GlaxoSmithKline (GSK) - Overview

Basic Information

GSK plc (formerly GlaxoSmithKline plc) is a British multinational pharmaceutical and biotechnology company headquartered in London, England. Established through one of the largest corporate mergers in pharmaceutical history, GSK ranks among the world’s largest pharmaceutical companies by both revenue and market capitalization.

Corporate Identity

• Legal Name: GSK plc
• Former Name: GlaxoSmithKline plc (2000-2022)
• Headquarters: 79 New Oxford Street, London, WC1A 1DG, United Kingdom
• Founded: December 27, 2000
• Industry: Pharmaceuticals, Biotechnology
• Stock Listings:
• London Stock Exchange (LSE: GSK)
• New York Stock Exchange (NYSE: GSK)

Business Scope

GSK operates as a science-led global healthcare company with operations in approximately 100 countries. Following a major restructuring completed in 2022, the company now focuses exclusively on biopharmaceuticals, having spun off its consumer healthcare division into a separate publicly traded company.

Core Business Areas

Biopharmaceuticals

GSK’s primary focus encompasses: - Vaccines: One of the world’s largest vaccine manufacturers by volume - Specialty Medicines: Oncology, HIV, respiratory, and immunology - General Medicines: Established pharmaceutical products

Global Scale

With approximately 70,000 employees worldwide as of 2024, GSK maintains extensive research and development facilities, manufacturing operations, and commercial presence across major pharmaceutical markets including the United States, Europe, Japan, and emerging markets.

Industry Position

GSK consistently ranks among the top ten global pharmaceutical companies. The company’s market capitalization and annual revenues place it among the industry’s major players alongside companies such as Johnson & Johnson, Pfizer, Roche, Novartis, and Merck.

Corporate Evolution

The transition from GlaxoSmithKline to GSK plc in 2022 marked a significant transformation, reflecting the company’s strategic pivot toward a pure-play biopharmaceutical model following the demerger of its consumer healthcare business. This restructuring positioned GSK to concentrate resources on innovative medicines and vaccines while unlocking shareholder value through the separate Haleon consumer health entity.

GlaxoSmithKline (GSK) - Historical Background

The Merger: December 2000

GlaxoSmithKline was formed on December 27, 2000, through the merger of two British pharmaceutical giants: Glaxo Wellcome and SmithKline Beecham. Valued at approximately £114 billion ($189 billion), this merger created the world’s third-largest pharmaceutical company at the time and the largest headquartered in the United Kingdom.

Founding Companies

Glaxo Wellcome (1995-2000)

Glaxo Wellcome itself resulted from the 1995 merger of Glaxo Holdings and The Wellcome Foundation.

Glaxo Holdings

Origins: 1873 - Founded by Joseph Nathan in Wellington, New Zealand - Initially established as a general trading company importing and exporting goods - Entered the pharmaceutical business through dried milk powder products - The name “Glaxo” reportedly derived from a brand name for lactose-based products - Relocated headquarters to London, England, in the early 20th century - Expanded through acquisitions including Meyer Laboratories in the United States (1958)

Key Historical Milestones: - 1906: Registered “Glaxo” trademark for dried milk - 1924: Glaxo Laboratories incorporated in London - 1935: Acquired Joseph Nathan & Co., consolidating control - 1972: Glaxo Holdings Ltd formed - 1978: Acquired Meyer Laboratories, establishing U.S. presence

The Wellcome Foundation

Origins: 1880 - Founded by American pharmacists Silas Burroughs and Henry Wellcome in London - Originally named Burroughs Wellcome & Company - Pioneered the “tabloid” medicine format (compressed tablets) - Built extensive research capabilities and pharmaceutical manufacturing - Established the Wellcome Trust in 1936, which became one of the world’s largest charitable foundations funding medical research

Key Historical Milestones: - 1880: Company established in London - 1884: Introduced “tabloid” trademark for compressed tablets - 1894: Opened first research laboratory - 1936: Henry Wellcome’s death; Wellcome Trust established - 1986: Acquired Cooper Laboratories - 1995: Merged with Glaxo Holdings

SmithKline Beecham (1989-2000)

SmithKline Beecham resulted from the 1989 merger of SmithKline Beckman and The Beecham Group.

Beecham Group

Origins: 1848 - Founded by Thomas Beecham in St Helens, Lancashire, England - Started as a pharmacy business selling Beecham’s Pills (a laxative) - Expanded into proprietary medicines and consumer health products - Developed significant pharmaceutical research and manufacturing capabilities

Key Historical Milestones: - 1848: Thomas Beecham opens pharmacy in Wigan, England - 1859: Moves to St Helens and begins manufacturing Beecham’s Pills - 1880: Opens London factory - 1924: Beecham Estates and Pills formed - 1945: Acquired Maclean’s toothpaste brand - 1959: Merged with T. & H. Smith ( Edinburgh pharmaceutical company) - 1970s-1980s: Major expansion through acquisitions including Norcliff Thayer, Brystol-Myers’ consumer products

SmithKline Corporation

Origins: 1830 - Founded by John Smith in Philadelphia, Pennsylvania, USA - Established as a drugstore and pharmacy - Evolved into a major American pharmaceutical company through research and development

Key Historical Milestones: - 1830: John Smith opens Philadelphia pharmacy - 1865: Mahlon Kline joins the business - 1891: Smith, Kline & Company incorporated - 1929: Smith Kline & French Laboratories formed through merger - 1968: Acquired French pharmaceutical company - 1982: Acquired Beckman Instruments (became SmithKline Beckman) - 1988: Acquired International Clinical Laboratories

SmithKline Beckman (1982-1989)

• Formed through SmithKline’s acquisition of Beckman Instruments in 1982
• Beckman brought strong diagnostic and laboratory equipment capabilities
• Merged with Beecham Group in 1989 to form SmithKline Beecham

Pre-Merger Context (1990s)

Pharmaceutical Industry Landscape

By the late 1990s, the pharmaceutical industry faced several pressures driving consolidation: - Escalating research and development costs - Patent expirations on major blockbuster drugs - Increasing competition from generics - Pressure for global scale in marketing and distribution - Demands for greater efficiency in drug development

Negotiations and Merger Terms

Discussions between Glaxo Wellcome and SmithKline Beecham began in late 2000. Key terms included: - All-share transaction creating world’s third-largest pharmaceutical company - Combined market capitalization of approximately £114 billion - Dual headquarters in London and Research Triangle Park, North Carolina - Jean-Pierre Garnier (from SmithKline Beecham) appointed CEO - Sir Richard Sykes (from Glaxo Wellcome) became non-executive chairman

Historical Significance

The 2000 merger represented one of the largest corporate combinations in history and created a pharmaceutical powerhouse with: - Combined revenues exceeding £15 billion - Research budget of approximately £2.5 billion annually - Portfolio including blockbuster drugs like Zantac, Augmentin, Paxil/Seroxat, and Avandia - Operations in over 100 countries

Three Founding Legacies

GSK’s corporate DNA reflects contributions from three distinct founding traditions:

1. Glaxo/Wellcome: Research-intensive pharmaceutical development with strong British scientific tradition
2. Beecham: Consumer health products and proprietary medicines heritage
3. SmithKline: American pharmaceutical innovation and commercial capabilities

This tripartite heritage shaped GSK’s subsequent evolution, including its later decision to separate the consumer healthcare business (descended from Beecham’s consumer roots) from the biopharmaceutical operations (descended from Glaxo and Wellcome’s research traditions).

