Our mission and strategy

Our mission is to help people do more, feel better, live longer.

The business is focused around the delivery of three strategic priorities which aim to increase growth, reduce risk and improve our long-term financial performance. These priorities are: grow a diversified global business, deliver more products of value, and simplify the operating model.

Operating responsibly and ensuring our values are embedded in our culture and decision-making helps us better meet the expectations of society.

Grow a diversified business

Our aim

We have been creating a more balanced business and product portfolio, capable of delivering sustainable sales growth.

This is centred on our three business areas of Pharmaceuticals, Vaccines and Consumer Healthcare.

Highlights

£26.5bn Group turnover
39% Group turnover outside USA and Europe

Our priorities

  • Successful launch and commercialisation of new products from our pipeline
  • Continue to invest in key growth businesses including Emerging Markets, Vaccines and Consumer Healthcare
  • Look for further opportunities to increase focus and optimise value of our product portfolio
  • In March 2015 we acquired Novartis’s vaccines business (excluding influenza vaccines) and combined our Consumer Healthcare businesses to create a new company

Deliver more products of value

Our aim

We have changed our R&D organisation so that it is better able to sustain a pipeline of products that offer valuable improvements in treatment for patients and healthcare providers.

This is underpinned by a focus on improving productivity and rates of return in R&D.

Highlights

6 significant new product approvals in 2013
40 medicines in phase II/III development

Our priorities

  • Delivery of phase III data for six potential new medicines and vaccines and around ten NME phase III starts across 2014/2015
  • Continued focus on increasing R&D rate of return

Simplify the operating model

Our aim

As our business continues to change shape, we are transforming how we operate so that we can reduce complexity and become more efficient.

This frees up resources to reinvest elsewhere in the business.

Highlights

£400m incremental savings
10 working capital days improvement (adjusted)

Our priorities

  • Delivery of phase III data for six potential new medicines and vaccines and around ten NME phase III starts across 2014/2015
  • Continued focus on increasing R&D rate of return

Responsible business

Our aim

Being a responsible business is central to our strategy, and how we deliver success is just as important as what we achieve. Ensuring our values are embedded in our culture and decision-making helps us better meet the expectations of society.

Highlights

60% increase in the volume of medicines supplied to Least Developed Countries since 2010
1st pharmaceutical company to sign AllTrials campaign for research transparency

Our priorities

  • File our RTS,S malaria vaccine candidate for approval in 2014 and, if approved, offer at a not-for-profit price
  • Implement changes on how we incentivise our sales teams and work with healthcare professionals