世界500强路演-葛兰素史克GSK-201505-Pharmaceuticals business overview-Investor-Event-Presentation.pdf

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1、Abbas HussainPharmaceuticals business overview6 May 2015Three commercial portfolios to drive revenue growthPharmaceuticalsHIVSales organisation for ViiV*Sales and marketing of our pure pharma businessVaccinesIn-country sales,marketing and commercialisation of vaccines portfolio*In all markets exclud

2、ing the 15 where ViiV has legal entities.36Changed the shape of our businessSuccessfully diversified our business to drive growth and manage riskBuilt a natural hedge in our portfolioInternal financial data.30 productsgeneratingsales of atleast 100m25 markets selling 100m or more Total sales of phar

3、maceuticals&vaccines(%by geography)2007USEM&OthersHIVEuropeUSEM&OthersHIVEurope201440%29%24%7%31%25%36%8%37Positioning us to succeed in a tough environment Challenges Pricing Emerging Markets(EM)slowdown and FX devaluationsOpportunities Demographics Respiratory access and pipeline ViiV expansion Bro

4、ad vaccines portfolio Sustainable R&DLack of visibilityAdvair US generics timing and impact380%10%20%30%40%50%60%Jun 13Sep 13Dec 13Mar 14Jun 14Sep 14Dec 14Mar 15Implemented multiple strategies to help Seretide compete effectively outside the USAdvair access in US stabilised and back to growth when c

5、ombined with BreoPharmaceuticals:RespiratoryProactively managing the decline of Seretide/AdvairEurope:Seretide pricing initiatives implementedEmerging Markets:generics gained 2 volume share points in 24 months(in markets where a generic is present)3+10%value+13%volumeSeretide 2-year total growth in

6、EMs where generic presentAdvairAdvair+BreoNBRx market share in US1MarketFirst generic launchMarket share of generic(Feb 15)2GermanyJune 20123.6%ItalySept 20131.0%NetherlandsOct 20131.4%1 IMS rolling weekly sales shown by quarter(March 2015).2 IMS and other third party information.3 IMS January 2015.

7、Competitor ACompetitor BBreo390%2%4%6%8%10%12%W1W3W5W7W9W11W13W15W17W19W21W23W25W27W29W31W33W35W37W39W41W43W45W47W49W51W53W550%2%4%6%8%W1W3W5W7W9W11W13W15W17W19W21W23W25W27W29W31W33W35W37W39W41W43W45W47W49W51W53W55W57W59W61W63W65W67W69Weekly uptake data improving as Breo and Anoro share gains contin

8、ue2Significant gains made in access over the last 12 months1Pharmaceuticals:RespiratoryStrong US access for Breo and Anoro is driving uptakeAccessMarch 2014March2015CommercialBreo49%65%Anoro75%83%Medicare Part DBreo35%74%Anoro0%67%1MMIT March 2015.2IMS Weekly Data(as of 27 April 2015).NBRxTRxNBRxTRx

9、Breo market share in USAnoro market share in US400%5%10%15%20%25%30%35%40%45%Dec13Mar14Jun14Sep14Dec14Mar-150.0%0.5%1.0%1.5%2.0%2.5%3.0%M1M2M3M4M5M6M7M8M9M10M11M12M13M14M15M16M17M18Competing well in key major markets.Pharmaceuticals:RespiratoryEx-US markets have good access,Relvar launching well.wit

10、h full launch potential still to be reflectedMajor European markets and Australia now have accessBrazil and Mexico have launched;16 EM launches planned to year-endSUMMIT data in 2H 2015 and Salford Lung study COPD data in 2H 2016 provide potential for upsideAdditional near-term pipeline(mepolizumab,

11、closed triple)and Ellipta platform leverageJapan:new patient share ICS/LABA1RelvarEurope:market share ICS/LABA2Relvar1Rolling 3 month average(JMIRI G5 March 2015).2IMSCompetitor ACompetitor CCompetitor DCompetitor C412020 expect total respiratory sales to be at or above sales in 2015,whether or not

12、there is US generic competition to Advair Pharmaceuticals:RespiratoryPortfolio de-risked with balanced growth as new products gain scale 90%of 2015 sales4products90%of 2020 sales9productsAvamysSeretide/AdvairVentolinFlixotideAvamysRelvar/BreoAnoroIncrusemepolizumabclosed tripleSeretide/AdvairFlixoti

13、deVentolinInternal financial data.All expectations and targets regarding future performance should be read together with the“2015-2020 Outlook”and“Assumptions and cautionary statement regarding forward-looking statements”sections of the Q1 Results Announcements dated 6 May 2015.42Pharmaceuticals:Bas

14、e Brands*Generating volume and cash to support innovative brandsApplying commercial expertise to late-lifecycle management and accessPromote to Grow(60%):Drive volume post-patent expiry through low cost promotionManage for Cash(40%):Rationalise tail products and allocate based on marginKey assets gr

15、owing low single digits outside USCentre of excellence in IndiaMaximise existing supplyReduce complexities and simplify SKUsTargeted divestmentsDecreased SG&AAntibacterials 789m-1%Urology 805m+1%Epilepsy 622m+5%Removed over 4,500SKUs;delivering1%improvementin gross marginInternal financial data.*Pha