GlaxoSmithKline (GSK) - Corporate Development and Leadership

The 2000 Merger: Creating a Pharmaceutical Giant

The December 27, 2000, merger of Glaxo Wellcome and SmithKline Beecham created the world’s third-largest pharmaceutical company by revenue, surpassed only by Pfizer and Merck at the time. The combined entity brought together:

• Combined Revenues: Approximately £15.2 billion (2000)
• R&D Investment: £2.5 billion annually
• Global Workforce: Over 100,000 employees
• Product Portfolio: Including blockbusters generating over $1 billion annually

Integration Challenges (2000-2008)

The newly formed GSK faced significant integration challenges: - Merging two distinct corporate cultures from Glaxo Wellcome and SmithKline Beecham - Consolidating research and development operations - Streamlining manufacturing and supply chains - Integrating global sales and marketing organizations

Leadership History

Jean-Pierre Garnier (CEO, 2000-2008)

Background: French-American pharmaceutical executive who joined SmithKline French in 1990 and rose through SmithKline Beecham before the merger.

Tenure Highlights: - Led the integration of Glaxo Wellcome and SmithKline Beecham - Focused on cost reduction and operational efficiency - Navigated patent expirations on major drugs including Paxil and Wellbutrin - Defended against generic competition and product liability litigation - Established GSK as a major vaccine manufacturer through strategic acquisitions - Oversaw acquisition of CNS (Central Nervous System) products from Novartis in 2005

Challenges: - Faced controversies over selective serotonin reuptake inhibitor (SSRI) antidepressants - Managed fallout from Avandia (rosiglitazone) cardiovascular safety concerns - Addressed manufacturing quality issues at Puerto Rico facility

Andrew Witty (CEO, 2008-2017)

Background: British executive who joined GSK UK in 1985, rising through commercial and international management roles before becoming CEO at age 44.

Key Initiatives:

1. Emerging Markets Expansion - Accelerated growth in China, India, Brazil, and other developing markets - Established local manufacturing and R&D capabilities - Tailored product portfolios for emerging market needs

2. Access to Medicines - Pioneered tiered pricing models for developing countries - Expanded voluntary licensing for HIV medications in Africa - Reduced prices for vaccines in poorest nations - Published first pharmaceutical industry patent pool for neglected diseases

3. Manufacturing and Quality - Invested heavily in upgrading manufacturing facilities - Resolved FDA warning letters at multiple sites - Improved supply chain reliability

4. Cost Reduction - Implemented £1.7 billion annual cost savings program - Reduced headcount by approximately 10,000 positions - Consolidated research sites from 20 to 11 locations

5. M&A Activity - Acquired Stiefel Laboratories (2009) for dermatology portfolio - Purchased Reliant Pharmaceuticals cardiovascular products - Formed ViiV Healthcare joint venture for HIV (2009) - Acquired human vaccine business from Novartis (2014-2015)

6. Corporate Structure Changes - Organized company into three divisions: Pharmaceuticals, Vaccines, Consumer Healthcare - Established separate P&L accountability for each division

Major Challenges: - Patent cliff with loss of exclusivity for multiple blockbusters - $3 billion settlement with U.S. Department of Justice (2012) over marketing practices - Continued Avandia safety scrutiny - Chinese bribery scandal (2013) resulting in $489 million fine

Emma Walmsley (CEO, 2017-Present)

Background: British business executive who joined L’Oreal in 1992, rising to executive leadership before joining GSK in 2010 to lead Consumer Healthcare, then appointed CEO on April 1, 2017. Became the first female CEO of a major global pharmaceutical company.

Strategic Transformation:

1. Consumer Healthcare Joint Venture and Spinoff (2018-2022) - 2018: Announced joint venture with Pfizer Consumer Healthcare, combining GSK’s consumer business with Pfizer’s - 2019: Completed joint venture, creating world’s largest over-the-counter healthcare business - 2020: Announced intention to demerge Consumer Healthcare - 2022: Completed spinoff of Haleon (formerly GSK Consumer Healthcare) - GSK retained 13% stake in Haleon initially, subsequently reduced

2. Major Restructuring (2020-2022) - Split company into two distinct businesses: Biopharma and Consumer Health - Invested £5+ billion annually in R&D - Focused on four therapeutic areas: Oncology, HIV, Respiratory/Immunology, Vaccines

3. Pipeline Prioritization - Divested non-core assets generating over £5 billion in proceeds - Terminated lower-priority research programs - Concentrated resources on highest-potential opportunities - Targeted £33 billion in revenues by 2031

4. Oncology Transformation - Acquired Tesaro for $5.1 billion (2019) for PARP inhibitor Zejula - Purchased Sierra Oncology for $1.9 billion (2022) - Multiple oncology approvals achieved by 2024

5. Post-COVID Recovery - Navigated company through COVID-19 pandemic disruptions - Developed COVID-19 treatments (sotrovimab) and vaccines (with Sanofi, delayed) - Restored growth trajectory with 2023-2024 revenue acceleration

Leadership Characteristics: - Emphasized accountability and performance culture - Restructured R&D leadership, bringing in external scientific talent - Implemented digital transformation initiatives - Strengthened environmental, social, and governance (ESG) commitments

Major Corporate Milestones

2000-2010: Integration and Expansion

2011-2020: Restructuring and Challenges

2021-Present: New GSK

ViiV Healthcare Joint Venture (2009)

GSK created ViiV Healthcare in November 2009 as a specialist HIV company: - Ownership: GSK (majority), Pfizer, and Shionogi - Portfolio: Combines GSK’s and Pfizer’s HIV assets - Focus: Research, development, and commercialization of HIV medicines - Significance: Created world’s second-largest HIV-focused company - Key Products: Dolutegravir-based regimens (Tivicay, Triumeq, Juluca, Dovato)

