EFTA01457563.pdf

II May 2015 Pharmaceuticals GlazeSmithKline [Figure 14: Core P&L forecasts G(iPm FYI4A rr Hi( f-Y16E F't i 7l: F,i I SE 819E i Y20( Sales 23.000 24,402 26,919 26.105 28,797 27.247 29.217 Growth I%) -10.1% 6.1% 3.7% 3.1% 2.7% 1.7% 3.6% ...Pharmaceuticals 18.670 18,184 18,456 18,979 19,386 19,546 20.218 ...Consumer Health 4.336 6,218 6,868 7.128 7,412 7.701 7.999 Cost of sales -6.535 -7,985 -8,179 -8.477 -8.956 -9,088 8,315 Gross Profit 16,471 16,417 17.134 17.628 17.841 18.159 18,902 Gross margin 71.6% 67.3% 67.7% 67.5% 66.6% 66.6% 67.0% SG&A -7,074 -7,444 -7,447 -7,429 -7,547 -7,593 -7.840 %of sales 30.7% 30.6% 29.4% 26.5% 28.2% 27.9% 27.8% R&D -3,113 -3,309 -3,394 -3.385 -3,281 -3,338 -3,461 %of sales 13.6% 13.6% 13.4% 13,0% 12.2% 12.2% 12.3% Royalty income 310 274 285 296 309 300 292 OPoroth9 profit 6.694 5.937 6.678 7.111 7.321 7.629 7.893 %of sales 28.7% 24.3% 26.0% 27.2% 27.3% 27.6% 28.0% Net interest -646 -621 -477 -473 -626 -657 -606 JVs & associates 30 7 -3 -3 -3 -3 -3 Profit before tax 5,978 5,324 6098 6.634 6,693 6,869 7.296 Tax expense -1,172 -1,036 -1,201 -1,287 -1278 -1.305 -1,384 Profit after tax 4.800 4,259 4.997 5347 5,414 6,664 6.901 ...minority share -222 -474 -665 -749 -566 -484 -510 ...shareholders' share 4,584 3,785 4.232 4,599 4,849 5.080 5.392 Cots EPS. bait (p) 96.4 79.3 87.8 96.3 100A 105.1 111.4 Cons EPS, diluted (p) 94.2 77.4 93.9 94.2 992 103.9 110.1 DB adjusted Con EPS (p) 93.9 759 94.3 91.1 95.5 99.6 105.4 Ord ONIdend per Oars (p) 90.0 100.0 90.0 80.0 80.0 90.0 90.0 San (ALTO.. &ant • inlet Crow Ste Deutsche Bank AG/London l'Age I I CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0117161 CONFIDENTIAL SDNY_GM_00263345 EFTA01457563