Haleon (HLN) 20-F 20 Mar 23 2022 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2022	Mar. 20, 2023
Entity Addresses [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-41411
Entity Registrant Name	Haleon plc
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	Building 5, First Floor
Entity Address, Adress Line Two	The Heights
Entity Address, City or Town	Weybridge
Entity Address, Postal Zip Code	KT13 0NY
Entity Address, Country	GB
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,234,573,831
Entity Central Index Key	0001900304
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Location	New York, NY
Auditor Firm ID	185
Deloitte LLP
Entity Addresses [Line Items]
Auditor Name	Deloitte LLP
Auditor Location	London, United Kingdom
Auditor Firm ID	1147
Ordinary shares, nominal value £0.01 per share
Entity Addresses [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value £0.01 per share
Trading Symbol	HLN
Security Exchange Name	NYSE
American Depositary Shares, each representing two Ordinary Shares
Entity Addresses [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing two Ordinary Shares
Trading Symbol	HLN
Security Exchange Name	NYSE
3.024% Callable Fixed Rate Senior Notes due 2024
Entity Addresses [Line Items]
Title of 12(b) Security	3.024% Callable Fixed Rate Senior Notes due 2024
Trading Symbol	HLN/24
Security Exchange Name	NYSE
Callable Floating Rate Senior Notes due 2024
Entity Addresses [Line Items]
Title of 12(b) Security	Callable Floating Rate Senior Notes due 2024
Trading Symbol	HLN/24A
Security Exchange Name	NYSE
3.125% Fixed Rate Senior Notes due 2025
Entity Addresses [Line Items]
Title of 12(b) Security	3.125% Fixed Rate Senior Notes due 2025
Trading Symbol	HLN/25
Security Exchange Name	NYSE
3.375% Fixed Rate Senior Notes due 2027
Entity Addresses [Line Items]
Title of 12(b) Security	3.375% Fixed Rate Senior Notes due 2027
Trading Symbol	HLN/27
Security Exchange Name	NYSE
3.375% Fixed Rate Senior Notes due 2029
Entity Addresses [Line Items]
Title of 12(b) Security	3.375% Fixed Rate Senior Notes due 2029
Trading Symbol	HLN/29
Security Exchange Name	NYSE
3.625% Fixed Rate Senior Notes due 2032
Entity Addresses [Line Items]
Title of 12(b) Security	3.625% Fixed Rate Senior Notes due 2032
Trading Symbol	HLN/32
Security Exchange Name	NYSE
4.000% Fixed Rate Senior Notes due 2052
Entity Addresses [Line Items]
Title of 12(b) Security	4.000% Fixed Rate Senior Notes due 2052
Trading Symbol	HLN/52
Security Exchange Name	NYSE
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Amanda Mellor
Entity Address, Address Line One	Building 5
Entity Address, Adress Line Two	First Floor
Entity Address, Address Line Three	The Heights
Entity Address, City or Town	Weybridge
Entity Address, Postal Zip Code	KT13 0NY
Entity Address, Country	GB
City Area Code	+44
Local Phone Number	1932 822000

Consolidated income statement

Consolidated income statement - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated income statement
Revenue		£ 10,858	£ 9,545	£ 9,892
Cost of sales		(4,281)	(3,595)	(3,982)
Gross profit		6,577	5,950	5,910
Selling, general and administration		(4,483)	(4,086)	(4,220)
Research and development		(300)	(257)	(304)
Other operating income		31	31	212
Operating profit		1,825	1,638	1,598
Finance income		51	17	20
Finance expense		(258)	(19)	(27)
Net finance costs		(207)	(2)	(7)
Profit before tax		1,618	1,636	1,591
Income tax		(499)	(197)	(410)
Profit after tax for the year		1,119	1,439	1,181
Profit attributable to shareholders		1,060	1,390	1,145
Profit attributable to non-controlling interests		£ 59	£ 49	£ 36
Basic earnings per share	[1]	£ 0.115	£ 0.151	£ 0.124
Diluted earnings per share	[1]	£ 0.115	£ 0.151	£ 0.124
[1] Earnings per share calculation for the years ended 31 December 2021 and 31 December 2020 have been adjusted retrospectively as required by IAS 33 ‘Earnings per share’ due to the increase in the number of ordinary shares outstanding as a result of the demerger activities that took place in July 2022. Diluted earnings per share for the year ended 31 December 2022 has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potential dilutive shares. There were no dilutive equity instruments for the years ended 31 December 2021 and 31 December 2020.

