Sales growth driven by strong commercial execution and favourable prior year comparison
Pharmaceuticals £4.2 billion +3% AER, +12% CER with growth in New and Specialty products (+25% CER) including Respiratory +36% CER, Immuno-Inflammation +46% CER, Oncology +69% CER, total HIV +14% CER
Vaccines £1.6 billion +39% AER, +49% CER reflecting strong growth in Meningitis +46% CER, Established Vaccines +28% CER, Shingrix +1% CER with improved performance notably in the US and £258 million pandemic adjuvant sales. Continue to expect strong growth from Shingrix in H2
Consumer Healthcare £2.3 billion -4% AER, +3% CER (+7% CER excluding divestments/brands under review)
Effective cost control supports delivery of adjusted earnings per share growth
Total Group operating margin 20.7%. Total EPS 27.9p -39% AER, -28% CER
Adjusted Group operating margin 26.7%. Adjusted EPS 28.1p +46% AER, +71% CER (H1 -10% AER, +2% CER). This included a contribution to growth from COVID-19 solutions of approximately +20% AER, +21% CER in Q2 (+7% AER, +7% CER in H1)
Q2 net cash flow from operations £1.3 billion. Free cash flow £316 million
Continued R&D delivery and strengthening of pipeline
FDA rolling review of cabotegravir for prevention of HIV (PrEP) completed
Positive phase III headline results for daprodustat, potential transformative medicine for anaemia due to chronic kidney disease
3 new strategic collaborations announced, iTeos, Alector* and Halozyme strengthen pipeline in next generation immuno-oncology, immuno-neurology and HIV
Emergency use authorisations for sotrovimab; Phase III started for Sanofi-GSK adjuvanted COVID-19 vaccine and EMA rolling review initiated
Investor Update in June outlined new outlooks for growth and plans to maximise shareholder value
GSK expects to deliver step-change in sales, operating profit growth and performance from 2022, driven by high quality Vaccines and Specialty Medicines portfolio and late-stage pipeline
Proposed demerger to create new world-leading Consumer Healthcare company confirmed for mid-2022
Confident in delivering 2021 EPS guidance and reconfirm 2022 outlook
2021 Adjusted EPS to decline by mid-to-high single-digit percentage at CER
2022 meaningful improvements expected in revenues and margins
2021 guidance and 2022 outlook exclude any contribution from COVID-19 solutions
Dividend of 19p/share declared for Q2 2021. Continue to expect 80p/share for 2021

Emma Walmsley, Chief Executive Officer, GSK said:
“GSK delivered an excellent performance in Q2. We expect this positive momentum to continue through the second half of the year driving us towards the better end of our earnings guidance range for 2021, and meaningful performance improvement in 2022. We continue to strengthen our pipeline and are advancing well towards separation. Our clear priority is to focus on execution, unlocking the value of Consumer Healthcare and delivering the step-change in growth and performance we now see for GSK.”

About GSK
GSK – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com/about-us.