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Q1 turnover £5.6 billion, -2% (CER) on an ex-divestment* basis.

View full Q1 2014 results (PDF)

  • Pharmaceutical and Vaccines sales growth in all major regions except US: Europe +3%, Emerging Markets +2%, Japan +13%. US (-10%) impacted by continued competition in respiratory market and quarterly volatility in wholesaler/retailer stocking patterns
  • HIV sales +4%, driven by uptake of recently launched integrase inhibitor, Tivicay
  • Vaccines sales +3%, with US growth partly offset by phasing of tenders in Emerging Markets
  • Consumer Healthcare sales flat with Rest of World growth (+6%) offsetting the impact in US and Europe of temporary supply interruptions to certain products
  • Core EPS 21.0p (+2% CER) driven by operating leverage and financial efficiencies
  • Continued progress in strategy to renew and diversify respiratory portfolio
  • Continued R&D momentum expected to continue with around 40 NMEs currently in phase II/III clinical development
  • First quarter dividend +6% to 19p. Share buy backs of £1-2 billion targeted during 2014
  • Full year guidance of core EPS growth of 4-8% CER reiterated. Sales expected to grow in CER terms and on an ex-divestment basis
  • Major three-part transaction announced with Novartis intended to strengthen sustainability of Group sales base and improve long term earnings outlook. Completion, subject to shareholder and regulatory approval, expected by H1 2015

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