Consolidated income statement (

Consolidated income statement (Parenthetical)	24 Months Ended
	Dec. 31, 2021 shares
Consolidated income statement
Dilutive equity instruments	0

Consolidated statement of compr

Consolidated statement of comprehensive income - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated statement of comprehensive income
Profit after tax for the year		£ 1,119	£ 1,439	£ 1,181
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets		598	(34)	(170)
Exchange movements on overseas net assets of non-controlling interests		(10)		1
Fair value movements on cash flow hedges		204	11
Reclassification of cash flow hedges to the income statement		18
Related tax on items that may be subsequently reclassified to the income statement1	[1]	(44)	(2)
Total		730	(25)	(169)
Items that will not be reclassified to income statement:
Remeasurement gains/(losses) on defined benefit plan		123	27	(13)
Related tax on items that will not be reclassified to the income statement		(29)	(12)	13
Total		94	15
Other comprehensive income/(expenses), net of tax for the year		824	(10)	(169)
Total comprehensive income, net of tax for the year		1,943	1,429	1,012
Total comprehensive income for the year attributable to:
Shareholders of the Group		1,894	1,380	975
Non-controlling interests		49	49	37
Total comprehensive income, net of tax for the year		£ 1,943	£ 1,429	£ 1,012
[1] Includes tax on fair value movements on cash flow hedges of £(48) m, netted off by tax on reclassification of cash flow hedges to the income statement of £4 m.

Consolidated statement of com_2

Consolidated statement of comprehensive income (Parenthetical) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£)
Consolidated statement of comprehensive income
Tax on fair value movements on cash flow hedges	£ 48
Tax on reclassification of cash flow hedges to the income statement	£ 4

Consolidated balance sheet

Consolidated balance sheet - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Non-current assets
Property, plant and equipment	£ 1,757	£ 1,563
Right of use assets	142	99
Intangible assets	28,436	27,195
Deferred tax asset recognised for trading tax losses	220	312
Post-employment benefit assets	25	11
Derivative financial instruments	44	12
Other non-current assets	132	8
Total non-current assets	30,756	29,200
Current assets
Inventories	1,348	951
Trade and other receivables	1,881	2,207
Loan amounts owing from related parties		1,508
Cash and cash equivalents	684	414
Derivative financial instruments	50	5
Current tax receivables	96	166
Total current assets	4,059	5,251
Total assets	34,815	34,451
Current liabilities
Short-term borrowings	(437)	(79)
Trade and other payables	(3,621)	(3,002)
Loan amounts owing to related parties		(825)
Derivative financial instruments	(31)	(18)
Current tax payables	(210)	(202)
Short-term provisions	(71)	(112)
Total current liabilities	(4,370)	(4,238)
Non-current liabilities
Long-term borrowings	(10,003)	(87)
Deferred tax liabilities	(3,601)	(3,357)
Post-employment benefit obligations	(161)	(253)
Derivative financial instruments	(175)	(1)
Long-term provisions	(26)	(27)
Other non-current liabilities	(22)	(8)
Total non-current liabilities	(13,988)	(3,733)
Total liabilities	(18,358)	(7,971)
Net assets	16,457	26,480
Equity
Share capital	92	1
Other reserves	(11,537)	(11,632)
Translation reserve	1,046	448
Retained earnings	26,730	37,538
Shareholders' equity	16,331	26,355
Non-controlling interests	126	125
Total equity	£ 16,457	£ 26,480

