GlaxoSmithKline plc (NYSE:GSK) Q4 2019 Earnings Conference Call - Final Transcript

Feb 05, 2020 • 09:00 am ET


GlaxoSmithKline plc (NYSE:GSK) Q4 2019 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen, and welcome to the Analyst Call on the GSK Fourth Quarter 2019 results.

I will now hand you over to Sarah Elton-Farr, Head of Investor Relations, who will introduce today's session.

Sarah Elton-Farr

Thank you. Good morning and good afternoon. Thank you for joining us for our full-year 2019 results, which were issued earlier today. You should have received our press release and can view the presentation on GSK's website. For those who not able to view the webcast, slides that accompany today's call are located on the Investors section of the GSK website.

Before we begin, please refer to Slide 2 of our presentation for our cautionary statements. Our speakers today are Chief Executive Officer, Emma Walmsley; Iain Mackay, Chief Financial Officer; and Dr. Hal Barron, Chief Scientific Officer and President of R&D, and we have a broader team for Q&A.

We request that you ask only a maximum of two questions, so that everyone has a chance to participate. Our presentation will last for approximately 45 minutes, slightly longer than usual to give Hal time to update you on our R&D progress.

And, with that, I will hand the call over to Emma.

Emma Walmsley

Thank you, SEF. When I became CEO of GSK in 2017, I laid out my three long-term priorities for the Company, innovation, performance and trust, all to be powered by a necessary change in culture. In 2019, we made significant progress across all three of these priorities as we begin to work towards setting ourselves up as two new companies. And I'll talk more about that in a moment.

Our strategy is continuing to deliver results. You'll hear from Hal on innovation. And under his leadership, we've strengthened our pipeline, focusing and increasing our investment in R&D with exciting new developments in oncology and a significant number of positive results across the portfolio. And with strengthened commercial and supply chain delivery, we're showing progress in launch execution in Pharma and Vaccines.

In performance, we've delivered growth across the Company with improvements in operational execution, as we reshape the Group's portfolio. In Pharma, we continue to invest in our specialty capabilities with talented leaders ready to support the launches we anticipate this year. In Consumer Healthcare, we completed the transaction we announced at the end of 2018, our joint venture with Pfizer to create a new leading Consumer Healthcare company.

And on trust, we're also making good progress. We continue to pioneer innovations in global health in TB, malaria and HIV, and we were delighted to see our performance on our trust commitments reflected in the Dow Jones Sustainability Index, where GSK was listed for the first time as a top-ranked company in the sector. I've said that cultural change at GSK is very important, we're also making good progress on this to develop a more performance-focused culture with a strong emphasis on ethics and values. And, we are seeing this reflected in 2019 achievements and our latest employee engagement surveys.

In terms of