Vaccines Division Evolution

GSK’s vaccines business grew through strategic acquisitions: - 2005: Acquired ID Biomedical (flu vaccines) - 2014-2015: Acquired Novartis vaccines business for $7.1 billion (including Bexsero meningitis vaccine, Flucelvax) - Resulted in one of world’s largest vaccine manufacturers by volume

Corporate Structure Transformation (2022)

The 2022 restructuring fundamentally reshaped GSK:

Pre-2022 Structure

• Integrated Pharmaceuticals, Vaccines, and Consumer Healthcare
• Combined revenues from prescription medicines and consumer products

Post-2022 Structure

GSK plc (Biopharma) - Specialty Medicines (Oncology, HIV, Respiratory) - General Medicines - Vaccines - Focused R&D on innovative medicines

Haleon plc (Consumer Healthcare) - Spun off as independent publicly traded company - Brands including Sensodyne, Panadol, Voltaren, Centrum, Theraflu - Listed on London Stock Exchange (HLN)

This demerger allowed GSK to concentrate on higher-margin biopharmaceuticals while unlocking value in the consumer health business as a separate investment proposition.

GlaxoSmithKline (GSK) - Products and Innovations

Vaccines

GSK is one of the world’s largest vaccine manufacturers by volume, producing approximately 1.5 million vaccine doses daily across 12 manufacturing sites.

Pediatric Vaccines

Adult Vaccines

Breakthrough Malaria Vaccine

RTS,S/AS01 (Mosquirix) - First malaria vaccine: World’s first malaria vaccine approved for widespread use - Development: 30+ year development partnership with PATH Malaria Vaccine Initiative and Bill & Melinda Gates Foundation - EMA approval: July 2015 (under Article 58 for use outside EU) - WHO recommendation: October 2021 for children in sub-Saharan Africa - Efficacy: Approximately 30-40% reduction in severe malaria - Significance: Historic breakthrough in malaria prevention; millions of doses distributed in pilot programs

COVID-19 Response

COVID-19 Vaccine (with Sanofi) - Partnership: Collaboration with Sanofi Pasteur announced April 2020 - Technology: Recombinant protein-based vaccine with adjuvant - Challenges: Phase 1/2 interim results showed insufficient immune response in older adults (December 2020) - Reformulation: Adjusted antigen concentration; Phase 3 results showed improved efficacy - Approvals: Authorized in multiple countries; WHO Emergency Use Listing December 2021 - Market position: Significantly delayed compared to mRNA vaccines (Pfizer/BioNTech, Moderna)

Sotrovimab (Xevudy) - Type: Monoclonal antibody treatment for COVID-19 - Authorization: Emergency use authorizations in multiple countries 2021-2022 - Acquisition: Developed through collaboration with Vir Biotechnology - Efficacy: Demonstrated effectiveness against early variants; reduced efficacy against Omicron subvariants

HIV Treatments

GSK, through ViiV Healthcare, is a leading developer of HIV medicines, particularly integrase strand transfer inhibitors (INSTIs).

Dolutegravir-Based Regimens

HIV Prevention

Apretude (Cabotegravir) - Approval: December 2021 (FDA) - Type: Long-acting injectable for HIV pre-exposure prophylaxis (PrEP) - Dosing: Every two months after initiation - Significance: First long-acting injectable option for HIV prevention; alternative to daily oral PrEP

Respiratory Medicines

GSK has maintained a leading position in respiratory medicine for decades.

Asthma and COPD Treatments

Cystic Fibrosis

• Established CF franchise through collaborations
• Product development for CF-related conditions

Oncology

Following re-entry into oncology through the 2019 Tesaro acquisition, GSK has built a focused oncology portfolio.

Approved Oncology Products

Oncology Pipeline Focus

• Tumor-agnostic approaches: Targeting specific genetic mutations regardless of tumor type
• Immuno-oncology: PD-1 inhibitor (dostarlimab) and combinations
• Antibody-drug conjugates: Targeted cancer therapies
• Cell therapy: Investigational programs through partnerships

Immunology and Specialty Medicines

Lupus

Benlysta (Belimumab) - Approval: March 2011 (FDA) - First new lupus treatment in over 50 years - Type: B-lymphocyte stimulator inhibitor - Indications: Systemic lupus erythematosus (SLE), lupus nephritis - Formulations: Intravenous and subcutaneous - Significance: First drug specifically developed for lupus to gain approval

Other Specialty Products

Historical Products and Controversies

Augmentin (Amoxicillin/Clavulanate)

• Launch: 1981 (Beecham)
• Significance: One of history’s best-selling antibiotics
• Status: Widely available as generic; remains important treatment
• Innovation: Beta-lactamase inhibitor combined with penicillin to overcome resistance

Zantac (Ranitidine)

• Launch: 1981 (Glaxo)
• Peak sales: Once world’s best-selling prescription drug
• Status: Generic competition eroded sales; withdrawn from markets 2019-2020 due to NDMA contamination concerns
• Legal: Extensive litigation over alleged cancer risks

Paxil/Seroxat (Paroxetine)

• Launch: 1992
• Class: SSRI antidepressant
• Controversies: Withdrawal symptoms, pediatric use, pregnancy risks
• Legal: Multiple lawsuits; $3 billion DOJ settlement (2012) included Paxil-related charges
• Status: Generic paroxetine available

Avandia (Rosiglitazone)

• Launch: 1999
• Class: Thiazolidinedione for type 2 diabetes
• Controversy: Cardiovascular safety concerns emerged 2007
• FDA actions: Restricted access 2010-2013; restrictions lifted 2013
• Status: Limited use; generic available

Cervarix (HPV Vaccine)

• Launch: 2007 (EU), 2009 (US)
• Indication: Cervical cancer prevention (HPV types 16, 18)
• Competition: Gardasil (Merck) dominated market with broader HPV coverage
• Status: Withdrawn from US market 2016; limited global availability

Research and Development Pipeline

GSK’s current R&D focuses on four core therapeutic areas with significant investments:

Oncology (Priority Growth Area)

• Focus on tumor-agnostic targets
• Next-generation antibody-drug conjugates
• Immuno-oncology combinations
• Cell therapy partnerships

HIV

• Long-acting injectable formulations
• HIV cure research programs
• Novel mechanisms for treatment and prevention

Respiratory and Immunology

• Biologics for severe asthma
• COPD innovation
• Novel mechanisms for inflammatory diseases

Vaccines

• mRNA vaccine platform development
• Universal flu vaccine research
• Combination vaccines
• Next-generation malaria vaccines (R21/Matrix-M with Oxford and Serum Institute)

