2023 and judgment was
entered against the Group on 5 April 2023, ruling that all current
uses of Zejula generate royalty-bearing sales under the
wording of the two licence agreements. On 12 June 2023, the
Court of Appeal of England and Wales granted the Group\u2019s
request for permission to appeal the 5 April 2023 judgment.\u00a0
The appeal was heard on 17 January 2024 and on 9 February
2024 the Court of Appeal ruled in the Group\u2019s favour,
overturning the trial court\u2019s judgment and determining that only
Zejula sales for uses falling within the licensed patents could be
deemed royalty-bearing. AstraZeneca requested permission to
appeal and on 28 May 2024, the UK Supreme Court rejected
AstraZeneca\u2019s request. The appropriate quantum of royalties
following the Court of Appeal\u2019s judgement may be the subject
of further proceedings.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-894": { "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 2024
267
282
383
307
1,239
Exchange adjustments
57
(3)
(6)
(14)
34
Charge for the year
2,039
195
216
161
2,611
Reversed unused
(50)
(51)
(52)
(30)
(183)
Unwinding of discount
18
1
\u2013
\u2013
19
Utilised
(885)
(149)
(123)
(70)
(1,227)
Reclassifications and other movements
\u2013
16
8
36
60
Transfer to pension obligations
\u2013
(18)
\u2013
\u2013
(18)
At 31\u00a0December 2024
1,446
273
426
390
2,535
To be settled within one year
1,393
178
178
197
1,946
To be settled after one year
53
95
248
193
589
At 31\u00a0December 2024
1,446
273
426
390
2,535
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 \u00a31,989\u00a0million (including reversals
and estimated insurance recoveries) primarily reflected the
\u00a31.8\u00a0billion charge for the Zantac settlement and related legal
fees, as well as provisions for other product liability cases,
commercial disputes and various other government
investigations.
The discount on the provision is \u00a318\u00a0million in 2024 (2023:
\u00a310\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 statements.
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 \u00a31,393\u00a0million of the amount provided at
31\u00a0December 2024 will be settled within one year, primarily
related to the resolution of Zantac. For a discussion of legal
issues, see Note 47, \u2018Legal proceedings\u2019.
Major restructuring programmes
During 2024 , the Group had two major restructuring
programmes: the Separation restructuring programme which
focused on 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 \u00a31\u00a0million in 2024
(2023: increased by \u00a30.4\u00a0million).
Transfer to pension obligations reflects augmentation costs of
\u00a318\u00a0million relating to defined benefit plans arising from staff
redundancies, as shown in Note 31, \u2018Pensions and other post-
employment benefits\u2019.
32. Other provisions continued
Employee-related provisions
Employee-related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31\u00a0December 2024, the provision for these benefits
amounted to \u00a346\u00a0million (2023: \u00a348\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, environmental remediation and regulatory
matters.
35. Contingent liabilities
At 31\u00a0December 2024, 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 \u00a326 million ( 2023: \u00a332 million). At 31\u00a0December 2024, \u00a30.5
million ( 2023: \u00a30.2 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.
47. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
\u2018Accounting principles and policies\u2019 and Note 32, \u2018Other
provisions\u2019. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31\u00a0December 2024, the Group\u2019s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, \u2018Taxation\u2019) was \u00a31,446\u00a0million. There can be no assurance
that any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group\u2019s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group\u2019s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK\u2019s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51\u00a0million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury\u2019s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, a
divided panel of the Court of Appeals for the Federal Circuit
reversed the district court\u2019s ruling and reinstated the jury award
in GSK\u2019s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva\u2019s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury\u2019s damages award
of $235.51\u00a0million in GSK\u2019s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva\u2019s request.\u00a0 Certain issues remain to
be resolved at the District Court. On 12 December 2024, the trial
judge ruled that further briefing is needed. The briefing is to be
completed by 24 February 2025.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY\u00ae.\u00a0 On 14
August 2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8.\u00a0 Pfizer/BioNTech filed an
Answer and Counterclaims to GSK\u2019s First Amended Complaint
on 30 August 2024. Trial has yet to be scheduled.\u00a0
On 12 October 2024, GSK filed two separate patent
infringement suits against Moderna, Inc. in the United States
District Court for the District of Delaware. The first suit alleges
infringement of 7 GSK patents by the COVID-19 vaccine,
SPIKEVAX.\u00a0 The second suit alleges infringement of 6 GSK
patents by the RSV vaccine, mRESVIA.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY does not infringe five GSK patents.\u00a0
Acuitas also seeks a ruling that the patents are invalid.\u00a0
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023.\u00a0 In each of those matters GSK counterclaimed
that Pfizer\u2019s RSV vaccine infringes GSK\u2019s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer\u2019s RSV vaccine,
Abrysvo.\u00a0 Additional patents have been added to the US
litigation.\u00a0 Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer\u2019s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (\u201cUPC\u201d) at the
D\u00fcsseldorf Local Division.\u00a0 On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
47. Legal proceedings continued
The trial in the UK action took place in June 2023.\u00a0 On 7
October 2024, the London High Court ruled in Pfizer\u2019s favour
and invalidated two of GSK\u2019s patents relating to RSV vaccine
technology. The Court held a hearing on 13 December 2024 at
which GSK sought the Court\u2019s permission to appeal its 7
October 2024 ruling. On 16 January 2025, the court issued a
decision refusing permission to appeal. GSK is seeking
permission to appeal from the Court of Appeal.\u00a0 In the
Netherlands, two separate first-instance hearings were held
and the parties await a decision.\u00a0 Trial dates have not been set
in Belgium or the UPC. In the US, the Court has set a trial date
of 3 August 2026. GSK is seeking monetary compensation from
Pfizer for Pfizer\u2019s infringing sales of Abrysvo. GSK\u2019s sales of
Arexvy are not at issue in these litigations.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
In\ufb02uenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgements granted in
favour of the Group and remanded the third-party payer cases
back to district court. Discovery is complete, and class
certification and summary judgment briefing has been
completed. A hearing on certain Daubert motions relating to
experts was held on 1 February 2024. On 25 October 2024, the
district court granted GSK\u2019s motion to exclude Plaintiffs\u2019 expert
on causation, and excluded a portion of Plaintiffs\u2019 damages
expert. The Court has scheduled a hearing on Plaintiffs\u2019 motion
for class certification for 12 March 2025, and a hearing on GSK\u2019s
motion for summary judgment for 21 April 2025.\u00a0
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding pending in the United
States District Court for the Southern District of Florida. Cases
have also been filed in a number of state courts, the majority of
which are in Delaware.\u00a0
As announced on 9 October 2024 GSK reached agreements
with 10 plaintiff firms who together represent 93%
(approximately 80,000 claimants) of the Zantac state court
product liability cases pending against GSK in the United
States. Under these agreements, GSK will make an aggregate
payment of up to $2.2\u00a0billion to resolve all U.S. state court
product liability cases handled by these plaintiff firms that meet
agreed eligibility and participation criteria (the \u201cState Courts
Settlement\u201d). The participating plaintiff firms are unanimously
recommending to their clients that they accept the terms of the
State Courts Settlement, which is expected to be fully
implemented by the end of H1 2025.
As of February 2025, the vast majority of the remaining state
court cases have resolved or been dismissed, such that less than
1% of the state court cases remain.\u00a0 There are no cases with trial
dates in 2025 and just two personal injury cases with trial dates
in 2026, both of which are in Nevada.\u00a0
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70\u00a0million to resolve the Zantac qui
tam complaint previously filed by Valisure. The agreement in
principle is subject to final approval from the Department of
Justice.\u00a0
GSK\u2019s appeal of the Delaware Superior Court\u2019s decision
allowing Plaintiffs to present expert evidence of general
causation on all ten cancer types to a jury remains pending.
Oral argument has been scheduled before the Delaware
Supreme Court on 16 April 2025. As previously disclosed,
approximately 14,000 product liability cases were dismissed
following the grant of defendants\u2019 Daubert motions in
December 2022 in the Federal MDL proceeding. These are now
on appeal by the plaintiffs to the United States Court of
Appeals for the Eleventh Circuit, along with appeals in the
medical monitoring and consumer class action cases. GSK
remains confident in its position and will continue to vigorously
defend against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel.\u00a0 The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant.\u00a0 There
are also approximately 120 individual actions that have been
filed in Canada.\u00a0
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. This case remains
pending. On 11 November 2020, the Mayor & City of Baltimore
filed an action against the Group alleging that Zantac
increased the risk of cancer and/or caused cancer in Baltimore
patients, and that the Group failed to warn of or concealed
those risks. Fact and expert discovery is ongoing. The court has
set a trial date of 28 September 2026.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac.\u00a0
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers\u2019
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran \u201coff-label\u201d for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group\u2019s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court\u2019s decision in favour of the Group.\u00a0
47. Legal proceedings continued
There remains one state court case and four proposed class
actions in Canada, which are not currently active and plaintiffs\u2019
counsel are seeking to discontinue.
Sales and marketing and regulation
The Group\u2019s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent \u2013 Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit alleging violation of the state consumer protection
statute. The lawsuit alleges that GSK engaged in deceptive and
unfair practices with respect to Flovent.\u00a0
GSK Korea \u2013 Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea\u2019s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using \u201cstraw bidders.\u201d
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers are co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70\u00a0million which is approximately \u00a345,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court\u2019s decision. The case is
now before the Korea Supreme Court.
The Korea Fair Trade Commission (KFTC) also commenced
proceedings regarding the same matter. KFTC hearings took
place in July 2023 and GSK Korea was found in violation of
applicable fair trade law. The KFTC imposed a fine of
KRW351\u00a0million which is approximately \u00a3212,000.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney\u2019s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group\u2019s
electronic health record programmes.\u00a0 The Group is
cooperating with this enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (\u201cHELP\u201d) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group is cooperating
with the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to
the purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs\u2019 class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court\u2019s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs\u2019 renewed motion for class certification after remand.
On 9 April 2021, the district court denied Plaintiffs\u2019 motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied Plaintiffs\u2019 motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court\u2019s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied Plaintiffs\u2019 renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
47. Legal proceedings continued
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Zejula Royalty Dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent licence agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment.\u00a0
Trial was held in the week of 6 March 2023 and judgment was
entered against the Group on 5 April 2023, ruling that all current
uses of Zejula generate royalty-bearing sales under the
wording of the two licence agreements. On 12 June 2023, the
Court of Appeal of England and Wales granted the Group\u2019s
request for permission to appeal the 5 April 2023 judgment.\u00a0
The appeal was heard on 17 January 2024 and on 9 February
2024 the Court of Appeal ruled in the Group\u2019s favour,
overturning the trial court\u2019s judgment and determining that only
Zejula sales for uses falling within the licensed patents could be
deemed royalty-bearing. AstraZeneca requested permission to
appeal and on 28 May 2024, the UK Supreme Court rejected
AstraZeneca\u2019s request. The appropriate quantum of royalties
following the Court of Appeal\u2019s judgement may be the subject
of further proceedings.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-896": { "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 a s follows:
Shionogi-ViiV
Healthcare
\u00a3m
Affinivax
\u00a3m
Novartis
Vaccines
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1\u00a0January 2022
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
Initial recognition from business combinations
\u2013
\u2013
\u2013
104
104
Remeasurement through income statement
1,533
(22)
215
36
1,762
Exchange movement through reserves
\u2013
8
\u2013
(2)
6
Cash payments: operating cash flows
(1,190)
\u2013
(45)
\u2013
(1,235)
Cash payments: investing activities
\u2013
\u2013
(19)
\u2013
(19)
At 31\u00a0December 2024
6,061
502
575
142
7,280
Contingent consideration payable of \u00a396\u00a0million was recognised at acquisition for the purchase of 100% of the equity of Aiolos Bio,
Inc.. Further information on the acquisition is provided in Note 41, \u2018Acquisitions and disposals\u2019.
Of the contingent consideration payable at 31\u00a0December 2024, \u00a31,172 million (2023: \u00a31,053 million) is expected to be paid within one
year.
The considerations 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% ( 2023: 8%), the Affinivax
contingent consideration liability is discounted at 9.0% (2023: 8.5%) and the Novartis Vaccines contingent consideration liability is
discounted at 8.0% (2023: 7.5% ) for commercialised products and at 9.0% (2023: 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
33. Contingent consideration liabilities continued
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 largest contingent consideration liabilities.
