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UNITED KINGDOM PHARMACEUTICALS
1 September 2016
This Week's News
• BDlive - GlaxoSmithKline makes audacious bet on its HIV ‘game changer' - 29/8/2016
GLAXOSMITHKLINE is pinning the future of its HIV business on an audacious bet.
For the complete story • StreetInsider - Shire (SHPG) Announces U.S. Availability of Xiidra Eye Drop - 29/8/2016
Shire plc announced that Xiidra (lifitegrast ophthalmic solution) is now available by prescription in the United States.
For the complete story see: • Pharmaceutical Times - NICE backs non-surgical option for fibroids - 26/8/2016
Women with uterine fibroids stand to gain routine access to a non-surgical treatment on the National Health Service for the first time.
For the complete story see: Other Stories
• FiercePharma - AstraZeneca looks at selling U.S. campus to raise cash - 26/8/2016
• Financial Times - AstraZeneca and Pfizer strike $1.6bn antibiotics deal - 24/8/2016
• Shire - Shire's First Prescription Eye Drop, Xiidra™ (lifitegrast ophthalmic solution) 5% Is Now
Published by Acquisdata Pty Ltd
Available in the U.S. – 29/8/2016 A.C.N. 147 825 536 • Eisai Europe - Anticancer Agent "Treakisym® For Injection 100 mg" Approved In Japan For
ISSN 2203-2738 (Electronic) Additional Indication Of Chronic Lymphocytic Leukemia – 26/8/2016 • AstraZeneca - AstraZeneca to sell small molecule antibiotics business to Pfizer – 24/8/2016
Acquisdata Pty Ltd 2016 • Acetylcholinesterase inhibitors and drugs acting on muscarinic receptors - potential crosstalk of
cholinergic mechanisms during pharmacological treatment - By Soukup O, Winder M, Killi UK, Wsol V, Jun D, Kuca K, Tobin G
Leading Company Overview
Disclaimer of Warranties and Liability
Amgen UK (NASDAQ: AMGN) AstraZeneca (NYSE: AZN) Due to the number of sources from which the information Brinton Healthcare UK Ltd and services on the Acquisdata Pty Ltd Service are Bristol-Myers Squibb UK (NYSE: BMY) obtained, and the inherent hazards of electronic distribution, there may be delays, omissions or inaccuracies in such information and services. Acquisdata Eli Lilly and Company UK Pty Ltd and its affiliates, agents, sales representatives, GlaxoSmithKline (LSE: GSK) distributors, and licensors cannot and do not warrant the accuracy, completeness, currentness, merchant ability or fitness for a particular purpose of the information or Roche Products UK services available through the Acquisdata Pty Ltd service. In no event will Acquisdata Pty Ltd, its affiliates, agents, Shire (LSE: SHP, NASDAQ: SHPG) sales representatives, distributors or licensors be liable to licensee or anyone else for any loss or injury caused # Acquisdata is proud to be hosting a league on Estimize. Want the opportunity to win free subscriptions? in whole or part by contingencies beyond its control Then join the Acquisdata Media and Telecommunications League at: in procuring, compiling, interpreting, editing, writing, reporting or delivering any information or services through the Acquisdata Pty Ltd Service. In no event will Acquisdata Pty Ltd or its affiliates, agents, sales representatives, distributors or licensors be liable to licensee or anyone else for any decision made or action taken by licensee in reliance upon such information or services or for any consequential, special or similar damages, even if advised of the possibility of such damages. licensee agrees that the liability of Acquisdata Pty Ltd, its affiliates, agents, sales representatives, distributors and licensors, if any, arising out of any kind of legal claim (whether in contract, tort or otherwise) in any way connected with the Acquisdata Pty Ltd service shall not exceed the amount licensee paid for the use of the Acquisdata Pty Ltd service in the twelve (12) months immediately preceding the event giving rise to such claim.
Europe - United Kingdom Pharmaceuticals

News and Commentary
BDlive - GlaxoSmithKline makes audacious bet on its HIV ‘game changer' - 29/8/2016
GLAXOSMITHKLINE is pinning the future of its HIV business on an audacious bet.
For the complete story see:
http://www.bdlive.co.za/world/europe/2016/08/29/glaxosmithkline-makes-audacious-bet-on-its-hiv-game-changer

StreetInsider - Shire (SHPG) Announces U.S. Availability of Xiidra Eye Drop - 29/8/2016
Shire plc announced that Xiidra (lifitegrast ophthalmic solution) is now available by prescription in the United States.
For the complete story see:
http://www.streetinsider.com/Corporate+News/Shire+(SHPG)+Announces+U.S.+Availability+of+Xiidra+Eye+Drop/11
981412.html

Pharmaceutical Times - NICE backs non-surgical option for fibroids - 26/8/2016
Women with uterine fibroids stand to gain routine access to a non-surgical treatment on the National Health Service
for the first time.
For the complete story see:
http://www.pharmatimes.com/news/nice_backs_non-surgical_option_for_fibroids_1111775

FiercePharma - AstraZeneca looks at selling U.S. campus to raise cash - 26/8/2016
AstraZeneca has raised billions of dollars in short-term cash by pawning off the rights to a growing list of its drugs.
For the complete story see:
http://www.fiercepharma.com/pharma/astrazeneca-looks-at-selling-u-s-campus-to-raise-cash

Financial Times - AstraZeneca and Pfizer strike $1.6bn antibiotics deal - 24/8/2016
AstraZeneca has agreed to sell part of its antibiotics business to former US suitor Pfizer in a deal worth up to $1.6bn.
For the complete story see:
https://www.ft.com/content/c7ca348a-69e9-11e6-ae5b-a7cc5dd5a28c
1 September 2016 Europe - United Kingdom Pharmaceuticals

Media Releases
Shire - Shire's First Prescription Eye Drop, Xiidra™ (lifitegrast ophthalmic solution) 5% Is Now Available in
the U.S. – 29/8/2016
Shire plc (LSE: SHP, NASDAQ: SHPG) today announced that Xiidra™ (lifitegrast ophthalmic solution) 5%, a twice-
daily prescription eye drop indicated for the treatment of both the signs and symptoms of dry eye disease, is now
available by prescription in the United States. An estimated 16 million adults in the U.S. are diagnosed with dry eye, a
disease associated with inflammation that may eventually lead to damage to the surface of the eye. An eye care
professional can diagnose dry eye disease based on signs and symptoms and determine management options,
which could include the use of a prescription treatment. The U.S. Food and Drug Administration (FDA) approved
Xiidra on July 11, 2016.
Experience the interactive Multimedia News Release here: http://www.multivu.com/players/English/7615731-shire-
xiidra-dry-eye-disease/
"Shire worked rapidly to bring Xiidra to market following the approval of this new treatment – a first-in-its-class
medication and the first prescription treatment to be approved for both the signs and symptoms of dry eye disease,"
said Perry Sternberg, Head, U.S. Commercial. "We have a full range of modern, educational access programs to
support the millions of patients across the U.S. living with dry eye disease. This delivers on our commitment to
showing up differently in ophthalmics."
"As the number of people presenting with the signs and symptoms of dry eye disease increases, the availability of a
new prescription treatment option for this condition is an exciting development," Eric D. Donnenfeld, M.D., FAAO,
National Medical Director, TLC Laser Eye Centers. "We now have a new prescription eye drop that is specifically
indicated for the signs and symptoms of dry eye disease, an often common eye condition that may be progressive."
With the availability of Xiidra, Shire has patient-focused resources to share information about prescription coverage
and savings (subject to eligibility):
https://www.shire.com/newsroom/2016/august/fp2ept

Eisai Europe - Anticancer Agent "Treakisym® For Injection 100 mg" Approved In Japan For Additional
Indication Of Chronic Lymphocytic Leukemia – 26/8/2016
Eisai Co., Ltd announced today that the anticancer agent TREAKISYM® for Injection 100 mg (generic name:
bendamustine hydrochloride, "TREAKISYM") has been approved in Japan for an additional indication of chronic
lymphocytic leukemia. TREAKISYM is the subject of a licensing agreement concluded between Eisai and SymBio
Pharmaceuticals Limited (Headquarters: Tokyo, President & CEO: Fuminori Yoshida, "SymBio").
TREAKISYM was initially approved in Japan in October 2010 for relapsed or refractory low-grade B-cell non-
Hodgkin's lymphoma and mantle cell lymphoma. Under the licensing agreement concluded between the two
companies, Eisai has been marketing the product in Japan since its launch in December 2010.
Symbio filed an application for this additional indication in December 2015 in response to a development request from
the Japanese Ministry of Health, Labour and Welfare's Study Group on Unapproved and Off Label Drugs with high
unmet medical needs. Chronic lymphocytic leukemia is a blood cancer characterized by neoplastic transformation
and excess propagation of lymphocytes, a type of white blood cell, in the bone marrow. With approximately 2,000
patients with chronic lymphocytic leukemia in Japan as well as an incidence rate of new cases of approximately 0.3 in
100,000, this is a disease with high unmet medical need. Furthermore, TREAKISYM has been designated as an
orphan drug for chronic lymphocytic leukemia in Japan.
Eisai positions oncology as a key therapeutic area and is aiming to discovery revolutionary new medicines with the
potential to cure cancer. Eisai remains committed to maximizing the value of TREAKISYM as well as its in-house
developed anticancer agents including Halaven® and Lenvima®, seeking to contribute further to addressing the
diverse needs of patients with cancer and their families.

http://www.eisai.com/news/news201661.html
1 September 2016 Europe - United Kingdom Pharmaceuticals

AstraZeneca - AstraZeneca to sell small molecule antibiotics business to Pfizer – 24/8/2016
AstraZeneca today announced that it has entered into an agreement with Pfizer Inc. (Pfizer) to sell the
commercialisation and development rights to its late-stage small molecule antibiotics business in most markets
globally outside the US*. The agreement reinforces AstraZeneca's focus on developing transformational medicines in
its three main therapy areas, while realising value from the strong portfolio of established and late-stage small
molecule antibiotics through Pfizer's dedicated commercialisation and development capabilities in anti-infectives. The
portfolio comprises the approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI and CXL, which are in
clinical development.
Under the terms of the agreement, Pfizer will make an upfront payment to AstraZeneca of $550 million upon
completion and a further unconditional payment of $175 million in January 2019 for the commercialisation and
development rights to the late-stage antibiotics business in all markets where AstraZeneca holds the rights. In
addition, Pfizer will pay up to $250 million in commercial, manufacturing and regulatory milestones, up to $600 million
in sales-related payments as well as recurring, double-digit royalties on future sales of Zavicefta and ATM-AVI in
certain markets.
Luke Miels, Executive Vice President for Europe and Head of the Antibiotics Business Unit at AstraZeneca, said:
"This agreement reinforces our strategic focus to invest in our three main therapy areas where we can make the
greatest difference to patients' lives. We're pleased that our strong science in antibiotics will continue to serve a
critical public health need through Pfizer's dedicated focus on infectious diseases, ensuring these important
medicines reach greater numbers of patients around the world."
John Young, Group President, Pfizer Essential Health, said: "As we continue to reshape our Essential Health
portfolio, we are focusing on areas that further address global public health needs and that complement our core
capabilities and experience in therapeutic areas, including anti-infectives. We are committed to looking for ways to
enhance our portfolio around the world where we offer patients and healthcare professionals access to more than 60
anti-infective and anti-fungal medicines. The addition of AstraZeneca's complementary small molecule anti-infectives
portfolio will help expand patient access to these important medicines and enhance our global expertise and offerings
in this increasingly important area of therapeutics, in addition to providing the opportunity for near-term revenue
growth."
MedImmune's portfolio of biologics, on-market products such as FluMist/Fluenz and Synagis, and AstraZeneca's
stake in Entasis Therapeutics, spun-off from AstraZeneca in 2015 and now operating as a stand-alone company
focused on the development of innovative small-molecule anti-infectives, are not included as part of the agreement.
Financial considerations
The agreement with Pfizer is expected to close in the fourth quarter of 2016, subject to customary closing conditions.
As AstraZeneca will de-recognise an intangible product asset and does not maintain a significant future interest in the
late-stage small molecule antibiotics business all payments will be reported as Other Operating Income in the
Company's financial statements. This includes the upfront payment of $550 million and unconditional payment of
$175 million in 2019 (both to be recognised net of the aforementioned product intangible in 2016), the milestones of
up to $250 million, the sales-related payments of up to $600 million and the recurring double-digit royalties on sales
of Zavicefta and ATM-AVI.
AstraZeneca's established antibiotic medicines Merrem and Zinforo are available in more than 100 countries and
generated Product Sales in 2015 of $250 million. The agreement does not impact AstraZeneca's financial guidance
for 2016.

https://www.astrazeneca.com/media-centre/press-releases/2016/AstraZeneca-to-sell-small-molecule-antibiotics-
business-to-Pfizer-24082016.html
# Reportal: a vast archive of corporate documents from listed companies around the world www.reportaldata.com # 1 September 2016 Europe - United Kingdom Pharmaceuticals

Latest Research

Acetylcholinesterase inhibitors and drugs acting on muscarinic receptors - potential crosstalk of cholinergic
mechanisms during pharmacological treatment
Soukup O, Winder M, Killi UK, Wsol V, Jun D, Kuca K, Tobin G
Abstract

Pharmaceuticals with targets in the cholinergic transmission have been used for decades and are still fundamental
treatments in many diseases and conditions today. Both the transmission and the effects of the somatomotoric and
the parasympathetic nervous systems may be targeted by such treatments. Irrespective of the knowledge that the
effects of neuronal signalling in the nervous systems may include a number of different receptor subtypes of both the
nicotinic and the muscarinic receptors, this complexity is generally overlooked when assessing the mechanisms of
action of pharmaceuticals. Presently, the life cycle of acetylcholine, muscarinic receptors and their effects are
reviewed in the major organ systems of the body. Neuronal and non-neuronal sources of acetylcholine are
elucidated. Examples of pharmaceuticals, in particular cholinesterase inhibitors, affecting these systems are
discussed. The review focuses on salivary glands, the respiratory tract and the lower urinary tract, since the
complexity of the interplay of different muscarinic receptor subtypes is of significance for physiological,
pharmacological and toxicological effects in these organs.
http://europepmc.org/abstract/med/27281175



1 September 2016 Europe - United Kingdom Pharmaceuticals

The Industry
The pharmaceutical industry in the UK
Until now, the UK has had particular strengths in preclinical research, pharmacology and early clinical pharmacology
studies, but this position may be gradually eroding.
The decline in skills among young people training for careers in science has a serious effect on the development of a
knowledge-based industry. Apart from developing a more science-focused education system, there is a need for
improved tax incentives and better regulation, so that pharmaceutical companies can enjoy a business environment
where research can flourish.

European Medicines Agency:
Britain hosts the headquarters of the European Medicines Agency (EMA), the European Union's body for the
licensing of new medicines, and has played a leading role in developing European regulatory activities. Medicines
research has, however, become a truly global enterprise and this favourable situation will not be maintained without
significant changes to strengthen Britain's appeal.

UK Clinical Research Collaboration:
The UK Clinical Research Collaboration (www.ukcrc.org) was established in 2004. It is a partnership between
industry, Government, professional bodies, the health service and research funding medical charities that support
clinical research in the UK. This initiative can be seen as a recognition of the need to strengthen the funding, co-
ordination and execution of both academic and clinical research in this country, to ensure that Britain remains an
attractive venue for medicines research. For more information visit Clinical research and late phase clinical trials.

Clinical trials:
Clinical trials have always been a vital part of the medicine development process, as they provide data on the best
ways of treating diseases. Britain has made a significant contribution to this, and continues to do so. With a high
concentration of research-based pharmaceutical and biotechnology companies, leading centres of academic
medicine, and a long history of pioneering research, Britain is the leading venue in Europe for running the complex
and often multinational studies needed to develop new medicines.

Contribution to the British economy:
As well as providing new medicines for many diseases, the pharmaceutical industry makes a substantial contribution
to the British economy, providing income, employment and major investment. The pharmaceutical sector has, over
the past decade, consistently generated a large trade surplus for the UK – at £3 billion per annum, according to latest
figures. This is greater than any other industrial sector in the UK1.
The UK's pharmaceutical sector invests approximately £13.3 million every day in R&D2. There was more R&D
investment performed in the pharmaceutical sector than any other sector in 2011, representing 28% of all expenditure
on R&D in UK businesses2.
The pharmaceutical industry employs around 68,000 people directly in the UK – 23,000 of those are in highly-skilled
research and development roles3. In addition, the industry generates thousands of jobs in related industries. The
pharmaceutical industry carries out more research by far than any other industry sector in the UK, bringing major
health benefits to patients in Britain and all over the world.
For further information of what the pharmaceutical industry is doing to further improve the development of medicines
visit the Future of medicines research section.
References
1.
HM Revenue and Customs, UK Trade Info ONS, Business Enterprise Research and Development 2010, November 2012 OHE calculations based on ONS, Business Enterprise Research and Development (2008, 2009, 2010, 2011), accessed March 2013 1 September 2016 Europe - United Kingdom Pharmaceuticals

Leading Companies
Amgen UK (NYSE: AMGN)

About Amgen
Amgen discovers, develops, manufactures, and delivers innovative human therapeutics. A leader in biotechnology
since 1980, Amgen was one of the first companies to realise the new science's promise by bringing safe, effective
medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine,
helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, bone
disease, and other serious illnesses.
Amgen pioneered the development of novel products based on advances in recombinant DNA and molecular biology,
and launched the biotechnology industry's first blockbuster medicines. Today, as a Fortune 500 company serving
millions of patients, Amgen continues to be an entrepreneurial, science-driven enterprise dedicated to helping people
fight serious illness.
http://www.amgen.co.uk/about/overview.html
Our Mission and Values

Amgen strives to serve patients by transforming the promise of science and biotechnology into therapies that have
the power to restore health or even save lives. In everything we do, we aim to fulfill that mission. And, every step of
the way, we are guided by the values that define us.

Our Mission: To Serve Patients
Our Values:
Be Science Based
Compete Intensely and Win
Create Value for Patients, Staff and Stockholders
Be Ethical
Trust and Respect Each Other
Ensure Quality
Work in Teams
Collaborate, Communicate and Be Accountable
Be Science-Based
Our success depends on outstanding scientific innovation, integrity and continuous improvement in all aspects of our
business through the application of the scientific method. We see the scientific method as a multi-step process that
includes designing the right experiment, collecting and analysing data, and rational decision making. It is not
subjective or emotional, but rather a logical, open and rational process. Applying the scientific method in all parts of
the organisation is expected and highly valued.
Compete Intensely and Win
We compete against time, past performance and industry rivals to rapidly achieve high quality results. Winning
requires taking risks. We cannot be lulled into complacency by previous achievements. Though we compete
intensely, we maintain high ethical standards and demand integrity in our dealings with competitors, customers,
partners and each other.
Create Value for Patients, Staff and Stockholders
We provide value by focusing on the needs of patients. Amgen creates a work environment that provides
opportunities for staff members to reach their full potential. We strive to provide stockholders with superior long-term
returns while balancing the needs of patients, staff and stockholders.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Be Ethical
We are relentless in applying the highest ethical standards to our products, services and communications.
Trust and Respect Each Other
Every job at Amgen is important and every Amgen staff member is important. We attract diverse, capable and
committed people, and provide an environment that fosters inclusion, respect, individual responsibility and values
diversity. Trust is strengthened through personal initiative and by obtaining quality results rapidly.
Ensure Quality
Quality is a cornerstone of all of our activities. We seek the highest quality information, decisions and people. We
produce high quality products and services. Quality is woven into the fabric of everything we do.
Work in Teams
Our teams work quickly to move scientific breakthroughs from the lab through the clinic to the marketplace, and to
support other aspects of our business. Diverse teams work together to generate the best decisions for patients, staff
and stockholders. Our team structure provides opportunities for Amgen staff to impact the direction of the
organisation, to gain broader perspective about other functions within Amgen and to reach their full potential.
Collaborate, Communicate and Be Accountable
Leaders at Amgen seek input and involve key stakeholders in important decisions. In gathering input, strong leaders
will welcome diverse opinions, conflicting views and open dialogue for serious consideration. They will clearly
communicate decisions and rationale openly and in a timely manner. Once a decision is made, the leader and
members of the team will all be accountable for the results and for implementing the decision rapidly.
http://www.amgen.co.uk/about/mission_values.html#top
Company History
Originally founded in 1980 as AMGen (Applied Molecular Genetics), Amgen pioneered the development of innovative
products based on advances in recombinant DNA and molecular biology. More than a decade ago, Amgen
introduced two of the first biologically derived human therapeutics (Epoetin alfa and Filgrastim). These products have
improved the lives of hundreds of thousands of patients suffering from conditions related to chronic kidney disease
and cancer.
Today, Amgen is a Fortune 500 company whose business has expanded to serve patients around the world in
supportive cancer care and the treatment of anaemia, rheumatoid arthritis, and other autoimmune diseases such as
psoriatic arthritis and ankylosing spondylitis. We continue to sustain a culture rooted in biotechnology
entrepreneurialism and innovation. As a science-based and patient-focused organization, Amgen will follow the
science wherever it may lead, to best treat serious illness.
http://www.amgen.co.uk/about/company_history.html
Overview
For more than 27 years, Amgen scientists have applied innovative research to advance important new therapies for
grievous illnesses. Amgen's heritage lies in leading-edge molecular biology. This basic science platform permitted the
development of protein therapeutics that have transformed the management of anaemia, inflammation, and cancer.
More recently, Amgen has assembled a multidisciplinary group of chemists and biologists who, together, approach
the challenge of drug discovery using multiple potential therapeutic modalities. The research program that was
started 27 years ago has grown spectacularly, yielding a heightened understanding of human disease, and innovative
new approaches to improving human health.
Our R&D engine is powered by dedicated, creative scientists who are attracted to Amgen by our commitment to
world-class research and most importantly, by the many opportunities we offer to make a dramatic difference in the
lives of patients.
http://www.amgen.co.uk/science/overview.html
1 September 2016 Europe - United Kingdom Pharmaceuticals

Amgen Welcomes NICE Support For Epoetin And Darbepoetin In Chemotherapy-Induced Anaemia
Reduction in blood transfusions, improved haematological responses, haemoglobin levels and improved health-
related quality of life are the basis of the recommendation
Cambridge, UK, 3 March, 2015: In recently published guidance, NICE has recommended erythropoiesis-stimulating
agents (ESAs - including darbepoetin alfa, marketed by Amgen as Aranesp®, as well as epoetins alfa, beta, theta
and zeta) as options for treating anaemia in people with cancer who are having chemotherapy, within the marketing
authorisations for these treatments1.
Under the NHS Constitution, NHS trusts provide funding for treatments recommended by NICE within three months
from the publication of the recommendation2. Amgen today welcomed the new guidance, at the end of the three-
month NHS adoption period.
The NICE recommendation is partly based on the prospect of reducing the requirement for blood transfusions in
people experiencing anaemia during chemotherapy. This comes at a time of increased focus on scarcity of blood,
with the UK blood service (NHS Blood and Transplant) recently issuing a call for increased donations to ensure
adequate blood stocks are maintained3. Treatment with an ESA is an alternative to blood transfusions for treating
anaemia in some cancer patients. The ESA stimulates the body to make more red blood cells and increase the
concentration of haemoglobin.
Anaemia can be hugely debilitating for cancer patients receiving chemotherapy, with symptoms such as severe
tiredness and lethargy. Beside a review of the available scientific data, the NICE Committee heard additional
evidence from patients about the value of ESAs in improving quality of life1.
"As clinicians we tackle anaemia - and the significant, debilitating fatigue that it can impose - while protecting the
patient from excessive, sometimes avoidable injections and time in hospital," said Professor Adrian Newland,
Professor of Haematology, Barts and The London School of Medicine. "Simple, flexible dosing of ESAs is clearly
advantageous, and opportunities to improve patients' treatment while saving precious blood supplies are clearly
attractive. I welcome the NICE recommendations."
"NICE has provided a clear recommendation on the use of ESAs among people receiving chemotherapy, and we
believe this is very supportive to health professionals seeking the best treatment experience and outcomes for their
cancer patients," said John Kearney, General Manager, Amgen UK and Ireland. "Darbepoetin can play a key role in
the implementation of these recommendations across the NHS."
In 1983, Amgen discovered genetic science that led to the use of erythropoiesis-stimulating agents as medicines4.
Darbepoetin alfa gained its first regulatory authorization in 20015. Its half-life means it can be injected weekly or once
every three weeks. Refer to the Summary of Product Characteristics for full information5.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering,
developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like
advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its biologics manufacturing expertise to strive for
solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980,
Amgen has grown to be the world's largest independent biotechnology company, has reached millions of patients
around the world and is developing a pipeline of medicines with breakaway potential.
For more information, visit http://wwwext.amgen.com/and follow us on www.twitter.com/amgen.
CONTACT: James Read, Amgen, UK & Ireland
Phone: +44 (0) 7585 404909
1 September 2016 Europe - United Kingdom Pharmaceuticals

Email: mailto:[email protected]
References
1. Final Appraisal Determination. Erythropoiesis-stimulating agents (epoetin and darbepoetin) for treating anaemia in
people with cancer having chemotherapy (including review of TA142). November 2014. Online here.
2. The NHS Constitution. Department of Health, March 2013. Online here.
3. NHS Blood and Transplant. This Christmas give blood: the gift only you can give - call for donors to ensure life-
saving supplies over busy festive period. Press Release 13 November, 2014. Online here.
4. David Ewing Duncan. The Amgen Story. Tehabi Books, 2005.
5. Aranesp UK Summary of Product Characteristics. Online here.
Date of preparation: March 2015
UKIE-NP-291OOB-0215-102495
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AstraZeneca (NYSE: AZN)
About Us
AstraZeneca is one of only a handful of pure-play biopharmaceutical companies to span the entire value chain of a
medicine from discovery, early- and late-stage development to manufacturing and distribution, and the global
commercialisation of primary care, specialty care-led and specialty care medicines that transform lives.
Our primary focus is on three important areas of healthcare: Cardiovascular and Metabolic disease (CVMD); Oncology;
and Respiratory, Inflammation and Autoimmunity (RIA). We are also active in the Infection, Neuroscience and
1 September 2016 Europe - United Kingdom Pharmaceuticals

Gastrointestinal (ING) disease areas.
We operate in more than 100 countries and our innovative medicines are used by millions of patients worldwide. We
want to be valued as a source of great medicines and trusted as a company that delivers business success responsibly.
We are committed to operating with integrity and high ethical standards across all our activities.
We push the boundaries of science to deliver life-changing medicines.
http://www.astrazeneca.com/About-Us
History
AstraZeneca was formed on 6 April 1999 through the merger of Astra AB of Sweden and Zeneca Group PLC of the UK –
two companies with similar science-based cultures and a shared vision of the pharmaceutical industry.
The merger aimed to improve the combined companies' ability to deliver long term growth and enduring shareholder
value through:
Global power & reach in sales and marketing
•
Ability to deliver the potential of existing and future products through the power and reach of a combined global sales and marketing resource Widespread class coverage in key therapy areas, such as cardiovascular and respiratory disease, due to complementary nature of products Major primary care presence, particularly in gastrointestinal, cardiovascular and respiratory medicine Leading position in a number of specialist/hospital markets, including oncology and anaesthesia Stronger R&D platform for innovation-led growth • Substantial research and development (R&D) expenditure Strong combined development pipeline Potential for further strengthening of the pipeline by enhanced discovery and development capability through greater scale and focus on selected areas and technologies Greater financial strategic flexibility • Financial strength and scale to give AstraZeneca's management greater strategic flexibility to drive long-term earnings growth Substantial operational efficiencies resulting in cost savings
http://www.astrazeneca.com/About-Us/History