Innovation Recognition

GSK and its predecessor companies have been recognized for pharmaceutical innovation: - Multiple Nobel Prize connections through Wellcome Trust funding - Lasker Awards for medical research contributions - Industry recognition for vaccine development, particularly malaria - Fast Track and Breakthrough Therapy designations from FDA for multiple programs

GlaxoSmithKline (GSK) - Financial Performance

Revenue Overview

Annual Revenue History

2024 Financial Results (Latest Available)

Full Year 2024: - Total Revenue: £31.4 billion (up 7% at constant exchange rates) - Operating Profit: £6.2 billion - Profit After Tax: £4.4 billion - R&D Investment: £5.4 billion (approximately 17% of sales) - Adjusted Earnings Per Share: 160.8 pence

Revenue by Division (2024):

Geographic Revenue Distribution (2024):

Market Capitalization

Stock Performance

Primary Listing: London Stock Exchange (LSE: GSK) Secondary Listing: New York Stock Exchange (NYSE: GSK)

Market Capitalization (2024-2025): - Approximate market cap: £69 billion (as of early 2025) - FTSE 100 constituent - One of UK’s largest publicly traded companies

Share Price History: - Pre-COVID (February 2020): ~£18 per share - COVID low (March 2020): ~£13 per share - Haleon demerger impact (July 2022): Share price adjusted for spinoff - 2024 trading range: Approximately £14-£17 per share

Shareholder Structure

GSK maintains a diverse institutional shareholder base: - UK institutional investors - U.S. mutual funds and pension funds - International institutional investors - Individual shareholders

Fortune Global 500 Ranking

2024 Fortune Global 500: - Ranking: #294 - Revenue for Ranking: $38.5 billion USD (approximate conversion) - Profits: $5.2 billion USD - Assets: $66.4 billion USD - Employees: 70,000

Historical Rankings: - Consistently ranked among top 300 global companies - Peak rankings in mid-2000s when combined consumer/pharma revenues reported - Ranking adjusted post-Haleon demerger to reflect biopharma-only revenues

Investment and Capital Allocation

R&D Investment

GSK consistently invests significantly in research and development:

R&D Focus Areas (2024): - Oncology: ~35% of R&D budget - Vaccines: ~25% of R&D budget - HIV: ~20% of R&D budget - Respiratory/Immunology: ~20% of R&D budget

Capital Expenditures

• Annual capital expenditure: £1.0-1.5 billion
• Focus areas: Manufacturing capacity, R&D facilities, digital infrastructure

Dividend Policy

GSK has historically maintained a progressive dividend policy: - 2023 Dividend: 58.0 pence per share - 2024 Dividend: Expected to increase in line with earnings growth - Dividend Yield: Approximately 3.5-4.0% - Post-Haleon adjustment: Dividend reduced to reflect spun-off consumer business earnings

Major Divestments and Acquisitions

Divestments (2017-2024)

Total Divestment Proceeds (2018-2024): Exceeding £15 billion

Acquisitions (2017-2024)

Financial Metrics and Targets

2024 Performance vs. Targets

Long-term Financial Outlook (2021-2031)

GSK has established ambitious long-term targets:

2031 Goals: - Revenue: More than £38 billion (from ~£24 billion base in 2021) - Revenue Growth: Average 5%+ annual growth - Adjusted Operating Margin: Mid-30s percentage - Sales from New Products: >£20 billion by 2031

Key Growth Drivers: - Vaccines portfolio expansion - Oncology medicines scaling - HIV long-acting products - Respiratory biologics

Debt and Balance Sheet

2024 Balance Sheet Highlights

Credit Rating

GSK maintains investment-grade credit ratings: - S&P: A- (Stable outlook) - Moody’s: A3 (Stable outlook) - Fitch: A- (Stable outlook)

Haleon Ownership and Value Realization

Initial Ownership

• At demerger (July 2022): GSK retained 32% stake in Haleon
• Shareholders received Haleon shares in proportion to GSK holdings

Stake Reduction

• 2023: Reduced stake to approximately 18%
• 2024: Further reduced to approximately 4%
• Total Value Realized: Approximately £7 billion from stake sales

Use of Proceeds

• Debt reduction
• Share buybacks (£1 billion program)
• Bolt-on acquisitions
• General corporate purposes

Employment and Operations

Workforce

Geographic Distribution (2024)

• United States: ~25,000 employees
• Europe: ~20,000 employees
• International: ~25,000 employees

Major Facilities

Manufacturing Sites: - 12 vaccine manufacturing sites globally - Multiple pharmaceutical production facilities - Major sites in Belgium, France, Germany, UK, US, Singapore

R&D Centers: - Stevenage, UK (R&D headquarters) - Research Triangle Park, North Carolina - London, UK - Multiple specialized research centers globally

GlaxoSmithKline (GSK) - Leadership and Corporate Culture

Executive Leadership

Board of Directors (2024)

Jonathan Symonds (Chairman) - Appointed: May 2019 - Background: Former CFO of Novartis AG; extensive pharmaceutical and financial services experience - Role: Provides independent oversight; chairs board meetings; leads succession planning

Executive Leadership Team

Emma Walmsley (Chief Executive Officer) - Appointed: April 1, 2017 - Background: - Born 1969 in Barrow-in-Furness, England - Oxford University graduate (Classics) - 17-year career at L’Oreal (1992-2010), rising to executive leadership in consumer products - Joined GSK 2010 as President of Consumer Healthcare Europe - Promoted to CEO Consumer Healthcare 2011 - Distinction: First female CEO of a major global pharmaceutical company

Key Leadership Characteristics: - Data-driven decision making: Emphasizes analytics and measurable outcomes - Accountability culture: Implemented rigorous performance management systems - External talent acquisition: Brought in significant pharmaceutical expertise from outside GSK - Focus on R&D productivity: Restructured research organization with clear accountability - Strategic clarity: Communicated clear priorities and divested non-core assets

Executive Team Members (2024)

Leadership Transformation Under Emma Walmsley

Strategic Restructuring (2017-2022)

Phase 1: Assessment and Stabilization (2017-2018) - Comprehensive portfolio review - Identification of growth opportunities and divestment candidates - Restructuring of R&D leadership

Phase 2: Consumer Healthcare Transformation (2018-2022) - Negotiated Pfizer Consumer Healthcare joint venture (2018) - Integrated Pfizer’s consumer business (2019) - Executed Haleon demerger (2022)

Phase 3: Biopharma Focus (2022-Present) - Concentrated resources on vaccines and specialty medicines - Built oncology capabilities through acquisitions - Established clear growth trajectory to 2031