2024
2023
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*
573
N/A
83
539
n/a
63
15% increase in sales forecasts*
857
N/A
125
807
n/a
94
10% decrease in sales forecasts*
(572)
N/A
(83)
(539)
n/a
(62)
15% decrease in sales forecasts*
(856)
N/A
(125)
(808)
n/a
(92)
1% increase in discount rate
(180)
(14)
(38)
(174)
(12)
(26)
1.5% increase in discount rate
(267)
(20)
(55)
(256)
(18)
(38)
1% decrease in discount rate
194
14
43
184
13
30
1.5% decrease in discount rate
298
21
67
281
19
47
10 cent appreciation of US Dollar
431
43
14
386
44
11
15 cent appreciation of US Dollar
677
68
22
604
69
17
10 cent depreciation of US Dollar
(368)
(37)
(12)
(330)
(38)
(8)
15 cent depreciation of US Dollar
(533)
(54)
(17)
(478)
(54)
(12)
10 cent appreciation of Euro
77
N/A
22
91
n/a
19
15 cent appreciation of Euro
123
N/A
35
144
n/a
30
10 cent depreciation of Euro
(65)
N/A
(19)
(79)
n/a
(16)
15 cent depreciation of Euro
(95)
N/A
(27)
(113)
n/a
(22)
10% increase in probability of milestone success
N/A
73
22
n/a
75
21
10% decrease in probability of milestone success
N/A
(73)
(11)
n/a
(75)
(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 89.
", "dimensions": { "concept": "gsk:DisclosureOfContingentConsiderationLiabilities", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-897": { "value": "
34. Other non-current liabilities
2024
\u00a3m
2023
\u00a3m
Accruals
6
4
Deferred income
165
254
Other payables
929
849
1,100
1,107
Other payables includes a number of employee-related liabilities including employee savings plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-900": { "value": "
35. Contingent liabilities
At 31\u00a0December 2024, 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 \u00a326 million ( 2023: \u00a332 million). At 31\u00a0December 2024, \u00a30.5
million ( 2023: \u00a30.2 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:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-899": { "value": "
35. Contingent liabilities
At 31\u00a0December 2024, 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 \u00a326 million ( 2023: \u00a332 million). At 31\u00a0December 2024, \u00a30.5
million ( 2023: \u00a30.2 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.
47. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
\u2018Accounting principles and policies\u2019 and Note 32, \u2018Other
provisions\u2019. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31\u00a0December 2024, the Group\u2019s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, \u2018Taxation\u2019) was \u00a31,446\u00a0million. There can be no assurance
that any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group\u2019s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group\u2019s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK\u2019s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51\u00a0million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury\u2019s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, a
divided panel of the Court of Appeals for the Federal Circuit
reversed the district court\u2019s ruling and reinstated the jury award
in GSK\u2019s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva\u2019s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury\u2019s damages award
of $235.51\u00a0million in GSK\u2019s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva\u2019s request.\u00a0 Certain issues remain to
be resolved at the District Court. On 12 December 2024, the trial
judge ruled that further briefing is needed. The briefing is to be
completed by 24 February 2025.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY\u00ae.\u00a0 On 14
August 2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8.\u00a0 Pfizer/BioNTech filed an
Answer and Counterclaims to GSK\u2019s First Amended Complaint
on 30 August 2024. Trial has yet to be scheduled.\u00a0
On 12 October 2024, GSK filed two separate patent
infringement suits against Moderna, Inc. in the United States
District Court for the District of Delaware. The first suit alleges
infringement of 7 GSK patents by the COVID-19 vaccine,
SPIKEVAX.\u00a0 The second suit alleges infringement of 6 GSK
patents by the RSV vaccine, mRESVIA.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY does not infringe five GSK patents.\u00a0
Acuitas also seeks a ruling that the patents are invalid.\u00a0
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023.\u00a0 In each of those matters GSK counterclaimed
that Pfizer\u2019s RSV vaccine infringes GSK\u2019s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer\u2019s RSV vaccine,
Abrysvo.\u00a0 Additional patents have been added to the US
litigation.\u00a0 Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer\u2019s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (\u201cUPC\u201d) at the
D\u00fcsseldorf Local Division.\u00a0 On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
47. Legal proceedings continued
The trial in the UK action took place in June 2023.\u00a0 On 7
October 2024, the London High Court ruled in Pfizer\u2019s favour
and invalidated two of GSK\u2019s patents relating to RSV vaccine
technology. The Court held a hearing on 13 December 2024 at
which GSK sought the Court\u2019s permission to appeal its 7
October 2024 ruling. On 16 January 2025, the court issued a
decision refusing permission to appeal. GSK is seeking
permission to appeal from the Court of Appeal.\u00a0 In the
Netherlands, two separate first-instance hearings were held
and the parties await a decision.\u00a0 Trial dates have not been set
in Belgium or the UPC. In the US, the Court has set a trial date
of 3 August 2026. GSK is seeking monetary compensation from
Pfizer for Pfizer\u2019s infringing sales of Abrysvo. GSK\u2019s sales of
Arexvy are not at issue in these litigations.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
In\ufb02uenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgements granted in
favour of the Group and remanded the third-party payer cases
back to district court. Discovery is complete, and class
certification and summary judgment briefing has been
completed. A hearing on certain Daubert motions relating to
experts was held on 1 February 2024. On 25 October 2024, the
district court granted GSK\u2019s motion to exclude Plaintiffs\u2019 expert
on causation, and excluded a portion of Plaintiffs\u2019 damages
expert. The Court has scheduled a hearing on Plaintiffs\u2019 motion
for class certification for 12 March 2025, and a hearing on GSK\u2019s
motion for summary judgment for 21 April 2025.\u00a0
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding pending in the United
States District Court for the Southern District of Florida. Cases
have also been filed in a number of state courts, the majority of
which are in Delaware.\u00a0
As announced on 9 October 2024 GSK reached agreements
with 10 plaintiff firms who together represent 93%
(approximately 80,000 claimants) of the Zantac state court
product liability cases pending against GSK in the United
States. Under these agreements, GSK will make an aggregate
payment of up to $2.2\u00a0billion to resolve all U.S. state court
product liability cases handled by these plaintiff firms that meet
agreed eligibility and participation criteria (the \u201cState Courts
Settlement\u201d). The participating plaintiff firms are unanimously
recommending to their clients that they accept the terms of the
State Courts Settlement, which is expected to be fully
implemented by the end of H1 2025.
As of February 2025, the vast majority of the remaining state
court cases have resolved or been dismissed, such that less than
1% of the state court cases remain.\u00a0 There are no cases with trial
dates in 2025 and just two personal injury cases with trial dates
in 2026, both of which are in Nevada.\u00a0
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70\u00a0million to resolve the Zantac qui
tam complaint previously filed by Valisure. The agreement in
principle is subject to final approval from the Department of
Justice.\u00a0
GSK\u2019s appeal of the Delaware Superior Court\u2019s decision
allowing Plaintiffs to present expert evidence of general
causation on all ten cancer types to a jury remains pending.
Oral argument has been scheduled before the Delaware
Supreme Court on 16 April 2025. As previously disclosed,
approximately 14,000 product liability cases were dismissed
following the grant of defendants\u2019 Daubert motions in
December 2022 in the Federal MDL proceeding. These are now
on appeal by the plaintiffs to the United States Court of
Appeals for the Eleventh Circuit, along with appeals in the
medical monitoring and consumer class action cases. GSK
remains confident in its position and will continue to vigorously
defend against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel.\u00a0 The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant.\u00a0 There
are also approximately 120 individual actions that have been
filed in Canada.\u00a0
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. This case remains
pending. On 11 November 2020, the Mayor & City of Baltimore
filed an action against the Group alleging that Zantac
increased the risk of cancer and/or caused cancer in Baltimore
patients, and that the Group failed to warn of or concealed
those risks. Fact and expert discovery is ongoing. The court has
set a trial date of 28 September 2026.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac.\u00a0
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers\u2019
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran \u201coff-label\u201d for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group\u2019s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court\u2019s decision in favour of the Group.\u00a0
47. Legal proceedings continued
There remains one state court case and four proposed class
actions in Canada, which are not currently active and plaintiffs\u2019
counsel are seeking to discontinue.
Sales and marketing and regulation
The Group\u2019s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent \u2013 Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit alleging violation of the state consumer protection
statute. The lawsuit alleges that GSK engaged in deceptive and
unfair practices with respect to Flovent.\u00a0
GSK Korea \u2013 Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea\u2019s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using \u201cstraw bidders.\u201d
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers are co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70\u00a0million which is approximately \u00a345,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court\u2019s decision. The case is
now before the Korea Supreme Court.
The Korea Fair Trade Commission (KFTC) also commenced
proceedings regarding the same matter. KFTC hearings took
place in July 2023 and GSK Korea was found in violation of
applicable fair trade law. The KFTC imposed a fine of
KRW351\u00a0million which is approximately \u00a3212,000.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney\u2019s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group\u2019s
electronic health record programmes.\u00a0 The Group is
cooperating with this enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (\u201cHELP\u201d) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group is cooperating
with the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to
the purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs\u2019 class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court\u2019s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs\u2019 renewed motion for class certification after remand.
On 9 April 2021, the district court denied Plaintiffs\u2019 motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied Plaintiffs\u2019 motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court\u2019s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied Plaintiffs\u2019 renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
47. Legal proceedings continued
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Zejula Royalty Dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent licence agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment.\u00a0
Trial was held in the week of 6 March 2023 and judgment was
entered against the Group on 5 April 2023, ruling that all current
uses of Zejula generate royalty-bearing sales under the
wording of the two licence agreements. On 12 June 2023, the
Court of Appeal of England and Wales granted the Group\u2019s
request for permission to appeal the 5 April 2023 judgment.\u00a0
The appeal was heard on 17 January 2024 and on 9 February
2024 the Court of Appeal ruled in the Group\u2019s favour,
overturning the trial court\u2019s judgment and determining that only
Zejula sales for uses falling within the licensed patents could be
deemed royalty-bearing. AstraZeneca requested permission to
appeal and on 28 May 2024, the UK Supreme Court rejected
AstraZeneca\u2019s request. The appropriate quantum of royalties
following the Court of Appeal\u2019s judgement may be the subject
of further proceedings.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-898": { "value": "
35. Contingent liabilities
At 31\u00a0December 2024, 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 \u00a326 million ( 2023: \u00a332 million). At 31\u00a0December 2024, \u00a30.5
million ( 2023: \u00a30.2 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.
36. Commitments
Contractual obligations and commitments
2024
\u00a3m
2023
\u00a3m
Contracted for but not provided in the financial statements:
Intangible assets
19,183
16,329
Property, plant and equipment
754
762
Investments
203
153
20,140
17,244
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 2024 is
mainly attributable to new R&D collaborations and acquisitions, including with Shanghai Hansoh Biomedical Co. Ltd and Jiangsu
Hengrui Pharmaceuticals Co., Ltd.
In addition, within intangible assets commitments the Group has disclosed \u00a338\u00a0million (2023: \u00a330 million) related to nature-based
carbon credit projects, which aligns with GSK\u2019s commitments to a net-zero, nature positive world, and within property, plant and
equipment commitments of \u00a334\u00a0million (2023: \u00a346 million) related to the transition to a lower-carbon propellant solution.
In the previous year, \u00a330 million relating to nature-based carbon credits projects was included in purchase commitments and is now
included in intangible asset commitments. Lease contracts that have not commenced are not disclosed as these are not material.
For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 44 'Financial
instruments\u2019.
The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-901": { "value": "
36. Commitments
Contractual obligations and commitments
2024
\u00a3m
2023
\u00a3m
Contracted for but not provided in the financial statements:
Intangible assets
19,183
16,329
Property, plant and equipment
754
762
Investments
203
153
20,140
17,244
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 2024 is
mainly attributable to new R&D collaborations and acquisitions, including with Shanghai Hansoh Biomedical Co. Ltd and Jiangsu
Hengrui Pharmaceuticals Co., Ltd.
In addition, within intangible assets commitments the Group has disclosed \u00a338\u00a0million (2023: \u00a330 million) related to nature-based
carbon credit projects, which aligns with GSK\u2019s commitments to a net-zero, nature positive world, and within property, plant and
equipment commitments of \u00a334\u00a0million (2023: \u00a346 million) related to the transition to a lower-carbon propellant solution.
In the previous year, \u00a330 million relating to nature-based carbon credits projects was included in purchase commitments and is now
included in intangible asset commitments. Lease contracts that have not commenced are not disclosed as these are not material.
For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 44 'Financial
instruments\u2019.
The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-903": { "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 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 2022
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
Issued under employee share schemes
2,157,751
\u2013
20
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2024
4,314,303,734
1,348
3,473
At 31\u00a0December 2024, of the issued share capital, 64,314,305 shares were held in the ESOP Trusts, out of which 63,666,947 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
169,171,555 shares were held as Treasury shares and 4,080,818,273 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 \u00a38,850 million at 31\u00a0December 2024 (2023 : \u00a38,548 million ; 2022: \u00a35,811 million )
of which \u00a3452 million (2023 : \u00a3451 million ; 2022: \u00a3463 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\u00a0January 2022
(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)
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
(4)
(396)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
At 31\u00a0December 2024
(971)
2
(126)
(1,095)
(1) Includes \u00a3554\u00a0million reclassification to the consolidated income statement of net exchange gains related to the demerger of the Consumer Healthcare
business.
