RSV Seasonal Vaccine Introduction and Growth Strategy
H1 2023 free cash outflow of £0.3bn
Cash generated from operations of £1.9bn
Key drivers of cash flow
Lower cash generated from operations, including:
Q1 2022 upfront income from Gilead Science, Inc. settlement (£0.9bn);
Additional pension contributions (£0.3bn);
Increase in trade receivables due to timing of Xevudy collections, as
well as higher sales;
Increase in seasonal inventory;
H1'22 free cash flow
Lower CGFO1
Higher taxation paid
13
Higher net Capex²
34
Other³
Lower payables balances reflecting increased investment in 2022
H1'23 free cash flow -341
Key drivers of net debt
+£1.4bn net acquisition cost of BELLUS Health Inc
+£0.3bn free cash outflow (see above)
-£0.8bn disposal of investments, primarily Haleon stake
2,029
GSK
1. Cash generated from operations, including changes in working capital, Significant Legal payments and operating contingent consideration liability
2. Net Capex includes purchases less disposals of property, plant and equipment and intangibles 3. Other includes net interest paid, income from associates and JVs and dividends to Non-Controlling Interests
-1,741
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