Consolidated statement of chang

Consolidated statement of changes in equity - GBP (£) £ in Thousands		Shareholders' equity	Share capital	Share premium	Other reserves	Translation reserve	Retained earnings	Non-controlling interests	Total
Beginning Balance at Dec. 31, 2019		£ 27,321,000	£ 1,000	£ 20,842,000	£ 1,372,000	£ 652,000	£ 4,454,000	£ 91,000	£ 27,412,000
Profit after tax		1,145,000					1,145,000	36,000	1,181,000
Other comprehensive income/(expenses)		(170,000)				(170,000)		1,000	(169,000)
Total comprehensive income		975,000				(170,000)	1,145,000	37,000	1,012,000
Issue of share capital			13,166,000		(13,166,000)
Capital reduction			(13,166,000)	(20,842,000)	(45,000)		34,053,000
Contribution (non-cash) from parent		187,000			187,000				187,000
Acquisition of non-controlling interests								14,000	14,000
Distributions to non-controlling interests								(31,000)	(31,000)
Dividends to equity shareholders	[1]	(2,371,000)					(2,371,000)		(2,371,000)
Ending Balance at Dec. 31, 2020		26,112,000	1,000		(11,652,000)	482,000	37,281,000	111,000	26,223,000
Profit after tax		1,390,000					1,390,000	49,000	1,439,000
Other comprehensive income/(expenses)		(10,000)			9,000	(34,000)	15,000		(10,000)
Total comprehensive income		1,380,000			9,000	(34,000)	1,405,000	49,000	1,429,000
Contribution (non-cash) from parent		11,000			11,000				11,000
Distributions to non-controlling interests								(35,000)	(35,000)
Dividends to equity shareholders	[1]	(1,148,000)					(1,148,000)		(1,148,000)
Ending Balance at Dec. 31, 2021		26,355,000	1,000		(11,632,000)	448,000	37,538,000	125,000	26,480,000
Profit after tax		1,060,000					1,060,000	59,000	1,119,000
Other comprehensive income/(expenses)		834,000			142,000	598,000	94,000	(10,000)	824,000
Total comprehensive income		1,894,000			142,000	598,000	1,154,000	49,000	1,943,000
Issue of share capital of the former ultimate holding company		21,758,000	21,758,000						21,758,000
Capital reduction of the former ultimate holding company		(21,758,000)	(21,758,000)						(21,758,000)
Issue of share capital		22,150,000	11,543,267	10,606,752					22,150,000
Capital reduction		(22,058,000)	(11,450,871)	(10,606,752)					(22,058,000)
Transactions with equity shareholders	[1]	(47,000)					(47,000)		(47,000)
Transactions between the former ultimate holding company and equity shareholder	[1]	70,000		70,000					70,000
Effect of change of ultimate holding company		(118,000)	(1,000)	£ (70,000)	(47,000)				(118,000)
Distributions to non-controlling interests								(48,000)	(48,000)
Dividends to equity shareholders	[1]	(11,930,000)					(11,930,000)		(11,930,000)
Share based incentive plans		15,000					15,000		15,000
Ending Balance at Dec. 31, 2022		£ 16,331,000	£ 92,346		£ (11,537,000)	£ 1,046,000	£ 26,730,000	£ 126,000	£ 16,457,000
[1] Equity shareholders refer to GSK and Pfizer, which held equity interests of 68% and 32% in the Group respectively prior to the demerger as described in Note 1

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical)	6 Months Ended
	Jun. 30, 2022
GSK Group | CHHL2
Proportion of ownership interest in subsidiary	68%
Pfizer Group | CHHL2
Proportion of ownership interest in associate	32%