38. Movements in equity continued
The analysis of other comprehensive income by equity category is as follows:
2024
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
(380)
(12)
\u2013
(392)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
\u2013
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Cost of hedging
\u2013
(4)
\u2013
(4)
Reclassification of cash flow hedges to income statement
\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
(4)
(4)
Fair value movements on equity investments
\u2013
(100)
\u2013
(100)
Tax on fair value movements on equity investments
\u2013
17
\u2013
17
Remeasurement on defined benefit plans
506
\u2013
\u2013
506
Tax on remeasurement defined benefit plans
(122)
\u2013
\u2013
(122)
Fair value movements on cash flow hedges
\u2013
8
\u2013
8
Total other comprehensive (expense)/income for the year
(83)
(86)
(4)
(173)
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)
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Reclassification of cash flow hedges to income statement
\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)
Deferred tax on fair value movements on cash flow hedges
\u2013
9
\u2013
9
Reclassification of cash flow hedges to income statement
\u2013
14
\u2013
14
Items that will not be reclassified to income statement:
\u2013
\u2013
\u2013
\u2013
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)
38. Movements in equity continued
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 2022
(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 (including tax)
\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 adjustment
26
(5)
(2)
\u2013
19
Transferred to Retained earnings in the year on disposals 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
Exchange adjustments
(12)
\u2013
\u2013
\u2013
(12)
Transferred to retained earnings in the year on disposal of equity investments
\u2013
(66)
\u2013
\u2013
(66)
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/(loss) transferred to non-financial assets
\u2013
\u2013
(6)
\u2013
(6)
Cost of hedging
\u2013
\u2013
(4)
\u2013
(4)
Net fair value movement in the year (including tax)
\u2013
(83)
9
\u2013
(74)
Ordinary shares acquired by ESOP Trusts
(459)
\u2013
\u2013
\u2013
(459)
Write-down of shares held by ESOP Trusts
362
\u2013
\u2013
\u2013
362
At 31\u00a0December 2024
(397)
(659)
(19)
2,129
1,054
Other reserves include various non-distributable merger and pre-merger reserves amounting to \u00a31,849 million at 31\u00a0December 2024
(2023: \u00a31,849 million; 2022: \u00a31,849 million ). Other reserves also include the capital redemption reserve created as a result of the
previous share buyback programme amounting to \u00a3280 million at 31\u00a0December 2024 (2023: \u00a3280 million; 2022: \u00a3280 million ) which
ceased in 2014.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-902": { "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 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 2022
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
Issued under employee share schemes
2,157,751
\u2013
20
Ordinary shares acquired by ESOP Trusts
\u2013
\u2013
2
At 31\u00a0December 2024
4,314,303,734
1,348
3,473
At 31\u00a0December 2024, of the issued share capital, 64,314,305 shares were held in the ESOP Trusts, out of which 63,666,947 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
169,171,555 shares were held as Treasury shares and 4,080,818,273 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-904": { "value": "
At 31\u00a0December 2024, of the issued share capital, 64,314,305 shares were held in the ESOP Trusts, out of which 63,666,947 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
169,171,555 shares were held as Treasury shares and 4,080,818,273 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.
Fair value of investments in GSK shares
At 31\u00a0December 2024, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3397 million
(2023: \u00a3288 million) and a market value of \u00a3866 million (2023: \u00a3853 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 2024, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2024, GSK held Treasury shares at a cost of \u00a32,958 million (2023: \u00a33,447 million) which has been deducted from
retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-905": { "value": "
38. Movements in equity
Retained earnings and other reserves amounted to \u00a38,850 million at 31\u00a0December 2024 (2023 : \u00a38,548 million ; 2022: \u00a35,811 million )
of which \u00a3452 million (2023 : \u00a3451 million ; 2022: \u00a3463 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\u00a0January 2022
(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)
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
(4)
(396)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
At 31\u00a0December 2024
(971)
2
(126)
(1,095)
(1) Includes \u00a3554\u00a0million reclassification to the consolidated income statement of net exchange gains related to the demerger of the Consumer Healthcare
business.
38. Movements in equity continued
The analysis of other comprehensive income by equity category is as follows:
2024
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
(380)
(12)
\u2013
(392)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
\u00a0 and associates
(87)
\u2013
\u2013
(87)
Fair value movements on cash flow hedges
\u2013
\u2013
\u2013
\u2013
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Cost of hedging
\u2013
(4)
\u2013
(4)
Reclassification of cash flow hedges to income statement
\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
(4)
(4)
Fair value movements on equity investments
\u2013
(100)
\u2013
(100)
Tax on fair value movements on equity investments
\u2013
17
\u2013
17
Remeasurement on defined benefit plans
506
\u2013
\u2013
506
Tax on remeasurement defined benefit plans
(122)
\u2013
\u2013
(122)
Fair value movements on cash flow hedges
\u2013
8
\u2013
8
Total other comprehensive (expense)/income for the year
(83)
(86)
(4)
(173)
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)
Deferred tax on fair value movements on cash flow hedges
\u2013
1
\u2013
1
Reclassification of cash flow hedges to income statement
\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)
Deferred tax on fair value movements on cash flow hedges
\u2013
9
\u2013
9
Reclassification of cash flow hedges to income statement
\u2013
14
\u2013
14
Items that will not be reclassified to income statement:
\u2013
\u2013
\u2013
\u2013
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)
38. Movements in equity continued
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 2022
(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 (including tax)
\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 adjustment
26
(5)
(2)
\u2013
19
Transferred to Retained earnings in the year on disposals 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
Exchange adjustments
(12)
\u2013
\u2013
\u2013
(12)
Transferred to retained earnings in the year on disposal of equity investments
\u2013
(66)
\u2013
\u2013
(66)
Reclassification of cash flow hedges to income statement
\u2013
\u2013
4
\u2013
4
Hedging gain/(loss) transferred to non-financial assets
\u2013
\u2013
(6)
\u2013
(6)
Cost of hedging
\u2013
\u2013
(4)
\u2013
(4)
Net fair value movement in the year (including tax)
\u2013
(83)
9
\u2013
(74)
Ordinary shares acquired by ESOP Trusts
(459)
\u2013
\u2013
\u2013
(459)
Write-down of shares held by ESOP Trusts
362
\u2013
\u2013
\u2013
362
At 31\u00a0December 2024
(397)
(659)
(19)
2,129
1,054
Other reserves include various non-distributable merger and pre-merger reserves amounting to \u00a31,849 million at 31\u00a0December 2024
(2023: \u00a31,849 million; 2022: \u00a31,849 million ). Other reserves also include the capital redemption reserve created as a result of the
previous share buyback programme amounting to \u00a3280 million at 31\u00a0December 2024 (2023: \u00a3280 million; 2022: \u00a3280 million ) which
ceased in 2014.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-906": { "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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Turnover
7,023
6,308
5,619
Profit after taxation
1,619
2,034
1,528
Other comprehensive income/(expense)
7
(19)
94
Total comprehensive income
1,626
2,015
1,622
2024
\u00a3m
2023
\u00a3m
Non-current assets
2,649
2,528
Current assets
3,479
3,330
Total assets
6,128
5,858
Current liabilities
(4,218)
(3,881)
Non-current liabilities
(8,566)
(8,453)
Total liabilities
(12,784)
(12,334)
Net liabilities
(6,656)
(6,476)
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Net cash inflow from operating activities
2,554
2,192
3,442
Net cash outflow from investing activities
(106)
(2)
(174)
Net cash outflow from financing activities
(2,518)
(2,463)
(2,718)
Increase/(decrease) in cash and bank overdrafts in the year
(70)
(273)
550
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 \u00a31,619\u00a0million (2023:
\u00a32,034\u00a0million; 2022: \u00a31,528\u00a0million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
\u00a31,377 million (2023: \u00a3858 million; 2022 : \u00a31,483 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:
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Share of profit for the year attributable to non-controlling interest
357
373
415
Dividends paid to non-controlling interest
392
398
480
Non-controlling interest in the consolidated balance sheet
(683)
(648)
(611)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-907": { "value": "
40. Related party transactions
At 31\u00a0December 2024, a loan of \u00a30.8 million (2023: \u00a30.8 million) to Index Ventures and a loan of \u00a32.3 million ( 2023: \u00a30.6 million ) to
Medicxi Ventures I LP remained due to GSK. Cash distributions were received from the investment in Medicxi Ventures I LP of \u00a315.3
million ( 2023: Medicxi Ventures I LP of \u00a310.7 million).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-908": { "value": "
41. Acquisitions and disposals
Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:
2024
On 9 January 2024, GSK announced it had entered into an agreement to acquire 100% of 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 a total cash consideration of US$1,004\u00a0million (\u00a3800\u00a0million) as adjusted for working capital acquired
paid upon closing and up to US$400\u00a0million (\u00a3319\u00a0million) in certain success-based regulatory milestone payments. The estimated
fair value of the contingent consideration payable was US$120\u00a0million (\u00a396\u00a0million). 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
acquisition completed on 14 February 2024.
During 2024, no sales arising from the Aiolos business were included in Group turnover and no revenue is expected until regulatory
approval is received on the acquired asset.
GSK continues to support the ongoing development of the acquired asset and consequently this asset will be loss making until
regulatory approval on this asset is received. The development of this asset has been integrated into the Group\u2019s existing R&D
activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period ended
31 December 2024.
Goodwill of \u00a3191\u00a0million has been recognised. The goodwill represents specific synergies available to GSK from the business
combination. The goodwill has been allocated to the Group\u2019s R&D segment. None of the goodwill is expected to be deductible for
tax purposes.
Total
\u00a3m
Net assets acquired:
Intangible assets
886
Trade and other receivables
10
Cash and cash equivalents
23
Trade and other payables
(26)
Deferred tax liabilities
(188)
705
Goodwill
191
Total consideration
896
On 6 June 2024, GSK announced that it had acquired Elsie Biotechnologies, a San Diego-based private biotechnology company
dedicated to unlocking the full potential of oligonucleotide therapeutics, for a total consideration of up to US$51\u00a0million
(approximately \u00a340\u00a0million), including up to US$10 million (\u00a38 million) in certain success-based development and regulatory
milestone payments. The key assets and liabilities recognised at acquisition include goodwill of US$23 million (\u00a319 million),
intangible assets of US$35 million (\u00a327 million) and a deferred tax liability of US$7 million (\u00a36 million). The acquisition is accounted
for as a business combination but is not considered a significant acquisition for the Group. This agreement is not subject to closing
conditions and the acquisition has been completed.
Business disposals
GSK completed no material business disposals in 2024.
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
(773)
\u2013
Net deferred consideration paid
(57)
(18)
Transaction costs
(5)
\u2013
Cash and cash equivalents acquired
25
\u2013
Cash outflow
(810)
(18)
41. Acquisitions and disposals continued
2023
Business acquisitions
On 28 June 2023, GSK completed the acquisition of BELLUS Health Inc. (\u201cBellus\") 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 \u00a3 39 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
41. Acquisitions and disposals continued
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.
41. Acquisitions and disposals continued
Demerger of Consumer Healthcare business
On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon plc, 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 plc 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 plc 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 amount 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 plc 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 plc 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. 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 plc 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.
41. Acquisitions and disposals continued
Total results
2022
\u00a3m
Turnover
5,581
Expense
(4,730)
Profit before tax
851
Taxation
(235)
Tax rate %
27.6%
(Loss)/profit after taxation from discontinued operations: Consumer Healthcare
616
Other gains/(losses) on demerger
2,433
Remeasurement of discontinued operations distributed to shareholders on demerger
7,651
Profit after taxation on demerger of discontinued operations
10,700
Non-controlling interest in discontinued operations
205
Earnings attributable to shareholders from discontinued operations
10,495
Earnings per share from discontinued operations
260.6p
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-909": { "value": "
Cash flows
Business
acquisitions
\u00a3m
Business
disposals
\u00a3m
Cash consideration paid
(773)
\u2013
Net deferred consideration paid
(57)
(18)
Transaction costs
(5)
\u2013
Cash and cash equivalents acquired
25
\u2013
Cash outflow
(810)
(18)
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.
