Gsk Annual Report 2010
Do more, feel better, live longer
GlaxoSmithKline Annual Report 2010
Contents
Business review P08–P57 Governance and remuneration P58–P101 Financial statements P102–P191 Shareholder information P192–P212
Business review 2010 Performance overview Research and development Pipeline summary Products, competition and intellectual property Regulation Manufacturing and supply World market GSK sales performance Segment reviews Responsible business Financial review 2010 Financial position and resources Financial review 2009 Risk factors Governance and remuneration Our Board Our Corporate Executive Team Governance and policy Dialogue with shareholders Internal control framework Committee reports Remuneration policy Director terms and conditions Director and Senior Management remuneration Directors’ interests Directors’ interests in contracts
08 10 12 14 18 19 20 21 22 29 34 41 47 53
Business review This discusses our financial and non-financial activities, resources, development and performance during 2010 and outlines the factors, including the trends and the principal risks and uncertainties, which are likely to affect future development. Governance and remuneration This discusses our management structures and governance procedures. It also sets out the remuneration policies operated for our Directors and Corporate Executive Team members. Financial statements The financial statements provide a summary of the Group’s financial performance throughout 2010 and its position as at 31st December 2010. The consolidated financial statements are prepared in accordance with IFRS as adopted by the European Union and also IFRS as issued by the International Accounting Standards Board. Shareholder information This includes the full product development pipeline and discusses shareholder return in the form of dividends and share price movements.
58 60 64 69 71 74 84 91 94 96 101
Financial statements Directors’ statement of responsibilities Independent Auditors’ report
GlaxoSmithKline Annual Report 2010
Contents
Business review P08–P57 Governance and remuneration P58–P101 Financial statements P102–P191 Shareholder information P192–P212
Business review 2010 Performance overview Research and development Pipeline summary Products, competition and intellectual property Regulation Manufacturing and supply World market GSK sales performance Segment reviews Responsible business Financial review 2010 Financial position and resources Financial review 2009 Risk factors Governance and remuneration Our Board Our Corporate Executive Team Governance and policy Dialogue with shareholders Internal control framework Committee reports Remuneration policy Director terms and conditions Director and Senior Management remuneration Directors’ interests Directors’ interests in contracts
08 10 12 14 18 19 20 21 22 29 34 41 47 53
Business review This discusses our financial and non-financial activities, resources, development and performance during 2010 and outlines the factors, including the trends and the principal risks and uncertainties, which are likely to affect future development. Governance and remuneration This discusses our management structures and governance procedures. It also sets out the remuneration policies operated for our Directors and Corporate Executive Team members. Financial statements The financial statements provide a summary of the Group’s financial performance throughout 2010 and its position as at 31st December 2010. The consolidated financial statements are prepared in accordance with IFRS as adopted by the European Union and also IFRS as issued by the International Accounting Standards Board. Shareholder information This includes the full product development pipeline and discusses shareholder return in the form of dividends and share price movements.
58 60 64 69 71 74 84 91 94 96 101
Financial statements Directors’ statement of responsibilities Independent Auditors’ report