2023 Guidance and Q3 Earnings
9M 2023 free cash flow of £1.3bn
Cash generated from operations of £4.4bn
£m
9M 2022
£m
9M 2023
Adj. operating profit
6,556
7,034
Decrease/(Increase) in working capital
(667)
(2,669)
Key drivers of cash flow
Gilead Science, Inc. settlement income
927
Other CGFO1
(973)
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Cash generated from operations
5,843
4,415
Taxation paid
(1,110)
(843)
Net capex²
(1,368)
(1,528)
Lower cash generated from operations, including:
Q1 2022 upfront income from Gilead Science, Inc. settlement
(£0.9bn);
Increased trade receivables: Arexvy sales (Q4 collection) and
lower Xevudy collections;
Partly offset by RAR payment timing benefits
Other³
(912)
(730)
Lower taxation, relative to higher Q3 2022 tax payments
Free cash flow
2,453
1,314
Net debt
GSK
18,436
17,589
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
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