42. Adjustments reconciling Total profit after tax to
operating cash flows
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Total profit after tax from continuing operations
2,951
5,308
4,921
Tax on profits
526
756
707
Share of after-tax (profits)/losses of associates and joint ventures
3
5
2
Finance expense net of finance income
547
677
803
Depreciation
1,097
1,082
1,061
Amortisation of intangible assets
1,454
1,212
1,086
Impairment and assets written off
408
467
481
(Profit)/loss on sale of businesses
11
\u2013
(36)
Profit on sale of intangible assets
(170)
(12)
(185)
Profit on sale of investments in associates
(6)
(1)
\u2013
Profit on sale of equity investments
(10)
\u2013
(1)
Changes in working capital:
Decrease/(increase) in inventories
(294)
(424)
(269)
Decrease/(increase) in trade receivables
298
(794)
(158)
Increase/(decrease) in trade payables
(179)
(15)
494
Decrease/(increase) in other receivables
42
145
(458)
Contingent consideration paid (see Note 33)
(1,235)
(1,134)
(1,058)
Other non-cash increase in contingent consideration liabilities
1,834
492
1,628
Increase/(decrease) in other payables
(610)
689
(5)
Increase/(decrease) in pension and other provisions
999
(457)
(962)
Share-based incentive plans
344
307
346
Fair value adjustments
(39)
(107)
(283)
Other
(110)
(100)
(170)
Operating cash flow from continuing operations
7,861
8,096
7,944
Operating cash flow from discontinued operations
\u2013
\u2013
932
Total cash generated from operations
7,861
8,096
8,876
43. Reconciliation of net cash flow to movement in net debt
2024
\u00a3m
2023
\u00a3m
2022
\u00a3m
Net debt, at beginning of year, as adjusted
(15,040)
(17,197)
(19,838)
Increase/(decrease) in cash and bank overdrafts
599
(468)
(7,597)
Decrease in liquid investments
(21)
(72)
(1)
Repayment of long-term loans(1)
1,615
2,260
6,668
Issue of long-term notes
(1,075)
(223)
(1,025)
Net decrease/(increase) in short-term loans
811
333
(1,021)
Increase in other short-term loans(2)
(266)
\u2013
\u2013
Repayment of other short-term loans(2)
81
\u2013
\u2013
Repayment of lease liabilities
226
197
202
Net investments/(debt) of subsidiary undertakings acquired
\u2013
50
(24)
Exchange adjustments
117
554
(1,531)
Other non-cash movements
(142)
(474)
(207)
Decrease/(increase) in net debt from continuing operations
1,945
2,157
(4,536)
Decrease/(increase) in net debt from discontinued operations
\u2013
\u2013
7,177
Total net debt at end of year
(13,095)
(15,040)
(17,197)
(1)
Repayment of long-term loans for 2024 of \u00a31,615 million (2023: \u00a32,260 million; 2022: \u00a36,668 million) includes the current portion of long-term borrowings of
\u00a31,615 million (2023: \u00a32,116 million; 2022: \u00a35,074 million) which was classified as short-term borrowing on the balance sheet and previously presented as
repayment of short-term loans
(2)
Other short-term loans include bank loans presented within short-term borrowings on the balance sheet, with an initial maturity of greater than three
months.
Analysis of changes in net debt
At 1\u00a0January
2024
\u00a3m
Exchange
\u00a3m
Other
\u00a3m
Interest
expense
\u00a3m
Change
in fair value
\u00a3m
Reclass-
ifications
\u00a3m
Cash flow
\u00a3m
At
31\u00a0December
2024
\u00a3m
Liquid investments
42
\u2013
\u2013
\u2013
\u2013
\u2013
(21)
21
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
2,936
(54)
\u2013
\u2013
\u2013
\u2013
988
3,870
Overdrafts
(78)
\u2013
\u2013
\u2013
\u2013
\u2013
(389)
(467)
2,858
(54)
\u2013
\u2013
\u2013
\u2013
599
3,403
Debt due within one year:
Commercial paper
(815)
4
\u2013
\u2013
\u2013
\u2013
811
\u2013
European/US MTN & Bank facilities
(1,651)
51
(20)
\u2013
\u2013
(1,414)
1,615
(1,419)
Lease liabilities
(156)
5
6
\u2013
\u2013
(249)
226
(168)
Other
(113)
(11)
14
\u2013
\u2013
\u2013
(185)
(295)
(2,735)
49
\u2013
\u2013
\u2013
(1,663)
2,467
(1,882)
Debt due after one year:
European/US MTN & Bank facilities
(14,154)
127
\u2013
(15)
\u2013
1,414
(1,075)
(13,703)
Lease liabilities
(1,051)
5
(137)
\u2013
\u2013
249
\u2013
(934)
(15,205)
132
(137)
(15)
\u2013
1,663
(1,075)
(14,637)
Net debt
(15,040)
127
(137)
(15)
\u2013
\u2013
1,970
(13,095)
Interest payable
(162)
\u2013
(30)
(602)
\u2013
\u2013
632
(162)
Derivative financial instruments
16
\u2013
\u2013
\u2013
31
\u2013
(129)
(82)
Total liabilities from financing
\u00a0 activities*
(18,086)
181
(167)
(617)
31
\u2013
1,895
(16,763)
*
Excluding cash and cash equivalents, overdrafts and liquid investments.
43. Reconciliation of net cash flow to movement in net debt continued
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
(72)
42
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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-910": { "value": "
Demerger of Consumer Healthcare business
On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon plc, 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 plc 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 plc 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 amount 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 plc 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 plc 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. 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 plc 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.
41. Acquisitions and disposals continued
Total results
2022
\u00a3m
Turnover
5,581
Expense
(4,730)
Profit before tax
851
Taxation
(235)
Tax rate %
27.6%
(Loss)/profit after taxation from discontinued operations: Consumer Healthcare
616
Other gains/(losses) on demerger
2,433
Remeasurement of discontinued operations distributed to shareholders on demerger
7,651
Profit after taxation on demerger of discontinued operations
10,700
Non-controlling interest in discontinued operations
205
Earnings attributable to shareholders from discontinued operations
10,495
Earnings per share from discontinued operations
260.6p
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-911": { "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 \u00a313
billion (2023 : \u00a315 billion) (see Note 30, \u2018Net debt\u2019) and total
equity, including items related to non-controlling interests, of
\u00a313 billion (2023: \u00a313 billion ) (see \u2018Consolidated statement of
changes in equity\u2019 on page 206). Total capital, including that
provided by non-controlling interests, is \u00a326\u00a0billion (2023:
\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 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 2024, GSK had \u00a32.3 billion (2023: \u00a32.8 billion) of
borrowings repayable within one year and held \u00a33.9\u00a0billion
(2023: \u00a33.0\u00a0billion) of cash and cash equivalents and liquid
investments of which \u00a33.1\u00a0billion (2023: \u00a32.2\u00a0billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (\u00a38
billion) US commercial paper programme. There was no US
commercial paper in issue at 31\u00a0December 2024 (2023: $850
million (\u00a3667 million)). Maximum drawdowns under the US
Commercial Paper programme during the year were
$1,315\u00a0million (\u00a31,048 million) (2023: $3,262\u00a0million (\u00a32,579
million)). GSK has access to short-term finance under a \u00a35
billion Euro commercial paper programme. There was no Euro
Commercial paper in issue at 31\u00a0December 2024 (2023: \u20ac170
million (\u00a3148 million)). Maximum drawdowns under the Euro
Commerical Paper programme during the year were \u20ac170
million (\u00a3145 million) (2023: \u20ac927 million (\u00a3800 million)).
GSK has \u00a31.6 billion of three-year and $2.2 billion (\u00a31.8 billion) of
364 day committed facilities. These committed facilities were
undrawn at 31\u00a0December 2024. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a \u00a320 billion Euro Medium Term Note programme and
at 31\u00a0December 2024, \u00a39.2 billion of notes were in issue under
this programme. The Group also had $7.5 billion ( \u00a35.9\u00a0billion) of
notes in issue at 31\u00a0December 2024 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2025
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.
44. Financial instruments and related disclosures continued
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
2024 to be \u00a39,986 million (31\u00a0December 2023: \u00a39,528 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 271 for details on the Group\u2019s total financial assets. At
31\u00a0December 2024, GSK\u2019s greatest concentration of credit risk
was \u00a31.1 billion with a wholesaler in the US (2023: \u00a31.2 billion with
a wholesaler in the US). See page 269 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 and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
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 279 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
44. Financial instruments and related disclosures continued
At 31\u00a0December 2024, \u00a324 million (2023: \u00a344 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: \u00a314 million with Halk Bank in the UK; \u00a35 million in Honduras held with Banco de America Central
and Banco de Honduras; \u00a31 million in Ecuador held with Banco De La Produccion; and \u00a31 million in Brazil held with Banco Bradesco,\u00a0
Itau Unibanco, Banco Do Brasil and Caixa Ecomonica Federal. Of the \u00a380 million (2023: \u00a355 million) of bank balances and
deposits held with BBB/Baa rated counterparties, \u00a341 million was held with BBB-/Baa3 rated counterparties, including balances or
deposits of \u00a333 million with Banca Popolare Di Sondrio in the UK; \u00a35 million with OTP Bank in Russia; \u00a32 million with State Bank of
India in India and \u00a31 million with Banco De Credito Del Peru in Peru. 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 2024.
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.
2024
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
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
\u2013
\u2013
\u2013
\u2013
300
Liquidity funds
980
\u2013
\u2013
\u2013
\u2013
980
Government securities
\u2013
21
\u2013
\u2013
\u2013
21
Third-party financial derivatives
\u2013
\u2013
110
\u2013
\u2013
110
Total
1,280
57
2,560
80
24
4,001
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
GSK\u2019s centrally managed cash reserves amounted to \u00a33.1 billion
(2023: \u00a32.2 billion) at 31\u00a0December 2024, all available within
three months. This includes \u00a31.9 billion (2023: \u00a32.0 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2023: 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 77% (2023: 79%) of the sales of the US
Commercial Operations business in 2024.
At 31\u00a0December 2024, the Group had trade receivables due
from these three wholesalers totalling \u00a32,766 million or 50% of
total trade receivables (2023: \u00a33,319 million or 56%). 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.
44. Financial instruments and related disclosures continued
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, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31\u00a0December 2024, \u00a3307
million (2023: \u00a3421 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 271 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2024 and
31\u00a0December 2023.
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 (for example 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.
44. Financial instruments and related disclosures continued
2024
2023
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
5
5
9
9
Trade and other receivables
b
3,733
3,733
3,829
3,829
Liquid investments
21
21
42
42
Cash and cash equivalents
2,590
2,590
1,942
1,942
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
843
843
931
931
Trade and other receivables
a,b
2,163
2,163
2,541
2,541
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
257
257
2,410
2,410
Other non-current assets
a,b
31
31
18
18
Trade and other receivables
a,b
53
53
23
23
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
75
75
98
98
Cash and cash equivalents
a
1,280
1,280
994
994
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
35
35
32
32
Total financial assets
11,086
11,086
12,869
12,869
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,346)
(5,278)
(5,348)
(5,233)
\u2013\u00a0 other bonds
(9,774)
(9,597)
(10,456)
(10,762)
\u2013\u00a0 bank loans and overdrafts
(762)
(762)
(191)
(191)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
(148)
(148)
\u2013\u00a0 other commercial paper
\u2013
\u2013
(667)
(667)
\u2013\u00a0 other borrowings
(2)
(2)
(1)
(1)
Total borrowings excluding lease liabilities
f
(15,884)
(15,639)
(16,811)
(17,002)
Trade and other payables
c
(13,160)
(13,160)
(13,383)
(13,383)
Other provisions
c
(182)
(182)
(199)
(199)
Other non-current liabilities
c
(46)
(46)
(54)
(54)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(7,280)
(7,280)
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(35)
(35)
(78)
(78)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(157)
(157)
(36)
(36)
Total financial liabilities excluding lease liabilities
(36,744)
(36,499)
(37,223)
(37,414)
Net financial assets and financial liabilities excluding lease liabilities
(25,658)
(25,413)
(24,354)
(24,545)
The valuation methodology used to measure fair value in the above table is described and categorised on page 270.
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 273 to 274.
44. Financial instruments and related disclosures continued
Fair value of investments in GSK shares
At 31\u00a0December 2024, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3397 million
(2023: \u00a3288 million) and a market value of \u00a3866 million (2023: \u00a3853 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 2024, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2024, GSK held Treasury shares at a cost of \u00a32,958 million (2023: \u00a33,447 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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
44. Financial instruments and related disclosures continued
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2024
\u00a3m
2023
\u00a3m
At 1 January
(6,248)
(6,411)
Exchange adjustments
(1)
\u2013
Net losses recognised in the income statement
(1,733)
(863)
Net losses recognised in other comprehensive income
(42)
(142)
Contingent consideration related to business acquisitions in the period
(104)
\u2013
Settlement of contingent consideration liabilities
1,254
1,145
Additions
111
57
Disposals and settlements
(30)
(25)
Transfers from Level 3
\u2013
(9)
At 31 December
(6,793)
(6,248)
Of the total net losses of \u00a31,733 million (2023: \u00a3863 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a31,733 million (2023: \u00a3857 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 \u00a31,533\u00a0million (2023: \u00a3934\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3215\u00a0million (2023: \u00a3210 million gain) arose from remeasurement of the contingent consideration payable for the
acquisition of the Novartis Vaccines business. A gain of \u00a322\u00a0million (2023: \u00a344\u00a0million charge) arose on the remeasurement of the
Affinivax contingent consideration liability for the year.