Business Strategy

In response to the external environment, and as we announced at our Investor Day in March 2013, updated in May
this year, we have made a clear set of strategic choices.
We will:
focus our R&D and commercial investments
prioritise and accelerate promising assets and business development
transform our innovation model and the way we work
We will do this through our strategic priorities which are:
To achieve scientific leadership
To return to growth
To be a great place to work
1 September 2016 Europe - United Kingdom Pharmaceuticals

Strategic partnering and business development is a key accelerator of our strategy. We have been active in building
early stage biotech and academic alliances in recent years and we want to do more of these, alongside in-licensing
and acquisitions to strengthen our pipeline and broaden the range of treatment options for physicians and patients.
The challenges we face as a business and as an industry are significant. Our business strategy positions us well to
manage the challenges and leverage the opportunities to make a meaningful and sustained contribution to
healthcare.
http://www.astrazeneca.com/About-Us/business-strategy
Key Facts

AstraZeneca is a global, science led biopharmaceutical business. We are one of only a handful of companies to span
the entire life-cycle of a medicine from research and development to manufacturing and supply, and the global
commercialisation of primary care and speciality care medicines. We operate in more than 100 countries and our
innovative medicines are used by millions of patients worldwide.
Our primary focus is on three important areas of healthcare: Cardiovascular and Metabolic disease (CVMD);
Oncology; and Respiratory, Inflammation and Autoimmunity (RIA). We are also active in the Infection, Neuroscience
and Gastrointestinal (ING) disease areas.
We employ around 57,500 people worldwide: 32.7% in Europe, 23.5% in North America, 6.1% in Central and South
America, 4.2% in the Middle East and Africa and 33.5% in Asia Pacific.
We manufacture in 16 countries and are committed to ensuring a reliable supply of medicines where and when they
are needed.
We work in over 100 countries and our medicines are used by millions of patients worldwide.
Our revenue (CER) in 2014 totalled $26.095 billion
http://www.astrazeneca.com/About-Us/Key-facts
Q1 2016 Results
29 April 2016
Q1 2016: Good start to the year; advancing the strategy
•
Continued delivery Ø Total Revenue +5%; Growth Platforms +6% Ø Core SG&A cost decline, slower Core R&D cost growth despite M&A Ø Four regulatory approvals, four regulatory designations Advancing the strategy Ø Sharpening focus on main therapy areas: Ø Oncology, Respiratory, Cardiovascular & Metabolic Disease Driving productivity improvements: $1.1bn annual savings from end 2017
Q1 2016: Total Revenue up 5%; SG&A down 6%
Q1 2016: Pipeline headlines
Four approvals; four designations
1 September 2016 Europe - United Kingdom Pharmaceuticals

Regulatory approvals
•
Bevespi Aerosphere (PT003) - COPD (US) Zurampic - gout (EU) Brilique - post-MI (EU) Tagrisso - lung cancer (JP)
Regulatory designations
•
Breakthrough Therapy: durvalumab - bladder cancer (US) Orphan Drug: acalabrutinib - blood cancers (EU) MEDI-551 - neuromyelitis optica (US) Fast Track: MEDI8852 - hospitalised influenza A (US)
Growth Platforms: Resilient performance despite challenging conditions
Respiratory: Strength in Emerging Markets
Brilinta/Brilique: Continued momentum in all markets
Diabetes: Global franchise growth continues
Emerging Markets: Growth in line with long-term ambitions
Japan: Performance reflects April price cuts
New Oncology Launches progressing well
Finance
Q1 2016: Financial headlines
Total Revenue $6.1bn, +5%
• Adverse currency impact 4%
• Growth Platforms 56% of total1, +6%
• Externalisation Revenue $550m, +78%

Core SG&A costs reduced
• 6% decline to $2.1bn
• 35% of Total Revenue, a 420 basis-point reduction from Q1 2015

Increased financing costs
• Acquisition of ZS Pharma
• Investment in Acerta Pharma

Other Operating Income reduction, -81%
Core EPS $0.95, -7%
• Adverse currency impact 5%

Profit & Loss
Top-line strength combined with Core SG&A cost discipline


1 September 2016 Europe - United Kingdom Pharmaceuticals

Continued progress and focus on cost discipline
Core SG&A cost reduction delivered
Decline in Core R&D costs from Q4 2015
Advancing strategy: Sharpening focus, enhancing operational effectiveness, adjusting the cost structure
ACTIONS
1. Sharpening focus on main therapy areas;
prioritise investment; increase for Oncology
2. Reduce Core SG&A costs
•
Global, regional and country levels Greater use of shared services
3. Reshape manufacturing
•
Streamline costs; implement biologics capacity build
4. Continue overall productivity and simplification efforts across business & R&D

FINANCIAL IMPLICATIONS
•
Once implemented end 2017 annual benefit of $1.1bn versus FY 2015, primarily in Core SG&A Mitigating the growth of Core R&D costs from an accelerating pipeline Restructuring charges of $1.5bn, virtually all cash Key regulatory designations received in the period
Recognition of pipeline quality and progress continued

Breakthrough Therapy: durvalumab – bladder cancer (US)

• Orphan Drug:
Acalabrutinib (chronic lymphocytic leukaemia (CLL) / small lymphocytic lymphoma (SLL); mantle cell lymphoma
(MCL); lymphoplasmacytic lymphoma (Waldenström's macroglobulinaemia, WM) (EU)

Ø
MEDI-551 - neuromyelitis optica (US) Fast Track: MEDI8852 - hospitalised influenza A (US)
Q1 late-stage pipeline headlines
Respiratory, Inflammation & Autoimmunity (RIA)
•
Symbicort - COPD: Approval pressurised metered-dose inhaler (pMDI) (EU) Bevespi - COPD: Approval (US) Zurampic - gout: Approval (EU)
Cardiovascular & Metabolic Disease (CVMD)
• Brilique
Ø
post-MI: Approval (EU) stroke: SOCRATES missed primary endpoint Oncology
•
Tagrisso - lung cancer:
Approval (JP)
1 September 2016 Europe - United Kingdom Pharmaceuticals

CAURAL trial will not re-start FLAURA 1st-line trial fully recruited encouraging 1st-line data at ELCC tremelimumab - mesothelioma:
DETERMINE trial did not meet primary endpoint
durva + treme trial started: Phase II unresectable liver cancer

Infection, Neuroscience & Gastrointestinal (ING)
•
AZD3293 - Alzheimer's disease: Phase II safety interim met; ungating Phase III programme
Tagrisso Phase I efficacy updates
Encouraging first-line activity continues
Celgene IO collaboration: One year on
Durvalumab's rapid progress in blood cancer

Q1 2016: Good start to the year; advancing the strategy
Continued delivery
Total Revenue +5%; Growth Platforms +6%
Core SG&A cost decline, slower Core R&D cost growth despite M&A
Four regulatory approvals, four regulatory designations
Advancing the strategy
Sharpening focus on main therapy areas:
Oncology, Respiratory, Cardiovascular & Metabolic Disease
Driving productivity improvements: $1.1bn annual savings from end 2017
https://www.astrazeneca.com/content/dam/az/press-releases/2016/Q1_2016_results_presentation.pdf

Brinton Healthcare UK ltd
About Us
Brinton is one of the fastest growing Pharmaceutical company spreading its network worldwide. We support people's
aspiration to "Live better and live longer". We have been diligently working towards improving our product & offerings
through constant research and development and innovations. Excellent customer service and global operational
excellence have made us achieve a reputed position in the market.
With global presence we have focused the demands for pharmaceutical medicines in 3 continents & spreading our network across the world. Brinton has its own registered company in United Kingdom, Ghana & India to strategically cater demand of these continents. Brinton has focused and spreading its operation through own subsidies as well as collaborating with counterparts in many countries like United Kingdom, South Africa, Netherland, Portugal, Gulf Countries, Switzerland, New Zealand, Korea, West Indies,Cambodia,Vietnam,Ethiopia,Singapore, Australia , Kazakhstan, Sri Lanka, and Nigeria etc. Brinton adheres to the best practices when it comes to Manufacturing. Brinton has tied up With Manufacturing plants which are certified with all major accreditations such as US FDA, UK MHRA,WHO GMP, ANBISA- Brazil, UKRAINE, 1 September 2016 Europe - United Kingdom Pharmaceuticals

PHARMCY AND POISON BOARD OF KENYA, NAFDAC NIGERIA, MINISTRY OF HEALTH YEMEN, MINISTRY OF
HEALTH CONGO, IDA NETHERLANDS, SPANISH AGENCY OF MEDICINES and HEALTH CARE PRODUCTS.
Etc.
A comprehensive product basket with a mix of routine prescription products as well as innovative high end
formulations in a given therapeutic area makes us provide the complete and superior solutions to our end customers.
With a range of innovative product basket and future product pipeline Brinton aims to become a prominent player
worldwide with substantial market share by year 2020.
THE VALUES AND VALUE OF PATIENT-CENTERED CARE.
Brinton means Quality: Quality of medicine comes By manufacturing and selling exceptional quality pharmaceutical
products that ensure a safe and healthy living, we have achieved a substantial competitive advantage and a huge
customer base in the market.
Brinton has set its name in the market as one of the leading manufacturers & marketer of various kinds of
pharmaceutical medicines. By manufacturing and selling exceptional quality pharmaceutical products that ensure a
safe and healthy living, we have achieved a substantial competitive advantage and a huge customer base in the
market
With our global presence, we have tie ups with state of the art manufacturing facilities, which are of international
standards and quality.
WE CONNECT THE BORDERS
We serve customer's demands worldwide constantly by working as a team round the clock. We see possibilities in
impossible things and bring them to life.
Brinton Pharmaceuticals Ltd, which is a public limited organization, not only runs for mere profit but also makes the
life of people happy, healthy and safe. Since its foundation in 1974, the group has grown exponentially and has
emerged as one of the fastest growing 210 million USD pharma company with a successful track record
internationally year after year. The company has been continually transcending its horizons and has catapulted its
presence almost in all the major countries of the world. The countries we export our products include, Australia, U S
A, United Kingdom, South African countries, Netherland, Portugal, Saudi Arabia, Switzerland, New Zealand, Korea,
West Indies, Malawi, Singapore, Ireland, Afghanistan, Kazakhstan, Sri Lanka, Nigeria, and Ghana.

http://www.brintonhealth.com/
PRODUCTS

We believe in identifying products based on market needs and are selective, focused and dedicated towards the
product line we offer to ensure high level of commitment and efforts.
With this comprehensive approach, we are reaching out to superspeciality of Dermatology. We cater to this
therapeutic segment with wide range of products to satisfy the needs of our esteemed customers
We have future plans to reach cater to medical specialists such as, Consulting Physicians, Gynaecologists,
Orthopaedic surgeons, Paediatricians, Oncologist and General Physicians.
Brinton Pharmaceuticals Ltd has goals to expand into bio-technology and alternative medicines which are latest,
unique and offer superior efficacy along higher safety.
We are actively expanding our tie-ups with global organizations as well as organisations within India, which enable us
in exploring various opportunities with newer technologies, products & therapies.
1 September 2016 Europe - United Kingdom Pharmaceuticals

At Brinton, we have designed and manufactured a variety of medicines and medical products that target specific dermatological conditions. Our Skinnova product line consists of products that are designed to focus on 6 different condition segments. Within each segment, we provide different types of products to suit particular ailment. Overall, we provide 30 different types of medicines that have been meticulously designed, tested and proven to provide definitive solutions for various dermatological conditions and ailments. http://www.brintonhealth.com/products.php MANUFACTURING Being one of the oldest players in the pharmaceutical sector, we have collaborations with many top ranking pharmaceutical companies. We manufacture the products of various brand names at their facilities for our clientele in various countries worldwide. Excellence in manufacturing facilities is central to Brinton Pharmaceuticals. The facilities we work meet most of the stringent quality standards across the globe to produce various dosage forms. Quality @ Brinton: At Brinton we ensure the best of quality checks. Our manufactured products are of superior quality required for their intended use. The quality control of our products is a concept that covers all measures taken, including the setting of specifications, sampling, testing and analytical clearance, to ensure that the raw materials, intermediates, packaging materials and finished pharmaceutical products conform with established specifications for identity, strength, purity and other characteristics. Capabilities to produce dosage forms in sterile and general, covering all therapeutic segments along with lyophilization facility. Qualified and experienced technical team in the areas of manufacturing, quality control, quality assurance, research and development for all range of products. Experienced professionals and highly qualified management and staff with Supply Chain Management in place. Innovation @ Brinton: Bringing a medicinal product to market is a lengthy and expensive process associated with high risks and narrow time windows for return on investment. We believe in working with full service CRO's in collaborative approach in drug development through long term strategic partnerships. This makes us bring the new innovative solutions to market faster and at lesser cost. In the pharmaceutical industry, the innovations in business model and technologies lead to the emergence of drugs designed for smaller and precisely diagnosed diseases. Diseases are being fragmented. The challenge for regulators is to adapt to the state of the art, ensure availability of innovative treatments, at a reasonable price while ensuring patient safety. Brinton Pharmaceuticals Ltd. also set up its first ever overseas formulation manufacturing facility at California, USA. This facility will take care of manufacturing of innovative cosmetic formulations. http://www.brintonhealth.com/manufacturing.php 1 September 2016 Europe - United Kingdom Pharmaceuticals

RESEARCH & DEVELOPMENT
Our strategy is to identify the most challenging medical needs, and match them with the best solution for good health
and wealth. We accomplish this by way of medicines for patients worldwide with a focus on quality and global
regulatory requirements.
The Brinton Research Foundation (BRF) is one of the most innovative, productive, and technologically advanced
scientific research foundations in the world. We possess state-of-the-art equipment and a knowledgeable and
experienced team of scientists and pharmacists. We work relentlessly for the best scientific collaborations and
partnerships to bring together the latest capabilities for contemporary medical solutions. Our goal is to be a leading
global healthcare provider by offering products that are safe and cost-effective. Thus, we aim to provide premium
medical benefits that are affordable and of the highest quality.
BRF is dedicated to creating new solutions that can help various types of conditions and ailments. We utilize only the
highest grade materials to create our products. We also try different research methods and experiments to design
and manufacture new products. Our medicines and medical products undergo intense testing processes. This is to
ensure that they can meet medical governing bodies of various countries around the world. Our team designs the
medicines in a manner that will meet the needs of children and adults.
We have strategically created head offices in specific cities in various countries. These offices help us deliver our
medical products to various parts of the world in excellent shape and quality. Quality, safe usage, and affordability are
the three aspects that describe BRF's medical products.
http://www.brintonhealth.com/research.php

Bristol Myers Squibb UK

About Us
At Bristol-Myers Squibb we are focused on finding and developing innovative medicines and delivering them to
patients as quickly and efficiently as possible. In the UK, and around the world, our medicines help millions of people
in their fight against serious diseases, in fields such as oncology, virology, cardiovascular disease and
immunoscience.
To achieve this we are combining the best elements of a leading-edge biotech company with the resources of a major
pharmaceutical organisation, to become a leading Diversified Speciality BioPharma company that focuses on what
matters most; our patients, our customers and our people.
At the heart of our strategy are the medicines that give meaningful hope to patients and physicians. Bristol-Myers
Squibb's R&D programme has a strong track record of innovation and productivity and has generated 14 new product
approvals in 10 years to treat disease areas such as cancer, serious mental illness, HIV/AIDs, hepatitis B, rheumatoid
arthritis and cardiovascular disease.
As well as these existing products, Bristol-Myers Squibb is recognised as having one of the most productive pipelines
in the industry. We are currently developing scores of additional investigational medicines which are advancing
through the company's pharmaceutical development programme. Our strategy, which includes innovative alliances,
partnerships and acquisitions, further enhances our capability to spread best practice and ultimately improve patient
outcomes and access by accelerating the discovery and development of new therapies.
Innovation is a critical element of enabling us to deliver on our Diversified Speciality BioPharma strategy. Our staff
and company culture are central to our innovative approach to strive to be dynamic and competitive. In addition, we
have also been acknowledged as an industry leader in environment and health and safety management.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Our philanthropic programmes have given new hope to some of the world's most vulnerable citizens. The Bristol-Myers Squibb Foundation invests in a broad range of programmes aiming to transform the healthcare landscape and address areas of high unmet medical need around the globe. We believe that what sets us apart is the focus we place on making a difference to the lives of patients who are fighting serious diseases and this continues to be at the core of everything that we do. http://www.b-ms.co.uk/ourcompany/Pages/Home.aspx Our Mission To discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Our Commitment To our patients and customers, employees, global communities, shareholders, environment and other stakeholders, we promise to act on our belief that the priceless ingredient of every product is the integrity of its maker. We operate with effective governance and high standards of ethical behavior. We seek transparency and dialogue with our stakeholders to improve our understanding of their needs. We take our commitment to economic, social and environmental sustainability seriously, and extend this expectation to our partners and suppliers. To our patients and customers We commit to scientific excellence and investment in biopharmaceutical research and development to provide innovative, high-quality medicines that address the unmet medical needs of patients with serious diseases. We apply scientific rigor to produce clinical and economic benefit through medicines that improve patients' lives. We strive to make information about our commercialised medicines widely and readily available. To our employees We embrace a diverse workforce and inclusive culture. The health, safety, professional development, work-life balance and equitable, respectful treatment of our employees are among our highest priorities. To our global communities We promote conscientious citizenship that improves health and promotes sustainability in our communities. To our shareholders We strive to produce sustained strong performance and shareholder value. To our environment We encourage the preservation of natural resources and strive to minimize the environmental impact of our operations and products http://www.b-ms.co.uk/ourcompany/Pages/mission.aspx History We are proud of our history. Bristol-Myers was formed in 1887 when William McLaren Bristol and John Ripley Myers bought a small pharmaceutical firm in New York State. The Squibb Corporation was founded in Brooklyn, New York, almost 30 years earlier, by Dr. Edward Robinson Squibb. The two firms developed in parallel for more than a century, before merging in 1989, creating a global leader in the health care industry. http://www.b-ms.co.uk/ourcompany/Pages/history.aspx 1 September 2016 Europe - United Kingdom Pharmaceuticals

Research at Bristol-Myers Squibb
Research is at the forefront of the drug discovery and development process at Bristol-Myers Squibb. Our goal is to
discover novel medicines that will benefit patients with serious unmet medical needs.
We are working towards a strong pipeline of high quality drug candidates, driven by internal research and the external
alliances and partnerships that make up our ‘String of Pearls' strategy.
Research begins with the identification and validation of new biological targets involved in disease processes by
using screening technologies to discover candidate compounds that can modulate the target and change the
pathological process. Promising candidate compounds (both small molecules and biologics) undergo drug design and
optimisation before entering non-clinical safety testing. In addition to understanding potential toxicity issues of all drug
candidates, metabolism and pharmaceutical acceptability are studied and structural alterations are made by
medicinal chemists striving to produce candidate drugs with favourable benefit/risk profiles.
Our early development group conducts studies to characterise the profile of a new medicine in the human body. The
first studies in humans establish how the new medicine is absorbed and distributed by the body. A viable dosage is
established and side effects are monitored. We also study pharmacological profiles for all phases of clinical research.
Medical care is becoming increasingly more personalised as our understanding of diseases at the molecular level has
advanced, and we use advanced technologies to identify biomarkers, and develop assays for the use of these
biomarkers in clinical studies.
Scientific innovation is a keystone of our culture, and this is incorporated into all our efforts. In BMS Research we
have world class scientific expertise in both disease areas and technology platforms. We welcome motivated,
innovative, curious scientists who enjoy working in diverse collaborative teams to achieve Bristol-Myers Squibb's
mission to develop and deliver drug therapies to help patients prevail over serious unmet medical needs
http://www.b-ms.co.uk/RD/Pages/ResearchatBMS.aspx

Bristol-Myers Squibb Announces Dividend
March 3, 2016

The Board of Directors of Bristol-Myers Squibb Company (NYSE:BMY) today declared a quarterly dividend of thirty-
eight cents ($0.38) per share on the $.10 par value Common Stock of the corporation. The next quarterly dividend will
be payable on May 2, 2016, to stockholders of record at the close of business on April 1, 2016.
http://news.bms.com/press-release/financial-news/bristol-myers-squibb-announces-dividend-25
Bristol-Myers Squibb Reports First Quarter Financial Results
Increases First Quarter Revenues 9% to $4.4 Billion
Posts First Quarter GAAP EPS of $0.71 and Non-GAAP EPS of $0.74
Achieves Significant European Regulatory Milestones in Immuno-Oncology
o Opdivo Approved for Previously Treated Advanced Renal Cell Carcinoma
o Expanded Use of Opdivo to Include Previously Treated Metastatic Non-Squamous Non-
Small Cell Lung Cancer
o Positive Advisory Opinions for Opdivo + Yervoy Regimen andEmpliciti
o Validation of Application for Opdivo in Classical Hodgkin Lymphoma
Announces Opdivo Granted Breakthrough Therapy Designation for Previously Treated Recurrent or
Metastatic Squamous Cell Carcinoma of the Head and Neck, and Priority Review in Classical
Hodgkin Lymphoma from the FDA
Presents Significant New Data on Immuno-Oncology Portfolio at AACR
Increases 2016 GAAP EPS Guidance Range to $2.37 - $2.47 and Non-GAAP EPS Guidance Range to
$2.50 - $2.60
1 September 2016 Europe - United Kingdom Pharmaceuticals

April 28, 2016
-Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the first quarter of 2016, which were
highlighted by strong sales for Opdivo, Eliquis and our hepatitis C franchise along with significant regulatory
milestones and key data in Immuno-Oncology.
"We had a very good first quarter highlighted by strong sales growth and significant progress in bringing the promise of Immuno-Oncology across multiple types of cancer to patients," said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. "The launch of Opdivo continues to accelerate with data in new cancers, additional indications and continued rapid market adoption. By growing our business and advancing our pipeline, we are successfully executing our growth strategy." First Quarter
$ amounts in millions, except per share amounts
GAAP Diluted EPS Non-GAAP Diluted EPS FIRST QUARTER FINANCIAL RESULTS
Bristol-Myers Squibb posted first quarter 2016 revenues of $4.4 billion, an increase of 9% compared to the same period a year ago. Global revenues increased 11% adjusted for foreign exchange impact. Excluding Abilify andErbitux, global revenues increased 31% or 34% adjusted for foreign exchange impact. U.S. revenues increased 24% to $2.5 billion in the quarter compared to the same period a year ago. International revenues decreased 7%. When adjusted for foreign exchange impact, international revenues decreased 2%. Gross margin as a percentage of revenues was 76.0% in the quarter compared to 79.0% in the same period a year ago. Marketing, selling and administrative expenses increased 4% to $1.1 billion in the quarter. Research and development expenses increased 12% to $1.1 billion in the quarter. The effective tax rate was 27.1% in the quarter, compared to 17.2% in the first quarter last year. The company reported net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per share, in the quarter compared to net earnings of $1.2 billion, or $0.71 per share, a year ago. The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.2 billion, or $0.74 per share, in the first quarter, compared to $1.2 billion, or $0.71 per share, for the same period in 2015. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section. Cash, cash equivalents and marketable securities were $8.0 billion, with a net cash position of $1.3 billion, as of March 31, 2016. FIRST QUARTER PRODUCT AND PIPELINE UPDATE
Global revenues for the first quarter of 2016, compared to the first quarter of 2015, were driven by Opdivo, which grew by $664 million; Eliquis, which grew by $379 million; Hepatitis C Franchise, which grew 62%; Orencia, which grew 19%; andSprycel, which grew 9%. 1 September 2016 Europe - United Kingdom Pharmaceuticals