R&D Restructuring

Key Changes: - New leadership: Appointed external pharmaceutical R&D experts - Focus areas: Narrowed from broad portfolio to four priority therapeutic areas - Accountability: Established clear metrics for R&D productivity - External innovation: Increased emphasis on partnerships and acquisitions

Notable Appointments: - Dr. Hal Barron (2018-2022): Former Calico and Genentech executive as Chief Scientific Officer; led R&D transformation before departing for Altos Labs - Dr. Tony Wood (2023): Promoted to Chief Scientific Officer; GSK veteran with deep scientific expertise

Corporate Culture Evolution

From Andrew Witty Era (2008-2017): - Emphasis on access to medicines and corporate social responsibility - Emerging markets expansion - Conciliatory approach to regulators and critics

To Walmsley Era (2017-Present): - Performance and accountability focus - Commercial execution excellence - Shareholder value creation - Continued commitment to global health with greater business discipline

Diversity and Inclusion

Gender Diversity

Emma Walmsley’s Impact: - As first female CEO of major pharma, set precedent for gender diversity - Increased female representation in senior leadership - Board gender balance improvements

2024 Diversity Metrics: - Board: Approximately 40% female directors - Executive team: Significant female representation - Senior management: Ongoing improvement targets

Diversity Initiatives

Programs and Commitments: - Representation goals: Targets for women and ethnic minorities in leadership - Inclusive leadership training: Mandatory programs for managers - Employee resource groups: Networks for underrepresented communities - Pay equity reviews: Regular audits and adjustments

External Recognition: - Inclusion in DiversityInc Top 50 Companies - Bloomberg Gender-Equality Index inclusion - Stonewall Workplace Equality Index recognition (UK)

Governance Structure

Board Committees

Audit and Risk Committee - Oversees financial reporting and internal controls - Monitors compliance and risk management - Reviews cybersecurity and data privacy

Corporate Administration and Directors’ Affairs Committee - Board composition and succession - Governance policies - Director nominations

Corporate Responsibility Committee - Environmental, social, and governance (ESG) oversight - Patient safety and access to medicines - Sustainability initiatives

Remuneration Committee - Executive compensation - Performance metrics alignment - Shareholder engagement on pay

Science Committee - R&D strategy oversight - Pipeline review - External scientific advisory

Executive Compensation

Emma Walmsley Compensation Structure (2024): - Base Salary: £1,325,000 - Annual Bonus: Up to 200% of salary based on performance - Long-term Incentives: Performance shares with 3-year vesting - Total Target Compensation: Approximately £8-10 million

Performance Metrics: - Total shareholder return relative to peers - Revenue and earnings growth - Pipeline progression (new product approvals) - Sustainability and ESG measures

Leadership Philosophy

Emma Walmsley’s Management Principles

1. Clarity and Focus “We can’t be good at everything. We need to focus where we can win.” - Narrowed therapeutic focus to four areas - Divested non-core assets exceeding £15 billion - Concentrated investment in highest-potential opportunities

2. Accountability - Clear individual and team performance metrics - Regular business reviews with transparent scorecards - Consequences for underperformance

3. External Perspective “We need to bring in the best talent from wherever we can find it.” - Significant external hiring at senior levels - Partnerships with innovative biotechnology companies - Collaboration with academic institutions

4. Patient-Centered Innovation - Emphasis on medicines addressing unmet medical needs - Investment in vaccines for developing countries - Long-term commitment to malaria and HIV programs

Communication Style

Internal Communication: - Regular town halls and all-employee meetings - Transparent updates on business performance - Direct engagement with R&D and commercial teams

External Communication: - Clear articulation of strategy to investors - Regular updates on pipeline progress - Engagement with policymakers and healthcare systems

Media Presence: - Thought leadership on pharmaceutical industry issues - Advocacy for global health funding - Commentary on regulatory and pricing matters

Industry Leadership

Trade Association Roles

GSK executives hold leadership positions in: - Pharmaceutical Research and Manufacturers of America (PhRMA): Board membership - European Federation of Pharmaceutical Industries and Associations (EFPIA): Engagement - International Federation of Pharmaceutical Manufacturers Associations (IFPMA): Participation

Policy Engagement

Key Issues: - Intellectual property protection for innovative medicines - Regulatory frameworks for novel therapies - Global health funding and access programs - Environmental sustainability in pharmaceutical manufacturing

Leadership Legacy

Andrew Witty’s Contributions

• Established tiered pricing models for developing countries
• Created ViiV Healthcare as HIV-focused entity
• Expanded GSK’s vaccine capabilities through Novartis acquisition
• Set foundation for consumer healthcare growth

Emma Walmsley’s Emerging Legacy

• First female CEO milestone in pharmaceutical industry
• Successful execution of major corporate demerger
• Transformed GSK into focused biopharmaceutical company
• Building oncology capabilities from minimal base
• Positioning company for sustainable long-term growth

Future Leadership Considerations

Succession Planning: - Board-level succession planning for CEO and key roles - Internal talent development programs - External talent pipeline maintenance

Leadership Development: - Executive education programs - Rotational assignments across functions - Mentorship programs for high-potential employees

GlaxoSmithKline (GSK) - Corporate Responsibility and Global Health

Global Health Initiatives Overview

GSK maintains extensive corporate responsibility programs focused on improving health outcomes in underserved populations. These initiatives align with the company’s pharmaceutical and vaccine expertise while addressing global health disparities.

Access to Medicines in Developing Countries

Tiered Pricing Models

GSK pioneered tiered pricing to improve medicine access:

Implementation: - Least Developed Countries (LDCs): Products priced at not-for-profit levels - Sub-Saharan Africa: Significant discounts on essential medicines - Middle-income countries: Tailored pricing based on economic capacity - Cover: Applies to patented medicines in 80+ countries

Coverage: - Patented medicines for HIV/AIDS, malaria, and tuberculosis - Vaccines through Gavi, the Vaccine Alliance - Essential antibiotics and respiratory medicines

Patent Pool Participation

Medicines Patent Pool (MPP): - GSK was among first pharmaceutical companies to engage with MPP - Licensed HIV medicines to generic manufacturers for developing countries - Expanded to include hepatitis C treatments

Voluntary Licensing: - Abacavir and other HIV medicines licensed to generic manufacturers - Allows production of low-cost versions for Africa and least-developed countries

Malaria Programs

RTS,S/AS01 (Mosquirix) Access

Malaria Vaccine Implementation Programme (MVIP): - Pilot programs in Ghana, Kenya, and Malawi (2019-2021) - 800,000+ children vaccinated through pilot programs - Data informed WHO recommendation for broader use