Contingent consideration payable for the acquisition of Aiolos, amounting to \u00a396\u00a0million, was recognised during the year. Further
information on the Aiolos acquisition is provided in Note 41, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a3nil out of Level 3 financial instruments in the year (2023: \u00a39\u00a0million 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 \u00a36,061\u00a0million (2023: \u00a35,718\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 \u00a3575\u00a0million (2023: \u00a3424\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. Contingent consideration payable for the acquisition of Affinivax in 2022 of \u00a3502\u00a0million (2023: \u00a3516
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, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2024
2023
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)
53
2,163
3,733
5,949
887
6,836
23
2,541
3,829
6,393
992
7,385
Other non-current assets
\u00a0 (Note 24)
31
\u2013
5
36
1,906
1,942
18
\u2013
9
27
1,557
1,584
84
2,163
3,738
5,985
2,793
8,778
41
2,541
3,838
6,420
2,549
8,969
Trade and other receivables include trade receivables of \u00a35,563\u00a0million (2023: \u00a35,905\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a351 million (2023: \u00a323 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,163 million (2023: \u00a32,541 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 \u00a33,349 million
(2023: \u00a33,341 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
44. Financial instruments and related disclosures continued
(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.
2024
2023
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
(13,160)
(13,160)
(2,175)
(15,335)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
Other provisions
\u00a0 (Note 32)
\u2013
(182)
(182)
(2,353)
(2,535)
\u2013
(199)
(199)
(1,040)
(1,239)
Contingent consideration
\u00a0 liabilities (Note 33)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
Other non-current liabilities
\u00a0 (Note 34)
\u2013
(46)
(46)
(1,054)
(1,100)
\u2013
(54)
(54)
(1,053)
(1,107)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
44. Financial instruments and related disclosures continued
Fair value hedges
At 31\u00a0December 2024 and 31\u00a0December 2023, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2024, 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), Chinese (CNH) and Japanese (JPY) foreign operations as shown in the table below.
The carrying amount of bonds on page 269 included \u00a35,346\u00a0million (2023: \u00a35,348\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2023 and 2024, 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. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a315\u00a0million.\u00a0 No ineffectiveness was recorded from cash flow hedges in 2024 (2023: \u00a3nil). No other ineffectiveness was recorded from
net investment hedges (2023: \u00a3nil).
In 2024, the movement in the time value of options recognised in reserves is \u00a34\u00a0million (2023: \u00a3nil) and is accounted for as a cost of
hedging.
44. Financial instruments and related disclosures continued
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,570
(5,468)
507
2024
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
Net investment hedges
Net investment in foreign operations
(522)
(208)
\u2013
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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)
44. Financial instruments and related disclosures continued
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
\u2013
\u2013
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
\u00a3nil (2023: \u00a3nil 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:
2024
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
8
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
(6)
Intangible
assets
Net investment hedges
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
44. Financial instruments and related disclosures continued
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
\u2013
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
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 2024 or at 31\u00a0December 2023.
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.
\u00a316 million (2023: \u00a321 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:
2024
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
44. Financial instruments and related disclosures continued
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
(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 2024 and 31\u00a0December 2023. The column \u2018Net amount\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2024
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
5,950
(1)
5,949
\u2013
5,949
Derivative financial instruments
110
\u2013
110
(89)
21
Financial liabilities
Trade and other payables
(13,161)
1
(13,160)
\u2013
(13,160)
Derivative financial instruments
(192)
\u2013
(192)
89
(103)
31\u00a0December 2023
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
6,394
(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)
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.
44. Financial instruments and related disclosures continued
(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.
2024
2023
Total
debt
\u00a3m
Total
\u00a3m
Floating and fixed rate debt less than one year
(2,181)
(2,657)
Between one and two years
(1,410)
(1,434)
Between two and three years
(721)
(1,475)
Between three and four years
(2,355)
(740)
Between four and five years
(1,207)
(2,350)
Between five and ten years
(2,738)
(3,031)
Greater than ten years
(5,272)
(5,124)
Total
(15,884)
(16,811)
Original issuance profile:
Fixed rate interest
(15,126)
(15,847)
Floating rate interest
(756)
(964)
Non interest bearing
(2)
\u2013
(15,884)
(16,811)
44. Financial instruments and related disclosures continued
(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.
2024
2023
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
106
61
15 cent appreciation of the US Dollar
167
97
10 cent appreciation of the Euro
(42)
(4)
15 cent appreciation of the Euro
(66)
(7)
10 yen appreciation of the Yen
\u2013
\u2013
15 yen appreciation of the Yen
\u2013
\u2013
2024
2023
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
(91)
(52)
15 cent depreciation of the US Dollar
(131)
(76)
10 cent depreciation of the Euro
36
4
15 cent depreciation of the Euro
51
5
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.
2024
2023
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
(368)
(209)
15 cent appreciation of the US Dollar
(577)
(327)
10 cent appreciation of the Euro
(1,188)
(1,372)
15 cent appreciation in Euro
(1,834)
(2,160)
2024
2023
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
313
178
15 cent depreciation of the US Dollar
453
258
10 cent depreciation of the Euro
958
1,152
15 cent depreciation of the Euro
1,384
1,662
44. Financial instruments and related disclosures continued
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.
2024
2023
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent appreciation of the US Dollar
(555)
(622)
15\u00a0 cent appreciation of the US Dollar
(870)
(974)
10 cent appreciation of the Euro
178
386
15 cent appreciation of the Euro
279
609
10 yen appreciation of the Yen
(5)
(5)
15 yen appreciation of the Yen
(8)
(7)
2024
2023
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent depreciation of the US Dollar
473
531
15 cent depreciation of the US Dollar
684
769
10 cent depreciation of the Euro
(150)
(325)
15 cent depreciation of the Euro
(217)
(468)
10 yen depreciation of the Yen
5
4
15 yen depreciation of the Yen
7
6
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. 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.
2024
2023
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
72
41
1.5% (150 basis points) increase in Sterling interest rates
108
62
1% (100 basis points) increase in US Dollar interest rates
(43)
(34)
1.5% (150 basis points) increase in US Dollar interest rates
(64)
(51)
1% (100 basis points) increase in Euro interest rates
(20)
(9)
1.5% (150 basis points) increase in Euro interest rates
(30)
(13)
44. Financial instruments and related disclosures continued
(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 2024
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
(2,181)
(540)
(168)
(41)
(14,440)
\u2013
(17,370)
Between one and two years
(1,411)
(500)
(222)
(34)
(1,247)
\u2013
(3,414)
Between two and three years
(723)
(484)
(146)
(29)
(1,593)
\u2013
(2,975)
Between three and four years
(2,362)
(434)
(109)
(23)
(1,461)
\u2013
(4,389)
Between four and five years
(1,213)
(383)
(73)
(20)
(913)
\u2013
(2,602)
Between five and ten years
(2,759)
(1,646)
(299)
(53)
(2,318)
\u2013
(7,075)
Greater than ten years
(5,320)
(1,251)
(85)
(14)
(1,313)
\u2013
(7,983)
Gross contractual cash flows
(15,969)
(5,238)
(1,102)
(214)
(23,285)
\u2013
(45,808)
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)
(17,930)
Between one and two years
(1,436)
(507)
(214)
(36)
(1,469)
(3,662)
Between two and three years
(1,477)
(466)
(134)
(31)
(1,150)
(3,258)
Between three and four years
(742)
(449)
(114)
(27)
(1,406)
(2,738)
Between four and five years
(2,359)
(399)
(88)
(23)
(940)
(3,809)
Between five and ten years
(3,054)
(1,611)
(325)
(75)
(2,037)
(7,102)
Greater than ten years
(5,172)
(1,467)
(176)
(21)
(1,043)
(7,879)
Gross contractual cash flows
(16,900)
(5,446)
(1,207)
(254)
(22,571)
(46,378)
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.
2024
2023
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
28,567
(28,634)
31,961
(31,944)
Between one and two years
36
(35)
\u2013
\u2013
Gross contractual cash flows
28,603
(28,669)
31,961
(31,944)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-912": { "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 \u00a313
billion (2023 : \u00a315 billion) (see Note 30, \u2018Net debt\u2019) and total
equity, including items related to non-controlling interests, of
\u00a313 billion (2023: \u00a313 billion ) (see \u2018Consolidated statement of
changes in equity\u2019 on page 206). Total capital, including that
provided by non-controlling interests, is \u00a326\u00a0billion (2023:
\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 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 2024, GSK had \u00a32.3 billion (2023: \u00a32.8 billion) of
borrowings repayable within one year and held \u00a33.9\u00a0billion
(2023: \u00a33.0\u00a0billion) of cash and cash equivalents and liquid
investments of which \u00a33.1\u00a0billion (2023: \u00a32.2\u00a0billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (\u00a38
billion) US commercial paper programme. There was no US
commercial paper in issue at 31\u00a0December 2024 (2023: $850
million (\u00a3667 million)). Maximum drawdowns under the US
Commercial Paper programme during the year were
$1,315\u00a0million (\u00a31,048 million) (2023: $3,262\u00a0million (\u00a32,579
million)). GSK has access to short-term finance under a \u00a35
billion Euro commercial paper programme. There was no Euro
Commercial paper in issue at 31\u00a0December 2024 (2023: \u20ac170
million (\u00a3148 million)). Maximum drawdowns under the Euro
Commerical Paper programme during the year were \u20ac170
million (\u00a3145 million) (2023: \u20ac927 million (\u00a3800 million)).
GSK has \u00a31.6 billion of three-year and $2.2 billion (\u00a31.8 billion) of
364 day committed facilities. These committed facilities were
undrawn at 31\u00a0December 2024. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a \u00a320 billion Euro Medium Term Note programme and
at 31\u00a0December 2024, \u00a39.2 billion of notes were in issue under
this programme. The Group also had $7.5 billion ( \u00a35.9\u00a0billion) of
notes in issue at 31\u00a0December 2024 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2025
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.
44. Financial instruments and related disclosures continued
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
2024 to be \u00a39,986 million (31\u00a0December 2023: \u00a39,528 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 271 for details on the Group\u2019s total financial assets. At
31\u00a0December 2024, GSK\u2019s greatest concentration of credit risk
was \u00a31.1 billion with a wholesaler in the US (2023: \u00a31.2 billion with
a wholesaler in the US). See page 269 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 and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
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 279 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
44. Financial instruments and related disclosures continued
At 31\u00a0December 2024, \u00a324 million (2023: \u00a344 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: \u00a314 million with Halk Bank in the UK; \u00a35 million in Honduras held with Banco de America Central
and Banco de Honduras; \u00a31 million in Ecuador held with Banco De La Produccion; and \u00a31 million in Brazil held with Banco Bradesco,\u00a0
Itau Unibanco, Banco Do Brasil and Caixa Ecomonica Federal. Of the \u00a380 million (2023: \u00a355 million) of bank balances and
deposits held with BBB/Baa rated counterparties, \u00a341 million was held with BBB-/Baa3 rated counterparties, including balances or
deposits of \u00a333 million with Banca Popolare Di Sondrio in the UK; \u00a35 million with OTP Bank in Russia; \u00a32 million with State Bank of
India in India and \u00a31 million with Banco De Credito Del Peru in Peru. 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 2024.
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.
2024
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
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
\u2013
\u2013
\u2013
\u2013
300
Liquidity funds
980
\u2013
\u2013
\u2013
\u2013
980
Government securities
\u2013
21
\u2013
\u2013
\u2013
21
Third-party financial derivatives
\u2013
\u2013
110
\u2013
\u2013
110
Total
1,280
57
2,560
80
24
4,001
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
GSK\u2019s centrally managed cash reserves amounted to \u00a33.1 billion
(2023: \u00a32.2 billion) at 31\u00a0December 2024, all available within
three months. This includes \u00a31.9 billion (2023: \u00a32.0 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2023: 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 77% (2023: 79%) of the sales of the US
Commercial Operations business in 2024.
At 31\u00a0December 2024, the Group had trade receivables due
from these three wholesalers totalling \u00a32,766 million or 50% of
total trade receivables (2023: \u00a33,319 million or 56%). 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.
44. Financial instruments and related disclosures continued
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, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31\u00a0December 2024, \u00a3307
million (2023: \u00a3421 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-913": { "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 \u00a313
billion (2023 : \u00a315 billion) (see Note 30, \u2018Net debt\u2019) and total
equity, including items related to non-controlling interests, of
\u00a313 billion (2023: \u00a313 billion ) (see \u2018Consolidated statement of
changes in equity\u2019 on page 206). Total capital, including that
provided by non-controlling interests, is \u00a326\u00a0billion (2023:
\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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-914": { "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 2024, GSK had \u00a32.3 billion (2023: \u00a32.8 billion) of
borrowings repayable within one year and held \u00a33.9\u00a0billion
(2023: \u00a33.0\u00a0billion) of cash and cash equivalents and liquid
investments of which \u00a33.1\u00a0billion (2023: \u00a32.2\u00a0billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (\u00a38
billion) US commercial paper programme. There was no US
commercial paper in issue at 31\u00a0December 2024 (2023: $850
million (\u00a3667 million)). Maximum drawdowns under the US
Commercial Paper programme during the year were
$1,315\u00a0million (\u00a31,048 million) (2023: $3,262\u00a0million (\u00a32,579
million)). GSK has access to short-term finance under a \u00a35
billion Euro commercial paper programme. There was no Euro
Commercial paper in issue at 31\u00a0December 2024 (2023: \u20ac170
million (\u00a3148 million)). Maximum drawdowns under the Euro
Commerical Paper programme during the year were \u20ac170
million (\u00a3145 million) (2023: \u20ac927 million (\u00a3800 million)).