In April, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation to Opdivo for the potential indication of recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN) after platinum based therapy. The designation is based on results of CheckMate -141, a Phase 3, open-label, randomized trial evaluating Opdivo versus investigator's choice of therapy in patients with recurrent or metastatic SCCHN with tumor progression within six months of platinum therapies in the adjuvant, primary, recurrent or metastatic setting. This trial was stopped early in January 2016 because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its primary endpoint of overall survival (OS). In April, the FDA accepted for filing and review a Supplemental Biologics License Application (sBLA) for Opdivo which seeks to expand use to patients with classical Hodgkin lymphoma (cHL) after prior therapies. The application included CheckMate -205 data, which evaluated Opdivo in cHL patients who have received autologous stem cell transplant and brentuximab vedotin. In April, the European Commission (EC) approved Opdivo monotherapy for locally advanced or metastatic non-small cell lung cancer (NSCLC) after prior chemotherapy in adults. The approval expands Opdivo's existing lung cancer indication in previously treated metastatic squamous NSCLC to include the non-squamous patient population. Opdivo is the only approved PD-1 immune checkpoint inhibitor to demonstrate superior OS in two separate Phase 3 trials in previously treated metastatic NSCLC, regardless of PD-L1 expression; one trial in squamous NSCLC (CheckMate -017) and the other in non-squamous NSCLC (CheckMate -057), which were the basis of this approval. The approval allows for the expanded marketing of Opdivo in previously treated metastatic NSCLC in all 28 Member States of the European Union. In April, the EC approved Opdivo monotherapy for advanced renal cell carcinoma (RCC) after prior therapy in adults. Opdivo is the first and only PD-1 immune checkpoint inhibitor approved in Europe to demonstrate an OS benefit versus a standard of care in this patient population. The approval is based on the results of the Phase 3 study CheckMate -025, which evaluatedOpdivo in patients with advanced clear-cell RCC who received prior anti-angiogenic therapy compared to everolimus. This approval allows for the expanded marketing of Opdivo in previously treated advanced RCC in all 28 Member States of the European Union. In April, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended the approval of Opdivo in combination with Yervoy for the treatment of advanced (unresectable or metastatic) melanoma in adults. This CHMP recommendation will now be reviewed by the EC, which has the authority to approve medicines for the European Union. In April, the company announced results from three studies for Opdivo and the Opdivo + Yervoy Regimen: CheckMate -141: In this Phase 3 open-label, randomized trial, evaluating Opdivo in patients with recurrent or metastatic SCCHN after platinum therapy compared to investigator's choice of therapy, Opdivomet the primary endpoints and demonstrated statistically significant OS versus three standards of care (cetuximab, docetaxel, or methotrexate). In the trial, patients treated with Opdivo had a one-year survival rate of 36% compared to 16.6% for investigator's choice, and experienced a 30% reduction in the risk of death. Median OS was 7.5 months for Opdivo compared to 5.1 months for investigator's choice. The safety profile of Opdivo in CheckMate -141 was consistent with prior studies, with no new safety signals identified. CheckMate -069: In this Phase 2 trial, which is the first randomized study to evaluate the Opdivo + Yervoy combination regimen in patients with previously untreated advanced melanoma, the combination regimen demonstrated a two-year OS rate of 69% compared to 53% for Yervoy alone in patients with BRAF wild-type advanced melanoma. Similar results were 1 September 2016 Europe - United Kingdom Pharmaceuticals

observed in the overall study population, with an OS rate of 64% at two years for the combination regimen compared to 54% for Yervoy alone. A change in tumor burden was also seen with the combination regimen, with a median change of 70% compared to 5% for Yervoy alone. Overall survival the Opdivo + Yervoy combination regimen in this study was consistent with previously reported studies. CA209-003: In this Phase 1 study, evaluating Opdivo monotherapy in heavily pretreated advanced melanoma, the company reported extended follow-up, including five-year OS rates. This data represents the longest survival follow-up of patients who received an anti-PD-1 therapy in a clinical trial. At five years, Opdivo demonstrated a durable and consistent survival benefit with an OS rate of 34%, with an evident plateau in survival at approximately 4 years. The safety profile of Opdivo in Study 003 was similar to previously reported studies, with no new safety signals identified. In March, the EMA validated a type II variation application, which seeks to extend the current indications for Opdivo to include the treatment of patients with cHL after prior therapies. The application included data from CheckMate -205, a Phase 2 study which evaluated Opdivo in cHL patients who have received autologous stem cell transplant and brentuximab vedotin. Validation of the application confirms the submission is complete and begins the EMA's centralized review process. Empliciti In January, the company and its partner, AbbVie, Inc., announced the CHMP adopted a positive opinion recommending Empliciti, an investigational immunostimulatory antibody, be granted approval for the treatment of multiple myeloma as combination therapy with Revlimid® and dexamethasone in patients who have received at least one prior therapy. The application will now be reviewed by the EC, which has the authority to approve medicines for the European Union. The CHMP positive opinion is based on data from the Phase 3, open-label ELOQUENT-2 study, which evaluated Empliciti in combination with lenalidomide and dexamethasone (ERd) versus lenalidomide and dexamethasone (Rd) alone. In February, the FDA approved Daklinza, an NS5A replication complex inhibitor, in combination with sofosbuvir (with or without ribavirin) in genotypes 1 and 3. The expanded label includes data in three additional challenging-to-treat patient populations: chronic hepatitis C virus (HCV) patients with HIV-1 (human immunodeficiency virus) coinfection, advanced cirrhosis, or post-liver transplant recurrence of HCV. The Daklinza plus sofosbuvir regimen is also available for the treatment of chronic HCV genotype 3, and is currently the only 12-week, once-daily all-oral treatment option for these patients. The approval is based on data evaluating theDaklinza regimens from the Phase 3 ALLY-1 and ALLY-2 clinical trials. In February, the company announced results from the first completed all-oral chronic HCV regimen Phase 3 trial that includes a Chinese patient population. In the study, which evaluated Daklinza in combination with asunaprevir for 24 weeks in Asian (non-Japanese) patients with genotype 1b HCV, 91% of patients from China achieved sustained virologic response at post-treatment week 24 (SVR24), which rose to 98% of patients without NS5A resistance-associated variants (RAVs) at baseline. SVR24 results were similarly high across all subgroups with genotype 1b HCV, including those with cirrhosis, and patients from Korea and Taiwan. SVR24 rates were also higher in all patients without baseline NS5A RAVs, regardless of the presence or absence of cirrhosis, and lower in patients with baseline NS5A RAVs. Results were presented at the Asian Pacific Association for the Study of the Liver Conference in Tokyo. In January, the EC approved Daklinza for the treatment of chronic HCV in three new patient populations which provides additional treatment options for multiple HCV patient populations, including difficult-to-treat patients with decompensated cirrhosis. The expanded label allows for the use of Daklinzain combination with sofosbuvir (with or without ribavirin, depending on the indication and HCV genotype) in HCV patients 1 September 2016 Europe - United Kingdom Pharmaceuticals

with decompensated cirrhosis, HIV-1 coinfection, and post-liver transplant recurrence of HCV. The approval is based on data from the Phase 3 ALLY-2 and ALLY-2 clinical trials. BUSINESS DEVELOPMENT UPDATE
In April, the company acquired Padlock Therapeutics, Inc. (Padlock), a private, Cambridge, Massachusetts-based biotechnology company dedicated to creating new medicines to treat destructive autoimmune diseases. The acquisition gives the company full rights to Padlock's Protein/Peptidyl Arginine Deiminase (PAD) inhibitor discovery program focused on the development of potentially transformational treatment approaches for patients with rheumatoid arthritis. Padlock's PAD discovery program may have additional utility in treating systemic lupus erythematosus and other autoimmune diseases. In March, the company entered into an agreement with LabCentral, an innovative, shared laboratory space designed as a launch pad for life-sciences and biotech startup companies, to become a LabCentral platinum sponsor. The company can nominate up to two innovative life-sciences and biotech startup companies per year to take up residence in LabCentral's Kendall Square facilities. In February, the company and its partner, Pfizer Inc., announced a collaboration agreement with Portola Pharmaceuticals Inc. to develop and commercialize the investigational agent andexanet alfa in Japan. Andexanet alfa, which is in Phase 3 clinical development in the U.S. and Europe, is designed to reverse the anticoagulant activity of Factor Xa inhibitors, including Eliquis. This agreement builds on the companies' existing clinical collaboration to develop andexanet alfa in the U.S. and Europe. In February, the company entered into a research collaboration agreement with the Dana-Farber Cancer Institute as part of the Immuno-Oncology Rare Population Malignancy (I-O RPM) program in the U.S. As part of the I-O RPM program, the company and the Dana-Farber Cancer Institute will conduct a range of early phase clinical studies and Bristol-Myers Squibb will support the training of young investigators who contribute to the I-O RPM program at Dana-Farber. In February, the company completed the previously announced sale of its HIV R&D portfolio to ViiV Healthcare. The sale included a number of programs at different stages of discovery, preclinical and clinical development. The agreements with ViiV Healthcare do not impact the company's marketed HIV medicines, including Reyataz, Evotaz, Sustiva and Atripla. 2016 FINANCIAL GUIDANCE
Bristol-Myers Squibb is increasing its 2016 GAAP EPS guidance range from $2.30 - $2.40 to $2.37 - $2.47. The company is also increasing its non-GAAP EPS guidance range from $2.30 - $2.40 to $2.50 - $2.60. Both GAAP and non-GAAP guidance assume current exchange rates. Key revised 2016 non-GAAP guidance assumptions include: Worldwide revenues increasing in the low-double digit range. Marketing, sales and administrative expenses decreasing in the low-single digit range. Research and development expenses increasing in the low-double digit range. The financial guidance for 2016 excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-GAAP 2016 guidance also excludes other specified items as discussed under "Use of Non-GAAP Financial Information." Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company's website. 1 September 2016 Europe - United Kingdom Pharmaceuticals

Eisai Europe
About Us
Eisai is one of the world's leading research-based pharmaceutical companies. We define our corporate mission as
"giving first thought to patients and their families, and to increasing the benefits health care provides," which we call
human health care (hhc). With operations in the U.S., Asia, Europe and it's domestic home market of Japan, Eisai
employs more than 11,000 people worldwide.
http://www.eisai.co.uk/about/
Eisai's Product Development
Eisai's medicines in Europe include Aricept® (donepezil hydrochloride) used in the treatment of Alzheimer's disease,
Pariet® (rabeprazole sodium) a proton pump inhibitor (PPI) used in the treatment of gastro-intestinal disorders,
Zonegran® (zonisamide) for the treatment of epilepsy, Inovelon® (rufinamide) for Lennox Gastaut Syndrome,
NeuroBloc® (botulinum toxin type B) for cervical dystonia and Prialt® (ziconotide) for severe, chronic pain.
Eisai has recently acquired the European marketing rights for Zebinix® (eslicarbazepine acetate) for epilepsy and
plans to launch it across the EU during 2009 and into 2010.
Eisai plans to bring a number of new products to market in the coming years including potential new treatments for
Alzheimer's disease, epilepsy and multiple sclerosis in the neurology area in addition to novel cancer and critical care
treatments.
For full Summaries of Product Characteristics please refer to www.emc.medicines.org.uk.
Background
Eisai has identified a number of key franchise areas (where we have compounds at each phase of development in
the pipeline) which include neuroscience, oncology, vascular and immunology. By targeting treatments for specific
indications in selected therapeutic areas and then ensuring we have a flow of new products, indications, and
formulations in these areas, we can be more productive and efficient.
Product Creation Units
To help create breakthrough new treatments that fulfil unmet medical needs, Eisai has established Product Creation
Units (PCUs) to match our key franchise areas. These units are accountable from discovery to regulatory filing of
cutting edge innovative treatments. They are supported by a number of Core Functional Units (CFUs) which provide
the required strength in technology and regulatory know-how to promote the development of new therapies.
http://www.eisai.co.uk/research/
European Knowledge Centre (EKC) - The Rationale
"Eisai believes that integrating all company functions on a single site will improve quality, efficiency and productivity
through the process of 'Knowledge Creation' which is the principle at the heart of our decision to bring together all our
European operations on a single site in the UK. This in turn contributes towards achieving our corporate mission of
human health care (hhc) which aims to help improve the lives of patients and their families by developing innovative
medicines as quickly as possible."
Mr Haruo Naito, President and CEO, Eisai Co., Ltd.
The EKC represents one of Eisai's biggest ever single capital projects and fulfils the company's long held ambition to
bring teams from across its business together on one site for the first time.
1 September 2016 Europe - United Kingdom Pharmaceuticals

The aim is to stimulate knowledge creation between teams – from those who create products through research and
clinical trials, to those who produce, market and sell them – by bringing them together on one site with all the
necessary support functions.
The EKC is a modern and flexible working environment which both provides specialist facilities and encourages
teams to meet, talk and work together.
EKC - Facts and Figures
•
Eisai has invested over £100 million in building the EKC Over 500 Eisai employees work out of the EKC including 60 research staff and 200 clinical development staff The EKC site is 14.5 acres – the size of 11 football pitches - and the buildings cover some 23,000 square metres Construction started in 2007 and was completed early in 2009 £7.5 million worth of new equipment has been installed in the production and warehousing facility Electricity cabling on the site would stretch from Hatfield to Edinburgh – and the data and telecommunications cables would stretch back again The EKC has initial capacity to produce up to 450 million tablets in 10 million packs each year but could ultimately produce up to 800 million tablets and 28 million packs a year
The EKC Buildings
There are four separate buildings on the EKC's Hatfield site:
•
Headquarters building - the main office facility where management, clinical development and sales and marketing teams work Research building – which houses the Eisai product creation scientists Production building and warehouse – a state-of-the-art facility housing manufacturing and packaging lines, quality control laboratories, offices and changing areas plus a semi-automated high bay warehouse Central shared facilities building which features reception, meeting rooms, a coffee bar and restaurant A common pallet of materials and colours gives the site a cohesive feel. The maximum building height is 20 metres and materials have been carefully used and plant rooms set back on roofs to reduce the visual impact of the larger buildings. Colours and finishes for the interior of the buildings are in a pallet of greys, blues and pinks to reflect Eisai's corporate colours. All of the facilities have been designed with disabled employees and visitors in mind. http://www.eisai.co.uk/news/eisai-opens-european-knowledge-centre/ Forward-Looking Statements and Risk Factors Materials and information provided in this Annual report may contain "forward-looking statements" based on current expectations, forecasts, estimates, business goals, and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Risks and uncertainties include general industry and market conditions and general domestic and international economic conditions, such as interest rate and currency exchange fluctuations. Risks that may cause significant fluctuations in the consolidated results of the Company or have a material effect on decisions of shareholders are described below. These are risk factors that have been identified and assessed as of the disclosure date of the Annual Report. Risk factors associated with our business include, but are not limited to, challenges arising out of global expansion, uncertainties in new drug development, risks related to dependence on specific products, risks related to strategic alliances with partners, health care cost-containment measures, intensified competition and lawsuits with generic products, intellectual properties, possible incidence of adverse events, compliance with laws and regulations, litigations, closure or shutdown of factories, safety and quality issues of raw 1 September 2016 Europe - United Kingdom Pharmaceuticals

materials used, outsourcing-related risks, environmental issues, IT security/information management, and conditions
of financial markets, foreign exchange fluctuations, internal control systems and natural disasters.
Environmental and Social Report
Eisai recognizes the importance of fulfilling its corporate social responsibilities as a good corporate citizen and of
being recognized by society as a trustworthy organization. Since 2001, we have published an Environmental and
Social Report that summarizes our activities in this area.
For further details, please refer to:
http://www.eisai.com/responsibility/esreport/index.html
Annual Report
Online view click link below :
http://www.eisai.com/pdf/eannual/epdf2014an.pdf
Eli Lilly and Company UK
About Us
Lilly makes medicines that help people live longer, healthier, more active lives.
Founded by Eli Lilly in 1876, we are now the 10th largest pharmaceutical company in the world. We have steadfastly
remained independent, but not isolated. Across the globe, Lilly has developed productive alliances and partnerships
that advance our capacity to develop innovative medicines at lower costs.
Lilly is consistently ranked as one of the best companies in the world to work for, and generations of Lilly employees
have sustained a culture that values excellence, integrity and respect for people.
Lilly has been operating in the UK since 1934 and is proud of its heritage in this country. London was host to our first
office outside the United States and was closely followed by the first overseas manufacturing site, which opened in
Basingstoke in 1939.
Eli Lilly and Company has three sites in the UK:
•
Basingstoke – UK Headquarters Windlesham – Erl Wood Research Centre Liverpool – Speke Manufacturing Operations
Since the early beginnings, the UK has played a key role in the company's development, contributing to
manufacturing and R&D efforts, as well as to sales. We are one of only a few large pharmaceutical companies in the
UK with all three elements of the value chain (research and development; sales and marketing; and manufacturing) in
the UK. We continue to innovate and are playing a leading role in transforming the business to meet the challenges
of tomorrow .
http://lilly.co.uk/en/about/index.aspx
Our Heritage
Eli Lilly and Company has been in business for more than 136 years. Founded in 1876 by Colonel Eli Lilly in
Indianapolis in the United States we have since become a global, research-based company and the 10th biggest
pharmaceutical company in the world.
Right from the beginning, innovation has been central to Lilly. As a 38-year-old pharmaceutical chemist and a veteran
of the US Civil War, Colonel Lilly was frustrated by the poorly prepared, often ineffective medicines of his day.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Consequently, he made a commitment to himself and to society that he would create a responsible, innovative
pharmaceutical company that manufactured products of the highest possible quality.
That commitment remains the same today.
Milestones in our story
1876: Eli Lilly is established in Indianapolis, United States
1923: Our first big blockbuster moment came with Lilly's introduction of Iletin, the world's first commercially available
insulin product for the treatment of diabetes, then a fatal disease with no effective treatment
1934: Lilly's first overseas office was opened in London
1943: Lilly was among the first companies to develop a method to mass-produce penicillin, the world's first antibiotic,
marking the beginning of a sustained effort to fight infectious diseases.
1979: Ceclor®, a member of the cephalosporin family, was launched and eventually became the world's top-selling
oral antibiotic.
1982: Lilly introduced Humulin® - insulin identical to that produced by the human body. Humulin was the world's first
human healthcare product created using recombinant DNA technology and represents the most significant
breakthrough in diabetes care since the 1920s.
1986: Lilly launched Prozac®, the first major introduction in a new class of drugs for treatment of clinical depression.
1996: Lilly introduced Zyprexa® for the treatment of schizophrenia.
2002: Cialis®, a medication to treat male erectile dysfunction, was approved for marketing in the European Union.
2004: Lilly launches Strattera® – a new treatment for ADHD
2005: Lilly launches Cymbalta® for depression
2009: Efient® launches – treatment for the reduction of thrombotic cardiovascular events (including stent thrombosis)
in patients with acute coronary syndromes who are managed with an artery-opening procedure known as
percutaneous coronary intervention (PCI).
2013: Lilly celebrates 25 years of research and reaffirms the commitment to make the dementia associated with
Alzheimer's disease preventable by 2025.
http://lilly.co.uk/en/about/our-heritage.aspx
Key Facts
Lilly at a glance
o
A heritage more than 136 years strong: founded on May 10, 1876 Headquarters in Indianapolis, Indiana, U.S.A. Approximately 38,000 employees worldwide Approximately 1,500 employees in the UK, across three sites 7th largest investor in R&D in the UK within the pharmaceutical sector* 27th largest investor in R&D in the UK across all sectors, which makes the company amongst the ten largest American investors in R&D in Britain* The new £5.4m research office in Erl Wood opened in April 2012 and takes investment at the UK site to over £100m in the past decade. Clinical research conducted in more than 55 countries Manufacturing plants located in 13 countries Products marketed in 125 countries
http://lilly.co.uk/en/about/key-facts.aspx
Our Work in Europe
Lilly has had a significant presence in Europe since our first overseas subsidiary was established in the UK in 1934.
o
Lilly has doubled annual R&D investments in Europe over the past 10 years to over €450 million and we now employ around 9,000 people across the region. We have two major research sites in Europe, in the UK and Spain, in addition to an extensive manufacturing network. 1 September 2016 Europe - United Kingdom Pharmaceuticals

Approximately one third of our worldwide clinical trials take place in Europe, a total investment of nearly €125 million per annum. Our European manufacturing sites are important exporters to other parts of the world, for instance, our Spanish site exports to over 120 countries worldwide and 92% of our Fegersheim (France) site production is exported to over 100 countries on five continents. Lilly's research centre in the UK is home to many of our pioneering innovations, and a centre of excellence in neuroscience. There are currently over 600 people working on the site, with over 45 nationalities working across more than 30 disciplines. Lilly supports the Innovative Medicines Initiative (IMI) the largest private-public partnership in Life Science R&D with active participation in some 19 projects for diabetes, neuroscience and oncology, and more than €20m investment. http://www.lilly-europe.eu/en/our-work-in-europe/index.aspx EU Public Affairs Lilly is committed to participating in and informing healthcare policy debates. We stand behind policies that recognise the importance of medicines in treating patients and reducing total healthcare costs. Often, pharmaceuticals eliminate the need for surgery and hospitalisation, slow or reverse the progress of a disease, prevent a disease from developing, and allow people to return to work sooner. As one of the world's leading innovative pharmaceutical companies we support policies that enhance our ability to invest in innovation. The EU Public Affairs team in Brussels oversees our interactions with EU policy-makers and third parties. The team also co-ordinates our membership to various European trade associations and industry bodies including: o European Federation of Pharmaceutical Industries and Associations (EFPIA) European Association of Bioindustries (EuropaBio) The American Chamber of Commerce to the European Union (AmCham EU)
http://www.lilly-europe.eu/en/our-work-in-europe/eu-public-affairs.aspx
Lilly Reports Second-Quarter 2016 Results
July 26, 2016
•
Revenue increased 9 percent, driven by 10 percent pharmaceutical volume growth coming primarily from
recent product launches.
Second-quarter 2016 earnings per share (EPS) were $0.71 (reported), or $0.86 (non-GAAP).
The company confirms 2016 EPS to be in the range of $2.68 to $2.78 (reported) and $3.50 to $3.60 (non-
GAAP).
The company provides updated financial expectations through the remainder of the decade, including at
least 5 percent average annual revenue growth driven by volume, along with an increase in gross margin
as a percent of revenue, both on a constant currency basis. The company also plans to return to annual
dividend increases for shareholders and reaffirmed its commitment to achieve an OPEX-to-revenue ratio
of 50 percent or less in 2018.
Significant pipeline progress continued with regulatory approval of Taltz in Japan, priority review
granted for olaratumab in the U.S., a positive FDA Advisory Committee vote on Jardiance and an
encouraging Phase 2 data read-out for abemaciclib.

Eli Lilly and Company (NYSE: LLY) today announced financial results for the second quarter of 2016.

Certain financial information for 2016 and 2015 is presented on both a reported and a non-GAAP basis. Some
numbers in this press release may not add due to rounding. Reported results were prepared in accordance with
generally accepted accounting principles (GAAP) and include all revenue and expenses recognized during the
periods. Non-GAAP measures exclude the items described in the reconciliation tables later in the release. The
1 September 2016 Europe - United Kingdom Pharmaceuticals

company's 2016 financial guidance is also being provided on both a reported and a non-GAAP basis. The non-GAAP
measures are presented to provide additional insights into the underlying trends in the company's business.
"Lilly is in the midst of one of the most productive periods of new product launches in our company's history, with new
medicines making a substantial contribution to our revenue growth for the first half of the year," said John C.
Lechleiter, Ph.D., Lilly's chairman, president and chief executive officer.
Lechleiter continued, "We've made great progress building an R&D engine that has the potential to launch 20 new
products in 10 years beginning in 2014 and extending through 2023. Because of our confidence in our future growth
prospects, we are providing updated financial expectations through the balance of the decade, including at least 5
percent average annual revenue growth driven by volume and an increase in gross margin as a percent of revenue.
We are also returning to annual dividend increases for shareholders and reaffirming our commitment to achieve an
OPEX-to-revenue ratio of 50 percent or less in 2018."
Key Events over the Last Three Months

Commercial

•
The company is launching Taltz® in Europe for the treatment of moderate-to-severe plaque psoriasis in adults who are candidates for systemic therapy. Elanco Animal Health launched InteprityTM, a first-in-class, animal-use only, in-feed antibiotic approved for the prevention of necrotic enteritis, an intestinal disease in poultry.
Regulatory
The U.S. Food and Drug Administration (FDA) approved once-daily Jentadueto® XR (linagliptin and metformin
hydrochloride extended-release) tablets as an adjunct to diet and exercise for the treatment of type 2 diabetes in
adults. Jentadueto XR is part of the company's alliance with Boehringer Ingelheim.
The company received approval of Cyramza® in Japan for the treatment of:
•
unresectable, advanced or recurrent colorectal cancer; and unresectable, advanced or recurrent non-small cell lung cancer for patients who have received prior platinum therapy.
The company received approval of Taltz in Japan for the treatment of patients with plaque psoriasis, psoriatic
arthritis, pustular psoriasis and erythrodermic psoriasis after insufficient response to existing treatments.
The FDA granted Priority Review for olaratumab in combination with doxorubicin, for the potential treatment of people
with advanced soft tissue sarcoma not amenable to curative treatment with radiotherapy or surgery.
An FDA Advisory Committee voted 12-11 that substantial evidence exists to establish that Jardiance® (empagliflozin)
reduces cardiovascular (CV) death in adults with type 2 diabetes and established CV disease. Jardiance is marketed
by Boehringer Ingelheim and Lilly.
The FDA determined that the company met the requirements for pediatric exclusivity for Effient®. Based on this
decision by the FDA, Lilly has gained an additional six months of U.S. market exclusivity for Effient.
Clinical
The company announced results from the Phase 2 study of abemaciclib, a cyclin-dependent kinase CDK 4 and CDK
6 inhibitor, in patients with hormone-receptor-positive, human epidermal growth factor receptor 2-negative metastatic
breast cancer. The data showed single-agent activity in metastatic breast cancer patients for whom endocrine
therapy was no longer a suitable treatment option.
1 September 2016 Europe - United Kingdom Pharmaceuticals

The company and Incyte Corporation announced data from a pivotal long-term extension study, which demonstrated baricitinib was superior to placebo at inhibiting progressive radiographic joint damage in patients with rheumatoid arthritis. The company and Boehringer Ingelheim announced clinical results on two jointly marketed medicines: • Results from a clinical trial demonstrated that Trajenta® (linagliptin) reduced blood sugar in adults with type 2 diabetes who are at risk for kidney impairment, with a renal safety profile similar to that seen in other trials. New data showed Jardiance reduced the risk for new-onset or worsening kidney disease by 39 percent versus placebo when added to standard of care in adults with type 2 diabetes with established cardiovascular disease.
Business Development/Other

The German Federal Supreme Court granted the appeal by the company in the case of Lilly v. Actavis, vacating the
prior decision denying infringement. The German Supreme Court returned the case to the Court of Appeal
(Dusseldorf) to reconsider infringement based on its judgment. The case concerns whether Lilly's vitamin regimen
patent for Alimta® (pemetrexed disodium) would be infringed by a generic competitor that had stated an intention to
market a dipotassium salt form of pemetrexed in Germany.
Elanco Animal Health and EnBiotix, Inc. announced a collaboration to explore the application of EnBiotix's
engineered phage technology in specific animal health targets, which could result in alternatives for traditional
antibiotics in animals.

Second-Quarter Reported Results

In the second quarter of 2016, worldwide revenue was $5.405 billion, an increase of 9 percent compared with the
second quarter of 2015. The increase in revenue was driven by an 8 percent increase in volume, as realized prices
and the impact of foreign exchange rates remained relatively flat, compared with the second quarter of 2015. The
increase in worldwide volume was driven by new pharmaceutical products, including Trulicity® and Cyramza, as well
as Humalog®. Revenue in the U.S. increased 14 percent to $2.890 billion, primarily driven by increased volume for
several pharmaceutical products, including Trulicity and Humalog, and to a lesser extent, higher realized prices,
primarily for Cialis® and Forteo®, partially offset by lower realized prices for Humalog. Revenue outside the U.S.
increased 3 percent to $2.515 billion, driven by increased volume for several pharmaceutical products, primarily
Cyramza, Trulicity and Humalog, partially offset by the loss of exclusivity for Cymbalta® in Europe in 2014.
Gross margin increased 5 percent to $3.940 billion in the second quarter of 2016 compared with the second quarter
of 2015. Gross margin as a percent of revenue was 72.9 percent, a decrease of 2.6 percentage points compared with
the second quarter of 2015. The decline in gross margin percent was primarily due to a lower benefit from foreign
exchange rates on international inventories sold and, to a lesser extent, the transfer of Erbitux® commercialization
rights in North America, partially offset by 2015 inventory step-up costs related to the acquisition of Novartis Animal
Health.
Operating expenses in the second quarter of 2016, defined as the sum of research and development and marketing,
selling and administrative expenses, were $2.959 billion, an increase of 5 percent compared with the second quarter
of 2015. Research and development expenses increased 14 percent to $1.336 billion, driven primarily by higher late-
stage clinical development costs, including a $100.0 million charge related to a development milestone for AZD3293,
an oral beta secretase cleaving enzyme (BACE) inhibitor currently in development with AstraZeneca as a potential
treatment for early Alzheimer's disease. Marketing, selling and administrative expenses decreased 1 percent to
$1.623 billion, primarily due to lower litigation expenses and reduced spending on late-life-cycle products, partially
offset by expenses related to new products.
There were no acquired in-process research and development charges in the second quarter of 2016. In the second
quarter of 2015, the company recognized acquired in-process research and development charges totaling $80.0
million. These charges included a $50.0 million payment to Hanmi Pharmaceutical Co., Ltd. (Hanmi), related to an
1 September 2016 Europe - United Kingdom Pharmaceuticals

exclusive license and collaboration agreement for Hanmi's oral Bruton's tyrosine kinase (BTK) inhibitor for the
treatment of autoimmune and other diseases, and a $30.0 million payment to BioNTech AG related to a research
collaboration to discover novel cancer immunotherapies.
The company recognized asset impairment, restructuring and other special charges of $58.0 million and $72.4 million
in the second quarters of 2016 and 2015, respectively, related to integration costs for Novartis Animal Health,
severance costs and asset impairments.
Operating income in the second quarter of 2016 was $923.3 million, an increase of 15 percent compared with the
second quarter of 2015, driven by higher gross margin and lower acquired in-process research and development
charges, partially offset by higher operating expenses.
Other income (expense) was income of $21.2 million in the second quarter of 2016, compared with expense of
$123.3 million in the second quarter of 2015. Other expense during the second quarter of 2015 was driven by a net
charge of $152.7 million related to the repurchase of $1.65 billion of debt.
The effective tax rate was 20.8 percent in the second quarter of 2016, compared with 11.6 percent in the second
quarter of 2015. The increase in the effective tax rate for the second quarter of 2016 as compared with the second
quarter of 2015 is primarily due to the tax impact of 2015 charges, including a net charge related to the repurchase of
debt; asset impairment, restructuring and other special charges; and acquired in-process research and development
charges.
In the second quarter of 2016, net income increased 24 percent to $747.7 million, and earnings per share increased
27 percent to $0.71, compared with $600.8 million and $0.56, respectively, in the second quarter of 2015. The
increases in net income and earnings per share were driven by 2015 charges related to the repurchase of debt, as
well as higher operating income, partially offset by higher income taxes. Earnings per share also benefited from a
lower number of shares outstanding in the second quarter of 2016 compared with the second quarter of 2015.