Scaling Access (2021-Present): - WHO recommendation for routine childhood immunization in sub-Saharan Africa (October 2021) - 18 million+ doses distributed through 2023 - Target: 25-30 million doses annually by 2025

Pricing Commitment: - Vaccine priced at 5% above cost of manufacture - Not-for-profit pricing for Gavi-eligible countries - Estimated $15-20 million annual reinvestment in malaria R&D

Next-Generation Malaria Vaccine

R21/Matrix-M Collaboration: - Partnership with Oxford University and Serum Institute of India - Higher efficacy (75% in phase 3 trials) than RTS,S - Lower cost production model - Prequalification by WHO (December 2023) - Mass vaccination programs beginning 2024-2025

Combined Impact: - RTS,S and R21 together projected to reach 40-60 million children annually by 2026 - Potential to save hundreds of thousands of lives per year

HIV/AIDS Initiatives

ViiV Healthcare Access Programs

Positive Action: - Established 1992; continued under ViiV Healthcare - £30+ million invested annually in community programs - Focus on communities disproportionately affected by HIV

Key Programs: - Community grants for HIV prevention and treatment support - Stigma reduction initiatives - Healthcare worker training in resource-limited settings - Adolescent and youth-focused programming

Access to Dolutegravir

Generic Licensing: - Voluntary licenses with Medicines Patent Pool for dolutegravir - Permits generic production for 121 countries - Has facilitated access to low-cost, highly effective HIV treatment

Pediatric HIV: - Development of child-friendly formulations - Donation programs for pediatric dolutegravir - Partnership with Elizabeth Glaser Pediatric AIDS Foundation

Vaccine Access

Gavi, the Vaccine Alliance

Partnership History: - Founding corporate partner of Gavi (2000) - Consistent supply of vaccines at significantly reduced prices - Technical expertise and advocacy support

Commitment (2021-2025): - Continued vaccine supply at access prices - Approximately £800 million in vaccine access pricing commitments - Support for COVAX initiative during COVID-19 pandemic

Vaccine Donations

Annual Programs: - Meningitis A vaccine donations for African meningitis belt - Emergency yellow fever vaccine stockpiles - Rotavirus vaccine for humanitarian emergencies

COVID-19 Response: - Donation of COVID-19 vaccine doses to COVAX - Technology transfer discussions for mRNA platform - Support for vaccine manufacturing in Africa

Neglected Tropical Diseases (NTDs)

Research Commitment

Investment: - £15-20 million annually in NTD research - Focus on diseases affecting poorest populations - Partnership with Drugs for Neglected Diseases initiative (DNDi)

Priority Diseases: - Malaria (primary focus) - Tuberculosis - Kala-azar (visceral leishmaniasis) - Sleeping sickness (human African trypanosomiasis)

Product Development Partnerships

Key Collaborations: - DNDi: Multiple projects including new treatments for sleeping sickness and Chagas disease - TB Alliance: Tuberculosis drug development - Medicines for Malaria Venture: Next-generation antimalarials

Disaster Relief and Emergency Response

Product Donations

Response Capabilities: - Pre-positioned emergency stocks of essential medicines - Rapid deployment protocols for disaster-affected areas - Partnerships with Direct Relief and other NGOs

Historical Responses: - 2004 Indian Ocean tsunami - 2010 Haiti earthquake - 2014 Ebola outbreak in West Africa - 2020 COVID-19 pandemic - Multiple hurricane and flood responses

Emergency Response: - Financial donations through GSK and employee matching - Medical supplies and vaccine donations - Employee volunteer programs

Environmental Sustainability

Carbon Neutrality Commitments

Net Zero Goals: - Operations (Scope 1 & 2): Net zero by 2030 - Value Chain (Scope 3): Net zero by 2045 - Interim targets: 80% reduction by 2030 (vs. 2021 baseline)

Progress: - 2023: 52% reduction in operational carbon emissions vs. 2021 - Renewable energy transition across manufacturing - Electric vehicle fleet conversion

Sustainable Manufacturing

Water Stewardship: - 30% water use reduction target by 2030 - Water recycling systems at manufacturing sites - Zero liquid discharge facilities

Waste Reduction: - Zero waste to landfill commitment - Packaging reduction initiatives - Plastic reduction in consumer products (pre-Haleon separation)

Biodiversity and Environment

Commitments: - No deforestation in supply chains - Sustainable palm oil sourcing - Environmental impact assessments for new sites

Patient Assistance Programs

United States

GSK Patient Assistance Program: - Free medications for uninsured patients below 400% federal poverty level - Covers most GSK prescription medicines - Simplified application process

Co-pay Assistance: - Programs for commercially insured patients facing high out-of-pocket costs - Particularly for specialty medicines (oncology, HIV, lupus)

International Programs

Country-Specific Initiatives: - Patient access programs in 50+ countries - Partnerships with local patient organizations - Healthcare system strengthening support

Community Investment

Global Employee Volunteering

Orange Days: - Annual global volunteer initiative - Employees receive paid time for community service - Focus on health education and STEM programs

Skills-Based Volunteering: - Healthcare professional training programs - STEM education in underserved communities - Business skills support for health NGOs

Education and STEM

Science Education: - “Scientists in Sport” program promoting STEM careers - Partnerships with schools in communities near GSK facilities - Graduate recruitment and internship programs

University Partnerships: - Research collaborations with universities globally - Scholarships for students from underserved communities - Postdoctoral fellowship programs

Healthcare System Strengthening

Frontline Health Worker Support

Partnership with Save the Children: - £15 million commitment over multiple years - Training and equipping community health workers - Focus on maternal and child health

Healthcare Infrastructure: - Cold chain equipment for vaccine storage - Diagnostic equipment donations - Training programs for healthcare professionals

Research Capacity Building

Africa: - Clinical trial capacity building in multiple African countries - Local investigator training - Infrastructure development for research

Asia: - Similar programs in India, China, and Southeast Asia - Partnership with local research institutions

Transparency and Reporting

Access to Medicine Index

GSK consistently ranks among top pharmaceutical companies in the Access to Medicine Index: - 2021: Ranked #2 - 2022: Ranked #2 - Recognition for pricing strategies, licensing, and R&D for neglected diseases

ESG Reporting

Annual Reporting: - Comprehensive ESG (Environmental, Social, Governance) report - Alignment with Global Reporting Initiative (GRI) standards - Task Force on Climate-related Financial Disclosures (TCFD) compliance

External Assurance: - Independent assurance of select ESG metrics - External stakeholder engagement - Materiality assessments

