Q3 2020 Sales Performance
Free cash flow of £2.3bn
£m
Q319 YTD free cash flow
2,474
Higher CCL
Higher net operating cash**
Lower net Capex*
Higher restructuring payments
Other***
Q320 YTD free cash flow
CCL: contingent consideration liability
162
502
153
681
2,300
Key Drivers
gsk
Favourable RAR and trade receivables
offset by adverse exchange impacts
Proceeds relating to Consumer
divestments, and ofatumumab
Higher dividends to NCI
RAR: Returns and rebates
* Net Capex includes purchases less disposals of PP&E and intangibles
** Net operating cash is net cash inflow from operating activities including changes in working capital, excluding restructuring, operating CCL, and significant legal payments
*** Other includes significant legal payments, net interest paid, income from associates and JVs and distributions to minorities
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