Second-Quarter 2016 Non-GAAP Measures

On a non-GAAP basis, second-quarter 2016 gross margin increased 4 percent to $4.106 billion. Gross margin as a
percent of revenue was 76.0 percent, a decline of 3.2 percentage points compared with the second quarter of 2015.
The decline in gross margin percent was primarily due to a lower benefit from foreign exchange rates on international
inventories sold.
Operating income decreased $25.8 million, or 2 percent, to $1.150 billion in the second quarter of 2016, driven by
higher operating expenses, largely offset by higher gross margin.
Other income (expense) was income of $21.2 million in the second quarter of 2016, compared with income of $29.4
million in the second quarter of 2015.
The effective tax rate was 22.4 percent in the second quarter of 2016, compared with 20.8 percent in the second
quarter of 2015. The second-quarter 2016 effective tax rate reflects the benefit of certain U.S. tax provisions,
including the R&D tax credit, reinstated for 2016, largely offset by the tax impact of an increased percentage of
earnings in higher-tax jurisdictions. The second-quarter 2015 effective tax rate includes a net discrete tax benefit of
approximately $24 million and does not include the benefit of certain then-expired U.S. tax provisions, including the
R&D tax credit.
Net income decreased 5 percent to $908.8 million, and earnings per share decreased 4 percent to $0.86 in the
second quarter of 2016, compared with $954.8 million and $0.90, respectively, in the second quarter of 2015. The
declines in net income and earnings per share were driven by lower operating income and a higher effective tax rate.
Earnings per share benefited from a lower number of shares outstanding in the second quarter of 2016 compared
with the second quarter of 2015.
1 September 2016 Europe - United Kingdom Pharmaceuticals

For further detail of non-GAAP measures, see the reconciliation below as well as the Reconciliation of GAAP
Reported to Selected Non-GAAP Adjusted Information table later in this press release.

Year-to-Date Results

For the first six months of 2016, worldwide revenue increased 7 percent to $10.270 billion compared with $9.623
billion in the same period in 2015. Reported net income and earnings per share were $1.188 billion and $1.12,
respectively. Net income and earnings per share, on a non-GAAP basis, were $1.791 billion and $1.69, respectively.
For further detail, see the reconciliation below as well as the Reconciliation of GAAP Reported to Selected Non-
GAAP Adjusted Information table later in this release.
Certain Established Pharmaceutical Products
Humalog

For the second quarter of 2016, worldwide Humalog revenues increased 7 percent compared with the second quarter
of 2015 to $701.9 million. Revenues in the U.S. increased 5 percent to $420.0 million, driven by increased demand,
partially offset by lower realized prices. Revenues outside the U.S. increased 11 percent to $281.9 million, primarily
driven by increased volume, partially offset by the unfavorable impact of foreign exchange rates.
Cialis
Cialis revenues for the second quarter of 2016 increased 11 percent compared with the second quarter of 2015 to
$630.5 million. U.S. revenues of Cialis were $383.2 million, a 24 percent increase compared with the second quarter
of 2015, driven primarily by higher realized prices and, to a lesser extent, increased volume. Revenues of Cialis
outside the U.S. decreased 4 percent to $247.3 million, driven by the unfavorable impact of foreign exchange rates
and decreased volume.
Alimta
For the second quarter of 2016, Alimta generated revenues of $607.1 million, a decline of 9 percent compared with
the second quarter of 2015. U.S. revenues of Alimta decreased 12 percent to $291.0 million, driven primarily by
decreased demand due to competitive pressure. Revenues outside the U.S. decreased 5 percent to $316.1 million,
driven by decreased volume and lower realized prices, partially offset by the favorable impact of foreign exchange
rates.
Humulin
Worldwide Humulin revenues for the second quarter of 2016 increased 5 percent compared with the second quarter
of 2015 to $332.3 million. U.S. revenues increased 9 percent to $204.3 million, driven by increased volume.
Revenues outside the U.S. remained relatively flat at $128.0 million.
Forteo
Second-quarter 2016 revenues of Forteo were $367.6 million, a 12 percent increase compared with the second
quarter of 2015. U.S. revenues of Forteo increased 29 percent to $186.4 million, driven by higher realized prices.
Revenues outside the U.S. decreased 1 percent to $181.2 million, driven by lower realized prices, largely offset by
increased volume and the favorable impact of foreign exchange rates.
New Pharmaceutical Products
Trulicity
Second-quarter 2016 revenues of Trulicity were $201.3 million. U.S. revenues of Trulicity were $161.4 million, driven
by growth in the GLP-1 market and increased share of market for Trulicity. Revenues of Trulicity outside the U.S.
were $39.9 million.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Cyramza
For the second quarter of 2016, Cyramza revenues were $147.0 million. U.S. revenues were $67.9 million, a
decrease of 4 percent compared with the second quarter of 2015, due to competitive pressure in the non-small cell
lung cancer indication. Revenues outside the U.S. were $79.1 million, primarily due to strong uptake for the gastric
cancer indication in Japan.
Jardiance
The company's revenues for Jardiance during the second quarter of 2016 were $40.1 million. U.S. revenues were
$26.0 million, driven by growth in the SGLT2 class and increased share of market for Jardiance. Revenues outside
the U.S. were $14.1 million. Jardiance is part of the company's alliance with Boehringer Ingelheim, and Lilly reports
as revenue a portion of Jardiance's gross margin.
Basaglar
Second-quarter 2016 revenues of Basaglar, which has launched in multiple countries outside the U.S., were $16.3
million, driven by early uptake in Japan and various European countries.
Taltz
For the second quarter of 2016, Taltz revenues were $19.3 million. Taltz launched in the U.S. in April 2016.
Portrazza
For the second quarter of 2016, Portrazza revenues were $4.0 million. Portrazza launched in the U.S. in December
2015 and began launching in Europe in April 2016.
Animal Health
In the second quarter of 2016, worldwide animal health revenues totaled $859.8 million, an increase of 2 percent
compared with the second quarter of 2015. U.S. animal health revenues increased 8 percent to $444.5 million, due to
wholesaler buying patterns and uptake of new companion animal products, partially offset by decreased revenues for
food animal products. Animal health revenues outside the U.S. decreased 3 percent to $415.3 million, primarily due
to the unfavorable impact of foreign exchange rates. Excluding the unfavorable impact of foreign exchange rates,
worldwide animal health revenues increased 4 percent.
2016 Financial Guidance

The company confirmed its 2016 financial guidance on a reported basis and on a non-GAAP basis, consistent with
the explanations provided in the company's first-quarter 2016 earnings press release.
Full-year 2016 earnings per share are still expected to be in the range of $2.68 to $2.78 on a reported basis. On a
non-GAAP basis, full-year 2016 earnings per share are still expected to be in the range of $3.50 to $3.60.

http://lilly.mediaroom.com/index.php?s=9042&item=137573

GlaxoSmithKline (LSE: GSK)
About Us
We're a science-led global healthcare company that researches and develops a broad range of innovative products in
three primary areas of pharmaceuticals, vaccines and consumer healthcare.
GlaxoSmithKline plc was formed in 2000 as a result of a merger between Glaxo Wellcome plc and SmithKline
Beecham plc , although our history can be traced back much further than that to London's Plough Court Pharmacy in
the 1700s.
In March 2015 we completed a 3-part transaction with Novartis which reshapes our business.
1 September 2016 Europe - United Kingdom Pharmaceuticals

We acquired Novartis's vaccines business (excluding influenza vaccines) and combined our Consumer Healthcare
businesses to create a new company. By substantially strengthening Vaccines and Consumer Healthcare, we can
deliver far-reaching benefits to patients and consumers, and further value to shareholders. In addition, Novartis
acquired our marketed Oncology portfolio.
If you're looking to find out more about how and where we operate, or the kind of research we're doing you'll find lots
of information on this site. It covers our business here in the UK, including details on our work with the NHS, patient
groups and charities.
If you'd like to see what career opportunities we might have for you then the place to search and apply is here.
http://uk.gsk.com/en-gb/about-us/
What we do
We are a science-led global healthcare company. We research and develop a broad range of innovative products in
three primary areas of Pharmaceuticals, Vaccines and Consumer Healthcare.
We also have a significant global presence with commercial operations in more than 150 countries, a network of 86
manufacturing sites in 36 countries and large R&D centres in the UK, USA, Spain, Belgium and China.
In March 2015 we completed a 3-part transaction with Novartis which reshapes our business.
We acquired Novartis's vaccines business (excluding influenza vaccines) and combined our Consumer Healthcare
businesses to create a new company. By substantially strengthening Vaccines and Consumer Healthcare, we can
deliver far-reaching benefits to patients and consumers, and further value to shareholders. In addition, Novartis
acquired our marketed Oncology portfolio.
http://uk.gsk.com/en-gb/about-us/what-we-do/
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
Scientist in lab
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.
In March 2015 we acquired Novartis's vaccines business (excluding influenza) and combined our Consumer
Healthcare businesses to create a new company.
Highlights
£23bn Group turnover
1 September 2016 Europe - United Kingdom Pharmaceuticals

97,921 employees (31 December 2014) 40% 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 Deliver more products of value Our aim Child eating biscuits 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 4 significant new product approvals in 2014 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 Man drinking coffee 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 during 2014 £3.5 billion cumulative annual cost savings delivered through a range of restructuring programmes since 2008 21 working capital days improvement (adjusted) Our priorities Execute Pharmaceuticals restructuring programme to save £1 billion per annum over three years. Continue streamlining product portfolio embedding common processes. Execute restructuring programme related to the Novartis transaction to save £1 billion per annum by fifth year from closing. Responsible business Our aim 1 September 2016 Europe - United Kingdom Pharmaceuticals

GSK volunteer
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
Collaborated with partners to accelerate development of Ebola vaccine candidate.
Delivered global roll-out of new sales force compensation approach.
Launched new Africa strategy to reach 80% of the sub-Saharan African and Least Developed Countries population
by 2020.
In early 2015 we extended our price freeze commitment to 10 years for Gavi-graduating countries.
Our priorities
Continue to enhance governance, compliance and quality through proactive risk management and quality-led culture.
Deliver new commercial model globally by changing the way we work with HCPs.
Improve leadership effectiveness and quality of talent.
Continue to progress development of Ebola vaccine candidate.
http://uk.gsk.com/en-gb/about-us/our-mission-and-strategy/
Results announcement for the second quarter 2016 and half-yearly financial report for the half-year 2016
July 27, 2016
Summary
Group sales £6.5 billion, +4% CER, with growth across all three businesses
- Pharmaceuticals £3.9 billion, +2%; Vaccines £960 million, +11%; Consumer Healthcare, £1.7 billion, +7%
New product sales £1.05 billion (Q2 2015, £446 million; Q1 2016, £821 million) driven by HIV (Tivicay,
Triumeq), Respiratory (Relvar/Breo, Anoro, Incruse, Nucala) and Meningitis vaccines (Bexsero, Menveo)
New Pharmaceutical product sales represent 23% of total Pharmaceutical sales (Q2 2015: 11%)
Sales growth of new respiratory products more than offset decline in sales of Seretide/Advair

New product sales and transaction & restructuring benefits drive improved operating leverage and margin
delivery across all three businesses
Incremental cost savings of £0.3 billion in Q2 2016, with total annual cost savings now at £2.3 billion
against end 2017 target of £3 billion
Q2 core operating margins: Pharmaceuticals 35%, Vaccines 28%, Consumer Healthcare 14%

Q2 core earnings per share 24.5p, +16% CER
Q2 total loss per share reflects impact of significant Sterling currency adjustment to valuations of liabilities
associated with Consumer Healthcare and HIV businesses
Sterling forecasts for sales and cash flows increased for majority-owned Consumer Healthcare and
HIV businesses
Sterling forecasts for liabilities attributable to minority interests therefore also increased, resulting
in charges of £1.8 billion in Q2 2016

2016 core EPS percentage growth now expected to be 11-12% CER
If FX rates held at Q2 period end rates estimated impact of +19% on 2016 Sterling core EPS growth

Q2 Net cash inflow from operations of £1.2 billion (Q2 2015: £0.2 billion)
19p dividend declared for Q2. Continue to expect 80p for FY 2016 and 2017

1 September 2016 Europe - United Kingdom Pharmaceuticals

R&D pipeline development continues in core therapy areas:
EU approval received for Strimvelis first gene-therapy for ADA-SCID
Four significant filings expected in H2 2016: Closed Triple for COPD, Shingrix vaccine for shingles;
Benlysta subcutaneous for lupus; sirukumab for RA
Novel anti-IL33R monoclonal antibody for severe asthma licensed from Janssen
First in class ICOS agonist antibody in Oncology enters clinical development

Press release
Sir Andrew Witty, Chief Executive Officer, GSK said: "This second quarter's performance reflects further strong
execution of the Group's strategy and our ability to allocate capital effectively across our three businesses to improve
returns. Momentum across the Group is being driven by growth in new product sales, continued cost control and
delivery of restructuring and transaction benefits. We have also made good progress in research and development,
and in the second half of 2016, expect to complete key regulatory filings for Shingrix, Closed Triple, Benlysta SC and
sirukumab.
" Q2 performance
New Pharmaceuticals and Vaccines sales were more than £1 billion this quarter, this compares to £446 million in the
same quarter last year. HIV medicines continued to perform strongly and the growth in sales of new Respiratory
products is now more than offsetting declines in Seretide/Advair. Vaccine sales grew 11% in the quarter, with strong
demand seen for Bexsero and Synflorix. In Consumer Healthcare, sales grew 7% to £1.7 billion with good
contributions from Wellness and Oral health brands such as Flonase OTC, Excedrin, Voltaren and Sensodyne.
Core earnings per share for the quarter was up 16% CER to 24.5 pence and up 12% CER to 44.3 pence for H1 2016.
As a consequence of the momentum seen so far this year, GSK now expects to deliver core EPS at the upper end of
the guidance given to investors at the first quarter, with core EPS percentage growth of 11-12% (CER).
Total loss per share was 9.0 pence, reflecting charges for restructuring and the impact of significant Sterling currency
movements to the valuations of liabilities associated with the Group's Consumer Healthcare and HIV businesses.
As a result of the decline in Sterling this quarter, revised Sterling exchange rates have been applied to forecasts for
sales and cash flows in the quarterly re-measurement of the liabilities associated with the majority owned Consumer
Healthcare and HIV businesses. At these revised rates, increased earnings and cash flows would be expected from
these businesses and therefore the businesses have increased in value. As a consequence, the forecast value of the
associated liabilities (put options, preferential dividends and contingent consideration), which are attributable to the
minority interests in these businesses, has also increased and is reflected in the balance sheet. This has resulted in
charges of £1.8 billion in the quarter and is the primary driver for the difference in reported total and core results.
The Group has declared a dividend of 19 pence for the quarter. The Board continues to expect to pay a full year
dividend of 80 pence for 2016 and for 2017.
GSK is continuing to make good progress in development of its pipeline.
Following positive data presented in February for cabotegravir, a long-acting integrase inhibitor, GSK intends to start
Phase III trials later in the year for use of this asset in treatment and prevention of HIV.
Prospects for the Group's next wave of respiratory medicines have also been strengthened with an accelerated filing
for Closed Triple in the US, now expected later this year; the license of a novel anti-IL33R antibody for treatment of
severe asthma; and new data which supports progression of danirixin into Phase IIb clinical development for potential
use in the treatment of COPD.
1 September 2016 Europe - United Kingdom Pharmaceuticals

In Oncology, the FDA granted Breakthrough Therapy designation for the affinity enhanced T-cell therapy targeting
NY-ESO in synovial sarcoma, and preliminary Phase I data supported continued development of BET inhibitor,
525762, in NUT midline carcinoma and other tumour types. During the quarter, GSK3359609, an ICOS agonist
antibody, became the first asset in its class to enter human clinical trials. Altogether, GSK now has 10 Oncology
assets in Phase I/II trials.
Group strategy and outlook

GSK has created a Group of three world-leading businesses in Pharmaceuticals, Vaccines and Consumer
Healthcare, which aims to deliver growth and improving returns to shareholders through development of innovative
healthcare options for patients and consumers.
GSK has a strong portfolio of innovative products across its three businesses with a presence in more than 150
markets. Revenues are split across Pharmaceuticals 58%, Consumer Healthcare 26% and Vaccines 16% on a 2015
pro-forma basis. R&D innovation underpins all three businesses. In November 2015, the Group profiled to investors
an R&D portfolio of 40 assets focused on Oncology, Immuno-inflammation, Vaccines, HIV and Infectious diseases,
Respiratory and Rare diseases.
All three businesses are supported by proprietary technologies and manufacturing capabilities in areas such as
devices, adjuvants, bio-electronics and formulations. The Group aims to improve returns from its R&D innovation by
striking a balance between pricing and volume generation. Details of the Group's innovative R&D portfolio and the
progress of assets in development can be found on pages 30 to 33 of this Announcement.
At its Investor Day on 6 May 2015, GSK outlined a series of expectations for its performance over the five-year period
2016-2020. This included an expectation that Group core EPS would grow at a CAGR of mid-to-high single digits on
a CER basis. The introduction of a generic alternative to Advair in the US was factored into the Group's assessment
of its future performance. The Group also stated it expects to pay an annual ordinary dividend of 80p for each of the
years 2015-2017.
Reporting the Group's performance

GSK presents total results and core results in order to help shareholders better understand the Group's operational
performance.
Total results represent the Group's overall performance. However, these results can contain material unusual or non-
operational items that may obscure the key trends and factors determining the Group's operational performance.
GSK therefore also reports core results to help shareholders identify and assess more clearly the key drivers of the
Group's performance. This approach aligns the presentation of the Group's results more closely with the majority of
GSK's peer group.
Core results exclude the following items from total results: amortisation and impairments of intangible assets and
goodwill; major restructuring costs; legal charges; transaction-related accounting adjustments; disposals and other
operating income other than royalty income. Reconciliations between total and core results are provided on pages 57
to 60.
Recent costs for major restructuring reflect the programmes to reshape the Group's Pharmaceuticals business and
the integration of the Novartis Vaccines and Consumer Healthcare businesses following the transaction which was
completed in 2015. Costs for these major restructuring programmes are expected to reduce significantly in 2017 with
only residual charges thereafter.
The most significant recent adjustments to total results have been transaction-related items and disposal gains.
Transaction-related items are volatile and relate primarily to the required re-measurement each quarter of the present
value of the forecast liabilities and contingent consideration associated with the Group's majority-owned Consumer
Healthcare and HIV businesses. These re-measurements reflect changes in the values of these businesses and the
1 September 2016 Europe - United Kingdom Pharmaceuticals

expected forecast liabilities for the put options, preference shares and future contingent consideration payments. As
these valuation adjustments do not relate to current trading but primarily to consideration potentially due in the future,
they are excluded from core earnings. The major drivers of the re-measurements have been changes in the forecasts
of exchange rates and performance. Increases in liabilities result in a charge and decreases in liabilities result in a
credit to total earnings. In order to illustrate underlying performance, it is also the Group's practice to present its
results at constant exchange rate (CER) growth.
Group performance
The Novartis transaction completed on 2 March 2015 and so the Group's reported year-to-date results include six
months of sales of the Vaccines and Consumer Healthcare products acquired from Novartis and exclude the former
GSK Oncology business. The 2015 reported year-to-date results included sales of the GSK Oncology products for
the two months to 2 March 2015 and sales of the acquired Vaccines and Consumer Healthcare products for the four
months from that date.
Accordingly, for H1 2016, in addition to reported growth rates, the Group is presenting pro-forma growth rates for
turnover, core operating profit and core operating profit by business. Pro-forma growth rates are calculated
comparing reported turnover and core operating profit for H1 2016 with the turnover and core operating profit for H1
2015 adjusted to include the two months of sales for January and February 2015 of the former Novartis Vaccines and
Consumer Healthcare products and exclude sales of the former GSK Oncology business for January and February
2015. In addition, following the Novartis transaction, the Group has restated its segment information for the change in
its segments described on page 45, including in particular, now reporting the results of the Pharmaceuticals operating
segment as incorporating HIV.
Turnover – Q2 2016

Group turnover for Q2 2016 increased 11% in Sterling terms and 4% CER to £6,532 million, with Pharmaceuticals up
2%, Vaccines up 11% and Consumer Healthcare up 7%. Sales of New Pharmaceutical and Vaccine products, as
described on page 29, were £1,050 million in the quarter, an increase of £604 million in Sterling terms.
Pharmaceuticals

Pharmaceuticals turnover was £3,882 million, up 2%, with HIV sales growing 44% in the quarter. Total Respiratory
sales were flat with 6% growth in the US, International flat and Europe down 11%, as the Respiratory portfolio
continues to transition to newer products. Sales of New Pharmaceutical Products were £906 million, a Sterling
increase of £533 million, which more than offset the Sterling decline in Seretide/Advair sales of £60 million. Sales of
Established Products declined 14%, impacted by declines in all regions including the continued reshaping of the
business in China and the impact of biennial price revisions in Japan.
US Pharmaceuticals turnover of £1,167 million declined 1% in the quarter. The decline was driven primarily by the
impact of generic competition to Avodart, down 36% to £46 million, and a reduction in Relenza down 97% to £1
million following a reallocation of government funding. Sales of New Respiratory Pharmaceutical products totalled
£149 million and the growth of these products exceeded the decline in Advair. Advair sales declined 7% to £487
million representing a 4% volume decline and a 3% negative impact of price and mix, including the benefit of
favourable payer rebate adjustments related to prior quarters. On an underlying basis, Advair's sales performance in
the quarter was more consistent with the first three months of 2016. Ventolin sales were up 9% to £95 million. Flovent
sales declined 32% to £75 million, primarily due to pricing pressures in the ICS market and the impact of negative
adjustments to payer rebates related to prior quarters. The net impact of adjustments to prior quarters for payer
rebates across the Respiratory portfolio was broadly neutral to reported US sales. Benlysta sales increased 29% to
£71 million.
In Europe, Pharmaceuticals turnover declined 7% to £687 million. Respiratory sales declined 11% to £347 million
reflecting the ongoing transition to the new Respiratory portfolio and generic competition to Seretide which declined
25% (19% volume decline and a 6% negative impact of price and mix) to £213 million. This was partly offset by sales
1 September 2016 Europe - United Kingdom Pharmaceuticals

of the new Respiratory products of £54 million in the quarter. Established Products sales were down 6% to £122
million.
International Pharmaceuticals sales of £1,163 million were down 9%. Sales in Emerging Markets declined 9%,
impacted by further declines in the China business, down 14%, which continued to be affected by the ongoing
reshaping programme and broader Healthcare sector reforms, including price reductions. Excluding China, Emerging
Markets declined 8% primarily due to the impact of the recent divestment to Amgen and the limitation of trading in
Venezuela since the end of 2015 to the supply of essential medicines. In Emerging Markets outside of China,
Respiratory grew 2% as a result of new product launches and strong performances by Flixotide, Avamys and
Ventolin. In Japan, Pharmaceutical sales were down 3% to £335 million, impacted by price revisions as well as
supply interruptions to Avodart that have now been resolved. Respiratory sales in Japan grew 6% with strong growth
of Relvar Ellipta, up 46% to £22 million, offsetting a decline in Adoair sales.
Worldwide HIV sales increased 44% to £865 million, with the US up 52%, Europe up 39% and International up 22%.
The growth in all three regions was driven primarily by strong performances from both Triumeq and Tivicay, with
sales of £409 million and £225 million, respectively in the quarter. Epzicom/Kivexa sales declined 21% to £157
million.
Vaccines

Vaccines sales grew 11% to £960 million with the US down 2%, Europe up 11% and International up 20%. Growth
benefited from the phasing of tender sales of Synflorix in International as well as improved supply of Bexsero later in
the quarter, particularly into the US. This was partly offset by adverse movements in CDC vaccines stockpiles,
particularly an unfavourable comparison with Q2 2015 CDC stockpile orders in the US. Supply constraints in
International and lower Hepatitis vaccines sales in China also negatively impacted sales.
In the US, sales declined 2% to £258 million. Growth was impacted by an adverse movement in CDC stockpiles,
some de-stocking following higher sales in Q1 2016 and an unfavourable comparison with the benefit to Q2 2015 of
positive CDC stockpile orders for Infanrix/Pediarix, Boostrix, Rotarix and Engerix. This adverse impact to growth was
partly offset by Bexsero share gains and improved supply for Bexsero and Menveo that boosted advance shipments
ahead of the back-to-school season. Sales also benefited from share gains for Boostrix and Pediarix.
In Europe, sales grew 11% to £325 million. Growth was driven primarily by Bexsero sales in private markets and
improved supply during the quarter. Sales were also driven by higher demand for Priorix/Priorix-Tetra/ Varilrix, better
supply of Hepatitis A vaccines and higher demand for Encepur in Germany. Growth was partly offset by lower sales
of Infanrix/Pediarix and Boostrix due to the phasing of supply as well as increased competition for Infanrix/Pediarix.
In International, sales grew 20% to £377 million. Growth benefited from the earlier than expected phasing of Synflorix
sales in Brazil and Pakistan, market expansion in Nigeria and Myanmar and strong private market demand. The
Priorix/Priorix-Tetra/Varilrix portfolio and Rotarix grew due to favourable phasing in Saudi Arabia. Growth was also
driven by higher uptake of Seasonal Flu vaccine and Rotarix sales in Brazil partly offset by lower sales of
Infanrix/Pediarix, due to supply constraints, and lower Hepatitis sales in China.
Consumer Healthcare
Consumer Healthcare sales were up 7% to £1,690 million, with the US up 9%, Europe up 1%, and International up
9%. Growth was primarily driven by strong performances in all regions across the Oral health and Wellness power
brands with a particular improvement in International.
US sales increased 9% to £429 million, primarily reflecting strong performance from the Wellness and Oral health
portfolios. More than half of the growth came from Sensodyne, which continued to deliver double-digit growth, driven
by the recent launch of the True-White variant, combined with strong momentum from Pronamel. Within Wellness,
Flonase OTC had another strong quarter, despite a number of competitor launches, while Excedrin, also contributed
strongly, primarily due to the gel-tab launch.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Sales in Europe grew 1% to £504 million. The slower growth in the quarter was largely a result of expected sales
phasing due to systems integration activities but also the impact of worsening economic conditions in CIS. Share
gains were recorded within many of the power brands with consumption growth remaining buoyant. Growth was
driven primarily by the Oral health and Wellness categories with mid-single digit growth from power brands with
strong performances from Sensodyne and Gum Health, in particular.
International sales of £757 million grew 9%, driven primarily by Oral health and Wellness. Oral health sales were up
12% benefiting from double-digit growth of Sensodyne and Denture care. Wellness also grew well, driven by Voltaren
and double-digit growth of Otrivin which delivered good growth across Asia Pacific. Performance improved
significantly in China as both Sensodyne and Voltaren grew share with improved distribution.
Turnover – H1 2016
Group turnover for H1 2016 increased 11% in Sterling terms and 6% CER on a reported basis to £12,761 million, with
Pharmaceuticals up 1%, Vaccines up 16% and Consumer Healthcare up 16%, all three businesses still reflecting the
impact of the Novartis transaction which completed on 2 March 2015. On a pro-forma basis, Group turnover was up
5%, with Pharmaceuticals up 4%, Vaccines up 12% and Consumer Healthcare up 6%. Sales of New Pharmaceutical
and Vaccine products, as described on page 29, were £1,871 million in the six months, an increase of £1,156 million.
Pharmaceuticals