16、rma ex-ViiV and ex-Respiratory.4302,0004,0006,0008,00010,00012,00014,00016,000Wk1Wk10Wk19Wk28Wk37Wk46Wk55Wk64Wk73Wk82TRx VolumeHIVRapidly growing business,transforming the marketLegacy portfolioTivicayDTG-based regimenscabotegravir(744)NewARVsSearch for cureTriumeq42%growth in Q1 201514%growth in Q1

17、 201415 Tivicay markets2Triumeq markets90%of total sales1US TRx 85 weeks post-Tivicay launch21 Internal financial data.2IMS NPA Audit(4/3/15)and Symphony Health Solutions,CRx(3/27/15).Competitor#1Competitor#2+44VaccinesBalanced sources expected to drive growth from 2016-2020Marketed Portfolio Drivin

18、g top-line synergies in Menveo(US&International)Accelerating uptake of Bexsero globally Successfully launching Shingrix Launching Mosquirix in Africa Driving uptake in unvaccinated populations Sales synergies from Novartis portfolioMeningitis PortfolioPipeline12345200720142017+12%+23%ESustainable pi

19、peline flow in existing and new growth areasPipeline and productivityStrong future asset flow while restructuring drives margin 46OpEx programmes are delivering improved overall productivity Breo(asthma US decision,SUMMIT COPD)mepolizumab(severe asthma decision)sirukumab(RA PhIII data)273(ADA-SCID E

20、MA filing)closed triple(COPD)cabotegravir(HIV)863/PHI(anaemia)Shingrix(zoster vaccine)Respiratory(PI3K)Inflammation(RIP kinases)Cardio-metabolic(TRPV4)Oncology(BETi,EZH2,LSD-1)2015 MilestonesPhII/III AssetsEarly Stage1 Internal estimates.All expectations and targets regarding future performance shou

21、ld be read together with the“2015-2020 Outlook”and“Assumptions and cautionary statement regarding forward-looking statements”sections of the Q1 Results Announcements dated 6 May 2015.Estimated sales/sales FTESales productivity(Rx+Vx+ViiV)1(est.sales per sales FTE)Portfolio approach at market level g

22、ives flexibility to deliver revenue growthStrong operational managementRestructuring and Novartis synergiesSustainable R&D pipeline47ExpectedCAGR 2016-20*VaccinesLong-term growth creation with a strong perpetuity valueMid-to-highsingle digit*Pharma(Respiratory)Maintain topline and reduce dependency

23、on Seretide/AdvairHIVImmediate growth driver with untapped potentialLow single digit*Pharma(Base Brands*)Promote to Grow and Manage for Cash *Pharma ex-ViiV and ex-Respiratory.*Expected CAGR to 2020,using 2015 as the base year.All expectations and targets regarding future performance should be read

24、together with the“2015-2020 Outlook”and“Assumptions and cautionary statement regarding forward-looking statements”sections of the Q1 Results Announcements dated 6 May 2015.All sales growth rates at CER.This presentation may contain forward-looking statements.Forward-looking statements give the Group

25、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 anticipate,estimate,expect,intend,will,project,plan,believe,target and other words and terms of similar me

26、aning 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 con

27、tingencies such as legal proceedings,and financial results.Other than in accordance with its legal or regulatory obligations(including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority),the Group undertakes no obligation to update any forward-loo

28、king statements,whether as a result of new information,future events or otherwise.Investors should,however,consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the US Securities and Exchange Commission(SEC).All investors,wherever located,sh

29、ould 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

30、of which relate to factors that are beyond the Groups 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 fac

31、tors include,but are not limited to,those discussed under Item 3.D Risk factors in the Groups Annual Report on Form 20-F for 2014 and those discussed in Part 2 of the Circular to Shareholders and Notice of General Meeting furnished to the SEC on Form 6-K on November 24,2014.Any forward-looking state

32、ments 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 report.A number of adjusted measures are used to report the performance of our business.These measures are defined in our Q1

33、 2015 earnings release and annual report on Form 20-F.Cautionary statement regarding forward-looking statementsThe unaudited pro forma financial information in this presentation has been prepared to illustrate the effect of(i)the disposal of the oncology assets,(ii)the Consumer Healthcare joint vent

34、ure(i.e.the acquisition of the Novartis OTC Business),and(iii)the acquisition of the Vaccines business(which excludes the Influenza Vaccines business)on the results of the Group as if they had taken place as at January 1,2014.The unaudited pro forma financial information has been prepared for illust

35、rative purposes only and,by its nature,addresses a hypothetical situation and,therefore,does not represent the Groups actual financial position or results.The unaudited pro forma financial does not purport to represent what the Groups financial position actually would have been if the disposal of th

36、e Oncology assets,the Consumer Healthcare joint venture and the Vaccines acquisition had been completed on the dates indicated;nor does it purport to represent the financial condition at any future date.In addition to the matters noted above,the unaudited pro forma financial information does not ref

37、lect the effect of anticipated synergies and efficiencies associated with the Oncology disposal,the Consumer Healthcare joint venture and the Vaccines acquisition.The unaudited pro forma financial information does not constitute financial statements within the meaning of Section 434 of the Companies

38、 Act 2006.The unaudited pro forma financial information in this presentation should be read in conjunction with the financial statements included in(i)the Groups Q1 2015 earnings report dated May 6,2015 and furnished to the SEC on Form 6-K,(ii)the Groups Annual Report on Form 20-F for 2014 and(iii)the Circular to Shareholders and Notice of General Meeting furnished to the SEC on Form 6-K on November 24,2014.Unaudited pro forma financial information