GSK has \u00a31.6 billion of three-year and $2.2 billion (\u00a31.8 billion) of
364 day committed facilities. These committed facilities were
undrawn at 31\u00a0December 2024. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a \u00a320 billion Euro Medium Term Note programme and
at 31\u00a0December 2024, \u00a39.2 billion of notes were in issue under
this programme. The Group also had $7.5 billion ( \u00a35.9\u00a0billion) of
notes in issue at 31\u00a0December 2024 under a US shelf
registration. GSK\u2019s borrowings mature at dates between 2025
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-915": { "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.
44. Financial instruments and related disclosures continued
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-916": { "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
2024 to be \u00a39,986 million (31\u00a0December 2023: \u00a39,528 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 271 for details on the Group\u2019s total financial assets. At
31\u00a0December 2024, GSK\u2019s greatest concentration of credit risk
was \u00a31.1 billion with a wholesaler in the US (2023: \u00a31.2 billion with
a wholesaler in the US). See page 269 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 and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
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 279 sets out the Group\u2019s
financial assets and liabilities on an offset basis.
44. Financial instruments and related disclosures continued
At 31\u00a0December 2024, \u00a324 million (2023: \u00a344 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: \u00a314 million with Halk Bank in the UK; \u00a35 million in Honduras held with Banco de America Central
and Banco de Honduras; \u00a31 million in Ecuador held with Banco De La Produccion; and \u00a31 million in Brazil held with Banco Bradesco,\u00a0
Itau Unibanco, Banco Do Brasil and Caixa Ecomonica Federal. Of the \u00a380 million (2023: \u00a355 million) of bank balances and
deposits held with BBB/Baa rated counterparties, \u00a341 million was held with BBB-/Baa3 rated counterparties, including balances or
deposits of \u00a333 million with Banca Popolare Di Sondrio in the UK; \u00a35 million with OTP Bank in Russia; \u00a32 million with State Bank of
India in India and \u00a31 million with Banco De Credito Del Peru in Peru. 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 2024.
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.
2024
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
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
\u2013
\u2013
\u2013
\u2013
300
Liquidity funds
980
\u2013
\u2013
\u2013
\u2013
980
Government securities
\u2013
21
\u2013
\u2013
\u2013
21
Third-party financial derivatives
\u2013
\u2013
110
\u2013
\u2013
110
Total
1,280
57
2,560
80
24
4,001
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
GSK\u2019s centrally managed cash reserves amounted to \u00a33.1 billion
(2023: \u00a32.2 billion) at 31\u00a0December 2024, all available within
three months. This includes \u00a31.9 billion (2023: \u00a32.0 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2023: 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 77% (2023: 79%) of the sales of the US
Commercial Operations business in 2024.
At 31\u00a0December 2024, the Group had trade receivables due
from these three wholesalers totalling \u00a32,766 million or 50% of
total trade receivables (2023: \u00a33,319 million or 56%). 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.
44. Financial instruments and related disclosures continued
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, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31\u00a0December 2024, \u00a3307
million (2023: \u00a3421 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-919": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 271 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2024 and
31\u00a0December 2023.
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 (for example 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.
44. Financial instruments and related disclosures continued
2024
2023
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
5
5
9
9
Trade and other receivables
b
3,733
3,733
3,829
3,829
Liquid investments
21
21
42
42
Cash and cash equivalents
2,590
2,590
1,942
1,942
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
843
843
931
931
Trade and other receivables
a,b
2,163
2,163
2,541
2,541
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
257
257
2,410
2,410
Other non-current assets
a,b
31
31
18
18
Trade and other receivables
a,b
53
53
23
23
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
75
75
98
98
Cash and cash equivalents
a
1,280
1,280
994
994
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
35
35
32
32
Total financial assets
11,086
11,086
12,869
12,869
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,346)
(5,278)
(5,348)
(5,233)
\u2013\u00a0 other bonds
(9,774)
(9,597)
(10,456)
(10,762)
\u2013\u00a0 bank loans and overdrafts
(762)
(762)
(191)
(191)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
(148)
(148)
\u2013\u00a0 other commercial paper
\u2013
\u2013
(667)
(667)
\u2013\u00a0 other borrowings
(2)
(2)
(1)
(1)
Total borrowings excluding lease liabilities
f
(15,884)
(15,639)
(16,811)
(17,002)
Trade and other payables
c
(13,160)
(13,160)
(13,383)
(13,383)
Other provisions
c
(182)
(182)
(199)
(199)
Other non-current liabilities
c
(46)
(46)
(54)
(54)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(7,280)
(7,280)
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(35)
(35)
(78)
(78)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(157)
(157)
(36)
(36)
Total financial liabilities excluding lease liabilities
(36,744)
(36,499)
(37,223)
(37,414)
Net financial assets and financial liabilities excluding lease liabilities
(25,658)
(25,413)
(24,354)
(24,545)
The valuation methodology used to measure fair value in the above table is described and categorised on page 270.
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 273 to 274.
44. Financial instruments and related disclosures continued
Fair value of investments in GSK shares
At 31\u00a0December 2024, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3397 million
(2023: \u00a3288 million) and a market value of \u00a3866 million (2023: \u00a3853 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 2024, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2024, GSK held Treasury shares at a cost of \u00a32,958 million (2023: \u00a33,447 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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
44. Financial instruments and related disclosures continued
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2024
\u00a3m
2023
\u00a3m
At 1 January
(6,248)
(6,411)
Exchange adjustments
(1)
\u2013
Net losses recognised in the income statement
(1,733)
(863)
Net losses recognised in other comprehensive income
(42)
(142)
Contingent consideration related to business acquisitions in the period
(104)
\u2013
Settlement of contingent consideration liabilities
1,254
1,145
Additions
111
57
Disposals and settlements
(30)
(25)
Transfers from Level 3
\u2013
(9)
At 31 December
(6,793)
(6,248)
Of the total net losses of \u00a31,733 million (2023: \u00a3863 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a31,733 million (2023: \u00a3857 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 \u00a31,533\u00a0million (2023: \u00a3934\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3215\u00a0million (2023: \u00a3210 million gain) arose from remeasurement of the contingent consideration payable for the
acquisition of the Novartis Vaccines business. A gain of \u00a322\u00a0million (2023: \u00a344\u00a0million charge) arose on the remeasurement of the
Affinivax contingent consideration liability for the year.
Contingent consideration payable for the acquisition of Aiolos, amounting to \u00a396\u00a0million, was recognised during the year. Further
information on the Aiolos acquisition is provided in Note 41, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a3nil out of Level 3 financial instruments in the year (2023: \u00a39\u00a0million 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 \u00a36,061\u00a0million (2023: \u00a35,718\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 \u00a3575\u00a0million (2023: \u00a3424\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. Contingent consideration payable for the acquisition of Affinivax in 2022 of \u00a3502\u00a0million (2023: \u00a3516
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-918": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 271 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2024 and
31\u00a0December 2023.
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 (for example 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.
44. Financial instruments and related disclosures continued
2024
2023
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
5
5
9
9
Trade and other receivables
b
3,733
3,733
3,829
3,829
Liquid investments
21
21
42
42
Cash and cash equivalents
2,590
2,590
1,942
1,942
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
843
843
931
931
Trade and other receivables
a,b
2,163
2,163
2,541
2,541
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
257
257
2,410
2,410
Other non-current assets
a,b
31
31
18
18
Trade and other receivables
a,b
53
53
23
23
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
75
75
98
98
Cash and cash equivalents
a
1,280
1,280
994
994
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
35
35
32
32
Total financial assets
11,086
11,086
12,869
12,869
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,346)
(5,278)
(5,348)
(5,233)
\u2013\u00a0 other bonds
(9,774)
(9,597)
(10,456)
(10,762)
\u2013\u00a0 bank loans and overdrafts
(762)
(762)
(191)
(191)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
(148)
(148)
\u2013\u00a0 other commercial paper
\u2013
\u2013
(667)
(667)
\u2013\u00a0 other borrowings
(2)
(2)
(1)
(1)
Total borrowings excluding lease liabilities
f
(15,884)
(15,639)
(16,811)
(17,002)
Trade and other payables
c
(13,160)
(13,160)
(13,383)
(13,383)
Other provisions
c
(182)
(182)
(199)
(199)
Other non-current liabilities
c
(46)
(46)
(54)
(54)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(7,280)
(7,280)
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(35)
(35)
(78)
(78)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(157)
(157)
(36)
(36)
Total financial liabilities excluding lease liabilities
(36,744)
(36,499)
(37,223)
(37,414)
Net financial assets and financial liabilities excluding lease liabilities
(25,658)
(25,413)
(24,354)
(24,545)
The valuation methodology used to measure fair value in the above table is described and categorised on page 270.
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 273 to 274.
44. Financial instruments and related disclosures continued
Fair value of investments in GSK shares
At 31\u00a0December 2024, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3397 million
(2023: \u00a3288 million) and a market value of \u00a3866 million (2023: \u00a3853 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 2024, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2024, GSK held Treasury shares at a cost of \u00a32,958 million (2023: \u00a33,447 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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
44. Financial instruments and related disclosures continued
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2024
\u00a3m
2023
\u00a3m
At 1 January
(6,248)
(6,411)
Exchange adjustments
(1)
\u2013
Net losses recognised in the income statement
(1,733)
(863)
Net losses recognised in other comprehensive income
(42)
(142)
Contingent consideration related to business acquisitions in the period
(104)
\u2013
Settlement of contingent consideration liabilities
1,254
1,145
Additions
111
57
Disposals and settlements
(30)
(25)
Transfers from Level 3
\u2013
(9)
At 31 December
(6,793)
(6,248)
Of the total net losses of \u00a31,733 million (2023: \u00a3863 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a31,733 million (2023: \u00a3857 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 \u00a31,533\u00a0million (2023: \u00a3934\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3215\u00a0million (2023: \u00a3210 million gain) arose from remeasurement of the contingent consideration payable for the
acquisition of the Novartis Vaccines business. A gain of \u00a322\u00a0million (2023: \u00a344\u00a0million charge) arose on the remeasurement of the
Affinivax contingent consideration liability for the year.
Contingent consideration payable for the acquisition of Aiolos, amounting to \u00a396\u00a0million, was recognised during the year. Further
information on the Aiolos acquisition is provided in Note 41, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a3nil out of Level 3 financial instruments in the year (2023: \u00a39\u00a0million 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 \u00a36,061\u00a0million (2023: \u00a35,718\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 \u00a3575\u00a0million (2023: \u00a3424\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. Contingent consideration payable for the acquisition of Affinivax in 2022 of \u00a3502\u00a0million (2023: \u00a3516
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, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2024
2023
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)
53
2,163
3,733
5,949
887
6,836
23
2,541
3,829
6,393
992
7,385
Other non-current assets
\u00a0 (Note 24)
31
\u2013
5
36
1,906
1,942
18
\u2013
9
27
1,557
1,584
84
2,163
3,738
5,985
2,793
8,778
41
2,541
3,838
6,420
2,549
8,969
Trade and other receivables include trade receivables of \u00a35,563\u00a0million (2023: \u00a35,905\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a351 million (2023: \u00a323 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,163 million (2023: \u00a32,541 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 \u00a33,349 million
(2023: \u00a33,341 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
44. Financial instruments and related disclosures continued
(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.
2024
2023
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
(13,160)
(13,160)
(2,175)
(15,335)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
Other provisions
\u00a0 (Note 32)
\u2013
(182)
(182)
(2,353)
(2,535)
\u2013
(199)
(199)
(1,040)
(1,239)
Contingent consideration
\u00a0 liabilities (Note 33)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
Other non-current liabilities
\u00a0 (Note 34)
\u2013
(46)
(46)
(1,054)
(1,100)
\u2013
(54)
(54)
(1,053)
(1,107)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
Fair value hedges
At 31\u00a0December 2024 and 31\u00a0December 2023, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2024, 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), Chinese (CNH) and Japanese (JPY) foreign operations as shown in the table below.
The carrying amount of bonds on page 269 included \u00a35,346\u00a0million (2023: \u00a35,348\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2023 and 2024, 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. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a315\u00a0million.\u00a0 No ineffectiveness was recorded from cash flow hedges in 2024 (2023: \u00a3nil). No other ineffectiveness was recorded from
net investment hedges (2023: \u00a3nil).
In 2024, the movement in the time value of options recognised in reserves is \u00a34\u00a0million (2023: \u00a3nil) and is accounted for as a cost of
hedging.
44. Financial instruments and related disclosures continued
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,570
(5,468)
507
2024
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
Net investment hedges
Net investment in foreign operations
(522)
(208)
\u2013
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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)
44. Financial instruments and related disclosures continued
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
\u2013
\u2013
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
\u00a3nil (2023: \u00a3nil 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:
2024
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
8
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
(6)
Intangible
assets
Net investment hedges
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
44. Financial instruments and related disclosures continued
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
\u2013
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
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 2024 or at 31\u00a0December 2023.
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.