Pharmaceuticals turnover was £7,468 million, up 1% on the prior year, but adjusting for the disposal of the Oncology
business to Novartis, up 4% pro-forma. HIV sales grew 50% in the period. Total Respiratory sales declined 1%,
primarily reflecting a 25% decline in Seretide in Europe, and the continuing transition globally of the Respiratory
portfolio to newer products. Respiratory sales in US grew 4% and were flat in International. Sales of New
Pharmaceutical Products were £1,623 million, a Sterling increase of £999 million, which more than offset the Sterling
decline in Seretide/Advair sales of £205 million. Sales of Established Products declined 11%, impacted by declines in
all regions including the impact of market reforms and the continued reshaping of the business in China and the
impact of biennial price revisions in Japan.
US Pharmaceuticals turnover of £2,113 million declined 7% in the six months on a reported basis and 2% on a pro-
forma basis. The pro-forma decline was primarily driven by the impact of generic competition to Avodart, down 60%
to £53 million and Lovaza down 60% to £23 million. Relenza sales were down 98% to £1 million following a
reallocation of government funding. Sales of New Respiratory Products totalled £257 million and the growth of these
products exceeded the decline in Advair. Advair sales declined 12% to £826 million representing a 3% volume
decline and a 9% negative impact of price and mix. Payer rebate adjustments related to prior quarters favourably
impacted sales in the six months. Ventolin sales were up 9% to £187 million. Flovent sales declined 17% to £164
million, primarily due to pricing pressures in the ICS market and the impact of negative adjustments to payer rebates
related to prior quarters. The net impact of adjustments to prior quarters for payer rebates across the Respiratory
portfolio was broadly neutral to reported US sales in the six months. Benlysta sales increased 25% to £130 million.
In Europe, Pharmaceuticals turnover declined 11% to £1,401 million on a reported basis and 7% on a pro-forma
basis. Respiratory sales declined 12% to £695 million reflecting the ongoing transition to the new Respiratory portfolio
and generic competition to Seretide which declined 25% (19% volume decline and a 6% negative impact of price and
mix) to £439 million. This was partly offset by the new respiratory products, which recorded sales of £95 million.
Established Products sales were down 6% to £248 million.
International Pharmaceuticals sales of £2,360 million were down 6% on a reported basis and 4% on a pro-forma
basis, including the benefit of an accelerated sale of inventory to Novartis of £33 million following a restructuring of
certain supply agreements. Sales in Emerging Markets declined 7% and 5% on a pro-forma basis, impacted by
further declines in the China business down 21%, which continued to be affected by its ongoing reshaping
programme and broader Healthcare reforms, including price reductions. Excluding China, Emerging Markets declined
3% on a reported basis and 2% pro-forma, due to the impact of the recent divestment to Amgen and the limitation of
trading in Venezuela since the end of 2015 to the supply of essential medicines, partly offset by Respiratory sales
1 September 2016 Europe - United Kingdom Pharmaceuticals

growth as a result of new launches, the timing of tenders and price increases in certain markets. In Japan,
Pharmaceutical sales were down 7% on a reported basis and 5% pro-forma to £662 million, impacted by biennial
price revisions as well as supply interruptions to Avodart. Respiratory sales in Japan grew 5% with strong growth of
Relvar Ellipta, up 59% to £40 million, offsetting a decline in Adoair sales.
Worldwide HIV sales increased 50% to £1,594 million, with the US up 62%, Europe up 39% and International up
26%. The growth in all three regions was driven primarily by strong performances from both Triumeq and Tivicay,
with sales of £737 million and £413 million, respectively in the six months. Epzicom/Kivexa sales declined 18% to
£311 million.
Vaccines

Vaccines sales grew 16% on a reported basis and 12% pro-forma to £1,842 million. On a reported basis, the US was
up 5%, Europe up 28% and International up 15%. Growth benefited from the phasing of a number of tenders in
International together with the strong performance of the Meningitis franchise, particularly in the US and Europe,
partly offset by an unfavourable comparison with H1 2015 CDC stockpile movements in a number of products.
In the US, sales grew by 5% on a reported basis and 2% pro-forma to £520 million. Growth was driven by market and
share growth in Bexsero, Boostrix and Pediarix as well as the phasing of Bexsero and Menveo purchases ahead of
the back-to-school season as supply improved towards the end of H1. Growth was offset by some pricing pressures
and an unfavourable comparison with the benefit to H1 2015 of CDC stockpile movements of Infanrix/Pediarix,
Boostrix, Rotarix and Engerix.
In Europe, sales grew 28% on a reported basis and 22% pro-forma to £664 million. Growth was driven primarily by
the Meningitis portfolio. Bexsero sales grew in a number of private markets and in the UK following its inclusion in the
NHS immunisation programme. Boostrix growth was driven by tender success and higher private market sales. Sales
were also up in Germany driven by Hepatitis A vaccines, Priorix/Priorix-Tetra/ Varilrix and Encepur. Growth was
partly offset by lower sales of Infanrix/Pediarix due to the phasing of supply as well as increased competition for
Infanrix/Pediarix.
In International, sales grew 15% on a reported basis and 11% pro-forma to £658 million. Growth benefited from the
earlier than expected phasing of Synflorix sales in Brazil and Pakistan, market expansion in Nigeria and Myanmar
and strong private market demand. The Priorix/Priorix-Tetra/Varilrix portfolio and Rotarix grew due to favourable
phasing in Saudi Arabia. Further growth was driven by higher uptake of Seasonal Flu vaccine and Rotarix sales in
Brazil, partly offset by lower sales of Infanrix/Pediarix, due to supply constraints, lower Hepatitis vaccines sales in
China and reduced demand for Cervarix.
Consumer Healthcare
Consumer Healthcare sales were up 16% on a reported basis to £3,451 million, with the US up 17%, Europe up 20%,
and International up 13%. On a pro-forma basis, sales increased by 6%, with growth driven by strong performances
in Oral health and Wellness power brands across all regions.
US sales increased 17% to £869 million on a reported basis and 8% pro-forma. Growth was driven by strong
performances from the Wellness and Oral health portfolios. Sensodyne continued to deliver double-digit growth
driven by the launch of True-White combined with strong momentum from Pronamel. Within Wellness, Flonase OTC
grew strongly while Excedrin also had a strong first half, largely due to the gel-tab format launch.
Sales in Europe grew 20% to £1,048 million on a reported basis with 3% pro-forma growth. Strong momentum in
Germany was partly offset by the impact of worsening economic conditions in CIS. Growth was driven primarily by
Wellness sales and, in particular, double-digit growth of Voltaren as a result of the continued success of the 12-hour
variant. Within the Oral health category, Sensodyne, Gum health and Denture care continued to grow, partly offset by
a decline in Aquafresh.
1 September 2016 Europe - United Kingdom Pharmaceuticals

International sales of £1,534 million grew 13% on a reported basis and 6% on a pro-forma basis. Growth reflected
double-digit performances in Oral health and Wellness partly offset by a slower half year for the Nutrition category.
Power brands grew double-digit overall, driven by Sensodyne, Denture Care, Panadol, Voltaren and Otrivin and
driving the Oral health and Wellness category performances. Nutrition was impacted by the effective cessation of
trade in Venezuela at the end of 2015, slower growth in Africa functional beverages and the slowing health food drink
category in India which impacted Horlicks.

Core operating profit – Q2 2016
Core operating profit was £1,831 million, 15% higher in CER terms than in Q2 2015 on a turnover increase of 4%.
The core operating margin of 28.0% was 5.1 percentage points higher than in Q2 2015 and 2.5 percentage points
higher on a CER basis, reflecting improved operating leverage driven by sales growth and a more favourable mix
across all three businesses as well as continued delivery of restructuring and integration benefits and tight control of
ongoing costs, partly offset by continued price pressure, particularly in Respiratory, supply chain investments and
inventory adjustments.
Cost of sales as a percentage of turnover was 29.6%, down 0.6 percentage points in Sterling terms and flat in CER
terms compared to Q2 2015. This reflected a more favourable product mix in the quarter, particularly the impact of
higher HIV sales in Pharmaceuticals, but also in Vaccines and Consumer Healthcare, as well as a continued
contribution from integration and restructuring savings in all three businesses, offset by continued adverse pricing
pressure in Pharmaceuticals, primarily Respiratory, inventory adjustments in Vaccines and continued investments in
the supply chain.
SG&A costs were 31.4% of turnover, 4.1 percentage points lower than in Q2 2015 and 2.2 percentage points lower
on a CER basis. This primarily reflected tight control of ongoing costs as well as cost reductions in Global
Pharmaceuticals, including the benefits of the Pharmaceuticals restructuring programme initiated in Q4 2014,
integration benefits in Vaccines and Consumer Healthcare compared to Q2 2015 when synergies were at an early
stage of delivery, offset by continued reallocation of investment in promotional product support, particularly for new
launches in Respiratory, HIV, Consumer Healthcare and Vaccines.
R&D expenditure was £800 million (12.2% of turnover), 9% higher than Q2 2015 and 4% higher on a CER basis,
reflecting increased investment in the pipeline, including the BMS HIV acquisitions in Q1 2016, offset by continued
benefits from cost reduction programmes in Pharmaceuticals, Consumer Healthcare and Vaccines R&D.
Royalty income was £83 million (Q2 2015: £62 million) reflecting increased royalty income primarily from Gardasil
sales.
Core operating profit by business – Q2 2016
Pharmaceuticals core operating profit was £1,348 million, 4% higher than in Q2 2015 in CER terms on a turnover
increase of 2%. The core operating margin of 34.7% was 2.8 percentage points higher than in Q2 2015. On a CER
basis the core operating margin was 0.4 percentage points higher, reflecting a more favourable product mix, primarily
driven by the growth in HIV sales, and the continued cost reduction benefit of the Group's pharmaceuticals
restructuring programme, partly offset by investment in new product support and the impact of lower prices,
particularly in Respiratory, and the broader transition of the Respiratory portfolio.
Vaccines operating profit was £270 million, 39% higher than in Q2 2015 in CER terms on a turnover increase of 11%.
The core operating margin of 28.1% was 6.4 percentage points higher than in Q2 2015 and 5.6 percentage points
higher in CER terms, primarily driven by favourable product mix and enhanced operating leverage in the quarter from
the benefits to International sales of tender phasing, together with a reduction in SG&A and R&D costs delivered
through restructuring and integration benefits. This was partly offset by an increase in the cost of sales due to a
number of inventory adjustments and additional supply chain investments net of integration benefits.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Consumer Healthcare core operating profit was £238 million, more than double the level in Q2 2015 in CER terms on
a turnover increase of 7%. The core operating margin of 14.1% was 7.0 percentage points higher than in Q2 2015
and 6.5 percentage points higher on a CER basis. This primarily reflected a favourable comparison with Q2 2015,
which was impacted by the early stages of integration and the acquired Novartis cost base, but also an improvement
in gross margin reflecting mix benefits from the power brand strategy and pricing as well as continued strong
contributions from integration synergies that benefited both SG&A and R&D as a percentage of sales.
Core operating profit – H1 2016
Core operating profit was £3,390 million, 14% higher in CER terms than in H1 2015 on a turnover increase of 6%.
The core operating margin of 26.6% was 3.5 percentage points higher than in H1 2015 and 1.7 percentage points
higher on a CER basis.
On a pro-forma basis, core operating profit was 21% higher in CER terms compared with H1 2015 on turnover growth
of 5%. The pro-forma core operating margin was 3.3 percentage points higher in CER terms, reflecting improved
operating leverage driven by sales growth and a more favourable mix across all three businesses as well as a strong
half year of delivery of restructuring and integration benefits as well as tight control of ongoing costs, partly offset by
continued price pressure, particularly in Respiratory, supply chain investments and inventory adjustments.
Cost of sales as a percentage of turnover was 30.3%, down 0.3 percentage points in Sterling terms but 0.4
percentage points higher in CER terms than in H1 2015. On a pro-forma basis, the cost of sales percentage
decreased 1.1 percentage points compared with H1 2015 and was down 0.4 percentage points in CER terms. This
reflected improved product mix, particularly the impact of higher HIV sales in Pharmaceuticals, but also in Vaccines
and Consumer Healthcare, as well as an increased contribution from integration and restructuring savings in all three
businesses, partially offset by continued adverse pricing pressure in Pharmaceuticals, primarily Respiratory, as well
as inventory adjustments in Vaccines.
SG&A costs were 32.2% of turnover, 2.2 percentage points lower than in H1 2015 and 1.2 percentage points lower
on a CER basis. On a pro-forma basis, SG&A as a percentage of sales reduced by 2.9 percentage points and 1.9
percentage points on a CER basis. This primarily reflected tight control of ongoing costs as well as cost reductions in
Global Pharmaceuticals, including the benefits of the Pharmaceuticals restructuring programme initiated in Q4 2014,
and integration benefits in Vaccines and Consumer Healthcare compared to the first half of 2015 when synergies
were in the very early stages of delivery, offset by reallocation of investment in promotional product support,
particularly for new launches in Respiratory, HIV, Consumer Healthcare and Vaccines.
R&D expenditure was £1,575 million (12.3% of turnover), 4% higher than H1 2015 but 1% lower on a CER basis. On
a pro-forma basis, R&D expenditure declined 2% on a CER basis reflecting the benefit of cost reduction programmes
in Pharmaceuticals, Consumer Healthcare and Vaccines R&D partly offset by increased investment, primarily in HIV.
Royalty income was £174 million (H1 2015: £139 million) reflecting increased royalty income primarily from Gardasil
sales as well as benefiting from a prior year catch-up adjustment.
Core operating profit by business – H1 2016
Pharmaceuticals core operating profit was £2,501 million, 6% higher than in H1 2015 in CER terms on a turnover
increase of 1%. The core operating margin of 33.5% was 3.3 percentage points higher than in H1 2015 and 1.6
percentage points higher on a CER basis. On a pro-forma basis, the core operating margin increased 2.1 percentage
points on a CER basis, reflecting the more favourable product mix, primarily driven by the growth in HIV sales, and
the cost reduction benefit of the Group's pharmaceuticals restructuring programme, partly offset by increased
investment in new product support and the continued impact of lower prices, particularly in Respiratory, and the
broader transition of the Respiratory portfolio.
Vaccines operating profit was £523 million, 47% higher than in H1 2015 in CER terms on a turnover increase of 16%.
The core operating margin of 28.4% was 6.1 percentage points higher than in H1 2015 and 5.9 percentage points
1 September 2016 Europe - United Kingdom Pharmaceuticals

higher on a CER basis. On a pro-forma basis, the core operating margin improved 10.5 percentage points and 10.3 percentage points in CER terms, primarily driven by favourable product mix and enhanced operating leverage together with restructuring and integration benefits in CGS, SG&A and R&D, partly offset by a number of inventory adjustments and additional supply chain investments. Consumer Healthcare core operating profit was £541 million, 76% higher than in H1 2015 in CER terms on a turnover increase of 16%. The core operating margin of 15.7% was 5.6 percentage points higher than in H1 2015 and 5.1 percentage points higher on a CER basis. On a pro-forma basis, the Consumer Healthcare operating margin was 5.6 percentage points higher on a CER basis, primarily driven by improvements in gross margin reflecting mix benefits from the power brand strategy and pricing as well as a strong contribution from integration synergies benefiting both SG&A and R&D as a percentage of sales. Core profit after tax and core earnings per share – Q2 2016 finance expense was £163 million compared with £178 million in Q2 2015, benefiting from the maturity of a number of higher interest-bearing long term debt instruments. Tax on core profit amounted to £354 million and represented an effective core tax rate of 21.3% (Q2 2015: 20.0%). The increase in the effective rate primarily reflected the Group's changing earnings mix to the US, and also adverse movements following the recent decline in Sterling. See ‘Taxation' on page 47 for further details. The allocation of earnings to non-controlling interests amounted to £121 million (Q2 2015: £99 million), including the non-controlling interest allocations of Consumer Healthcare profits of £67 million (Q2 2015: £29 million) and the allocation of ViiV Healthcare profits, which increased to £79 million (Q2 2015: £62 million) including the impact of changes in the proportions of preferential dividends due to each shareholder based on the relative performance of different products in the quarter. The allocation also reflects higher losses, including bad debt provisions, in other entities with non-controlling interests. Core EPS of 24.5p was up 16% in CER terms compared with a 15% increase in operating profit, primarily reflecting the reduction in net finance expense offset by greater contribution to growth from businesses in which there are significant non-controlling interests as well as the increased tax rate in the quarter compared with Q2 2015. Core profit after tax and core earnings per share – H1 2016 Net finance expense was £322 million compared with £334 million in H1 2015, reflecting maturity of a number of higher interest-bearing long term debt instruments. Tax on core profit amounted to £648 million and represented an effective core tax rate of 21.1% (H1 2015: 20.0%). The increase in the effective rate reflected the Group's momentum and changing earnings mix in favour of the US in particular. See ‘Taxation' on page 47 for further details. The allocation of earnings to non-controlling interests amounted to £268 million (H1 2015: £190 million), including the non-controlling interest allocations of Consumer Healthcare profits of £112 million (H1 2015: £41 million) and the allocation of ViiV Healthcare profits, which increased to £145 million (H1 2015: £113 million) including the impact of changes in the proportions of preferential dividends due to each shareholder based on the relative performance of different products in the quarter. The allocation also reflects higher losses, including bad debt provisions, in other entities with non-controlling interests. Core EPS of 44.3p was up 12% in CER terms compared with a 14% increase in operating profit, primarily reflecting the greater contribution to growth from businesses in which there are significant non-controlling interests as well as the increased tax rate in the quarter compared with H1 2015, partly offset by reduction in net finance expense. 1 September 2016 Europe - United Kingdom Pharmaceuticals

Currency impact on Q2 2016 and H1 2016 results
The Q2 2016 results are based on average exchange rates, principally £1/$1.41, £1/€1.28 and £1/Yen 153.
Comparative exchange rates are given on page 48. The period-end exchange rates were £1/$1.33, £1/€1.20 and
£1/Yen 137.
In the quarter, turnover increased 4% CER and 11% at actual exchange rates. Core EPS of 24.5p was up 16% in
CER terms and up 42% at actual rates. The positive currency impact reflected the weakness of Sterling against the
majority of the Group's trading currencies relative to Q2 2015. Reduction in losses on settled intercompany
transactions compared to Q2 2015 contributed seven percentage points of the positive currency impact of 26
percentage points on core EPS.
In H1 2016, turnover increased 6% CER and 11% at actual exchange rates. Core EPS of 44.3p was up 12% in CER
terms and up 28% at actual rates. The positive currency impact reflected the weakness of Sterling against the
majority of the Group's trading currencies relative to H1 2015. Reduction in losses on settled intercompany
transactions compared to H1 2015 contributed four percentage points of the positive currency impact of sixteen
percentage points on core EPS.
2016 guidance for core EPS
GSK now expects 2016 core EPS percentage growth to be 11-12% on a CER basis.
If exchange rates were to hold at the June closing rates (£1/$1.33, £1/€1.20 and £1/Yen 137) for the rest of 2016, the
estimated positive impact on 2016 Sterling turnover growth would be around 9% and if exchange losses were
recognised at the same level as in 2015, the estimated positive impact on 2016 Sterling core EPS growth would be
around 19%.
Total operating loss and total loss per share – Q2 2016
Total operating loss was £151 million in Q2 2016 compared with a total operating profit of £335 million in Q2 2015.
Non-core items in the quarter resulted in an aggregate net charge of £1,982 million (Q2 2015: £1,014 million),
primarily reflecting the impact of further accounting charges related to re-measurement of the contingent
consideration related to the former Shionogi-ViiV Healthcare joint venture, along with re-measurement of the value
attributable to the Consumer Healthcare put option and the Shionogi/Pfizer ViiV put options and preferential
dividends. A significant majority of the re-measurements were driven by changes in exchange rate assumptions
following the Brexit vote in June, which have increased the estimated total Sterling values of GSK's Consumer
Healthcare and ViiV Healthcare businesses, and forecasted sales that will require increased future consideration
payments. Non-core items also included the continued impact of charges for restructuring costs related to the
integration of the former Novartis businesses and the Pharmaceuticals restructuring programme and certain other
adjusting items.
Intangible asset amortisation was £135 million compared to £125 million in Q2 2015. There were no intangible asset
impairments (Q2 2015: £2 million). Both are non-cash items.
Major restructuring and integration charges accrued in the quarter were £234 million (Q2 2015: £515 million),
reflecting the phasing of planned restructuring projects following the completion of the Novartis transaction in Q1
2015, as well as reduced charges for Pharmaceuticals restructuring projects as this programme enters its later
stages. Cash payments made in the quarter were £333 million (Q2 2015: £248 million) including the settlement of
certain charges accrued in previous quarters.
Legal charges of £22 million (Q2 2015: £50 million) included the benefit of the settlement of existing anti-trust matters
as well as provisions for ongoing litigation. Legal cash payments in the quarter were £31 million (Q2 2015: £74
million).
1 September 2016 Europe - United Kingdom Pharmaceuticals

Transaction-related adjustments resulted in a net charge of £1,798 million (Q2 2015: £319 million). This primarily
included accounting charges for the re-measurement of the liability and the unwinding of the discounting effects on
the value attributable to the Consumer Healthcare Joint Venture put option held by Novartis, the value attributable to
the put options and preferential dividends attributable to Pfizer and Shionogi, and the re-measurement and the
unwinding of the discounting effects on the contingent consideration relating to the acquisition of the former Shionogi-
ViiV Healthcare Joint Venture.
The aggregate impact of unwind of the discount was £212 million (Q2 2015: £232 million), including the Consumer
Healthcare put option (£111 million), the ViiV Healthcare put options and preference dividends (£16 million) and the
contingent consideration on the former Shionogi-ViiV Healthcare Joint Venture (£73 million). The remaining charge of
£1,586 million is primarily driven by changes in exchange rate assumptions following the Brexit vote in June. An
explanation of the accounting for the non-controlling interests in ViiV Healthcare is set out on page 56.
Other items included equity investment disposals and dividends, and a number of other asset disposals, and certain
other adjusting items.
A tax charge of £174 million on total profit represented an effective tax rate of (54.7)% (Q2 2015: 24.3%). This rate
reflected the non-deductibility of certain items included within the Transaction-related adjustments, particularly the re-
measurements of the put options related to ViiV Healthcare and the Consumer Healthcare Joint Venture, as well as
the differing tax effects of the various non-core items.
The total loss per share was 9.0p, compared with earnings per share of 3.1p in Q2 2015. The decrease primarily
reflected the increased re-measurement charges driven by changes in the Sterling valuations of the contingent
consideration and the put options liabilities associated with the Group's Consumer Healthcare and HIV businesses.
Total operating profit and total loss per share – H1 2016
Total operating profit was £572 million in H1 2016 compared with a total operating profit of £9,551 million in H1 2015,
which benefited from the net disposal gains recorded following the disposal of the Oncology business as part of the
Novartis transaction. Non-core items resulted in an aggregate net charge of £2,818 million primarily reflecting the
impact of further accounting charges related to re-measurement of the contingent consideration related to the former
Shionogi-ViiV Healthcare joint venture, along with re-measurement of the value attributable to the Consumer
Healthcare put option and liabilities for Pfizer and Shionogi ViiV put options and preferential dividends. A significant
majority of the re-measurements were driven by changes in exchange rate assumptions following the Brexit vote in
June 2016 (H1 2015: net credit of £6,897 million, primarily reflecting the impact of the Novartis transaction).
Intangible asset amortisation was £279 million, compared to £276 million in H1 2015. There were no intangible asset
impairments (H1 2015: £104 million). Both are non-cash items.
Major restructuring and integration charges of £422 million have been accrued (H1 2015: £881 million), reflecting the
phasing of planned restructuring projects following the completion of the Novartis transaction in Q1 2015, as well as
reduced charges for Pharmaceuticals restructuring projects as this programme enters its later stages. Cash
payments made were £600 million (H1 2015: £502 million) including the settlement of certain charges accrued in
previous quarters.
Charges for the combined restructuring and integration programme to date are £3.2 billion with cash payments of
£2.2 billion. The total cash charges of the combined programme are expected to be approximately £3.65 billion and
the non-cash charges up to £1.35 billion. The programme delivered incremental cost savings of £0.7 billion in H1
2016 and has now delivered approximately £2.3 billion of annual savings on a moving annual total basis. It remains
on track to deliver £3 billion of annual savings in total. The programme is expected to be largely complete by the end
of 2017.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Legal charges of £48 million (H1 2015: £135 million) included the benefit of the settlement of existing anti-trust
matters as well as provisions for ongoing litigation. Legal cash payments in the period were £104 million (H1 2015:
£236 million).
Transaction-related adjustments resulted in a net charge of £2,258 million (H1 2015: £1,183 million). This primarily
included accounting charges for the re-measurement of the liability and the unwinding of the discounting effects on
the value attributable to the Consumer Healthcare Joint Venture put option held by Novartis, the value attributable to
the put option and preferential dividends payable to Pfizer and Shionogi, and the re-measurement and the unwinding
of the discounting effects on the contingent consideration relating to the acquisition of the former Shionogi-ViiV
Healthcare Joint Venture.
The aggregate impact of unwind of the discount was £409 million (H1 2015: £312 million), including the Consumer
Healthcare put option (£218 million), the ViiV Healthcare put options and preference dividends (£21 million) and the
contingent consideration on the former Shionogi-ViiV Healthcare Joint Venture (£142 million). The remaining charge
of £1,849 million is primarily driven by changes in exchange rate assumptions following the Brexit vote in June. An
explanation of the accounting for the non-controlling interests in ViiV Healthcare is set out on page 56.
Other items included equity investment disposals, dividends and impairments, a number of other asset disposals, and
certain other adjusting items.
A tax charge of £382 million on total profit represented an effective tax rate of over 100% (H1 2015: 19.1%) and
reflected the non-deductibility of certain items included within the Transaction-related adjustments, particularly the re-
measurements of the put options related to ViiV Healthcare and the Consumer Healthcare Joint Venture, as well as
differing tax effects of the various non-core items.
The total loss per share was 3.2p, compared with earnings per share of 170.7p in H1 2015. The decrease primarily
reflected the benefit to H1 2015 of the Novartis transaction that closed in Q1 2015.
Q2 2016
The net cash inflow from operating activities for the quarter was £1,236 million (Q2 2015: £217 million). Excluding
legal settlements of £31 million (Q2 2015: £74 million) adjusted net cash inflow from operating activities was £1,267
million (Q2 2015: £291 million). In addition, there were payments of restructuring and integration costs of £333 million
(Q2 2015: £248 million), but no further tax payments (Q2 2015: £511 million) on the sale of the Oncology business,
which have been funded from divestment proceeds. Excluding these items, the adjusted net cash inflow from
operating activities would have been £1,600 million (Q2 2015: £1,050 million).
The increase primarily reflected the improved operating performance across all segments, as well as a positive
currency benefit, together with an improvement in working capital including inventory levels compared to Q2 2015.
Total cash payments to Shionogi in relation to the ViiV Healthcare contingent consideration liability (including
preferential dividends) in the quarter were £74 million, of which £62 million was recognised in cash flows from
operating activities and £12 million was recognised in purchases of businesses within investing cash flows.
Free cash flow was £315 million for the quarter (Q2 2015: £606 million outflow). Excluding legal payments, adjusted
free cash flow was £346 million (Q2 2015: £532 million outflow) but this is also after making restructuring and
integration payments. The comparator in 2015 also included a tax payment on the sale of the Oncology business.
Excluding these items, which are being funded from divestment proceeds, the adjusted free cash flow would have
been £679 million (Q2 2015: £227 million).
H1 2016
The net cash inflow from operating activities for the six months was £1,739 million (H1 2015: £587 million). Excluding
legal settlements of £104 million (H1 2015: £236 million) adjusted net cash inflow from operating activities was
£1,843 million (H1 2015: £823 million). In addition, there were payments of restructuring and integration costs of £600
million (H1 2015: £502 million) and a further tax payment of £117 million (H1 2015: £511 million) on the sale of the
1 September 2016 Europe - United Kingdom Pharmaceuticals