Consolidated cash flow statemen

Consolidated cash flow statement - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Profit after tax	£ 1,119	£ 1,439	£ 1,181
Taxation charge	499	197	410
Net finance costs	207	2	7
Depreciation of property, plant and equipment and rights of use assets	180	174	215
Amortisation of intangible assets	107	94	90
Impairment and assets written off, net of reversals	143	1	88
Gain on sale of intangible assets, property, plant and equipment and businesses	(30)	(31)	(209)
Fair value adjustment from Pfizer Transaction			91
Other non-cash movements	24	(22)	100
Decrease in pension and other provisions	(43)	(36)	(27)
Changes in working capital:
(Increase)/decrease in inventories	(292)	(17)	130
(Increase)/decrease in trade receivables	(85)	14	18
Increase in trade payables	387	41	140
Net change in other receivables and payables	171	(190)	(273)
Taxation paid	(324)	(310)	(554)
Net cash inflow from operating activities	2,063	1,356	1,407
Cash flows from investing activities
Purchase of property, plant and equipment	(304)	(228)	(222)
Proceeds from sale of property, plant, and equipment		12	6
Purchase of intangible assets	(24)	(70)	(96)
Proceeds from sale of intangible assets	36	137	924
Purchase of business, net of cash acquired			20
Proceeds from sale of businesses			221
Loans to related parties	9,211
Proceeds from settlement of amounts invested with GSK finance companies	700	100	158
Interest received	19	16	19
Net cash (outflow)/inflow from investing activities	(8,784)	(33)	1,030
Cash flows from financing activities
Payment of lease liabilities	(45)	(38)	(44)
Interest paid	(163)	(15)	(19)
Dividends paid to shareholders	(2,682)	(1,148)	(2,371)
Distributions to non-controlling interests	(48)	(35)	(31)
Contribution from parent	18	4
Repayment of borrowings	(1,518)		(10)
Proceeds from short-term borrowings	11,004	8	38
Other financing cash flows	345	(12)
Net cash inflow/(outflow) from financing activities	6,911	(1,236)	(2,437)
Increase in cash and cash equivalents and bank overdrafts	190	87
Cash and cash equivalents and bank overdrafts at the beginning of the year	406	323	329
Exchange adjustments	15	(4)	(6)
Cash and cash equivalents and bank overdrafts at the end of the year	611	406	323
Cash and bank overdrafts at the end of year comprise:
Cash and cash equivalents	684	414	333
Overdrafts	(73)	(8)	(10)
Cash and bank overdrafts at end of year	£ 611	£ 406	£ 323

