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Press release Full year and fourth quarter 2020 Issued : Wednesday , 3 February 2021 , London U.K. gsk do more feel better live longer GSK delivers FY 2020 reported sales of £ 34 billion , + 1 % AER , + 3 % CER and Adjusted EPS of 115.9p , -6 % AER , -4 % CER , in line with guidance ; Total EPS 115.5p , + 23 % AER Strong growth of new and specialty products ; on track to deliver two exciting new companies Highlights Strong sales performance from key growth drivers in HIV , Respiratory , Oncology and Consumer Healthcare offset disruption from COVID - 19 to adult vaccinations • Pharmaceuticals £ 17 billion -3 % AER , -1 % CER ; new and specialty products £ 9.7 billion + 11 % AER , + 12 % CER Vaccines £ 7 billion -2 % AER , -1 % CER . Shingrix £ 2 billion + 10 % AER , + 11 % CER Consumer Healthcare £ 10 billion + 12 % AER , + 14 % CER ( pro - forma -2 % CER * ) • New Biopharma product portfolio strengthened with 9 approvals in 2020 and Cabenuva in the US in January 2021 Effective cost control supports delivery of adjusted earnings per share in line with FY 2020 guidance Total Group operating margin 22.8 % . Total EPS 115.5p + 23 % AER , + 26 % CER • Adjusted Group operating margin 26.1 % . Adjusted EPS 115.9p -6 % AER , -4 % CER Q4 net cash flow from operations £ 4 billion . Free cash flow £ 3 billion Significant progress on Biopharma pipeline with over 20 assets now in late - stage clinical trials 20+ new product launches planned by 2026 , 10+ with potential peak annual revenues in excess of $ 1 billion • • • Pivotal study starts / data expected in 2021 for RSV vaccine in older adults , COVID - 19 assets , long - acting anti IL - 5 antagonist , daprodustat and dostarlimab Oncology momentum building : 15 potential medicines in trials , including 9 immuno - oncology and 3 cell therapies 20+ deals executed , including acquisitions of new antibody , mRNA and genetics / genomics technologies On track for separation into new standalone Biopharma and Consumer Healthcare companies in 2022 • 2020 targets met with £ 0.3 billion annual cost savings and £ 1.1 billion divestment proceeds achieved • Biopharma investor update in June to set out progress on innovation , commercial execution and growth outlook together with capital allocation priorities Sustained progress and leadership in ESG • Sector leading in key indices , including DJSI and Sustainalytics , and # 1 rank in 2021 Access to Medicines Index New environmental targets set to achieve net zero impact on climate and net positive impact on nature by 2030 2021 Adjusted EPS expected to decline by a mid to high - single digit percentage in CER • Reflects further growth in new and specialty products and Consumer Healthcare , increased investment in our pipeline and deferral of strong growth in Vaccines performance due to impact of COVID - 19 immunisation programmes • 2022 outlook remains unchanged . Continue to expect meaningful improvement in revenues and margins Dividend of 23p / share declared for Q4 2020 ; 80p / share for FY 2020. Expected dividend of 80p / share for FY 2021 Distribution policy for new GSK to be implemented in 2022 to support growth and investment . Aggregate distributions expected to be lower than at present Emma Walmsley , Chief Executive Officer , GSK : " 2020 was an extraordinary year for all of us , and one of significant progress for GSK . We invested in our pipeline and new launches , readied the company for separation , and had to rapidly mobilise and respond to the pandemic . I am extremely proud of the agility and resilience our teams have shown . We delivered our guidance for the year , offsetting the significant impact of COVID - 19 on adult vaccinations , with strong performances of new products and effective cost control . " Importantly , progress against our strategic goals remains firmly on track . We are building a high value biopharma pipeline , have substantially integrated our Consumer JV and have delivered all our first year targets for our two year separation programme . This means we are in a strong position to launch new competitive , standalone Biopharma and Consumer healthcare companies in 2022. In doing so , we have high confidence that we can achieve meaningful global impact to health and significant value creation for shareholders . " The Total results are presented in summary on page 2 and under ' Financial performance ' on pages 12 and 29 and Adjusted results reconciliations are presented on pages 24 , 25 , 39 and 40. Adjusted results are a non - IFRS measure that may be considered in addition to , but not as a substitute for , or superior to , information presented in accordance with IFRS . Adjusted results are defined on page 10 and £ % or AER % growth , CER % growth , free cash flow and other non - IFRS measures are defined on page 63. GSK provides guidance on an Adjusted results basis only , for the reasons set out on page 11. All expectations , guidance and targets regarding future performance and dividend payments should be read together with ' Outlook , assumptions and cautionary statements ' on pages 64 and 65 . This announcement contains inside information . Reported AER and CER growth rates for 2020 include five months ' results of the former Pfizer consumer healthcare business in 2019. Pro - forma CER growth rates are calculated as if the equivalent seven months of Pfizer consumer healthcare business results , as reported by Pfizer , were included in the comparative period of 2019. See ' Pro - forma growth ' on page 11 . Q4 Results summary Total and Adjusted results YTD performance Issued : Wednesday , 3 February 2021 , London , U.K. Quarterly performance Financial information 1