Governance of Corporate Responsibility

Corporate Responsibility Committee: - Board-level committee overseeing ESG strategy - Quarterly review of progress and commitments - Integration with business strategy

Chief Sustainability Officer: - Dedicated executive leadership for sustainability - Reporting line to CEO - Cross-functional coordination

Criticisms and Challenges

Access Debates

Pricing Controversies: - Criticism of high prices for specialty medicines in developed markets - Patent protection debates for essential medicines - Balancing innovation incentives with global access

Vaccine Equity: - COVID-19 vaccine access disparities - Technology transfer and intellectual property debates - Manufacturing capacity limitations

Environmental Impact

Legacy Issues: - Pharmaceutical pollution from manufacturing - Legacy environmental liabilities - Ongoing efforts to address historical impacts

Response: - Enhanced environmental controls - Green chemistry initiatives - Supply chain environmental audits

Future Commitments

2030 Goals

Health Impact: - Reach 1.5 billion people with vaccines and medicines - Eliminate malaria in additional countries through vaccine programs - Expand access to HIV treatment and prevention

Environmental: - Net zero operations - 50% reduction in water usage - Sustainable packaging for all products

Social: - Gender parity in senior leadership - Diverse clinical trial representation - £250 million+ annual community investment

GlaxoSmithKline (GSK) - Legacy and Impact

Overview of Corporate Legacy

GlaxoSmithKline’s legacy spans over 150 years through its founding companies and two decades as a unified entity. As one of the world’s largest pharmaceutical companies, GSK has made significant contributions to medicine, public health, and corporate evolution in the healthcare sector.

Vaccine Development Leadership

Historic Contributions

Pioneering Vaccine Achievements: - Development and commercialization of vaccines preventing millions of deaths annually - One of world’s largest vaccine manufacturers by volume (1.5 million doses daily) - Portfolio protecting against 20+ diseases

Breakthrough: First Malaria Vaccine (RTS,S/AS01)

GSK’s development of the world’s first malaria vaccine represents one of pharmaceutical industry’s most significant achievements:

Development Timeline: - 1987: Initial concept and research begins - 1990s-2000s: Preclinical and early clinical development - 2009-2014: Phase 3 clinical trials in Africa (15,000+ children) - 2015: European Medicines Agency approval (Article 58) - 2019-2021: Pilot implementation programs (800,000+ children vaccinated) - 2021: WHO recommendation for routine use

Impact: - First vaccine against human parasitic disease - 30-40% reduction in severe malaria cases - Millions of doses distributed in sub-Saharan Africa - Foundation for next-generation malaria vaccines (R21/Matrix-M)

Scientific Legacy: - Demonstrated feasibility of malaria vaccination - Established platform for other parasitic disease vaccines - Proof-of-concept for complex vaccine development over decades

Other Vaccine Milestones

Respiratory Medicine Innovation

Therapeutic Leadership

GSK and its predecessors established leadership in respiratory medicine spanning multiple decades:

Ventolin (Salbutamol/Albuterol) - Developed by Glaxo Laboratories - First marketed in 1969 - Remains the most widely prescribed rescue inhaler globally - Estimated billions of prescriptions written - Foundational treatment for acute asthma symptoms

Advair/Seretide (Fluticasone/Salmeterol) - First combination inhaled corticosteroid/long-acting beta agonist - Peak sales exceeding $8 billion annually - Established standard of care for persistent asthma and COPD - Multiple subsequent generations of combination inhalers

Biologics Revolution - Nucala (mepolizumab): First biologic for severe eosinophilic asthma (2015) - Established pathway for targeted biologic treatments in respiratory disease - Opened new era of precision medicine in asthma and COPD

Clinical Impact: - Respiratory medicines developed by GSK used by hundreds of millions of patients - Established treatment paradigms still followed today - Continued innovation with once-daily and triple therapy combinations

HIV Treatment Advancement

Transformation of HIV Care

Through ViiV Healthcare, GSK has fundamentally shaped HIV treatment:

Integrase Inhibitor Development - Dolutegravir (Tivicay, 2013): Once-daily, highly effective, well-tolerated - Established integrase inhibitors as preferred first-line therapy globally - Reduced pill burden and improved adherence

Treatment Simplification - Two-drug regimens (Juluca, Dovato): Maintained efficacy with reduced drug exposure - Long-acting injectables (Cabenuva): Monthly/quarterly dosing transforming adherence - Apretude: First long-acting injectable for HIV prevention

Global Access Impact: - Dolutegravir-licensed generics reaching millions in Africa - Voluntary licensing through Medicines Patent Pool - WHO preferred regimen status for dolutegravir-based therapy

Estimated Impact: - Millions of people living with HIV on GSK-developed treatments - Significant contributor to transformation of HIV from fatal to manageable chronic condition

Oncology Re-emergence

Building Oncology Capabilities

Following strategic re-entry into oncology (2019), GSK is establishing new legacy:

Zejula (Niraparib) - PARP inhibitor for ovarian cancer - First-line maintenance therapy expanding patient access - Building foundation in women’s cancers

Jemperli (Dostarlimab) - PD-1 inhibitor approved for endometrial cancer - Tumor-agnostic potential for dMMR tumors - Entry into immuno-oncology

Future Trajectory: - Oncology projected to become major revenue contributor by 2031 - Antibody-drug conjugate pipeline - Potential legacy as company that successfully transformed therapeutic focus

Corporate Restructuring Model

The 2022 Demerger

GSK’s separation into focused biopharmaceutical company (GSK) and consumer healthcare (Haleon) represents significant corporate transformation:

Strategic Significance: - One of largest corporate demergers in pharmaceutical history - Created pure-play biopharma focused on innovation - Unlocked shareholder value through separate consumer entity - Model for other diversified healthcare companies

Industry Impact: - Demonstrated viability of focused pharmaceutical model - Influenced strategic thinking at peer companies - Template for managing diverse healthcare portfolios

Governance Innovation: - Successful execution of complex separation - Maintained operational continuity - Created two viable independent public companies

Gender Leadership Milestone

Emma Walmsley’s CEO Appointment

Historic Achievement: - April 1, 2017: Became first female CEO of major global pharmaceutical company - Broke gender barrier at highest level of pharma leadership - Paved way for increased female representation in industry leadership

Leadership Impact: - Demonstrated female executive capability in complex corporate transformation - Successful execution of Haleon demerger - Restored growth trajectory post-restructuring

Industry Influence: - Increased attention to gender diversity in pharmaceutical C-suites - Role model for female executives in STEM industries - Board diversity improvements across industry

Legacy Assessment: - Will be measured by long-term business success and cultural change - Already recognized as transformative leader - Potential to be among most consequential pharma CEOs of era

