Reshaping the HIV treatment and prevention landscape
Basis of preparation, assumptions and cautionary statement
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Assumptions and cautionary statement regarding forward looking statements
The Group's management believes that the assumptions outlined above are reasonable, and that the
targets, outlooks, ambitions and expectations described in this document are achievable based on
those assumptions. However, given the forward-looking nature of these assumptions, targets and
expectations, they are subject to greater uncertainty, including potential material impacts if the above
assumptions are not realised, and other material impacts related to foreign exchange fluctuations,
macro-economic activity, the impact of outbreaks, epidemics or pandemics, such as the continued
COVID-19 pandemic and ongoing challenges and uncertainties posed by the COVID-19 pandemic
for businesses and governments around the world, changes in legislation, regulation, government
actions or intellectual property protection, product development and approvals, actions by our
competitors, and other risks inherent to the industries in which we operate.
This document contains statements that are, or may be deemed to be, "forward-looking statements".
Forward-looking statements give the Group's current expectations or forecasts of future events. An
investor can identify these statements by the fact that they do not relate strictly to historical or current
facts. They use words such as 'aim', 'ambition', 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project',
'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any
discussion of future operating or financial performance. In particular, these include statements relating
to future actions, prospective products or product approvals, future performance or results of current
and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal
proceedings, dividend payments and financial results. Other than in accordance with its legal or
regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the
Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakes no
obligation to update any forward-looking statements, whether as a result of new information, future
events or otherwise. The reader should, however, consult any additional disclosures that the Group
may make in any documents which it publishes and/or files with the SEC. All readers, wherever
located, should take note of these disclosures. Accordingly, no assurance can be given that any
particular expectation will be met and investors are cautioned not to place undue reliance on the
forward-looking statements.
Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate
to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number
of important factors, including those in this document, could cause actual results to differ materially from those
expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those
discussed under Item 3.D 'Risk Factors' in the Group's Annual Report on Form 20-F for 2020 and any impacts
of the COVID-19 pandemic.
Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made
and are based upon the knowledge and information available to the Directors on the date of this presentation.
Reporting definitions
A number of Adjusted measures are used to report the performance of our business, which are non-IFRS
measures. Adjusted results, CER and other non-IFRS measures may be considered in addition to, but not as a
substitute for or superior to, information presented in accordance with IFRS. These measures are defined and
reconciliations to the nearest IFRS measure are available in our first quarter 2021 earnings release and Annual
Report on Form 20-F for FY 2020.
GSK provides earnings guidance to the investor community on the basis of Adjusted results. This is in line with
peer companies and expectations of the investor community, supporting easier comparison of the Group's
performance with its peers. GSK is not able to give guidance and outlooks for Total results, including Total
Operating Profit and Total Operating Margin as it cannot reliably forecast certain material elements of the Total
results, particularly the future fair value movements on contingent consideration and put options that can and
have given rise to significant adjustments driven by external factors such as currency and other movements in
capital markets. Therefore a reconciliation of the guidance for Adjusted results to equivalent guidance for Total
results is not available without unreasonable effort.
Compound Annual Growth Rate (CAGR) is defined as the compound annual growth rate and shows the
annualised average rate of revenue or profit growth between two given years, at constant currency, assuming
growth takes place at an exponentially compounded rate.
Adjusted EBITDA is defined as Adjusted Earnings before interest and tax, depreciation and amortisation.
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