Oncology business, both of which have been funded from divestment proceeds. Excluding these items, the adjusted
net cash inflow from operating activities would have been £2,560 million (H1 2015: £1,836 million).
The increase primarily reflected the improved operating performance across all segments, as well as a positive
currency benefit.
Total cash payments to Shionogi in relation to the ViiV Healthcare contingent consideration liability (including
preferential dividends) in the six months were £159 million, of which £129 million was recognised in cash flows from
operating activities and £30 million was recognised in purchases of businesses within investing cash flows.
Free cash flow was £93 million for the six months (H1 2015: £675 million outflow). Excluding legal payments,
adjusted free cash flow was £197 million (H1 2015: £439 million outflow) but this is also after making restructuring
and integration payments and an additional tax payment on the sale of the Oncology business and the purchase of
HIV Clinical assets for £221 million which are treated as intangible assets purchases. Excluding these items, which
are being funded from divestment proceeds, the adjusted free cash flow would have been £1,135 million (H1 2015:
£574 million).
Net debt
At 30 June 2016, net debt was £14.9 billion, compared with £10.7 billion at 31 December 2015, comprising gross
debt of £19.6 billion and cash and liquid investments of £4.7 billion. The increase in net debt primarily reflected
dividends paid to shareholders of £3.0 billion, as well as a £1.3 billion adverse exchange impact from the translation
of the non-Sterling denominated debt.
At 30 June 2016, GSK had short-term borrowings (including overdrafts) repayable within 12 months of £4,485 million
with loans of £3,107 million repayable in the subsequent year.
Returns to shareholders
GSK expects to pay an annual ordinary dividend of 80p for each of the next two years (2016-2017).
In April 2016, GSK also returned approximately £1 billion (20p per share) to shareholders via a special dividend paid
alongside GSK's Q4 2015 ordinary dividend payment.
Any future returns to shareholders of surplus capital will be subject to the Group's strategic progress, visibility on the
put options associated with ViiV Healthcare and the Consumer Healthcare joint venture and other capital
requirements.
Quarterly dividends
The Board has declared a second interim dividend of 19 pence per share (Q2 2015: 19 pence per share).
Payment of dividends
The equivalent interim dividend receivable by ADR holders will be calculated based on the exchange rate on 11
October 2016. An annual fee of $0.02 per ADS (or $0.005 per ADS per quarter) will be charged by the Depositary.
The ex-dividend date will be 11 August 2016 (10 August 2016 for ADR holders), with a record date of 12 August 2016
and a payment date of 13 October 2016.
GSK made no share repurchases during the quarter. The company issued 1.6 million shares under employee share
schemes amounting to £18 million (Q2 2015: £5 million).
The weighted average number of shares for Q2 2016 was 4,859 million, compared with 4,832 million in Q2 2015.
Respiratory
Q2 2016 (£1,585 million; flat with last year)
1 September 2016 Europe - United Kingdom Pharmaceuticals


Respiratory sales in the quarter were flat at £1,585 million, primarily reflecting a 13% decline in Seretide/Advair, and
the continuing transition of the Respiratory portfolio to newer products. Growth in the new Respiratory products,
which recorded combined sales of £243 million in the quarter, including Relvar/Breo Ellipta sales of £146 million,
more than offset the decline in Seretide/Advair. Flixotide/Flovent sales decreased 20% to £136 million and Ventolin
sales grew 6% to £179 million.
In the US, Respiratory sales increased 6% to £814 million in the quarter (12% volume growth and a 6% negative
impact of price and mix). Growth of new Respiratory products in the quarter more than offset the 7% decline in Advair
(4% volume decline and a 3% negative impact of price and mix). Payer rebate adjustments related to prior quarters
favourably impacted sales of Advair in the quarter. However, Advair's underlying sales performance in the quarter
was more consistent with the first three months of 2016. The new Ellipta products recorded combined sales of £135
million in the quarter including Breo Ellipta sales of £80 million, with Nucala, the newly launched treatment for severe
asthma, reporting sales of £14 million. Established Respiratory assets included Ventolin sales, up 9% to £95 million,
and Flovent sales, which declined 32% to £75 million. The Flovent sales decline was primarily due to pricing
pressures in the ICS market and the impact of negative adjustments to payer rebates related to prior quarters. The
net impact of adjustments to prior quarters for payer rebates across the Respiratory portfolio was broadly neutral to
reported US sales.
European Respiratory sales were down 11% to £347 million, with Seretide sales down 25% to £213 million (19%
volume decline and a 6% negative impact of price and mix), reflecting continued competition from generics and the
transition of the Respiratory portfolio to newer products. The new Respiratory products recorded combined sales of
£54 million in the quarter, including Relvar Ellipta sales of £33 million.
Respiratory sales in the International region were flat at £424 million, with Emerging Markets up 1% and Japan up
6%. Sales in Canada declined 9%. In Emerging Markets, sales of Seretide were down 9% at £113 million, primarily
reflecting the impact of the continued reshaping of the business in China, while Ventolin grew 4% to £49 million. In
Japan, growth in sales of Relvar Ellipta of 46% to £22 million in the quarter more than offset the Adoair decline of 7%.

H1 2016 (£3,003 million; down 1%)
Respiratory sales in the six months were down 1% at £3,003 million, primarily reflecting a 16% decline in Seretide,
and the continuing transition of the Respiratory portfolio to newer products. Growth in the new Respiratory products,
which recorded combined sales of £419 million, including Relvar/Breo Ellipta sales of £257 million, offset most of the
decline in Seretide/Advair. Flixotide/Flovent sales decreased 12% to £289 million and Ventolin sales grew 7% to £358
million.
In the US, Respiratory sales increased 4% to £1,447 million in the six months (16% volume growth and a 12%
negative impact of price and mix). Growth of new Respiratory products more than offset the 12% decline in Advair
(3% volume decline and a 9% negative impact of price and mix). Payer rebate adjustments related to prior quarters
favourably impacted sales in the first six months. The new Ellipta products recorded combined sales of £237 million in
the six months, including Breo Ellipta sales of £137 million, with Nucala, the newly launched treatment for severe
asthma, reporting sales of £20 million. Established Respiratory assets included Ventolin sales, up 9% to £187 million,
and Flovent sales, which declined 17% to £164 million. The Flovent sales decline was primarily due to pricing
pressures in the ICS market and the impact of negative adjustments to payer rebates related to prior quarters. The
net impact of adjustments to prior quarters for payer rebates across the Respiratory portfolio was broadly neutral to
reported US sales.
European Respiratory sales were down 12% to £695 million, with Seretide sales down 25% to £439 million (19%
volume decline and a 6% negative impact of price and mix), reflecting continued competition from generics and the
transition of the Respiratory portfolio to newer products. The new Respiratory products recorded combined sales of
£95 million in the six months, including Relvar Ellipta sales of £63 million.
Respiratory sales in the International region were flat at £861 million with Emerging Markets up 2% and Japan up 5%.
Sales in Canada declined 11%. In Emerging Markets, sales of Seretide were down 8% at £224 million, primarily
1 September 2016 Europe - United Kingdom Pharmaceuticals

driven by a decline in China of 22%, while Ventolin grew 11% to £102 million. In Japan, growth in sales of Relvar
Ellipta of 59% to £40 million more than offset the Adoair decline of 9%.
Cardiovascular, metabolic and urology
Q2 2016 (£236 million; down 5%)
Sales in the category were down 5% to £236 million. The Avodart franchise was down 14% to £178 million, primarily
due to a 36% decline in the US following the launch of generic competition in Q4 2015, and supply disruption in
Japan. Sales of Eperzan/Tanzeum were £29 million in the quarter, reflecting the progress of the product's launch in
the US. Prolia was divested at the end of 2015 and therefore no sales were recorded in Q2 2016, compared with £10
million in Q2 2015.
H1 2016 (£420 million; down 9%)
Sales in the category were down 9% to £420 million. The Avodart franchise was down 20% to £310 million, primarily
due to a 60% decline in the US following the launch of generic competition in Q4 2015, and supply disruption in
Japan. Sales of Eperzan/Tanzeum were £54 million, reflecting the progress of the product's launch in the US. Prolia
was divested at the end of 2015 and therefore no sales were recorded in H1 2016, compared with £19 million in H1
2015.
Immuno-inflammation
Q2 2016 (£78 million; up 27%) Immuno-inflammation sales grew 27% to £78 million. This all relates to Benlysta
sales. In the US, Benlysta sales were £71 million, up 29%.
H1 2016 (£143 million; up 15%) Immuno-inflammation sales grew 15% to £143 million. This all relates to Benlysta
sales. In the US, Benlysta sales were £130 million, up 25%.
Other pharmaceuticals Q2 2016 (£517 million; down 11%)
Sales in other therapy areas decreased 11% to £517 million. Dermatology sales declined 20% to £88 million,
adversely affected by supply constraints, while Augmentin sales declined 10% to £134 million. Sales of products for
Rare diseases grew 1% to £105 million, including sales of Volibris, which were up 3%.
H1 2016 (£1,097 million; down 17%)
Sales in other therapy areas decreased 17% to £1,097 million. Dermatology sales declined 16% to £184 million,
adversely affected by supply constraints, while Augmentin sales declined 5% to £273 million. Sales of products for
Rare diseases declined 1% to £198 million, including sales of Volibris, which were up 3%.
Established products
Q2 2016 (£601 million; down 14%) Established products turnover fell 14% to £601 million with sales in the US down
12% at £162 million. Lovaza sales fell 63% to £10 million.
Europe was down 6% to £122 million, with Serevent sales down 11% to £9 million. International was down 18% to
£317 million, with lower sales of Zeffix, down 17% to £27 million, and Seroxat/Paxil, down 20% to £36 million.
H1 2016 (£1,211 million; down 11%)
Established products turnover fell 11% to £1,211 million with sales in the US down 7% at £332 million. Lovaza sales
fell 60% to £23 million.
Europe was down 6% to £248 million, with Serevent sales down 11% to £18 million. International was down 15% to
£631 million, with lower sales of Zeffix, down 22% to £55 million, and Seroxat/Paxil, down 16% to £69 million.
HIV Q2 2016 (£865 million; up 44%)
1 September 2016 Europe - United Kingdom Pharmaceuticals

HIV sales increased 44% to £865 million in the quarter, with the US up 52%, Europe up 39% and International up 22%. The growth in all three regions was driven by Triumeq and Tivicay. The ongoing roll-out of both Triumeq and Tivicay resulted in sales of £409 million and £225 million, respectively, in the quarter. Epzicom/Kivexa sales declined 21% to £157 million and Selzentry sales declined 10% to £30 million. There were also continued declines in the mature portfolio, mainly driven by generic competition to both Combivir, down 44% to £5 million, and Lexiva, down 28% to £14 million. H1 2016 (£1,594 million; up 50%) HIV sales increased 50% to £1,594 million in the six months, with the US up 62%, Europe up 39% and International up 26%. The growth in all three regions was driven by Triumeq and Tivicay. Triumeq and Tivicay sales were £737 million and £413 million, respectively. Epzicom/Kivexa sales declined 18% to £311 million, and Selzentry sales declined 7% to £60 million. Q2 2016 (£960 million; up 11%) Vaccines sales grew 11% to £960 million with the US down 2%, Europe up 11% and International up 20%. Growth benefited from the phasing of tender sales of Synflorix in International, primarily Brazil, and market expansion in Africa and Asia, and improved supply later in the quarter of Bexsero in the US and Europe. In the US, sales declined 2% to £258 million. Growth was impacted by an adverse movement in the CDC stockpile, some de-stocking following higher sales in Q1 2016 and an unfavourable comparison with the benefit to Q2 2015 of positive CDC stockpile movements for Infanrix/Pediarix, Boostrix, Rotarix and Engerix. These adverse impacts were partly offset by Bexsero share gains and improved supply for Bexsero and Menveo that benefited advance shipments ahead of the back-to-school season. Sales also benefited from share gains for Boostrix and Pediarix. In Europe, sales grew 11% to £325 million. Growth was driven primarily by Bexsero sales in private market channels in several countries including Spain and Italy and improved supply. Sales growth was also helped by higher demand for Priorix/Priorix-Tetra/Varilrix, better supply of Hepatitis A vaccines and higher demand for Encepur in Germany. Growth was partly offset by lower sales of Infanrix/Pediarix and Boostrix due to the phasing of supply as well as increased competition for Infanrix/Pediarix in Germany, Italy and France. In International, sales grew 20% to £377 million. Growth benefited from the earlier than expected phasing of Synflorix sales in Brazil and Pakistan, market expansion in Nigeria and Myanmar, strong private market demand in Vietnam as well as a tender award in Colombia. Rotarix sales were driven by higher demand in Brazil and favourable phasing in Saudi Arabia. The Priorix/Priorix-Tetra/Varilrix portfolio also grew due to favourable phasing in Saudi Arabia. Further growth was driven by higher uptake of Seasonal Flu vaccines in Australia and better Hepatitis A supply. This growth was partly offset by lower sales of Infanrix/Pediarix due to supply constraints and lower Hepatitis sales due to wholesaler destocking in China following the new private market distribution regulations. H1 2016 (£1,842 million; up 16%) Vaccines sales grew 16% on a reported basis and 12% pro-forma to £1,842 million. On a reported basis, the US was up 5%, Europe up 28% and International up 15%. Growth benefited from the phasing of a number of tenders in International together with the strong performance of Meningitis franchise particularly in the US and Europe partly offset by the unfavourable comparison with H1 2015 CDC stockpile movements in a number of products. In the US, sales grew by 5% on a reported basis and 2% on a pro-forma basis to £520 million. Growth was driven by market and share growth in Bexsero, Boostrix and Pediarix as well as the phasing of Bexsero and Menveo purchases ahead of the back-to-school season as supply improved towards the end of H1. Growth was offset by some pricing pressures and an unfavourable comparison with the benefit to H1 2015 CDC of stockpile movements of Infanrix/Pediarix, Boostrix, Rotarix and Engerix. In Europe, sales grew 28% on a reported basis and 22% on a pro-forma basis to £664 million. Growth was driven primarily by the Meningitis portfolio. Bexsero sales grew in private market channels in several countries including 1 September 2016 Europe - United Kingdom Pharmaceuticals

Spain, Italy and Germany and in the UK following its inclusion in the NHS immunisation programme. Menveo growth was driven primarily by tender awards in Italy. Boostrix sales grew strongly, driven by demand in Germany and a tender award in Poland. Sales were also up in Germany driven by better supply of Hepatitis A vaccines and higher demand for Encepur, Priorix/Priorix-Tetra/Varilrix and Rabipur. Growth was partly offset by lower sales of Infanrix/Pediarix due to phasing of supply as well as increased competition for Infanrix/Pediarix in Italy, France and Germany. In International, sales grew 15% on a reported basis and 11% on a pro-forma basis to £658 million. Growth benefited from the earlier than expected phasing of Synflorix sales in Brazil and Pakistan, market expansion in Nigeria and Myanmar and strong private market demand in India and Vietnam. Rotarix sales were driven by higher demand in Brazil and favourable phasing in Saudi Arabia. The Priorix/Priorix-Tetra/Varilrix portfolio grew due to favourable phasing in Saudi Arabia. Further growth was driven by higher uptake of Seasonal Flu vaccine in Australia and strong demand for Rabipur in India. This growth was partly offset by lower sales of Infanrix/ Pediarix due to supply constraints, lower Hepatitis vaccines sales due to wholesaler destocking in China following the new private market distribution regulations and lower demand for Cervarix. Q2 2016 (£1,690 million; up 7%) The Consumer Healthcare business represents the Consumer Healthcare Joint Venture with Novartis together with the GSK Consumer Healthcare listed businesses in India and Nigeria, which are excluded from the Joint Venture. Sales grew 7% to £1,690 million with 3% price and 4% volume growth, driven by the power brands and most notably Sensodyne, Denture care, Voltaren and Otrivin. On a regional basis, International growth accelerated to 9% in the quarter, together with continued strong growth in the US. Sales from new GSK innovations (product introductions within the last three years on a rolling basis) represented approximately 14% of sales. Notable launches within the quarter included Horlicks Immunity Nutrients and Sensodyne Whitening in India. US sales grew 9% to £429 million, driven by Sensodyne, which was up 25% as a result of the continued momentum of recent launches, particularly Repair & Protect and True-White, and distribution gains for Pronamel. Flonase OTC continued to grow well despite the introduction of private label and branded competition, partly helped by new formats which launched in Q1 2016. Excedrin also benefited from the launch of the gel-tab format. In addition, Theraflu saw a late season improvement in sales. These strong performances were slightly offset by Tums. Sales in Europe grew 1% to £504 million. Growth in Q2 was impacted by the expected phasing of sales due to systems integration projects. From a consumption perspective, many of the power and core brands continued to grow faster than the market, with Voltaren and Sensodyne performing particularly strongly. Oral health sales grew in mid single-digits with strong performances in Sensodyne and Gum health offset by a decline in Aquafresh due to increased competitive pressures in Family oral health. International sales of £757 million grew 9%, with strong performances delivered in Oral health and Wellness. Oral health registered 12% growth, driven by Sensodyne True White launches and continued condition awareness campaigns and format extensions. Wellness benefited from strong consumption gains for Voltaren. On a geographic basis, strong performances were delivered in many priority markets, most notably Russia and China. Russia delivered strong double-digit growth as a result of price increases, market share gains and de-stocking in the comparable quarter last year. China delivered strong growth in Voltaren, as a result of distribution expansion into new cities, and Sensodyne due to growth within the e-commerce channel. This was partly offset by the impact of the restructuring of activity in Venezuela at the end of 2015 and the effective cessation of trade which impacted both the Skin health and Nutrition categories. In India, Horlicks sales were impacted by slower growth in the category which is experiencing increasing competition from adjacent categories. This was partly offset by a very strong quarter for Sensodyne with the launch of Sensodyne Whitening and new marketing campaigns. 1 September 2016 Europe - United Kingdom Pharmaceuticals

H1 2016 (£3,451 million; up 16%)
Reported sales grew 16% to £3,451 million, benefiting significantly from the inclusion of sales of the former Novartis
products for two months of the period. Pro-forma growth was 6% of which price contributed 2%, whilst volume
accounted for 4%. Strong performances were delivered by power brands within the Oral health and Wellness
categories and across all regions. Sales from innovations within the last three years represented approximately 15%
of sales, higher than in previous years primarily due to the performance of Flonase, which was switched to OTC in Q1
2015. Other notable launches this year included Sensodyne True White in the US, Physiogel Calming Relief Face
Care in Asia and Fenbid 400mg in China.
US sales grew 17% on a reported basis to £869 million, with pro-forma growth of 8%. Growth was driven particularly
by Flonase OTC due to new formats and despite increased competition from other branded products and private
label competition. In addition, Sensodyne performed very strongly, continuing to benefit from the launch last year of
Repair and Protect and the Q1 launch of True White, together with distribution gains for Pronamel. Excedrin
performed strongly, mainly due to the gel-tab launch and new digital campaigns, and Theraflu delivered strong growth
due to the new warming syrups format and price increases.
Sales in Europe grew 20% on a reported basis to £1,048 million and were up 3% on a pro-forma basis. The Wellness
category was the major driver of growth, with Voltaren continuing to deliver double the market consumption growth,
driven largely by the 12-hour variant which recorded strong growth across the region. In addition Otrivin performed
well with strong growth delivered in Italy and Central & Eastern Europe. Oral health sales grew in mid single-digits,
with strong growth in Sensodyne and Gum health partly offset by a decline in Aquafresh due to increased competitive
pressures in family oral health. At a market level, sales growth was predominantly driven by Germany, France and
Italy, partly offset by a double-digit decline within CIS due to the impact on consumer spending of the weaker
economic environment.
International sales of £1,534 million grew 13% on a reported basis with pro-forma growth of 6%. Growth during the
half-year was delivered in many of the priority markets, predominantly within the power brands across the Oral health
and Wellness categories. This was partly offset by the impact of the restructuring of activity in Venezuela at the end
of 2015 and the effective cessation of trade, which affected both the Skin health and Nutrition categories. At a market
level, India grew in low single-digits as Horlicks was impacted by slower category growth and competition from
adjacent categories and Crocin was subject to price controls. However this was partly offset by double-digit
performances on Sensodyne which achieved a new market share high and Eno, driven by a new product launch and
accompanying media campaigns. Strong double-digit performances were also delivered in Brazil as a result of price
increases within Wellness and new product launches within Oral health and in Russia driven by price increases and
market share gains within Sensodyne.
In 2015, GSK identified a series of New Pharmaceutical and Vaccine products that were expected to deliver at least
£6 billion of revenues per annum on a CER basis by 2020. Those products, plus current clinical pipeline asset,
Shingrix, are as set out above. Sales of the New Pharmaceutical and Vaccine products are now expected to reach £6
billion of revenues per annum on a CER basis up to two years earlier (2018).
Q2 2016
Sales of New Pharmaceutical and Vaccine products were £1,050 million, grew £604 million in Sterling terms and
represented approximately 22% of Pharmaceuticals and Vaccines turnover in the quarter.
H1 2016
Sales of New Pharmaceutical and Vaccine products were £1,871 million, grew £1,156 million in Sterling terms and
represented approximately 20% of Pharmaceuticals and Vaccines turnover in the half year.
Research and development
GSK remains focused on delivering an improved return on its investment in R&D. Sales contribution, reduced attrition
and cost reduction are all important drivers of an improving internal rate of return. R&D expenditure is not determined
1 September 2016 Europe - United Kingdom Pharmaceuticals

as a percentage of sales but instead capital is allocated using strict returns-based criteria depending on the pipeline
opportunities available.
The operations of Pharmaceuticals R&D are broadly split into Discovery activities (up to the completion of Phase IIa
trials) and Development work (from Phase IIb onwards) each supported by specific and common infrastructure and
other shared services where appropriate. R&D expenditure for Q2 2016 is analysed below.
R&D pipeline
At a presentation to investors in New York on 3 November 2015, GSK described a deep portfolio of innovation,
focussed across six core areas of scientific research and development:
HIV & Infectious diseases, Respiratory, Vaccines, Immuno-Inflammation, Oncology and Rare Diseases. Around 40
new potential medicines and vaccines were profiled, supporting the Group's outlook for growth in the period 2016-
2020 and the significant opportunity the Group has to create value beyond 2020. HIV and infectious diseases -
including new options for long-term control and prevention of HIV and opportunities designed to cure or induce long-
term remission in both Hepatitis B and C News since Q1 2016:
FDA approval to lower the weight limit for dolutegravir in children and adolescents living with HIV (10 June);
Regulus announced FDA clinical hold for RG-101 which is in development with 2878175 for hepatitis C. The ongoing
combination study will complete as patients had already been dosed with RG-101 (27 June);
Announced presentation of data from the ARIA study at the International AIDS Conference demonstrating efficacy of
Triumeq for treatment-naive women living with HIV (18 July).
Respiratory - including the next generation of respiratory medicines beyond inhaled treatments News since Q1 2016:
Announced acceleration of filing of US NDA for Closed Triple COPD (FF/UMEC/VI in one Ellipta device) by end 2016,
rather than H1 2018 as previously expected (2 June);
Announced headline data from the FULFIL study demonstrating superiority of Closed Triple (FF/UMEC/VI in one
Ellipta device) over Symbicort in patients with COPD (20 June);
Data reported in-house which support progression of danirixin as a potential new oral maintenance treatment• for
COPD into Phase IIb development.
Vaccines - including a novel maternal immunisation platform for vaccines.
Immuno-inflammation - a portfolio of new antibodies & novel orals for inflammatory diseases including
rheumatoid arthritis, Sjögren's syndrome, osteoarthritis and inflammatory bowel disease
News since Q1 2016:
Phase I data in-house for RIP1 kinase inhibitor (2982772) in healthy subjects, supporting start of proof of concept studies in psoriasis, rheumatoid arthritis & ulcerative colitis in H2 2016 (5 May); Announced presentation at EULAR conference of data from BLISS-SC study of Benlysta subcutaneous formulation in lupus (8 June); Announced presentation at EULAR conference of data from SIRROUND-D study of sirukumab in rheumatoid arthritis (8 June); Phase I data in-house for OSM mAb (2330811) in healthy subjects, supporting start of proof of concept study in systemic sclerosis in H1 2017 (16 June). Oncology - leading-edge molecules in the field of epigenetics and immuno-oncology for the treatment of cancer News since Q1 2016: Announced start of Phase I oncology study of 3359609 ICOS agonist antibody (30 June); Adaptimmune announced that they received EU Orphan Drug Designation for the affinity enhanced T-cell therapy targeting NY-ESO in soft tissue sarcoma (26 July). Rare diseases - breakthrough cell and gene therapies for treatment of rare diseases News since Q1 2016: Announced publication in BLOOD of long-term safety and efficacy of Strimvelis in children with ADA-SCID (25 May); 1 September 2016 Europe - United Kingdom Pharmaceuticals

