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Press release First quarter 2021 gsk do more feel better live longer Issued : Wednesday , 28 April 2021 , London U.K. GSK delivers Q1 sales of £ 7.4 billion -18 % AER , -15 % CER Total EPS 21.5p , -32 % AER , -25 % CER ; Adjusted EPS 22.9p -39 % AER , -33 % CER 2021 guidance reconfirmed Q1 performance reflects expected year - on - year impact and disruption from COVID - 19 On track to create New GSK and New Consumer Healthcare company in 2022 Highlights • Strong growth in new pharmaceutical products offset by stocking and pandemic disruption Pharmaceuticals £ 3.9 billion -12 % AER , -8 % CER , with growth in new and specialty products ( + 3 % CER ) including : Respiratory + 24 % CER ; Immuno - inflammation + 26 % CER ; and Oncology + 38 % CER partly offsetting decline in Established Products -17 % CER . HIV - 11 % CER impacted by 2020 stocking and tender phasing ; HIV two - drug regimen sales + 41 % CER • Vaccines £ 1.2 billion -32 % AER , -30 % CER ( Shingrix -47 % CER ) reflecting government prioritisation of COVID - 19 vaccinations . Continue to expect strong growth from Shingrix in H2 • Consumer Healthcare £ 2.3 billion -19 % AER , -16 % CER ( -9 % excluding divestments / brands under review ) reflecting year - on - year " pantry - loading " comparison and weak cold / flu season Effective cost control supports delivery of adjusted earnings per share of 22.9p • Total Group operating margin 22.8 % . Total EPS 21.5p -32 % AER , -25 % CER • Adjusted Group operating margin 25.4 % . Adjusted EPS 22.9p -39 % AER , -33 % CER • Q1 net cash flow from operations £ 331 million . Free cash outflow £ 3 million Continued R & D delivery and strengthening of Biopharma pipeline • Launch of Cabenuva , the world's first and only long - acting HIV treatment Approvals of Rukobia and Jemperli ( dostarlimab ) and positive regulatory opinion for Benlysta Phase III trial starts for RSV older adults vaccine and GSK ' 294 for severe asthma • Positive data for antibody treatment VIR - 7831 with EUA filed in US and EU • Phase III trial start with Medicago for adjuvanted COVID - 19 vaccine On track to create New GSK and standalone Consumer Healthcare company in 2022 • • Consumer Healthcare JV commercial integration broadly complete ; separation activities advancing Pharmaceutical portfolio rationalisation continues with cephalosporin divestment announced • New GSK Investor Update on 23 June to outline strategy , growth outlooks ( 2022-2031 ) , capital allocation priorities and timing and approach to separation Reconfirming full - year 2021 EPS guidance and 2022 outlook • Continue to expect 2021 Adjusted EPS to decline by a mid to high - single digit percentage in CER • 2022 outlook unchanged with meaningful improvements expected in revenues and margins Dividend of 19p declared for Q1 2021. Continue to expect 80p / share for 2021 Emma Walmsley , Chief Executive Officer , GSK said : “ Our first quarter results are in line with our expectations and reflect the anticipated impacts of COVID - 19 . We continue to expect a significant improvement in performance over the remainder of the year and reconfirm our guidance for 2021 and 2022 outlook . The launch of Cabenuva for HIV and Phase III starts for our RSV vaccine and a new long - acting treatment for severe asthma are key milestones as we continue to strengthen our growth prospects . Separation plans are also well underway and we look forward to sharing our strategy and growth outlook for New GSK with investors in June . " The Total results are presented in summary on page 2 and under ' Financial performance ' on page 11 and Adjusted results reconciliations are presented on pages 21 and 22. 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 9 and £ % or AER % growth , CER % growth , free cash flow and other non - IFRS measures are defined on page 41. GSK provides guidance on an Adjusted results basis only , for the reasons set out on page 10. All expectations , guidance and targets regarding future performance and dividend payments should be read together with ' Outlook , assumptions and cautionary statements ' on pages 42 and 43 . Q1 Results summary Total and Adjusted results Quarterly performance Issued : Wednesday , 28 April 2021 , London , U.K. Financial information 1