Pharmaceutical Access Debates

Controversies and Lessons

GSK’s history includes significant controversies that shaped industry practices:

Paxil/Seroxat (Paroxetine) Controversies - Issues: Withdrawal symptoms, pediatric use concerns, pregnancy risks - Outcome: $3 billion DOJ settlement (2012); industry-wide changes to antidepressant prescribing - Legacy: Improved pharmacovigilance and transparency in psychiatric drug development

Avandia (Rosiglitazone) Safety Debate - Issues: Cardiovascular safety concerns (2007) - Outcome: Restricted access (2010-2013); restrictions lifted with additional data (2013) - Legacy: Enhanced cardiovascular outcome trials for diabetes drugs; FDA safety communication improvements

China Bribery Scandal (2013) - Issues: Allegations of systematic bribery of doctors and officials - Outcome: $489 million fine; executive deportations; comprehensive compliance overhaul - Legacy: Industry-wide attention to compliance in emerging markets; GSK’s transformed business practices

Zantac (Ranitidine) Withdrawal - Issues: NDMA contamination concerns (2019-2020) - Outcome: Global withdrawal; extensive litigation ongoing - Legacy: Enhanced manufacturing quality controls; attention to environmental factors in drug stability

Positive Access Legacy

Tiered Pricing Pioneer: - Not-for-profit pricing in least developed countries - Influenced industry-wide access practices - Recognition in Access to Medicine Index (consistent top-tier ranking)

Patent Pool Engagement: - Early participation in Medicines Patent Pool for HIV medicines - Model for balancing innovation incentives and access

Research and Development Legacy

Scientific Contributions

Nobel Prize Connections: - Wellcome Trust funding supported multiple Nobel Prize-winning researchers - Historical contributions to understanding of: - Neurotransmitters and psychiatric medicine - Immunology and vaccine development - Molecular biology and drug targets

Drug Discovery Innovations: - Development of first beta-lactamase inhibitor (clavulanate in Augmentin) - Pioneering work on long-acting beta agonists - Advances in inhaled corticosteroid formulations - Innovations in adjuvant systems for vaccines

R&D Productivity Evolution: - Under Walmsley: Restructured to improve productivity metrics - Emphasis on genetically validated targets - Increased external innovation and partnerships

Global Health Impact

Quantifiable Contributions

Vaccine Impact: - Billions of vaccine doses distributed globally - Estimated millions of lives saved through GSK vaccines - Leadership in vaccine access for poorest countries

HIV Treatment Scale: - ViiV Healthcare medicines used by millions globally - Significant contributor to UNAIDS treatment targets - Access programs reaching resource-limited settings

Malaria Prevention: - RTS,S pilot program reached 800,000+ children - R21 vaccine scaling to millions annually - Potential to save hundreds of thousands of lives per year

Respiratory Disease: - Ventolin estimated as one of most widely used medicines in history - Improved quality of life for hundreds of millions with asthma/COPD

Philanthropic Legacy

Wellcome Trust: - Founded 1936 from Henry Wellcome’s estate - Became one of world’s largest biomedical research charities - Independent of GSK since formation but represents founding legacy - Funded research leading to multiple Nobel Prizes

GSK Corporate Contributions: - £15+ million annually in global health programs - Positive Action HIV community programs (30+ years) - Scientists in Sport and STEM education initiatives - Disaster relief contributions across decades

Industry and Economic Impact

UK Economic Contribution

Employment: - One of UK’s largest private sector employers - Significant R&D employment in Stevenage and London - Manufacturing presence across UK

Research Investment: - £5+ billion annual R&D investment - Major contributor to UK life sciences sector - Collaboration with UK universities and research institutions

Stock Market: - FTSE 100 constituent since formation - Among UK’s most valuable public companies - Significant pension fund holdings across UK

Global Pharmaceutical Industry

Competitive Influence: - Merger created template for pharmaceutical consolidation - Vaccine business model adopted by peers - Consumer healthcare separation influencing industry structure

Best Practices: - Access programs influenced industry norms - Compliance transformation post-China scandal set standards - Environmental commitments advancing industry sustainability

Ongoing Legacy Development

2024-2031 Strategic Period

GSK is actively building its next chapter of legacy:

Oncology Transformation: - Building from minimal base to projected major contributor - Potential for breakthrough medicines in women’s cancers - Immuno-oncology capabilities development

Vaccine Pipeline: - mRNA platform development - Universal flu vaccine research - Next-generation combination vaccines

Long-acting HIV: - Cabenuva and Apretude transforming treatment and prevention paradigms - HIV cure research programs - Potential for functional cure contribution

Sustainability Leadership

Environmental Legacy Building: - Net zero commitments by 2030 (operations) and 2045 (value chain) - Green chemistry and sustainable manufacturing - Model for pharmaceutical environmental responsibility

Assessment of Enduring Impact

Scientific and Medical Legacy

Positive Contributions: - Life-saving vaccines reaching billions - Transformation of HIV from fatal to manageable disease - Respiratory treatments improving quality of life for hundreds of millions - First malaria vaccine historic achievement - Pioneering access programs for developing countries

Controversies and Lessons: - Product safety issues informing improved practices - Marketing settlements leading to compliance transformation - Ethical debates shaping industry transparency

Corporate Evolution Legacy

• Successful integration model from 2000 merger
• 2022 demerger as corporate restructuring template
• Gender leadership milestone with Walmsley appointment
• Access to medicine commitments influencing industry

Future Legacy Determinants

GSK’s ultimate legacy will depend on: 1. Oncology success: Ability to become meaningful oncology player 2. Malaria elimination: Contribution to malaria eradication efforts 3. HIV cure: Participation in achieving functional cure 4. Sustainability: Achievement of net zero and environmental goals 5. Access commitment: Sustaining and expanding global health programs

Conclusion

GSK’s legacy encompasses over 150 years of pharmaceutical innovation through its founding companies and two decades as a unified entity. From Joseph Nathan’s New Zealand trading company to Emma Walmsley’s transformed biopharmaceutical enterprise, the company’s evolution reflects broader trends in medicine, commerce, and social responsibility.

The development of the world’s first malaria vaccine, leadership in HIV treatment, innovation in respiratory medicine, and pioneering access programs represent substantial positive contributions to global health. Controversies surrounding specific products and practices have led to industry-wide improvements in safety, compliance, and transparency.

As GSK enters its next phase as a focused biopharmaceutical company, its legacy continues to evolve. The company’s success in oncology, continued vaccine innovation, and commitment to global health access will shape how history ultimately judges its contributions to medicine and society.