Ionis announced GSK's decision not to initiate the CARDIO-TTR study for IONIS-TTRRx (2998728) at this time. Options will be considered when data from ongoing studies are available (26 May); Announced EU approval of Strimvelis to treat patients with ADA-SCID (27 May). Pipeline news flow since Q1 2016 for other assets not profiled at the Investor event: Announced CHMP positive opinion for chlorhexidine gel to prevent umbilical cord infections in newborn infants in developing countries (29 April); Announced presentation of data at ESPID conference for Bexsero with reduced 3 dose schedule (2 primary + 1 booster) in infants and children (13 May); Announced presentation of new data from the SUMMIT COPD study at ATS conference showing improvements in exacerbations and similar rates of pneumonia with Breo/Relvar compared to placebo (18 May); Announced that data from Salford Lung Study demonstrated that COPD patients treated with Relvar achieved superior reduction in exacerbations compared with usual care (24 May); Valneva announced its Pseudomonas candidate vaccine (on which GSK has an option) did not confirm positive vaccine effect in Phase II/III trial (2 June); Phase IIa data in-house for belimumab in recipients of kidney transplants supporting progression to further development (9 June); Announced agreement with Janssen Sciences Ireland UK (Janssen) to in-license an anti-IL33R monoclonal antibody in Phase I clinical development for severe asthma (27 July). Legal matters The Group is involved in significant legal and administrative proceedings, principally product liability, intellectual property, tax, anti-trust and governmental investigations as well as related private litigation, which are more fully described in the ‘Legal Proceedings' note in the Annual Report 2015. At 30 June 2016, the Group's aggregate provision for legal and other disputes (not including tax matters described under ‘Taxation' below) was £0.3 billion (31 December 2015: £0.4 billion). The Group may become involved in significant legal proceedings in respect of which it is not possible to make a reliable estimate of the expected financial effect, if any, that could result from ultimate resolution of the proceedings. In these cases, the Group would provide appropriate disclosures about such cases, but no provision would be made. The ultimate liability for legal claims may vary from the amounts provided and is dependent upon the outcome of litigation proceedings, investigations and possible settlement negotiations. The Group's position could change over time, and, therefore, there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed by a material amount the amount of the provisions reported in the Group's financial accounts. There have been no significant developments since the Annual Report 2015 and the quarter ended 31 March 2016. Developments with respect to tax matters are described in ‘Taxation' below. Taxation There have been no material changes to historical tax matters since the publication of the Annual Report 2015. Issues related to taxation are described in the ‘Taxation' note in the Annual Report 2015. The Group continues to believe it has made adequate provision for the liabilities likely to arise from periods which are open and not yet agreed by tax authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of agreements with relevant tax authorities. In the quarter, tax on core profits amounted to £354 million and represented an effective core tax rate of 21.3% (Q2 2015: 20%). The charge for taxation on total profits amounted to £174 million and represented an effective tax rate of (54.7)% (Q2 2015: 24.3%). 1 September 2016 Europe - United Kingdom Pharmaceuticals

In H1 2016, tax on core profits amounted to £648 million and represented an effective core tax rate of 21.1% (H1
2015 : 20%). The charge for taxation on total profits amounted to £382 million and represented an effective tax rate of
above 100% (H1 2015: 19.1%). The Group's balance sheet at 30 June 2016 included a tax payable liability of £1,139
million and a tax recoverable asset of £156 million.
The core tax rate for the full year is also expected to be in the range of 20-21%. Given the Group's momentum and
changing earnings mix, particularly in favour of the US, some moderate upward pressure on the rate is expected over
the next few years, particularly if the recent depreciation of Sterling is maintained.
http://www.gsk.com/media/1475179/q2-2016-27-july-results-announcement.pdf

Merial UK
About US
Merial is a world-leading animal healthcare company with a global total market share of more than 14 percent.
An innovation-driven leader, Merial makes significant investments in research and development, with nine research
and development centers around the world. Merial is committed to developing pharmaceuticals and vaccines with the
highest level of quality, safety and efficacy through an extensive network of 15 manufacturing sites.
Merial provides a comprehensive range of products to enhance the health, well-being and performance of a wide
range of animals. We play a pioneering role with governments around the globe to contain and manage various
animal diseases—recognizing that the prevention and cure of animal diseases are in the interests of protecting the
health of animals and of man.
Merial is a world-leading, innovation-driven animal health company, providing a comprehensive range of products to
enhance the health, well-being and performance of a wide range of animals. Merial employs approximately 5,600
people and operates in more than 150 countries worldwide. Its 2011 sales were more than €2 billion. Merial is the
animal health division of sanofi-aventis.
•
Merial is committed to enhancing the health, well-being and performance of animals. Our strengths in parasite control and disease prevention are known around the world. ts are considered gold standards in their categories. For example, FRONTLINE® brand products have achieved success as the undisputed leader in flea & tick control. IVOMEC® (ivermectin) entered pharmaceutical history as the single most successful animal health product ever launched. This family of products enjoys high brand equity and has been used for more than two decades among cattle ranchers, beef and dairy producers, and veterinarians. Merial's customer-driven focus led to a re-organization along global enterprises to help deliver greater value to customers. The company's organization of company franchises focuses on products for production animals (such as cattle, swine, and chickens) and companion animals (such as dogs, cats and horses). Merial is a valued supporter of the veterinarian community and North American agricultural industries. Merial makes significant investments in R&D, and the company has launched multiple new products every year globally since the company's inception.
http://www.merial.co.uk/Aboutus/Pages/default.aspx
Pfizer UK
About Us

Working together for Britain's national health
Pfizer is one of the world's premier innovative biopharmaceutical companies, discovering, developing and providing
over 120 different medicines, vaccines and consumer healthcare products to help save and improve the lives of
millions of people in the UK and around the world every year.
1 September 2016 Europe - United Kingdom Pharmaceuticals

For information about Pfizer in the UK, download our factsheet
Together works better
We firmly believe that innovation comes from working alongside others in effective partnership. We work with
organisations from across the UK healthcare spectrum, including the NHS, healthcare providers, academia, patient
organisations, non-governmental organisations (NGOs) and UK government, sharing knowledge, skills and expertise
to improve the health and lives of people in the UK and around the world.
Read more about how we work with others
Our business in the UK
The UK remains an important location for Pfizer's research and development and global advanced manufacturing
operations. We have around 2,500 colleagues in four locations in the UK working across our commercial business,
research and development (R&D) and manufacturing, packaging and distribution.
The company in the UK operates through three divisions, which work closely together to help people live longer and
healthier lives:
Pharmaceutical Research and Development in the UK
At Pfizer we invest time, knowledge, money and people to find new life-saving or life-changing medicines. We have
more than 800 scientists, researchers and doctors in the UK, all working on the goal of finding new medicines and
treatments and getting them safely to healthcare professionals and patients, to improve people's health.
Our research and development colleagues in the UK work with universities and academia, other companies and other
organisations - as well as other Pfizer colleagues across the world - in the search for, and development of, new
medicines and treatments.
As of 31 December 2013, Pfizer was conducting 75 ongoing clinical trials at 331 sites in the UK, involving nearly
2,500 patients.
Read more about Research & Development in the UK
Commercial business
Our commercial business is divided into three Business Units, each of which broadly work in different areas of
medicine. These Business Units are Global Innovative Pharma (GIP); Global Established Pharma (GEP); and
Vaccines, Oncology & Consumer Healthcare (VOC).
Each Business Unit works with our R&D teams, the regulators, the NHS and healthcare professionals – such as GPs,
specialists, nurses and pharmacists – to help get our medicines to the patients who need them.
Through Global Established Pharma, we continue to support the medicines in our portfolio even after they are no
longer patent protected, to ensure that the NHS and patients can continue to benefit from them for years to come.
Read more about our Biopharmaceutical Business
Pfizer Global Supply
Helping ensure our medicines and vaccines are available to the people that need them, Pfizer's packaging and
distribution site in Havant is one of the largest in Europe.
The site is a centre of excellence for cold chain packaging and supply, providing temperature sensitive vaccines and
injectable medicines to destinations around the world.
http://www.pfizer.co.uk/content/pfizer-uk
1 September 2016 Europe - United Kingdom Pharmaceuticals

Vision
At Pfizer we have a proud heritage of developing medicines.
Our vision is simple: to work together to transform lives.
Every patient has a story and we're working hard to try and change the ending, so we put them at the heart of
everything we do.
We believe that patients deserve the best medicines and should have a right to choose how they are treated, in
partnership with their doctor or healthcare specialist. That is why we invest a lot of time in talking with patient groups,
governments and healthcare providers to ensure patients have access to the medicines they need the most.
We work closely with the Government and the NHS because our medicines and vaccines are proven to save and
improve lives and reduce costs. Medicines to prevent heart attacks and strokes, for example, save the NHS £223
million every year by keeping people well.
Our medicines have revolutionised the way diseases are managed, saving money and improving quality of life. Every
year, thousands of babies in the UK are given our vaccine to prevent pneumococcal disease – a disease which
causes meningitis, pneumonia and ear and chest infections. Statins save 10,000 lives a year and our own statin plays
a large part in this.
As the cost to the NHS of operating hospitals and healthcare services continues to grow, it makes sense to do all we
can to keep people out of hospital wards.
We have around 80 new medicines in our R&D pipeline including treatments for pain, cancer and diabetes, and
vaccines. We work closely alongside universities, hospitals and other companies to find the best minds to find these
molecules and develop new medicines to help even more people.
It is increasingly obvious that as a company, Pfizer does not work alone - providing good healthcare takes many,
many people working together.
That is why we are part of the NHS team, working to solve problems, design more efficient ways of working and
helping deliver the best outcomes for patients.
That is why it is our vision to continue working together to improve many more lives.
Putting patients at the heart of everything we do, we will continue working together for Britain's national health.
http://www.pfizer.co.uk/content/our-vision
How we do business
As one of the world's premier innovative research-based biopharmaceutical companies, we are dedicated to applying
our science, skills, people and resources to saving lives, preventing illness and improving health.
We are committed to developing medicines, vaccines and consumer healthcare products to help improve and save
the lives of people in the UK and across the world.
We provide medicines for many common illnesses and conditions - such as cardiovascular disease, pain and arthritis
- right through to medicines for rarer conditions, such as certain types of cancer or rare diseases that afflict only small
numbers of people.
We invest time, knowledge and money in discovering, developing and delivering innovative new medicines and
vaccines for the benefit of patients. We are prioritising our efforts in areas with the greatest scientific and commercial
promise – tackling some of the most feared diseases of our time, such as cancer and Alzheimer's.
1 September 2016 Europe - United Kingdom Pharmaceuticals

We work with the NHS, health care providers, patient organisations, Government, NGOs and many other
organisations to improve the health of people in the UK.
Alongside our commercial and financial responsibilities, we recognise our wider responsibilities to society. We work in
partnership with our stakeholders and customers to play an active role in local communities across the UK and
across the globe.
To ensure we can continue to deliver on our commitments to the patients, customers and shareholders who rely on
us, we are focused on improving the way we do business; on operating with transparency in everything we do; and
on listening to the views of all of the people involved in healthcare decisions.
To help us to do this, our business operates inside our Code of Conduct, as well as the regulations that govern the
pharmaceutical industry globally and in the UK.
http://www.pfizer.co.uk/content/how-we-do-business
History
Our history
Pfizer has been in business for more than 160 years. Since its small beginnings, the company has remained
dedicated to discovering and developing new and better ways to prevent and treat disease, and improve health and
wellbeing for people around the world.

1849
Cousins Charles Pfizer and Charles Erhart, young entrepreneurs from Germany, opened Charles Pfizer & Company
as a fine-chemicals business. A modest red-brick building in the Williamsburg section of Brooklyn, New York, served
as office, laboratory, factory, and warehouse.
Their first product was a palatable form of santonin — an antiparasitic used to treat intestinal worms, a common
affliction in mid-19th century America. Combining their skills, Pfizer, a chemist, and Erhart, a confectioner, blended
santonin with almond-toffee flavoring and shaped it into a candy cone. The 'new santonin was an immediate success
and the company was launched.

1939 – 1945
Pfizer responded to an appeal from the United States Government to expedite the manufacture of penicillin to treat
Allied soldiers fighting in World War II and pioneered the use of fermentation technology.
Pfizer's senior management invested millions of dollars, putting their own assets as Pfizer stockholders at stake, to
buy the equipment and facilities needed. The company purchased a nearby vacant ice factory, and employees
worked around the clock to convert it and perfect the complex production process. In just four months, Pfizer was
producing five times more penicillin than originally anticipated. Penicillin was a turning point in human history – the
first real defence against bacterial infection.

1950
The first pharmaceutical was sold in the United States under the Pfizer label. Pfizer began expansion into overseas
markets and the International Division was created.

1952
Pfizer's first facility in the UK opened in Folkestone.

1954
Pfizer established a new facility, along the Kent coastline from Folkestone, in Sandwich. At the heart of its operation
were the new ‘deep-tank fermentation methods, developed specifically for the mass production of penicillin during the
1 September 2016 Europe - United Kingdom Pharmaceuticals

war years. Pfizer Sandwich commemorated its first batch of the antibiotic with a ceremony held at the site which was
attended by the discoverer of penicillin, Sir Alexander Fleming, as guest of honour.

1960
The remaining Folkestone operations were consolidated into the Sandwich site.

1963
The Pfizer business was structured around five core divisions: Pharmaceutical, Chemicals, Consumer, Agricultural,
and Research.

1970's
By the 1970's, the Pfizer UK's facility in Sandwich had become the largest pharmaceutical research site outside the
USA.

1984
By the mid-80s, 60,000 compounds had been synthesised in the Sandwich laboratories. The Pfizer Research division
had tripled in size.

2000
Pfizer, Inc. and Warner-Lambert merged to create the world's fastest growing pharmaceutical company.

2002
Pfizer UK's commercial operations were relocated to the company's new headquarters at Walton Oaks, near
Tadworth in Surrey.

2003
Pfizer UK and Pharmacia merged to become the largest pharmaceutical company in the UK and the number one
supplier of medicines to the NHS.

2008
Pfizer began operations in Cambridge with the formation of a research unit dedicated to developing therapies for
Regenerative Medicine.

2009
Pfizer continued to grow with the acquisition of Wyeth.

2011
Neusentis, a biotech-like research unit with a particular focus on pain and sensory disorders, was established in
Cambridge to work in partnership with academic researchers in the city and around the globe to change the lives of
patients suffering from pain, and other diseases and disorders for which there are no therapies or cures.
In the same year, a global review of our R&D operations led to a decision to focus our research efforts in a reduced
number of therapeutic areas – neuroscience; cardiovascular; oncology; inflammation and immunology; and vaccines
– and place greater emphasis on developing research collaborations with other members of the life sciences
community.
As a result of this R&D review, Pfizer retained a reduced, but still significant presence in Sandwich as part of the
newly named Discovery Park, a science and technology Enterprise Zone and home to a variety of companies from
the life sciences, pharmaceutical, biotechnology, science and technology sectors.

2012
A new cold storage facility was opened at the manufacturing site in Havant, specialising in cold chain packaging and
supply and providing temperature-sensitive vaccines and injectable medicines to more than 120 destinations around
1 September 2016 Europe - United Kingdom Pharmaceuticals

the world. It is one of the largest of its kind in Europe, storing up to 38.4 million doses, before being distributed to
clinicians and patients

2014
Jonathan Emms, Managing Director Pfizer UK became president of the Association of British Pharmaceutical
Industry, the body which represents innovative research-based biopharmaceutical companies, large, medium and
small, leading an exciting new era of biosciences in the UK.
http://www.pfizer.co.uk/content/our-history
NIHR Clinical Research Network to INSPIRE clinical trial access for UK patients through new collaboration
with Pfizer

A unique new collaboration between the National Institute for Health Research Clinical Research Network (NIHR
CRN) and Pfizer aims to see UK patients among the first to benefit from a new wave of innovative medicines
development. For the first time an entire national research network has been invited to participate in Pfizer's INSPIRE
(Investigator Networks, Site Partnerships and Infrastructure for Research Excellence) programme.
The NIHR CRN has agreed to form a strategic alliance with Pfizer as part of the company's INSPIRE programme.
The collaboration is designed to facilitate research and innovation in the UK, and supports the Government's ambition
to make the UK a world leader in life sciences. Through INSPIRE, Pfizer and NIHR CRN will share expert knowledge
and experience of medicines research, to help bring more clinical trials to the UK and to help deliver the best results
for patients in the NHS. In the UK today, Pfizer has 60 ongoing clinical trials across a range of therapeutic areas
including oncology, cardiovascular, inflammation and neuroscience.
Dame Sally Davies, Chief Medical Officer for England said: "I am delighted to see the excellent work of the NIHR
Clinical Research Network being recognised by Pfizer. The UK has long played a pivotal role in researching and
developing new medicines, benefiting patients around the world. This new partnership between NIHR CRN and Pfizer
is testament to the important role the Clinical Research Network plays in the battle against some of the most
challenging diseases of our time."
Freda Lewis-Hall, Chief Medical Officer at Pfizer, added: "Many once-deadly illnesses are now manageable
conditions thanks to innovative medicines, but there is still so much more to be done in the fight against disease.
Through pioneering collaborations such as INSPIRE, we have the means to make faster progress and achieve more
for patients. We are excited to be joining with the Clinical Research Network as part of our drive to bring a new wave
of medicines and other treatments to patients in the UK and around the world."
Dr Berkeley Phillips, UK Medical Director, Pfizer Ltd said: "I am delighted that we have announced this strategic
partnership in the UK which recognises the significant work of the NIHR in driving research excellence and attracting
global clinical trials to the UK. Our scientists dedicate their lives to beating illness and disease, but they can't do it
alone. We believe that this exciting new partnership can help us to find and deliver the treatments of the future,
advancing scientific research for the benefit of us all. This collaboration will enable UK patients faster access to
innovative new treatments within clinical trials, but it is equally important that UK patients will be able to benefit and
have access to these treatments in the future as part of their standard NHS care."
Further to this strategic alliance, Pfizer has selected the Greater Manchester Clinical Research Network to be part of
the INSPIRE programme as a preferred location for clinical research. The Network will now be the 4th site in the UK
to be selected by Pfizer as an INSPIRE site and means that patients in Greater Manchester could be among the first
to receive innovative new treatments.
Professor Martin Gibson, Clinical Director of CRN: Greater Manchester, said: "We are delighted to be chosen as an
INSPIRE Site and look forward to working closely with Pfizer to enhance our research portfolio and bring new and
better treatments to Greater Manchester patients. To be selected as an INSPIRE Site is recognition of Greater
Manchester's highly motivated staff and world-class clinical research facilities. We look forward to a productive
1 September 2016 Europe - United Kingdom Pharmaceuticals

partnership that will benefit our patients and ensure Greater Manchester continues to be at the forefront of international clinical research." Dr Berkeley Phillips, UK Medical Director, Pfizer Ltd said: "It is with great pleasure that we can announce Greater Manchester CRN as part of our global INSPIRE programme. Manchester has long delivered world class research and this announcement recognises those achievements." As an INSPIRE site, Greater Manchester CRN has to meet strict criteria in order to show that it is a highly productive and effective site for medicines research and development. These include: • Running clinical trial programmes to the highest standards, within trial programme timeline Ensuring dedicated, high quality staff and resources for conducting clinical trials Ensuring a positive experience for those patients participating in trials Expertise in the key disease areas that Pfizer is researching in its medicines pipeline
There are currently around 150 Pfizer INSPIRE sites across the world, including UK sites in Newcastle, Scotland and
the South-West BARONET primary care research network.

For more information:
•
Pfizer Press Office on [email protected] or 0845 300 8033 Sarah Wharton NIHR Clinical Research Network Communications [email protected] or 0113 343 4686
Notes to editors:
NIHR Clinical Research Network

The Clinical Research Network is part of the National Institute for Health Research. We provide researchers with the
practical support they need to make clinical studies happen in the NHS, so that more research takes place across
England, and more patients can take part.
This practical support includes:
•
Reducing the "red-tape" around setting up a study Enhancing NHS resources, by funding the people and facilities needed to carry out research "on the ground" Helping researchers to identify suitable NHS sites, and recruit patients to take part in research studies Advising researchers on how to make their study "work" in the NHS environment
NIHR Clinical Research Network: Greater Manchester is one of 15 Local Clinical Research Networks across England.
Each local Clinical Research Network delivers research across 30 clinical specialties.

Pfizer Inc.: Working together for a healthier world®
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly
improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and
manufacture of health care products. Our global portfolio includes medicines and vaccines as well as many of the
world's best-known consumer health care products. Every day, Pfizer colleagues work across developed and
emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of
our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we
collaborate with health care providers, governments and local communities to support and expand access to reliable,
affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who
rely on us.
http://www.pfizer.co.uk/latest-news/2015-06-26-nihr-clinical-research-network-inspire-clinical-trial-access-uk-patients
Innovation in the UK
Our medicines save and transform the lives of millions of people in the UK every year.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Pfizer has a long and proud history of being part of world class science in the UK. From being the first company to mass produce penicillin back in the 1950's, to the discovery of new treatments in important areas of unmet medical need including heart disease, HIV and acute pain. We invest time, knowledge and money, working alongside the best of British science to find and develop new medicines and vaccines. Today, in addition to our research centres in Cambridge and Sandwich, we are involved in hundreds of research collaborations and alliances. By partnering with scientists, academics and clinicians throughout the UK, we are working to find the new medicines and vaccines of the future. Our research activities here span more than 60 years. Over the last decade we have invested almost £3billion in UK research to develop the medicines and vaccines of the future for debilitating conditions including pain, cancer, diabetes, arthritis and Alzheimer's. The drug development cycle Discovering and developing new medicines is a slow and complex process involving many scientists, doctors and researchers. On average, it takes over 12 years and more than £1.2bn to develop each new medicine. Moreover, for every 10-20 medicines identified in the lab, only 1 will ever reach patients - the others will fail along the way. However, research is a continual cycle and the knowledge and resources we gain from every piece of research we do, helps inform and drive the next generation of science. We are proud of the hard work and dedication of our team of UK scientists, doctors and researchers. People who invest years of their lives to find the medicines that could, one day, save yours. Neusentis In partnership with other academic researchers in Cambridge and across the globe, the team at Neusentis is working to change the lives of patients suffering from pain and other sensory disorders for which there are no existing therapies or cures. They also research auditory and visual disorders linked to ion channels defects and have a regenerative medicine portfolio which includes our first stem cell clinical study. First established in 2008, the centre began life as a research unit dedicated to Regenerative Medicine; treatments which repair, replace or enhance biological function that has been lost for example due to congenital abnormalities, injury, disease or ageing. Sandwich For 60 years, Sandwich has been the home of Pfizer's biggest research site in the UK. Part of the thriving Discovery Park site, Pfizer has played an important part in the development of a growing life sciences hub, including a range of smaller biotech companies and start-ups. It also plays an important role in developing Pfizer's future pipeline as the home of our Pharmaceutical Sciences team. This team uses its specialist expertise to turn experimental new compounds into the liquid and solid dose medicines that can be used in clinical trials, and latterly given to patients more broadly. The capabilities we have to do this at Sandwich are unique – it is the only site within Pfizer's R&D network able to perform every step in the complex process of producing a new medicine. What's more, the site is home to Pfizer's only fully automated Pilot Plant that manufactures medicines for use in Pfizer's clinical trials worldwide. 1 September 2016 Europe - United Kingdom Pharmaceuticals

Additionally, Sandwich hosts Pfizer's Worldwide Safety and Regulatory (WSR) group. Working closely with
colleagues in nearly every country across the world, this team creates the regulatory submissions needed for every
medicine in Pfizer's portfolio as well as monitoring patterns of adverse events reported by patients and reviewing
safety information.
http://www.pfizer.co.uk/content/innovation-uk
Roche Products UK
About Us
At Roche our aim is to improve the health, quality of life and well-being of people around the world by providing an
innovative range of diagnostic solutions and medicines. Roche is a global, research-focused healthcare company
with Group Headquarters in Basel, Switzerland.
Our strategy is clear - the patient lies at the heart of everything we do and our focus is fitting the treatment to the
patient through prescription pharmaceuticals and in-vitro diagnostics.
What makes Roche distinctive is our pursuit of excellence in science as we deliver the best solutions for healthcare
professionals and improve patient outcomes; this is achieved through our unique combination of Pharmaceuticals
and Diagnostics. Everyday, our products help patients and the healthcare professionals who care for them by
detecting, preventing, diagnosing, treating and monitoring diseases.
We are proud to have played a pioneering role in UK healthcare since 1908. Today, we are the leading in-vitro
diagnostics company in the UK and the leading provider of pharmaceutical treatments for cancer and viral diseases.
We are also a major supplier of medicines for the treatment of transplantation, virology, bone and rheumatology and
renal anaemia. In total, our UK pharmaceutical and diagnostics businesses employ nearly 2,000 people.
https://www.roche.co.uk/home/about-roche/company-portrait.html
Roche Diagnostics
Our UK Diagnostics business, headquartered in Burgess Hill, West Sussex, employs approximately 500 highly skilled
individuals. We provide the industry's broadest range of diagnostics and monitoring products and services, spanning
all sectors of the market: from small hand held devices used directly by patients or healthcare professionals, to large
diagnostic instruments found in hospital laboratories.
Our handheld devices empower patients to monitor their own chronic conditions easily and accurately. In particular,
Roche has developed innovative systems for people with diabetes and those receiving anticoagulation therapy.
In hospitals, our products play two important roles - supporting laboratory services by providing accurate diagnosis of
patient samples and enabling the rapid and often life-saving diagnosis of medical conditions in Accident &
Emergency, intensive care or in the operating theatre.
Roche pioneered the application of Polymerase Chain Reaction (PCR) technology and our products enable clinicians
to monitor the progression of diseases and their patients' response to treatment. We are also one of the world's
leading manufacturers of research reagents and systems for determining the causes of, or people's predisposition to,
disease.
Diagnostics is set to play an increasingly important role in the future of healthcare as genetic knowledge presents
new and exciting opportunities. Our desire is to provide clinicians and patients with Actionable Health Information -
information that reduces the uncertainty in the medical decision making process, enabling them to choose between
available alternatives to prevent or treat disease.
https://www.roche.co.uk/home/about-roche/company-portrait/diagnostics.html
1 September 2016 Europe - United Kingdom Pharmaceuticals

Pharmaceuticals
Headquartered at Welwyn Garden City, Hertfordshire, Roche's UK Pharmaceutical business plays a significant role in
driving medical advancement with around 500 of its employees supporting global and local clinical trials to assess the
potential for new medicines. In 2008, more than 235,400 people took part in our clinical trials worldwide.
Our UK Pharmaceutical sales, marketing and medical teams, based at Welwyn Garden City and in the field, work
closely with healthcare professionals and the NHS across the country to ensure that every eligible patient has access
to the most appropriate treatments.
Globally, Roche continues to research new and improved medicines and diagnostic tests in areas of unmet need.
Each day about 7,000 scientists work for Roche on developing new medicines and we have a global network of more
than 80 alliances and partnerships with other companies to bring new medicines to patients as quickly as possible.

https://www.roche.co.uk/home/about-roche/company-portrait/pharmaceuticals.html
Shire UK
About Us
Shire traces its history back to 1986, when a small team of entrepreneurs sought out a solution to address on a
number of unmet medical needs. Within its first two years of operation, the company had launched a range of
supplemental calcium products for patients seeking to treat or prevent osteoporosis. Soon thereafter, innovative drug
development programs were under way on behalf of patients facing such challenging conditions as Alzheimer's
disease and end-stage renal failure.
By 1992, Shire had embarked on the first of what would be a series of strategic acquisitions -- these were bold
ventures that fortified our product lines and underscored the wisdom of a business model focused exclusively on
products sold to specialist physicians. After the turn of the millennium, with the acquisition of TKT, we began our
focus on rare diseases, something that remains a strategic focus for the company today, The Shire pipeline continues
to be sustained by creative acquisitions and innovative licensing deals. Smart commercialization strategies have
ensured that the right patients and the right physicians have the information they need to make appropriate choices
about treatment options.
Shire employs more than 5,000 people in nearly 40 countries around the world who carry forward many of the original
attributes of its founders -- opportunistic thinking, transparent behavior, a deep commitment to doing what is right and
a prevailing concern for the patients and caregivers served by its well-differentiated product lines.
https://www.shire.com/who-we-are/our-story/our-history
Our Culture
New ideas, new innovations, new ways of thinking are fueling Shire's future. At Shire, we ground everything we do in
our purpose of enabling people with life altering conditions to lead better lives. Our patient and customer focused
culture encourages employees to embrace innovation and challenge the status quo through respectful and inclusive
engagement with colleagues. Honesty and transparency are inherent in all that we do as we work with a high sense
of urgency to become a leading global biotech delivering innovative therapies to patients with rare diseases and other
specialty conditions. We foster an environment where leaders are positive, accountable, results driven and great
people managers. Our employees own their development in partnership with their manager, understand and
leverage their strengths, bring their whole selves to work, and like the leaders they are expected to eventually
become, share the essential traits of positive, accountable and results driven. Our non-hierarchical structure and
clear reporting lines enable quick decision making, nimble execution and the opportunity for employees to enjoy the
work and grow to their fullest potential.
We are committed to recruit, develop and retain top talent who take a responsible and ethical approach to all that we
do and who want to make a difference in the lives of patients across the globe.
https://www.shire.com/who-we-are/our-story/our-culture
1 September 2016 Europe - United Kingdom Pharmaceuticals

