Reshaping the HIV treatment and prevention landscape
Meaningful margin expansion from 2022
Adjusted Operating Margin >30% by 2026
More than 10% Adjusted OP CAGR 2021-26
Cost initiatives:
-
£0.5bn restructuring savings 2018-21
-
£1.0bn Future Ready savings expected by
2023
Mid
20s %
-
Approx. 1/3 of total savings
reinvested in growth
- Major restructuring complete by 2022
Culture of cost
discipline:
- New ways of working, R&D productivity,
prioritisation and simplification.
2021
Royalties
COGS
SG&A
gsk
>30%
R&D
2026
Shift to higher margin Vaccines & Specialty Medicines
All outlook and ambition statements are given on a constant currency basis and use 2021 forecast exchange rates as a base, assuming a continuation of Q1 2021 closing rates. See
basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Note: COVID therapeutic and vaccine solutions are excluded from
the above.
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