\u00a316 million (2023: \u00a321 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:
2024
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
44. Financial instruments and related disclosures continued
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
(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 2024 and 31\u00a0December 2023. The column \u2018Net amount\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2024
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
5,950
(1)
5,949
\u2013
5,949
Derivative financial instruments
110
\u2013
110
(89)
21
Financial liabilities
Trade and other payables
(13,161)
1
(13,160)
\u2013
(13,160)
Derivative financial instruments
(192)
\u2013
(192)
89
(103)
31\u00a0December 2023
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
6,394
(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)
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.
44. Financial instruments and related disclosures continued
(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.
2024
2023
Total
debt
\u00a3m
Total
\u00a3m
Floating and fixed rate debt less than one year
(2,181)
(2,657)
Between one and two years
(1,410)
(1,434)
Between two and three years
(721)
(1,475)
Between three and four years
(2,355)
(740)
Between four and five years
(1,207)
(2,350)
Between five and ten years
(2,738)
(3,031)
Greater than ten years
(5,272)
(5,124)
Total
(15,884)
(16,811)
Original issuance profile:
Fixed rate interest
(15,126)
(15,847)
Floating rate interest
(756)
(964)
Non interest bearing
(2)
\u2013
(15,884)
(16,811)
44. Financial instruments and related disclosures continued
(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.
2024
2023
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
106
61
15 cent appreciation of the US Dollar
167
97
10 cent appreciation of the Euro
(42)
(4)
15 cent appreciation of the Euro
(66)
(7)
10 yen appreciation of the Yen
\u2013
\u2013
15 yen appreciation of the Yen
\u2013
\u2013
2024
2023
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
(91)
(52)
15 cent depreciation of the US Dollar
(131)
(76)
10 cent depreciation of the Euro
36
4
15 cent depreciation of the Euro
51
5
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.
2024
2023
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
(368)
(209)
15 cent appreciation of the US Dollar
(577)
(327)
10 cent appreciation of the Euro
(1,188)
(1,372)
15 cent appreciation in Euro
(1,834)
(2,160)
2024
2023
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
313
178
15 cent depreciation of the US Dollar
453
258
10 cent depreciation of the Euro
958
1,152
15 cent depreciation of the Euro
1,384
1,662
44. Financial instruments and related disclosures continued
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.
2024
2023
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent appreciation of the US Dollar
(555)
(622)
15\u00a0 cent appreciation of the US Dollar
(870)
(974)
10 cent appreciation of the Euro
178
386
15 cent appreciation of the Euro
279
609
10 yen appreciation of the Yen
(5)
(5)
15 yen appreciation of the Yen
(8)
(7)
2024
2023
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
\u00a3m
(Increase)/decrease
in adjusted net debt
\u00a3m
10 cent depreciation of the US Dollar
473
531
15 cent depreciation of the US Dollar
684
769
10 cent depreciation of the Euro
(150)
(325)
15 cent depreciation of the Euro
(217)
(468)
10 yen depreciation of the Yen
5
4
15 yen depreciation of the Yen
7
6
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. 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.
2024
2023
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
72
41
1.5% (150 basis points) increase in Sterling interest rates
108
62
1% (100 basis points) increase in US Dollar interest rates
(43)
(34)
1.5% (150 basis points) increase in US Dollar interest rates
(64)
(51)
1% (100 basis points) increase in Euro interest rates
(20)
(9)
1.5% (150 basis points) increase in Euro interest rates
(30)
(13)
44. Financial instruments and related disclosures continued
(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 2024
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
(2,181)
(540)
(168)
(41)
(14,440)
\u2013
(17,370)
Between one and two years
(1,411)
(500)
(222)
(34)
(1,247)
\u2013
(3,414)
Between two and three years
(723)
(484)
(146)
(29)
(1,593)
\u2013
(2,975)
Between three and four years
(2,362)
(434)
(109)
(23)
(1,461)
\u2013
(4,389)
Between four and five years
(1,213)
(383)
(73)
(20)
(913)
\u2013
(2,602)
Between five and ten years
(2,759)
(1,646)
(299)
(53)
(2,318)
\u2013
(7,075)
Greater than ten years
(5,320)
(1,251)
(85)
(14)
(1,313)
\u2013
(7,983)
Gross contractual cash flows
(15,969)
(5,238)
(1,102)
(214)
(23,285)
\u2013
(45,808)
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)
(17,930)
Between one and two years
(1,436)
(507)
(214)
(36)
(1,469)
(3,662)
Between two and three years
(1,477)
(466)
(134)
(31)
(1,150)
(3,258)
Between three and four years
(742)
(449)
(114)
(27)
(1,406)
(2,738)
Between four and five years
(2,359)
(399)
(88)
(23)
(940)
(3,809)
Between five and ten years
(3,054)
(1,611)
(325)
(75)
(2,037)
(7,102)
Greater than ten years
(5,172)
(1,467)
(176)
(21)
(1,043)
(7,879)
Gross contractual cash flows
(16,900)
(5,446)
(1,207)
(254)
(22,571)
(46,378)
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.
2024
2023
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
28,567
(28,634)
31,961
(31,944)
Between one and two years
36
(35)
\u2013
\u2013
Gross contractual cash flows
28,603
(28,669)
31,961
(31,944)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-917": { "value": "
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 271 presents the carrying amounts and the
fair values of the Group\u2019s financial assets and liabilities
excluding lease liabilities at 31\u00a0December 2024 and
31\u00a0December 2023.
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 (for example 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.
44. Financial instruments and related disclosures continued
2024
2023
Notes
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Carrying
amount
\u00a3m
Fair
value
\u00a3m
Financial assets measured at amortised cost:
Other non-current assets
b
5
5
9
9
Trade and other receivables
b
3,733
3,733
3,829
3,829
Liquid investments
21
21
42
42
Cash and cash equivalents
2,590
2,590
1,942
1,942
Financial assets measured at fair value through other comprehensive
\u00a0 income (FVTOCI):
Other investments designated at FVTOCI
a
843
843
931
931
Trade and other receivables
a,b
2,163
2,163
2,541
2,541
Financial assets mandatorily measured at fair value through profit or loss
\u00a0 (FVTPL):
Current equity investments and other investments
a
257
257
2,410
2,410
Other non-current assets
a,b
31
31
18
18
Trade and other receivables
a,b
53
53
23
23
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
75
75
98
98
Cash and cash equivalents
a
1,280
1,280
994
994
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
35
35
32
32
Total financial assets
11,086
11,086
12,869
12,869
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
\u2013\u00a0 bonds in a designated hedging relationship
d
(5,346)
(5,278)
(5,348)
(5,233)
\u2013\u00a0 other bonds
(9,774)
(9,597)
(10,456)
(10,762)
\u2013\u00a0 bank loans and overdrafts
(762)
(762)
(191)
(191)
\u2013\u00a0 commercial paper in a designated hedging relationship
\u2013
\u2013
(148)
(148)
\u2013\u00a0 other commercial paper
\u2013
\u2013
(667)
(667)
\u2013\u00a0 other borrowings
(2)
(2)
(1)
(1)
Total borrowings excluding lease liabilities
f
(15,884)
(15,639)
(16,811)
(17,002)
Trade and other payables
c
(13,160)
(13,160)
(13,383)
(13,383)
Other provisions
c
(182)
(182)
(199)
(199)
Other non-current liabilities
c
(46)
(46)
(54)
(54)
Financial liabilities mandatorily measured at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities
a,c
(7,280)
(7,280)
(6,662)
(6,662)
Held for trading derivatives that are not in a designated and
\u00a0 effective hedging relationship
a,d,e
(35)
(35)
(78)
(78)
Derivatives designated and effective as hedging instruments (fair value
\u00a0 movements through other comprehensive income)
a,d,e
(157)
(157)
(36)
(36)
Total financial liabilities excluding lease liabilities
(36,744)
(36,499)
(37,223)
(37,414)
Net financial assets and financial liabilities excluding lease liabilities
(25,658)
(25,413)
(24,354)
(24,545)
The valuation methodology used to measure fair value in the above table is described and categorised on page 270.
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 273 to 274.
44. Financial instruments and related disclosures continued
Fair value of investments in GSK shares
At 31\u00a0December 2024, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of \u00a3397 million
(2023: \u00a3288 million) and a market value of \u00a3866 million (2023: \u00a3853 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 2024, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31\u00a0December 2024, GSK held Treasury shares at a cost of \u00a32,958 million (2023: \u00a33,447 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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
44. Financial instruments and related disclosures continued
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2024
\u00a3m
2023
\u00a3m
At 1 January
(6,248)
(6,411)
Exchange adjustments
(1)
\u2013
Net losses recognised in the income statement
(1,733)
(863)
Net losses recognised in other comprehensive income
(42)
(142)
Contingent consideration related to business acquisitions in the period
(104)
\u2013
Settlement of contingent consideration liabilities
1,254
1,145
Additions
111
57
Disposals and settlements
(30)
(25)
Transfers from Level 3
\u2013
(9)
At 31 December
(6,793)
(6,248)
Of the total net losses of \u00a31,733 million (2023: \u00a3863 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a31,733 million (2023: \u00a3857 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 \u00a31,533\u00a0million (2023: \u00a3934\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3215\u00a0million (2023: \u00a3210 million gain) arose from remeasurement of the contingent consideration payable for the
acquisition of the Novartis Vaccines business. A gain of \u00a322\u00a0million (2023: \u00a344\u00a0million charge) arose on the remeasurement of the
Affinivax contingent consideration liability for the year.
Contingent consideration payable for the acquisition of Aiolos, amounting to \u00a396\u00a0million, was recognised during the year. Further
information on the Aiolos acquisition is provided in Note 41, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a3nil out of Level 3 financial instruments in the year (2023: \u00a39\u00a0million 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 \u00a36,061\u00a0million (2023: \u00a35,718\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 \u00a3575\u00a0million (2023: \u00a3424\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. Contingent consideration payable for the acquisition of Affinivax in 2022 of \u00a3502\u00a0million (2023: \u00a3516
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, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2024
2023
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)
53
2,163
3,733
5,949
887
6,836
23
2,541
3,829
6,393
992
7,385
Other non-current assets
\u00a0 (Note 24)
31
\u2013
5
36
1,906
1,942
18
\u2013
9
27
1,557
1,584
84
2,163
3,738
5,985
2,793
8,778
41
2,541
3,838
6,420
2,549
8,969
Trade and other receivables include trade receivables of \u00a35,563\u00a0million (2023: \u00a35,905\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a351 million (2023: \u00a323 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,163 million (2023: \u00a32,541 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 \u00a33,349 million
(2023: \u00a33,341 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
44. Financial instruments and related disclosures continued
(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.
2024
2023
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
(13,160)
(13,160)
(2,175)
(15,335)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
Other provisions
\u00a0 (Note 32)
\u2013
(182)
(182)
(2,353)
(2,535)
\u2013
(199)
(199)
(1,040)
(1,239)
Contingent consideration
\u00a0 liabilities (Note 33)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
Other non-current liabilities
\u00a0 (Note 34)
\u2013
(46)
(46)
(1,054)
(1,100)
\u2013
(54)
(54)
(1,053)
(1,107)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
44. Financial instruments and related disclosures continued
Fair value hedges
At 31\u00a0December 2024 and 31\u00a0December 2023, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2024, 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), Chinese (CNH) and Japanese (JPY) foreign operations as shown in the table below.
The carrying amount of bonds on page 269 included \u00a35,346\u00a0million (2023: \u00a35,348\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2023 and 2024, 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. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a315\u00a0million.\u00a0 No ineffectiveness was recorded from cash flow hedges in 2024 (2023: \u00a3nil). No other ineffectiveness was recorded from
net investment hedges (2023: \u00a3nil).
In 2024, the movement in the time value of options recognised in reserves is \u00a34\u00a0million (2023: \u00a3nil) and is accounted for as a cost of
hedging.
44. Financial instruments and related disclosures continued
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,570
(5,468)
507
2024
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
Net investment hedges
Net investment in foreign operations
(522)
(208)
\u2013
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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)
44. Financial instruments and related disclosures continued
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
\u2013
\u2013
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
\u00a3nil (2023: \u00a3nil 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:
2024
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
8
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
(6)
Intangible
assets
Net investment hedges
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
44. Financial instruments and related disclosures continued
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
\u2013
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
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 2024 or at 31\u00a0December 2023.
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.
\u00a316 million (2023: \u00a321 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:
2024
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
44. Financial instruments and related disclosures continued
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-920": { "value": "
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 (for example 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-924": { "value": "
(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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
44. Financial instruments and related disclosures continued
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2024
\u00a3m
2023
\u00a3m
At 1 January
(6,248)
(6,411)
Exchange adjustments
(1)
\u2013
Net losses recognised in the income statement
(1,733)
(863)
Net losses recognised in other comprehensive income
(42)
(142)
Contingent consideration related to business acquisitions in the period
(104)
\u2013
Settlement of contingent consideration liabilities
1,254
1,145
Additions
111
57
Disposals and settlements
(30)
(25)
Transfers from Level 3
\u2013
(9)
At 31 December
(6,793)
(6,248)
Of the total net losses of \u00a31,733 million (2023: \u00a3863 million) attributable to Level 3 financial instruments which were recognised in the
income statement, \u00a31,733 million (2023: \u00a3857 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 \u00a31,533\u00a0million (2023: \u00a3934\u00a0million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of \u00a3215\u00a0million (2023: \u00a3210 million gain) arose from remeasurement of the contingent consideration payable for the
acquisition of the Novartis Vaccines business. A gain of \u00a322\u00a0million (2023: \u00a344\u00a0million charge) arose on the remeasurement of the
Affinivax contingent consideration liability for the year.