Developments to Income Access Share arrangements – elections for the interim dividend in respect of the
six months to December 31, 2015
March 1, 2016
Shire plc (LSE: SHP, NASDAQ: SHPG) announced on February 11, 2016, an interim dividend of 22.16 US cents per
Ordinary Share payable on April 12, 2016, to shareholders on the register of members at the close of business on
March 11, 2016.
Shareholders are advised that recent developments in global tax law, namely the introduction of the Foreign Account
Tax Compliance Act and the Common Reporting Standard, have introduced new reporting obligations relating to the
Company's Income Access Share arrangements ("IAS Arrangements"). These require that certain information relating
to shareholders participating in the IAS Arrangements is reported to the appropriate tax authorities. In order to ensure
the new reporting obligations are met, the Company is requesting from electing (or deemed electing) shareholders
the relevant information via new IAS Arrangements election forms (and continuation forms in respect of joint holders).
The relevant IAS Arrangements election forms together with an explanatory covering letter were posted to
shareholders on February 16, 2016. In accordance with Listing Rule 9.6.1R, these documents were also uploaded to
the National Storage Mechanism and are available for viewing. Internet links to the documents are also available on
the Company's website: www.shire.com.
https://www.shire.com/newsroom/2016/march/developments-to-income-access
Income Access Share arrangements – dividend in respect of the six months to December 31, 2015
11 April, 2016

Shire plc (LSE: SHP, NASDAQ: SHPG) (the "Company") updates shareholders in respect of the interim dividend of
22.16 US cents per Ordinary Share payable on April 12, 2016, to shareholders who were on the register of members
at the close of business on March 11, 2016 (the "Record Date").
On February 16, 2016, the Company wrote to shareholders advising of developments in global tax law, namely the introduction of the Foreign Account Tax Compliance Act and the Common Reporting Standard, and the associated new reporting obligations related to the Company's Income Access Share arrangements ("IAS Arrangements"). The Company wrote again to shareholders on March 3, 2016, regarding the IAS Arrangements, and issued related announcements on February 16 and 23, as well as on March 1 and 3, 2016. In order to ensure compliance with the new reporting obligations, the Company requested from shareholders who had elected, or who were deemed to have elected, to participate in the IAS Arrangements the relevant information via new IAS Arrangements election forms. The Company confirmed that all shareholders who wished to receive, or continue to receive, UK source dividends via the IAS Arrangements needed to complete the new IAS Arrangements election forms and return to the address stated therein. Shareholders were further advised that those shareholders who did not elect to receive UK source dividends using the new IAS Arrangements election forms would receive Irish source dividends which would incur Irish dividend withholding tax, subject to applicable exemptions. The Company today confirms that, since the Record Date, it has received additional advice relating to the application of the Foreign Account Tax Compliance Act and the Common Reporting Standard to the IAS Arrangements. Following consideration of this advice, the Company confirms that, in respect of the interim dividend payable on April 12, 2016, UK source dividend payments under the IAS Arrangements are able to be made to those shareholders who elected, or who were deemed to have elected, to receive their dividends on this basis prior to the introduction of the new IAS Arrangements election forms. Accordingly, pursuant to the Company's Articles of Association, payments to shareholders of the interim dividend payable on April 12, 2016, will be made as follows: Shareholders who, as at the Record Date, had elected, or who were deemed to have elected, to receive UK source dividends via the IAS Arrangements will receive their dividends from a subsidiary of the Company that is resident for tax purposes in the UK. For the avoidance of doubt, this includes shareholders who had 1 September 2016 Europe - United Kingdom Pharmaceuticals

elected, or who were deemed to have elected, to receive their dividends on this basis prior to the introduction of the new IAS Arrangements election forms, to the extent that such elections or deemed elections were not revoked or superseded by subsequent elections to receive Irish source dividends. Shareholders who, as at the Record Date, had not elected, or who were not deemed to have elected, to receive UK source dividends via the IAS Arrangements, or who had revoked any such election, and shareholders that had elected to receive Irish source dividends, will receive their dividends from the Company, which will incur Irish dividend withholding tax, subject to applicable exemptions. https://www.shire.com/newsroom/2016/april/income-access-share-arrangements
Shire delivers strong Q2 2016 revenue growth; upgrades outlook
August 2, 2016
Shire plc ("Shire") (LSE: SHP, NASDAQ: SHPG) announces unaudited results for the three months ended June 30,
2016, inclusive of the Baxalta transaction that closed on June 3, 2016.
Q2 2016 and Recent Highlights:
Strong topline growth delivered across the business; legacy Shire product sales increased 19% in Q2 2016, legacy Baxalta product sales increased 12% on a pro forma basis in Q2 2016. Achieved significant progress on the Baxalta integration with upgraded guidance; operating cost synergy expectations increased by 40% to at least $700 million in year three post close. Obtained FDA approval of Shire's first medicine in ophthalmics, XIIDRA (lifitegrast ophthalmic solution) 5%; U.S. launch expected in Q3 2016. Strong pipeline progress across many late stage product candidates: o Received a positive opinion from the Committee for Medicinal Products for Human Use ("CHMP") recommending marketing authorization for ONIVYDE for treatment of adult patients with metastatic adenocarcinoma of the pancreas who have progressed following gemcitabine-based therapy. o Completed decentralized procedure to support European approval of CUVITRU, expanding therapeutic options within our Immunology portfolio. o Reported encouraging topline efficacy and safety data for SHP465 in adults with ADHD supporting an FDA resubmission planned by the end of 2016. o Expanded our gastrointestinal portfolio with in-licensing from Pfizer of late-stage asset, SHP647 (formerly known as PF-00547659), for the potential treatment of moderate-to-severe Inflammatory Bowel Disease ("IBD"). Flemming Ornskov, M.D., M.P.H., Chief Executive Officer, commented:
"The second quarter marked an important milestone in Shire's history, as we completed the combination with Baxalta to create the leading global biotechnology company focused on serving people with rare diseases and other highly specialized conditions. While closing this transformative deal and making significant progress on integration, we have delivered strong double-digit revenue growth from our legacy Shire franchises, and for the first time our results reflect a significant contribution from the legacy Baxalta franchises – allowing us to upgrade our guidance for full year 2016. "In addition, we have advanced key assets in development and have a robust, innovative clinical pipeline with approximately 40 programs focused on areas of significant unmet medical need. We were pleased to receive approval from the FDA for XIIDRA, the first FDA-approved treatment for the signs and symptoms of dry eye disease and the first product in our developing franchise in ophthalmics. We also received a positive CHMP opinion for ONIVYDE, and completed the decentralized procedure to support European approval of CUVITRU, expanding 1 September 2016 Europe - United Kingdom Pharmaceuticals

therapeutic options within our Immunology portfolio. Lastly, we are on track for an FDA resubmission for SHP465 later this year to strengthen our ADHD product offerings. "Baxalta integration activities continue to progress very well and, with our new operating structure in place, we are raising our operating cost synergy expectations by 40% to at least $700 million in year three post close. This would not have been possible without the commitment of all our employees, who have worked tirelessly in recent months to help drive efficiencies across the business, so that we can continue to deliver best-in-class therapies to patients around the world. We remain resolutely focused on achieving our goals, and I am very confident that Shire will continue to deliver strong growth as we integrate Baxalta and advance our combined portfolio of products." Second Quarter 2016 Unaudited Results
Total product sales were up 57% versus Q2 2015 (up 58% on a Non GAAP CER basis) at $2,322 million (Q2 2015: $1,476 million), primarily due to the inclusion of $559 million of legacy Baxalta sales, representing 38 percentage points of the reported product sales growth. Excluding Baxalta, product sales increased 19% (20% on a Non GAAP CER basis) with all legacy Shire franchises exhibiting strong growth in Q2 2016 with Neuroscience up 23%, Genetic Diseases up 16% and Internal Medicine up 19% compared to Q2 2015. Royalties and other revenues were up 31% to $107 million, as Q2 2016 benefited from additional revenue streams acquired with Baxalta primarily related to contract manufacturing activities. On a US GAAP basis, operating income was down 27% to $96 million (Q2 2015: $133 million), primarily due to higher integration and acquisition costs, amortization of inventory fair value step up and amortization of acquired intangible assets, partially offset by lower in-process R&D ("IPR&D") impairment charges. Non GAAP operating income increased 58% to $972 million (Q2 2015: $614 million), primarily due to the inclusion of Baxalta operating income and higher revenue from legacy Shire products. Non GAAP EBITDA margin (excluding royalties and other revenue, and cost of sales related to contract manufacturing revenues) was up to 40%, due to product sales growing at a higher rate than total Non GAAP operating expenses. Research and Development ("R&D") expenses decreased by 62% compared to Q2 2015, primarily due to lower IPR&D impairment charges in Q2 2016, offset by the inclusion of Baxalta and Dyax operating costs. Non GAAP R&D increased by 18%, primarily due to the inclusion of Baxalta and Dyax R&D costs. Selling, General and Administrative ("SG&A") expenses increased by 36%, primarily due to the inclusion of Baxalta and Dyax operating costs and XIIDRA launch preparations. Non GAAP SG&A increased by 43% in Q2 2016. On a US GAAP basis, diluted losses per American Depositary Share ("ADS") were $0.71 compared to earnings per ADS of $0.81 in Q2 2015. The Q2 2016 loss was primarily due to lower US GAAP operating income which was reduced by higher integration and acquisition charges, amortization of inventory fair value step up and amortization of acquired intangible assets, all primarily related to the Baxalta transaction. In addition, the Q2 2016 loss included as part of discontinued operations an accrual for a proposed legal settlement related to the divested Dermagraft business. Non GAAP diluted earnings per ADS increased 29% to $3.38 (Q2 2015: $2.63), primarily due to higher Non GAAP operating income, partially offset by the impact of a higher number of shares issued as consideration for the Baxalta transaction. 1 September 2016 Europe - United Kingdom Pharmaceuticals

On a US GAAP basis, net cash provided by operating activities was up 31% to $591 million (Q2 2015: $452 million), primarily due to strong cash receipts from higher sales and the timing of payments of accounts payable and other accruals, partially offset by higher tax and interest payments. Non GAAP cash generation was up 69% to $853 million compared to $505 million in Q2 2015, primarily due to strong cash receipts from higher sales and the timing of payments of accounts payable and other accruals. Non GAAP free cash flow was up 7% to $464 million (Q2 2015: $432 million), less than the growth rate of US GAAP net cash provided by operating activities, primarily due to an increase in capital expenditures of $107 million in support of manufacturing operations at both legacy Shire and Baxalta. Non GAAP net debt at June 30, 2016 was $23,678 million (December 31, 2015: $1,459 million) representing long and short term borrowings of $24,027 million, primarily used to fund the acquisitions of Baxalta and Dyax, other debt primarily related to capital leases of $344 million and cash and cash equivalents of $693 million. Following the strong performance in the first half of the year, we are updating our guidance for 2016. The guidance provided is for full year 2016 incorporating the legacy Baxalta business as of June 3, 2016. The guidance incorporates expected operating cost synergy savings for 2016 based on our updated target of at least $700 million in year three post close. The diluted earnings per ADS forecast assumes a weighted average number of 778 million fully diluted ordinary shares outstanding for 2016 following the equity issuance for the Baxalta transaction. Business Developments
Combination with Baxalta
On June 3, 2016, Shire announced that it completed its combination with Baxalta, creating the leading global biotechnology company focused on serving people with rare diseases and other highly specialized conditions. Shire to License SHP647 (formerly known as PF-00547659) On June 14, 2016, Shire announced it agreed to license global rights to all indications for SHP647 from Pfizer Inc. The transaction closed on July 1, 2016. SHP647 is an investigational biologic being evaluated for the treatment of moderate-to-severe IBD. SHP647 has been evaluated in more than 700 patients in Phase 1 and 2 trials, and Phase 3 trials are expected to begin after consultation with global regulatory authorities. Products
ONIVYDE for the treatment of metastatic pancreatic cancer • On July 25, 2016, Shire announced that the CHMP adopted a positive opinion recommending the marketing authorization for the use of ONIVYDE (irinotecan pegylated liposomal formulation) also known as nal-IRI or MM-398, for the treatment of metastatic adenocarcinoma of the pancreas, in combination with 5-fluorouracil and leucovorin, in adult patients who have progressed following gemcitabine-based therapy. 1 September 2016 Europe - United Kingdom Pharmaceuticals

• The positive opinion from CHMP will be submitted to the European Commission ("EC"), which is responsible for granting marketing authorizations for medicines in the European Union ("EU"). We anticipate a final decision later this year. HYQVIA for the treatment of primary and certain secondary immunodeficiencies • On July 21, 2016, Shire announced it is launching a pediatric indication for HYQVIA (human normal immunoglobulin (10%), recombinant human hyaluronidase) across the EU. This follows the recent marketing authorization granted by the EC to Baxalta in June 2016. XIIDRA for the treatment of Dry Eye Disease • On July 11, 2016, Shire announced that the United States Food and Drug Administration ("FDA") approved XIIDRA (lifitegrast ophthalmic solution) 5%, a twice-daily eye drop solution indicated for the treatment of the signs and symptoms of dry eye disease in adult patients. XIIDRA is the only prescription eye drop indicated for the treatment of both signs and symptoms of this condition. Shire expects to launch XIIDRA in the United States in Q3 2016. REVESTIVE for the treatment of Short Bowel Syndrome ("SBS") • On July 7, 2016, Shire announced that the EC granted extension of Market Authorization for REVESTIVE for the treatment of patients aged one year and above with SBS. GLASSIA for the treatment of emphysema due to severe alpha-1 antitrypsin ("AAT") deficiency • On June 15, 2016, Shire and Kamada Ltd. announced that the FDA approved an expanded label for GLASSIA, marking the first treatment for adult patients with emphysema due to severe AAT deficiency that can be self-infused at home. Pipeline
SHP626 for the treatment of Nonalcoholic Steatohepatitis ("NASH") with liver fibrosis On July 29, 2016, Shire was notified that the FDA granted Fast Track Designation for SHP626 (volixibat) for the treatment of NASH with liver fibrosis. NASH with liver fibrosis is a serious condition with no approved therapies. SHP607 for the prevention of certain complications of prematurity On June 30, 2016, Shire announced that top-line SHP607 study results in premature infants showed no impact on the primary endpoint of reducing the severity of retinopathy of prematurity. However, top-line analysis of secondary endpoints showed clinically relevant effects on severe complications related to lung and brain damage. These data support further development of SHP607 in preterm infants; Shire plans to meet with regulatory authorities to discuss the clinical path forward for the program focusing on several complications of prematurity. SHP465 for the treatment of Attention Deficit Hyperactivity Disorder ("ADHD") On June 29, 2016, Shire announced positive topline results of the SHP465 efficacy and safety study in adults with ADHD. This puts Shire on track to file a Class 2 Resubmission of the New Drug Application ("NDA") for SHP465 with the FDA by the end of 2016. SHP625 for the treatment of cholestatic liver disease On June 13, 2016, Shire announced that the FDA has granted Breakthrough Therapy Designation for SHP625 (maralixibat) for progressive familial intrahepatic cholestasis type 2. SHP621 for the treatment of eosinophilic esophagitis ("EoE") On June 13, 2016, Shire announced that the FDA has granted Breakthrough Therapy Designation for SHP621 (budesonide oral suspension) for EoE. CUVITRU for the treatment of primary immunodeficiency disorders On June 10, 2016, Shire announced the successful completion of a decentralized procedure to support approval by 17 authorities in Europe for CUVITRU (IG 20mg/ml solution for subcutaneous injection), a treatment for pediatric and 1 September 2016 Europe - United Kingdom Pharmaceuticals

adult patients with primary and certain secondary immunodeficiency disorders, in which part of the body's immune system is missing or does not function properly. Legal Proceedings

Investigation related to DERMAGRAFT
The Department of Justice ("DOJ"), including the U.S. Attorney's Office for the Middle District of Florida, Tampa
Division and the U.S. Attorney's Office for Washington, DC, is conducting civil and criminal investigations into the
sales and marketing practices of Advanced BioHealing Inc. ("ABH") relating to Dermagraft in June 2011. Following
the disposal of the Dermagraft business in January 2014, Shire retained certain legacy liabilities including any liability
that may arise from this investigation.
Over the last several years, Shire has been cooperating fully with these investigations. As part of its efforts to
cooperate, Shire has engaged in discussions with the DOJ about a possible resolution. As part of those discussions,
Shire has reached an agreement on a proposal for a civil settlement in the amount of $350 million plus interest,
subject to negotiating a final settlement agreement and obtaining final approvals. Assuming the agreement is
finalized, it will resolve the civil investigations conducted by the DOJ, including multiple U.S. Attorney's Offices and
relevant federal and state agencies. The tentative settlement proposal would settle the federal government's claims
under the federal False Claims Act and the Dermagraft Medicaid-related claims for states that opt into the settlement.
Some states with Dermagraft Medicaid-related claims might elect to opt out of any final settlement, and those states'
claims would remain unresolved. Material issues remain open and subject to further negotiation and approval by
Shire, the DOJ and other relevant federal and state agencies before the tentative settlement can be finalized.
Board Changes
On June 3, 2016, Shire announced that the appointment of Gail D. Fosler and Albert P.L. Stroucken to the Shire
Board of Directors, as previously announced on April 18, 2016, is effective.
Dividend

In respect of the six months ended June 30, 2016, the Board resolved to pay an interim dividend of 4.63 U.S. cents
per Ordinary Share (2015: 4.21 U.S. cents per Ordinary Share).
Dividend payments will be made in Pounds Sterling to holders of Ordinary Shares and in U.S. Dollars to holders of
ADSs. A dividend of 3.51(1) pence per Ordinary Share (an increase of 30% compared to 2015: 2.69 pence) and
13.89 U.S. cents per ADS (an increase of 10% compared to 2015: 12.63 U.S. cents) will be paid on October 7, 2016
to shareholders on the register as at the close of business on September 9, 2016.
Genetic Diseases
Genetic Diseases product sales in Q2 2016 increased 16% (up 17% on a Non GAAP CER basis) compared to
Q2 2015.
The increase was primarily driven by increased demand for our Hereditary Angioedema therapies, CINRYZE
and FIRAZYR, which were up 25% and 31%, respectively, in Q2 2016 compared to Q2 2015. Both products
benefitted from strong growth in the number of patients on therapy, higher utilization per patient in Q2 2016
and the impact of pricing actions taken since Q2 2015.
Neuroscience
Neuroscience product sales increased 23% in Q2 2016 compared to Q2 2015 with growth primarily driven by
VYVANSE.
1 September 2016 Europe - United Kingdom Pharmaceuticals

VYVANSE sales increased 22% due to year-over-year prescription growth in the U.S., the benefit of price
increases taken since Q2 2015 and, to a lesser extent, growth in our international markets.
ADDERALL XR sales increased 18% due to increased prescription demand and lower sales deductions as a
percentage of product sales in Q2 2016 compared to Q2 2015; partially offset by destocking in Q2 2016 versus
stocking in Q2 2015.
Internal Medicine
Internal Medicine product sales were up 19%, primarily due to continued growth in our gastro-intestinal products.
LIALDA/MEZAVANT sales were up 23% due to an 11% increase in prescription demand, resulting in a market share
of 39% at the end of Q2 2016, the impact of a price increase taken since Q2 2015, and to a lesser extent, the impact
of stocking in Q2 2016 versus destocking in Q2 2015.
GATTEX/REVESTIVE and NATPARA, which were acquired with NPS Pharmaceuticals, Inc. ("NPS") in Q1 2015,
continued to perform well with sales up 19% and 237%, respectively. GATTEX/REVESTIVE sales were up due to an
increase in the number of patients on therapy, partially offset by Q2 2016 destocking. NATPARA was launched in
April 2015.
Hematology
The Hematology franchise was acquired with Baxalta in June 2016 and includes sales of recombinant and plasma-
derived hemophilia products (primarily factor VIII and factor IX) and inhibitor therapies. Reported product sales in Q2
2016 were $350 million for the one-month period post-acquisition and represent 24 percentage points of Shire's
reported product sales growth.
Immunology
The Immunology franchise was acquired with Baxalta in June 2016 and includes sales of the company's antibody-
replacement immunoglobulin and bio therapeutics therapies. Reported product sales in Q2 2016 were $190 million
for the one-month period post-acquisition and represent 13 percentage points of Shire's reported product sales
growth.
Oncology
The Oncology franchise was acquired with Baxalta in June 2016 and represents 1 percentage point of Shire's
reported product sales growth. Product sales relate to ONCASPAR which was acquired by Baxalta in July 2015.
Integration and acquisition costs

In Q2 2016, Shire recorded integration and acquisition costs of $363 million, integration and acquisition costs related
to the Baxalta and Dyax transactions were $417 million, and were partially offset by a net credit of $58 million for the
change in fair value of contingent consideration liabilities.
In Q2 2015, Shire recorded a net credit for integration and acquisition costs of $212 million, which comprised
integration and acquisition costs primarily related to NPS of $46 million and a net credit of $258 million for the change
in fair value of contingent consideration liabilities primarily relating to SHP625 and SHP608.
Amortization of acquired intangible assets
In Q2 2016, Shire recorded amortization of acquired intangible assets of $213 million (Q2 2015: $131 million). The
increase primarily relates to amortization on the intangible assets acquired with the Baxalta and Dyax transactions.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Reorganization costs
In Q2 2016, Shire recorded reorganization costs of $11 million, primarily related to the planned closure of the
Basingstoke, U.K. office and the relocation of roles from Pennsylvania to Massachusetts. In Q2 2015, Shire recorded
reorganization costs of $13 million, primarily related to the relocation of roles from Pennsylvania to Massachusetts.
US GAAP Other expense, net increased $67 million, primarily due to higher interest expense and amortization of
one-time borrowing costs incurred on borrowings used to fund the Baxalta and Dyax transactions.
Non GAAP Other expense, net increased $37 million, primarily due to higher interest expense as noted above.
Taxation
The effective tax rate on US GAAP income in Q2 2016 was -427% (Q2 2015: -37%) and on a Non GAAP basis was
16% (Q2 2015: 13%).
The effective tax rate in Q2 2016 on US GAAP income from continuing operations of -427% is negative, primarily due
to the combined impact of the relative quantum of the profit before tax for the period by jurisdiction and the reversal of
deferred tax liabilities from the Baxalta acquisition, including in higher tax territories, inventory and intangible assets
amortization as well as significant acquisition and integration costs.
The Q2 2015 US GAAP tax rate was negative primarily due to the reduction in deferred tax liabilities in relation to the
impairment of IPR&D intangible assets, the re-measurement of uncertain tax positions relating to ongoing tax audits
and the release of certain valuation allowances all recognized during Q2 2015.
The effective tax rate in Q2 2016 on Non GAAP income from continuing operations is higher than the same period in
2015, primarily due to the benefit of the re-measurement of uncertain tax positions relating to ongoing tax audits and
the release of certain valuation allowances in Q2 2015, which were not repeated in Q2 2016.
Discontinued operations
The loss from discontinued operations in Q2 2016 was $249 million, net of tax benefit of $101 million (Q2 2015: $5
million, net of tax) primarily related to a proposed legal settlement to resolve the previously disclosed Department of
Justice investigation associated with the divested Dermagraft business.
NON GAAP MEASURES
This press release contains financial measures not prepared in accordance with US GAAP. These measures are
referred to as "Non GAAP" measures and include: Non GAAP operating income; Non GAAP net income; Non GAAP
diluted earnings per ADS; effective tax rate on Non GAAP income before income taxes and (losses/earnings) of
equity method investees ("effective tax rate on Non GAAP income"); Non GAAP CER; Non GAAP cost of product
sales; Non GAAP gross margin; Non GAAP R&D; Non GAAP SG&A; Non GAAP other expense; Non GAAP cash
generation; Non GAAP free cash flow, Non GAAP net debt, Non GAAP EBITDA and Non GAAP EBITDA margin
(excluding royalties and other revenues and cost of sales related to contract manufacturing revenues).
The Non GAAP measures exclude the impact of certain specified items that are highly variable, difficult to predict,
and of a size that may substantially impact Shire's operations. Upfront and milestone payments related to in-licensing
and acquired products that have been expensed as R&D are also excluded as specified items as they are generally
uncertain and often result in a different payment and expense recognition pattern than ongoing internal R&D
activities. Intangible asset amortization has been excluded from certain measures to facilitate an evaluation of current
and past operating performance, particularly in terms of cash returns, and is similar to how management internally
assesses performance. The Non GAAP financial measures are presented in this press release as Shire's
management believes that they will provide investors with an additional analysis of Shire's results of operations,
particularly in evaluating performance from one period to another.
1 September 2016 Europe - United Kingdom Pharmaceuticals

Shire's management uses Non GAAP financial measures to make operating decisions as they facilitate additional
internal comparisons of Shire's performance to historical results and to competitor's results, and provides them to
investors as a supplement to Shire's reported results to provide additional insight into Shire's operating performance.
Shire's Remuneration Committee uses certain key Non GAAP measures when assessing the performance and
compensation of employees, including Shire's executive directors.
The Non GAAP financial measures used by Shire may be calculated different from, and therefore may not be
comparable to, similarly titled measures used by other companies - refer to the section "Non GAAP Financial
Measure Descriptions" below for additional information. In addition, these Non GAAP financial measures should not
be considered in isolation as a substitute for, or as superior to, financial measures calculated in accordance with US
GAAP, and Shire's financial results calculated in accordance with US GAAP and reconciliations to those financial
statements should be carefully evaluated.
Non GAAP Financial Measure Descriptions

Where applicable the following items, including their tax effect, have been excluded when calculating Non GAAP
earnings and from our outlook: Amortization and asset impairments:
• Intangible asset amortization and impairment charges; and
• Other than temporary impairment of investments.
Acquisitions and integration activities:
• Up-front payments and milestones in respect of in-licensed and acquired products;
• Costs associated with acquisitions, including transaction costs, fair value adjustments on contingent consideration
and acquired inventory;
• Costs associated with the integration of companies; and
• Noncontrolling interests in consolidated variable interest entities.
Divestments, reorganizations and discontinued operations:
• Gains and losses on the sale of non-core assets;
• Costs associated with restructuring and reorganization activities;
• Termination costs; and
• Income/(losses) from discontinued operations.
Legal and litigation costs:
• Net legal costs related to the settlement of litigation, government investigations and other disputes (excluding
internal legal team costs).
Additionally, in any given period Shire may have significant, unusual or non-recurring gains or losses which it may
exclude from its Non GAAP earnings for that period. When applicable, these items would be fully disclosed and
incorporated into the required reconciliations from US GAAP to Non GAAP measures.
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