$GLAXF

GLAXOSMITHKLINE PLC

CIK:0001131399|SEC Filings

Consolidated income statement - GBP (£) £ in Millions	12 Months Ended
Consolidated income statement - GBP (£) £ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Turnover	£ 32,667	£ 31,376	£ 30,328
Cost of sales	(9,017)	(9,048)	(8,565)
Gross profit	23,650	22,328	21,763
Selling, general and administration	(9,088)	(11,015)	(9,385)
Research and development	(7,525)	(6,401)	(6,223)
Royalty income	879	639	953
Other operating income/(expense)	16	(1,530)	(363)
Operating profit	7,932	4,021	6,745
Finance income	169	122	115
Finance expense	(701)	(669)	(792)
Share of after tax profit/(loss) of associates and joint ventures	1	(3)	(5)
Profit/(loss) on disposal of interests in associates and joint ventures	0	6	1
Profit before taxation	7,401	3,477	6,064
Taxation	(1,112)	(526)	(756)
Profit after taxation	6,289	2,951	5,308
Profit attributable to non-controlling interests	573	376	380
Profit attributable to shareholders	£ 5,716	£ 2,575	£ 4,928
Basic earnings per share (pence) (in pence per share)	£ 1.411	£ 0.632	£ 1.216
Diluted earnings per share (pence) (in pence per share)	£ 1.388	£ 0.622	£ 1.199

Consolidated cash flow statement £ in Millions	12 Months Ended
Consolidated cash flow statement £ in Millions	Dec. 31, 2025 GBP (£)	Dec. 31, 2024 GBP (£)	Dec. 31, 2023 GBP (£)
Cash flow from operating activities
Total profit for the year	£ 6,289	£ 2,951	£ 5,308
Adjustments reconciling profit after tax to operating cash flows	2,654	4,910	2,788
Cash generated from operations	8,943	7,861	8,096
Taxation paid	(1,202)	(1,307)	(1,328)
Total net cash inflow/(outflow) from operating activities	7,741	6,554	6,768
Cash flow from investing activities
Purchase of property, plant and equipment	(1,348)	(1,399)	(1,314)
Proceeds from sale of property, plant and equipment	24	65	28
Purchase of intangible assets	(1,637)	(1,583)	(1,030)
Proceeds from sale of intangible assets	115	131	12
Purchase of equity investments	(92)	(103)	(123)
Proceeds from sale of equity investments	189	2,356	1,832
Share transactions with non-controlling interests	0	(1)	0
Purchase of businesses, net of cash acquired	(1,692)	(805)	(1,457)
Investments in associates and joint ventures	0	(43)	0
Proceeds from disposal of associates and joint ventures	0	0	1
Contingent consideration paid	(17)	(19)	(11)
Disposal of businesses	(27)	(18)	49
Interest received	154	138	115
(Increase)/decrease in liquid investments	11	21	72
Dividends from joint ventures and associates	67	15	11
Dividend and distributions from investments	20	16	220
Total net cash inflow/(outflow) from investing activities	(4,233)	(1,229)	(1,595)
Cash flow from financing activities
Issue of share capital	15	20	10
Repayment of long-term loans	(1,400)	(1,615)	(2,260)
Issue of long-term notes	1,979	1,075	223
Net increase/(decrease) in short-term loans	1,085	(811)	(333)
Increase in other short-term loans	130	266	0
Repayment of other short-term loans	(288)	(81)	0
Repayment of lease liabilities	(241)	(226)	(197)
Interest paid	(679)	(632)	(766)
Dividends paid to shareholders	(2,564)	(2,444)	(2,247)
Purchase of treasury shares	(1,377)	0	0
Distribution to non-controlling interests	(391)	(416)	(412)
Contributions from non-controlling interests	0	9	7
Other financing items	46	129	334
Total net cash inflow/(outflow) from financing activities	(3,685)	(4,726)	(5,641)
Increase/(decrease) in cash and bank overdrafts in the year	(177)	599	(468)
Cash and bank overdrafts at the beginning of the year	3,403	2,858	3,425
Exchange adjustments	(19)	(54)	(99)
Increase/(decrease) in cash and bank overdrafts in the year	(177)	599	(468)
Cash and bank overdrafts at the end of the year	3,207	3,403	2,858
Cash and bank overdrafts at end of the year comprise:
Cash and cash equivalents	3,397	3,870	2,936
Bank overdrafts	(190)	(467)	(78)
Cash and bank overdrafts	£ 3,207	£ 3,403	£ 2,858

Consolidated balance sheet - GBP (£) £ in Millions	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Property, plant and equipment	£ 9,322	£ 9,227
Right of use assets	726	846
Goodwill	7,018	6,982
Other intangible assets	16,748	15,515
Investments in associates and joint ventures	89	96
Other investments	1,037	1,100
Deferred tax assets	6,520	6,757
Derivative financial instruments	0	1
Other non-current assets	2,148	1,942
Total non-current assets	43,608	42,466
Current assets
Inventories	5,924	5,669
Current tax recoverable	288	489
Trade and other receivables	7,471	6,836
Derivative financial instruments	121	109
Liquid investments	9	21
Cash and cash equivalents	3,397	3,870
Assets held for sale	300	3
Total current assets	17,510	16,997
Total assets	61,118	59,463
Current liabilities
Short-term borrowings	(3,012)	(2,349)
Contingent consideration liabilities	(1,348)	(1,172)
Trade and other payables	(15,381)	(15,335)
Derivative financial instruments	(75)	(192)
Current tax payable	(498)	(703)
Short-term provisions	(938)	(1,946)
Liabilities relating to assets held for sale	(139)	0
Total current liabilities	(21,391)	(21,697)
Non-current liabilities
Long-term borrowings	(14,708)	(14,637)
Deferred tax liabilities	(291)	(382)
Pensions and other post-employment benefits	(1,687)	(1,864)
Derivative financial instruments	(67)	0
Other provisions	(610)	(589)
Contingent consideration liabilities	(5,385)	(6,108)
Other non-current liabilities	(1,023)	(1,100)
Total non-current liabilities	(23,771)	(24,680)
Total liabilities	(45,162)	(46,377)
Net assets	15,956	13,086
Equity
Share capital	1,349	1,348
Share premium	3,498	3,473
Retained earnings	10,209	7,796
Other reserves	1,321	1,054
Shareholders’ equity	16,377	13,671
Non-controlling interests	(421)	(585)
Total equity	£ 15,956	£ 13,086