Contingent consideration payable for the acquisition of Aiolos, amounting to \u00a396\u00a0million, was recognised during the year. Further
information on the Aiolos acquisition is provided in Note 41, \u2018Acquisitions and disposals\u2019.
There were transfers of \u00a3nil out of Level 3 financial instruments in the year (2023: \u00a39\u00a0million 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 \u00a36,061\u00a0million (2023: \u00a35,718\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 \u00a3575\u00a0million (2023: \u00a3424\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. Contingent consideration payable for the acquisition of Affinivax in 2022 of \u00a3502\u00a0million (2023: \u00a3516
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, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2024
2023
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)
53
2,163
3,733
5,949
887
6,836
23
2,541
3,829
6,393
992
7,385
Other non-current assets
\u00a0 (Note 24)
31
\u2013
5
36
1,906
1,942
18
\u2013
9
27
1,557
1,584
84
2,163
3,738
5,985
2,793
8,778
41
2,541
3,838
6,420
2,549
8,969
Trade and other receivables include trade receivables of \u00a35,563\u00a0million (2023: \u00a35,905\u00a0million). The Group has portfolios in each of
the three business models under IFRS 9: \u00a351 million (2023: \u00a323 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, \u00a32,163 million (2023: \u00a32,541 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 \u00a33,349 million
(2023: \u00a33,341 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
44. Financial instruments and related disclosures continued
(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.
2024
2023
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
(13,160)
(13,160)
(2,175)
(15,335)
\u2013
(13,383)
(13,383)
(2,461)
(15,844)
Other provisions
\u00a0 (Note 32)
\u2013
(182)
(182)
(2,353)
(2,535)
\u2013
(199)
(199)
(1,040)
(1,239)
Contingent consideration
\u00a0 liabilities (Note 33)
(7,280)
\u2013
(7,280)
\u2013
(7,280)
(6,662)
\u2013
(6,662)
\u2013
(6,662)
Other non-current liabilities
\u00a0 (Note 34)
\u2013
(46)
(46)
(1,054)
(1,100)
\u2013
(54)
(54)
(1,053)
(1,107)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(6,662)
(13,636)
(20,298)
(4,554)
(24,852)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
44. Financial instruments and related disclosures continued
Fair value hedges
At 31\u00a0December 2024 and 31\u00a0December 2023, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2024, 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), Chinese (CNH) and Japanese (JPY) foreign operations as shown in the table below.
The carrying amount of bonds on page 269 included \u00a35,346\u00a0million (2023: \u00a35,348\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2023 and 2024, 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. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a315\u00a0million.\u00a0 No ineffectiveness was recorded from cash flow hedges in 2024 (2023: \u00a3nil). No other ineffectiveness was recorded from
net investment hedges (2023: \u00a3nil).
In 2024, the movement in the time value of options recognised in reserves is \u00a34\u00a0million (2023: \u00a3nil) and is accounted for as a cost of
hedging.
44. Financial instruments and related disclosures continued
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,570
(5,468)
507
2024
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
Net investment hedges
Net investment in foreign operations
(522)
(208)
\u2013
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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)
44. Financial instruments and related disclosures continued
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
\u2013
\u2013
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
\u00a3nil (2023: \u00a3nil 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:
2024
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
8
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
(6)
Intangible
assets
Net investment hedges
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
44. Financial instruments and related disclosures continued
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
\u2013
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
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 2024 or at 31\u00a0December 2023.
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.
\u00a316 million (2023: \u00a321 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:
2024
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
44. Financial instruments and related disclosures continued
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-923": { "value": "
(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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-922": { "value": "
(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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-921": { "value": "
(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 2024
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
646
\u2013
197
843
Trade and other receivables
\u2013
2,163
\u2013
2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments
\u2013
\u2013
257
257
Other non-current assets
\u2013
\u2013
31
31
Trade and other receivables
\u2013
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
75
\u2013
75
Cash and cash equivalents
1,280
\u2013
\u2013
1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
35
\u2013
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities
\u2013
\u2013
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
\u2013
(35)
\u2013
(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)
\u2013
(157)
\u2013
(157)
\u2013
(192)
(7,280)
(7,472)
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)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-925": { "value": "
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives 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:
2024
Fair value
2023
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Current
Cash flow hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a3nil (2023: \u00a3175\u00a0million))
\u2013
\u2013
\u2013
(2)
Net investment hedges \u2013 Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a313,206\u00a0million (2023: \u00a312,339\u00a0million )) 1
35
(157)
32
(34)
Derivatives designated and effective as hedging instruments
35
(157)
32
(36)
Non current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a335 million (2023: \u00a3nil))
1
\u2013
\u2013
\u2013
Current
Foreign exchange contracts
\u00a0 (net principal amount \u2013 \u00a38,676\u00a0million (2023: \u00a310,375\u00a0million ))
73
(35)
98
(78)
Embedded and other derivatives
1
\u2013
\u2013
\u2013
Derivatives classified as held for trading
75
(35)
98
(78)
Total derivative instruments
110
(192)
130
(114)
(1)Includes options with net principal amount EUR 1.25 billion
44. Financial instruments and related disclosures continued
Fair value hedges
At 31\u00a0December 2024 and 31\u00a0December 2023, the Group had no designated fair value hedges.
Net investment hedges
At 31\u00a0December 2024, 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), Chinese (CNH) and Japanese (JPY) foreign operations as shown in the table below.
The carrying amount of bonds on page 269 included \u00a35,346\u00a0million (2023: \u00a35,348\u00a0million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2023 and 2024, 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. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
\u00a315\u00a0million.\u00a0 No ineffectiveness was recorded from cash flow hedges in 2024 (2023: \u00a3nil). No other ineffectiveness was recorded from
net investment hedges (2023: \u00a3nil).
In 2024, the movement in the time value of options recognised in reserves is \u00a34\u00a0million (2023: \u00a3nil) and is accounted for as a cost of
hedging.
44. Financial instruments and related disclosures continued
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\u00a3m
Periodic
change in
value for
calculating
hedge
ineffectiveness
\u00a3m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
\u2013
3
1.17
EUR
208
\u2013
1
Borrowings:
Less than 3 months
EUR
\u2013
\u2013
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,570
(5,468)
507
2024
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
Net investment hedges
Net investment in foreign operations
(522)
(208)
\u2013
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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)
44. Financial instruments and related disclosures continued
2023
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
\u00a3m
Carrying
amount
\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
Variability in cash flows from foreign exchange exposure
\u00a0 arising on Euro denominated coupon payments relating to
\u00a0 debt issued
\u2013
\u2013
\u2013
Net investment hedges
Net investment in foreign operations
(402)
(725)
\u2013
\u00a3nil (2023: \u00a3nil 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:
2024
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
8
\u2013
Finance
income or
expense
\u2013
\u2013
Finance
income or
expense
(6)
Intangible
assets
Net investment hedges
Net investment in foreign
operations
522
(15)
Finance
income
\u2013
5
Other
income or
expense
\u2013
\u2013
Time value of options
(4)
\u2013
Finance
income or
expense
\u2013
\u2013
Other
income or
expense
\u2013
\u2013
\u2013
44. Financial instruments and related disclosures continued
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
\u2013
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
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 2024 or at 31\u00a0December 2023.
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.
\u00a316 million (2023: \u00a321 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:
2024
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
44. Financial instruments and related disclosures continued
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-926": { "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 2024 and 31\u00a0December 2023. The column \u2018Net amount\u2019 shows the
impact on the Group\u2019s balance sheet if all offset rights were exercised.
31\u00a0December 2024
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
5,950
(1)
5,949
\u2013
5,949
Derivative financial instruments
110
\u2013
110
(89)
21
Financial liabilities
Trade and other payables
(13,161)
1
(13,160)
\u2013
(13,160)
Derivative financial instruments
(192)
\u2013
(192)
89
(103)
31\u00a0December 2023
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
6,394
(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)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-927": { "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 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.
The total charge for share-based incentive plans in 2024 was \u00a3347 million (2023: \u00a3321 million; 2022: \u00a3314 million). Of this amount,
\u00a3260 million ( 2023: \u00a3244 million; 2022: \u00a3243 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 3.4% (2023: 3.8%; 2022: 3.2%) 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 2022
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
Awards granted
12,023
\u00a315.17
6,431
$39.49
Awards exercised
(9,384)
(5,199)
Awards cancelled
(1,225)
(877)
At 31\u00a0December 2024
31,194
16,580
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 2024, awards were made of 4.2 million shares at a weighted fair value of \u00a313.65 and 0.9 million ADS at a weighted fair value
of $34.26. At 31\u00a0December 2024, there were outstanding awards over 13.7 million shares and 2.4 million ADS.
45. Employee share schemes continued
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:
2024 Grant
2023 Grant
2022 Grant
Risk-free interest rate
4.24%
4.57%
3.37%
Dividend yield
4.3%
4.0%
3.3%
Volatility
34%
34%
36%
Expected life
3 years
3 years
3 years
Savings-related options grant price (including 20% discount)
\u00a311.27
\u00a311.20
\u00a311.39
Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price, particularly over the
historical period commensurate with the expected term.
Options outstanding for the Share Save Plan
Savings-related
share option schemes
Number
000
Weighted
exercise
price
At 31\u00a0December 2024
5,449
\u00a311.44
Range of exercise prices on options outstanding at year end
\u00a310.34
\u2014\u00a0 \u00a0 \u00a312.07
Weighted average market price on exercise during year
\u00a316.24
Weighted average remaining contractual life
2.1 years
Options over 1.7 million shares were granted during the year under the savings-related share option scheme at a weighted average
fair value of \u00a34.03. At 31\u00a0December 2024, 4.3 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. 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 2024, 64,314,305 shares were held in the ESOP Trusts, out of which 63,666,947 were held for the future exercise of
share awards and 647,358 shares were held for the Executive Supplemental Savings Plan.
Shares held for share award schemes
2024
2023
Number of shares (000)
64,314
58,817
\u00a3m
\u00a3m
Nominal value
20
18
Carrying amount
397
288
Market value
866
853
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-928": { "value": "
46. Principal Group companies
The following represent the principal subsidiaries and their countries of incorporation of the Group at 31\u00a0December 2024 . 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
GSK Finance (No. 2) Limited
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 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
US
%
Affinivax, Inc
100
Aiolos Bio, Inc.
100
Corixa Corporation
100
GlaxoSmithKline Capital Inc.
100
GlaxoSmithKline Holdings (Americas) Inc.
100
GlaxoSmithKline LLC
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
GSK Life Sciences FZE (United\u00a0Arab\u00a0Emirates)
100
GlaxoSmithKline Colombia S.A.
100
Glaxo Wellcome Manufacturing Pte Ltd (Singapore)
100
GlaxoSmithKline (Thailand) Limited (Thailand)
100
GSK Biopharma Argentina S.A.
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
(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.
\"Read.more.jpg\"
See pages 306 to 314 for a complete list of subsidiary undertakings, associates and joint ventures, which form part of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-929": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-930": { "value": "
48. Post balance sheet events
On 13 January 2025, GSK announced it had entered into an agreement to acquire IDRx, Inc. (IDRx) a clinical-stage
biopharmaceutical company dedicated to transforming cancer care with intelligently designed precision therapies. The acquisition
includes lead molecule, IDRX-42, a highly selective investigational small molecule tyrosine kinase inhibitor (TKI) being developed as
a first- and second-line therapy for the treatment of gastrointestinal stromal tumours.
GSK acquired all of the outstanding equity interests (including all options and other incentive equity) in IDRx for up to US$1.15\u00a0billion
of total cash consideration, comprising an upfront payment of US$1\u00a0billion with potential for an additional US$150\u00a0million success-
based regulatory approval milestone payment. GSK is also be responsible for success-based milestone payments as well as tiered
royalties for IDRX-42 owed to Merck KGaA, Darmstadt, Germany. 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 21 February 2025.
Given the timing of the closure of the transaction, GSK expects to disclose the provisional accounting for the acquisition in the Q1
2025 Results Announcement.
On 5 February 2025, GSK announced its intention to implement a \u00a32\u00a0billion share buyback programme to be completed over an 18
month period. The programme commenced on 24 February 2025 with an initial tranche of up to \u00a30.7\u00a0billion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-931": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-932": { "value": "79 New Oxford Street,London, WC1A 1DGUnited Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-933": { "value": "79 New Oxford Street,London, WC1A 1DG", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493000HZTVUYLO1D793", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }