This slide summarizes the significant achievements R&D delivered in 2020. Roger Connor -- President, Global Vaccines. Sure. The next slide shows the significant progress we've made in oncology, where we now have a development portfolio of 15 potential medicines. And 100% of co-locations are now complete. Jefferies Financial Group analyst P. Welford expects that the pharmaceutical company will post earnings per share of $0.76 for the quarter. So I'll now hand over to Iain to take you through the detail of this year's results. The effective tax rate of 16% was in line with expectations. Improving cash flow is a constant focus for our team, we do have anticipate lower free cash flow in 2021 informed by less cash from the asset divestments, which was particularly strong in 2020, less favorable RAR timing compared to last year, along with continued investment in R&D-focused business development and higher outflows from restructuring, which we will largely complete this year. Today I'll spend the next 10 minutes or so summarizing an update of share of the J.P. Morgan Healthcare Conference last month and highlighting some of the assets, we believe have the potential to be transformational medicines and vaccines. The patient population in the U.S. is about 2.7 million -- over U.S. and EU in non-dialysis is about 2.7 million patients, so sizable population. First, this is a very potent neutralizing antibody. As a shareholder, I’m a little surprised too. So could you help reconcile those signals? GSK's next quarterly dividend payment will be made to shareholders of record on Thursday, April 8. Our market sites can be reached by visiting our market selector. It should also read out in the first half of this year. And so there's definitely a pent-up demand and a very sort of passionate group of patients, but for all sorts of different reasons compliant but all from the stigma of our own, and the emotional burden of taking daily oral pills, want access to Cabenuva. And across R&D, we completed over 20 business development deals during the year, strengthening our capabilities with the acquisition of new antibody mRNA and genetic platforms and technologies among others. GlaxoSmithKline (NYSE:GSK) Q4 2020 Earnings Conference Call February 3, 2021 9:00 AM ET. You're live in the call. Blenrep is the first approved BCMA targeted therapeutic and our most advanced immune modulating asset. A good example of this is the number of new launches Nucala that Luke discussed. The next slide shows a snapshot of our current pipeline of 57 vaccines and medicines, which are focused predominantly on infectious disease, oncology and other immune-mediated diseases. Hello. Copyright, Trademark and Patent Information. Get the latest GlaxoSmithKline plc (GSK) real-time quote, historical performance, charts, and other financial information to help you make more informed trading and investment decisions. These data gives us the increased confidence in our ongoing second line pivotal DREAMM-7 and DREAMM-8 studies. We'll continue to do R&D investment in low double-digit percentage terms and expect an effective tax rate of around 18% for the full year. Thanks Louise. Finally, and very importantly, I'd like to recognize the enormous contribution of our people and all the partners we've worked within 2020 under extraordinary circumstances. This is because we are assuming successful, in this scenario, successful deployment of the vaccination of COVID. Company Participants. And I think perticularly on the established products dynamic, although I would repeat, we are looking continually at the portfolio there. These products could all launch before 2026, and we believe more than 10, if successful, will have the potential to be blockbusters. Critically, for the long-term outlook for this key growth driver, we made good progress on our plant capacity expansion, inventory on-hand and our improved production plans for 2021 and beyond should allow us to fully meet demand until a new facility come online in 2024. Influenza sales grew 37%, and primarily reflected robust demand across all regions resulting from the strong government recommendations that prioritize flu vaccination during COVID-19 pandemic conditions, together with the reversal of a prior year returns provision in the U.S. Meningitis sales grew 3%, and in the U.S., both Bexsero and Menveo grew market share. All of this aims to support future growth and the significant value creation we expect to deliver with the formation of two new leading companies, each with the opportunity to improve the health of hundreds of millions of people. We announced our full year and fourth quarter 2020 results on Wednesday 3 February. Building trust with all our stakeholders remains of critical importance and in November we set ambitious industry leading environmental targets to have a net-zero impact on climate and net-positive impact on nature by 2030. Additionally, the overall incidence of [Indecipherable] was reduced in the lower dose regimen. With regards to turnover for 2021, there is no change to the expectations we previously set out for pharma and consumer with 2020 performance, reinforcing our confidence and their outlook. So, the question will come as much a surprise given our research but, you've outlined the separation as most likely taking place as a demerger. Our separation program is also on track, with work around the future organizational structure and system separation under way. We're also focused on the continued development of this practice changing medicine through alternative doses, scheduling and combinations to improve the safety profile and to potentially extend approval into earlier lines of therapy. Importantly, T-cells were boosted to a similar range to that observed in younger adults given unadjuvanted vaccine and importantly the vaccine was well tolerated. We want to help change this, using our scientific expertise, our partnerships and our global reach. We had a good year of positive cash flow performance delivering free cash flow of GBP5.4 billion in 2020, up from GBP5.1 billion in 2019. We obviously aren't going to comment on the detail on either of which parts of that portfolio. And then secondly, you talked about giving dividend policy for the Biopharm business as well as an outlook over the mid-term in June, do you expect to give a range, the payout ratio or cover or even declare a very specific, what the 2022 dividend would be as a base early to give the market, some sort of certainty? And of course from the vaccine perspective given these mutations, whether it becomes another pandemic or more likely an endemic sort of state with the multi-valent mRNA vaccine potential that we have at CureVac,, I think our strategy from the beginning, has been very consistent that, that is likely an outcome and now we're moving forward. It was a tremendous year in '20, we're expecting volumes but some pricing pressure for '21, just due to phasing of RAL. Many thanks. Generic sales grew 11% driven by good growth in Germany and China and a stronger performance in the U.S. in Q4. So as you might imagine, Graham. Later in Q1, we could have data on the pivotal study of VIR-7831 and the Phase 2 data with ofatumumab. Turning to Slide 12, 2020 revenues and consumer healthcare on a pro forma basis grew more than 4%, excluding brands either divested or under review. Information and tools for investors including share and dividend information, share price analysis, latest news and corporate reporting, Discover our latest financial performance announcement and search for historical quarterly results materials, Explore the latest news, different ways to stay in touch and available useful resources, Keep up to date with our news and recent announcements. The technical mechanism of the separation will be confirmed later this year. Next question please. HIV revenues were up 1%, the dolutegravir franchise grew 2% with the combined performance of Dovato and Juluca more than offsetting the decline in the three-drug regimens. So it's very important for that, but it's also additive to the very exciting platforms we're taking and we do see this is a second generation mRNA, but that can be combined with some of our other platforms. You look at our therapeutic Hepatitis B vaccine, it's an example of combo of technology where we think we'll be able to plug and play some of these for the best vaccines going forward, but we'll share more of that as we go through the year. In infectious disease, this has led to a significant number of opportunities across both vaccines and pharmaceuticals, including solutions for the COVID-19 pandemic. And just on the -- so the first question I'd love to get your thoughts on any of the other levers or mechanisms in order to recognize sort of cash flow to be able to invest pharma renovation. A number of these programs have the potential to transform patients' lives and we plan to cover these in more detail at the June event. Another year of strong progress for GSK and we're very confident in building on it in '21, the successful separation into two new companies with strong performance trajectories in '22 and beyond. Our purpose is to help people to do more, feel better, live longer. In the BRCA mutant population, we are up to a 27% share, but the real uplift has come in the wild-type population, where we've overtaken [Indecipherable] as the category leader and we now have over 50% share, again a direct result of execution on the PRIMA study. So first on just going back to follow-up from James Gordon's question at the beginning, just about the recovery rate into 2022. Thank you. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. I'll ask Iain to comment quickly on broader [Technical Issues] constant look into that portfolio, and do have further plans this year. The new policy will ensure we have the right capital structure for each business and the capacity to invest, so that we can deliver growth and long-term shareholder value. The first question is about vaccines and the CureVac deal and mRNA vaccines. Thank you, Emma. I mean we obviously have variability in earnings per share on ongoing basis, but just looking at the appropriate payout ratios through the investment cycle. This supports an attractive dividend yield on the GSK share price. We should have some preliminary data on this combination from the ongoing DREAMM-5 study by the end of this year. Thanks, Emma. Consumer JV integration is substantially complete and separation preparation is progressing very well, delivering efficiency in our support function, simplifying our site network and further building world-class brands. Have a good day. In consumer, excluding brands divested or under review, we expect low-to-mid single-digit growth outperforming the market. We've now seen nine successive years of double-digit growth and this is a testament to the unique value this product brings to lupus patients. Watch Hal Barron, Chief Scientific Officer and President, R&D, give an update on R&D. I mean if you look at the consensus EPS at the moment it's about 120p, so that would be about 20% EPS growth in 2022 over what your guide is implying for 2021. Another IO program, where we made substantial progress is Blenrep, which I'll cover on the next slide. So Hal, I'm getting mixed signals from GSK. And your next question comes from Laura Sutcliffe from UBS. So could you help us with your level of comfort with where that is or perhaps what you variables consensus should we be thinking about for their 2022 forecasts? Within this we achieved a noticeable acceleration in our dolutegravir regimen, with growth reaching 4% in the U.S. and 8% in Europe in the fourth quarter. Graham Parry -- Bank of America Merrill Lynch -- Analyst. This has been despite the challenges of the pandemic and the need for more agility than ever in managing through the crisis. Lastly, given recent advances in vaccines made during the pandemic, it's important to highlight our exciting early stage vaccines pipeline that leverages our extensive portfolio of platform technologies, such as mRNA both non-replicating and self-occupying as well as viral vectors and adjuvant. Thank you. I think you -- Jo, you certainly got the dynamic on the top line right. Our focus on delivering our strategic objectives in 2020 and 2021 lays the foundation for a meaningful step-up from 2022 onwards, with an advancing pipeline, further growth in new and Specialty Pharma, normalization in vaccines following the short-term impact and ongoing consumer sales growth and margin expansion. The momentum we now see behind our new and specialty products is really encouraging, and I just want to spend a few minutes highlighting some of the important examples. ... 31/12/2020: Total: 80.00p : Q4: If you are looking for a long-term passive income stream, the GSK share price could be the perfect investment, says Rupert Hargreaves. Thank you. Total operating profit was up 15% with total earnings per share up 26%. Important assumption is that we really see the bulk of the population of the affected population here being vaccinated in the first sort of six to nine months of this year. Vadadustat is in Q3 '21 with PDUFA and our assumption is that they only get dialysis if approved. And this is really in large developing markets that healthcare operating systems return to kind of verging on normal in the second half of the year. Including those brands turnover declined 2% pro forma, reported growth was 14%. Absolutely. We do have, as I mentioned the combinations with the Lilly antibody, should mutations emerge even more robustly than we expect. So particularly when we get to the point where, Luke and the team are no longer investing behind a particular product in terms of promoting a product, we start to think very actively about the opportunity to exit those portfolios. For older results, we combined this with our proven and AS01 adjuvant to enhance the immune response. ENTREE lung is our other randomized Phase 2 study, looking at overall survival in non-small cell lung cancer patients. Just giving some recent developments in this space, could you remind us of how you're thinking about that asset new options you might have on the table, should the trials readout favorably? Ask A Virologist: How Does GlaxoSmithKline's Potential Coronavirus Vaccine Work? Thanks, Hal. Perhaps you could update us for the durability of response that's seen with your ICOS agonist in at least one. In summary, we are very confident in the outlook for these. Several of these cancer actually expected to move into the clinical over the next 18 months. The slide you can see shows a couple of scenarios and how the phasing of Shingrix could be impacted for several months in patients who are receiving COVID vaccines. Hi, hi, Emma. Good afternoon, ladies and gentlemen, and welcome to the Analyst Call on the GSK Fourth Quarter 2020 results. You should have received our press release and can view presentation on the GSK website. And specifically on the COVID-19 vaccine in this particular deal, this idea of getting multi-valent protection, we think is going to be critical. The headline is -- and again Iain alluded with pre-R&D, we've already made progress. At the same time, and how to certainly comment on this scientifically and epidemiologically that it is clear that this virus is continuing to mutate and we do expect some kind of an endemic market. 97% of Pfizer consumer healthcare revenue is now on our systems, with 74 markets having transitioned since the start of the pandemic. I'd like to take a moment to talk to you about venture out of the Bintrafusp alfaTGF-beta trap PD-L1 antagonist and the recent news about the 037 Lung Study. So I think what we've been clear today is, that we would expect the aggregate distributions for the Biopharma business and the Consumer Healthcare business stand-alone to be less than they presently are today, but importantly they have the propensity to grow and be progressive dividends from that point onwards. And James in terms of your guidance question, obviously, we're really pleased with the progress we're making and said several times, and we said several times today that despite the impact of the pandemic, which we see as short-term there's absolutely no change to our ambitions and confidence in '22. For 2021, we have been clear that this would be the second of a two-year transition period with further investment in our pipeline and that we expect a meaningful improvement in operating performance from 2022 onwards. Second, this antibody was designed to have increased effector potency, potentially allowing for greater efficacy and this is in part why the NIH chose it for the ACTIV-3 in hospital study. This is our global website, intended for visitors seeking information on GSK’s worldwide business. This is our global website, intended for visitors seeking information on GSK’s worldwide business. Oral health grew 6% at CER, including Sensodyne growing double-digits reflecting underlying brand strength and innovation. In addition, the prioritization of vaccine resources toward COVID-19 immunization is likely to have a significant impact on older adult vaccinations, including Shingrix, especially given the recommended 14-day window either side of MRNA vaccine shots. But it is an area where with Luke and David, we spend a good deal of time looking for when the right time and the right value is to exit certain medicines within that portfolio that are reaching frankly an NPV inflection point from a GSK valuation perspective. I'll ask Iain to comment on that in the broader cash flow discipline. And very much driven in our experience by the genericization in Advair Seretide. This is already improving agility, decision making and scientific collaboration between pharma and vaccines as well as the cost base. 2020's performance demonstrated continued execution on our strategic objectives. You will imagine that we are with the Board and in ongoing dialog with our partners really thoughtful about what's in the best interest of shareholders, and will confirm the specifics of that later in the year. Responsible business is how we do business. And I still believe this is a smart, low risky bet to have taken. Savings from largely complete restructuring programs and resulting synergies will underpin our improved Group operating performance. The pharmaceutical giant recently cut its dividend, but it still pays a better yield than most in the industry. So word on mRNA more broadly, how are you sort of taking these the learnings from your vaccines work and are you looking to apply that into immunology, immuno-oncology and sort of use mRNA in the broader sense as a therapeutic? We now have a leading share of voice in the U.S. and Europe, and this has helped sales of Dovato and Juluca to more than double in 2020 to over $1 billion. Thank you I have two questions. Iain before I hand to Hal, on ICOS anything that you would add to that? Next question please. But it's very important that we are richer at the confidence there. View GlaxoSmithKline plc (GSK) Ordinary 25p (GSK) dividend dates and history including final, interim and special dividends. How should we think about that, please. The key factors that will influence our 2021 out-turn in vaccines, in addition to the pace of deployment of COVID-19 immunization programs, include the trend of infection rates, the extent of recovery in international travel and back-to-school patterns, particularly in the U.S. and how our health systems around the world prioritize resources between COVID-19 response and other infectious diseases. Okay, well let's come to David about Cabenuva, because this really is a very important pioneering medicine leading the way for patients living with HIV and can be a foundation in many ways for the pathway forward for, as David said, accelerating growth. In addition, [Technical Issues]100 million doses of CureVac's current COVID vaccine candidate, and this is alongside our work with our other partners on adjuvanted vaccines, and we're looking forward to more progress here in the coming months and to data coming very soon on our therapeutics, as well as longer-term opportunities for further strengthening of our global leadership in infectious diseases. I know our conference last month with Darren and Barron said we're talking about going off the flu among other diseases, so could mRNA vaccine be a serious strategy as GSK existing to protein-based vaccine business and it's also a big opportunity for GSK, so that'll be the first question please. We remain confident on the potential of Zejula. We also intend to share new data from the INDUCE-1 study in various different tumor types by the end of the year. Excluding established pharma revenue grew 12% in the year, reflecting strong commercial delivery of our new and specialty medicines. So, it's straight to Luke and then Roger. Hal? With positive in-house data and a validated mechanic action, we believe it has a high probability of success and the potential to deliver blockbuster sales. But I think that -- if your question on the line that is old technology versus new, I don't think we should walk away thinking mRNA is going to be the solution to all vaccines, as Roger said. Response from physicians, patients and efficacy groups has continue to be excellent, based on the potent efficacy of the drug in the approved setting and on positive clinical updates in other settings such as we saw at ASH. It's also important to note that our focus on immunology really helps us understand what kinds of immune responses are needed for every different type of infection, allowing us to leverage mRNA and in some instances self amplifying and others, the other platforms that I mentioned. We're supporting the launch with a highly experienced sales force and our share of voice is almost at the level of Darzalex. I'm hoping that we'll have more updated data on duration of response from the INDUCE-1 studies when we provide that which we hope will be somewhere around mid-year. Although as -- just to keep reiterating after the short-term [Technical Issues] if you ever needed to believe that having the kind of strength in vaccines and infectious diseases was relevant, important and created significant long-term growth opportunities and resilience for the new GSK, now is definitely a time to have conviction. Firstly for Luke on daprodustat with data due later in the year. Our focus on human genetics and functional genomics has led to the acquisition of Tesaro, the formation of a synthetic lethal research unit and through business development, and growing portfolio of programs and important collaborations. The pharma operating margin was 24.5% in 2020 and the 150 basis points decrease primarily reflected increased investments in the R&D pipeline and with the impact of lower revenues, largely offset by the continued benefit of restructuring and tight control of ongoing costs. On Slide 13, we summarize the sales and adjusted operating margin for 2020. On January the 21st, we received FDA approval for Cabenuva, the world's first long-acting injectable for the treatment of HIV. Thursday 20 February 2020. We expect to deliver further progress in R&D and we'll update you in June on our plans to advance and commercialize our high potential late stage assets and the significant value creation we now see as we develop a pipeline based on the science of the immune system, the use of genetics and advanced technologies.
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