General information

General information	12 Months Ended
	Dec. 31, 2022
General information
Disclosure of general information about financial statements	1. General information Haleon plc (the Company) and its subsidiary undertakings (collectively, the Group) is a global leader in consumer health, with brands trusted by millions of consumers globally. Haleon’s product portfolio spans five major categories - Oral Health, Vitamins, Minerals and Supplements (VMS), Pain Relief, Respiratory Health, Digestive Health and Other. Its long-standing brands - such as Advil, Sensodyne, Panadol, Voltaren, Theraflu, Otrivin, Polident, parodontax and Centrum - are built on trusted science, innovation and deep human understanding. ​ Haleon is a public company limited by shares, incorporated under the laws of England and Wales with registered number of 13691224. The Company has ordinary shares with a nominal value of £0.01 per share. The Group’s shares are listed and traded on the London Stock Exchange (LSE) with American Depositary Shares (ADSs) listed on the New York Stock Exchange (NYSE) (LSE/NYSE: HLN). The registered address of the Company is Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom. ​ Basis of preparation The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB IFRS), including interpretations issued by the IFRS Interpretations Committee (IFRIC) and International Financial Reporting Standards as adopted by the United Kingdom (UK IFRS) (together IFRS) and the Companies Act 2006. IFRS as adopted by the UK differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the Group’s Consolidated Financial Statements for the years presented. ​ Until July 2022, GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited (CHHL2), the former ultimate holding company of the Group and the accounting predecessor was jointly owned by GSK plc and its subsidiaries which held the majority controlling equity interest of 68%, and Pfizer Inc. and its subsidiaries which held a non-controlling equity interest of 32%. In July 2022, following the execution of a series of legal acts and contractual arrangements, including the spin-off to the shareholder of GSK, the Company was established to succeed CHHL2 as the new ultimate holding company of the Group, with 55% of its equity interest held by the shareholders of GSK, 32% of its equity interest held by Pfizer and 13% of its equity interest held by GSK. This corporate restructuring was contemplated and executed as one single economic event yet sequenced via multiple legal proceedings and activities. Management concluded that the predecessor (carryover) basis of accounting is appropriate because the corporate restructuring was instigated by GSK and its shareholders without the involvement of outside third parties or new investors. ​ The initial set of Consolidated Financial Statements have been prepared as if the Group had been in existence throughout all the periods presented by applying the principles of predecessor accounting in accordance with SEC Regulation C Rule 405 and IFRS although the actual legal transaction and corporate reorganisation occurred in July 2022. There was no economic change or event impacting the reporting entity because the business activities of the predecessor and successor remained identical and only the legal form and ownership allocation has changed. Refer to Note 23 ‘Share capital, share premium and other reserves’ for further details about this transaction. ​ Accounting convention The Consolidated Financial Statements are prepared on a historical cost basis unless otherwise indicated. The Consolidated Financial Statements are presented in Pound Sterling (GBP, £), the functional currency of the Company and presentation currency of the Group, and all values are denominated in millions of GBP (£m or £ million) unless stated otherwise. ​ Financial period These Consolidated Financial Statements cover the financial year from 1 January 2022 to 31 December 2022, with comparative figures for the financial years from 1 January 2021 to 31 December 2021 and from 1 January 2020 to 31 December 2020. ​ Going concern The Directors have reviewed the Group’s cash flow forecasts, financial position and exposure to principal risks and have formed the view that the Group will generate sufficient cash to meet its ongoing requirements for at least 12 months from the date the financial statements have been authorised. At 31 December 2022, the Group had cash and cash equivalents, net of bank overdrafts, of £611m and undrawn credit facilities of $1.4bn and £1bn with initial maturity dates of September 2023 and September 2025, respectively. As a result, the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the Group’s Consolidated Financial Statements. ​ Basis of consolidation Entities over which the Group has the power to direct the relevant activities so as to affect the returns to the Group, generally through control over the financial and operating policies from either voting or contractual rights, are accounted for as subsidiaries. Interests acquired in entities are consolidated from the date the Group acquires control and interests sold are deconsolidated from the date control ceases. ​ Where, as part of a business combination, the Group is not able to exercise control over a particular operation due to the existence of legal or other restrictions, the associated assets and liabilities are not consolidated, and a financial asset or liability is recognised for the economic benefit or obligation to be received under the contribution agreement. The assets and liabilities are consolidated, and the associated financial asset or liability derecognised, on the date at which the Group is able to exercise control over these operations. ​ Transactions and balances between subsidiaries are eliminated and no profit before tax is recognised on sales between subsidiaries until the products are sold to customers outside the Group. Transactions with non-controlling interests are recorded directly in equity. Deferred tax relief on unrealised intra-group profit is accounted for only to the extent that it is considered recoverable. Refer to Note 30 ‘Subsidiaries’ for a list of the Group’s subsidiary undertakings. ​ Foreign currencies The Consolidated Financial Statements are presented in GBP, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. ​ Foreign currency transactions in individual Group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at the rates prevailing on the reporting period date, are recognised in the income statement except when deferred in equity as qualifying hedges. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. ​ In preparing the Consolidated Financial Statements, the balances in individual Group companies are translated from their functional currency into GBP. The income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at the rates prevailing on the reporting period date. ​ The effect of exchange rate differences during the year on net assets of foreign operations is recorded in equity. ​ The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and the functional currency of the parent entity, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in other comprehensive income/(expenses) and accumulated in equity to the extent that the hedge is effective, which may be subsequently reclassified to the consolidated income statement. These differences are reported within profit or loss to the extent that the hedge is ineffective. Gains and losses on the hedging instrument accumulated in equity are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. ​ The currencies which most influenced these translations and the relevant exchange rates were: ​ ​ ​ ​ ​ ​ ​ ​ ​ Average rates Year end rates ​ 2022 2021 2020 2022 2021 2020 USD/£ 1.24 1.38 1.29 1.20 1.35 1.36 Euro/£ 1.17 1.16 1.13 1.13 1.19 1.11 Swiss Franc/£ 1.18 1.25 1.21 1.11 1.23 1.20 CNY/£ 8.31 8.86 8.91 8.31 8.56 8.93 ​ Climate change In preparing these Consolidated Financial Statements we have considered the impact of climate change on the current valuation of our assets and liabilities. The Group does not believe that there is a material impact on the financial reporting judgements and estimates arising from climate change and as a result the valuation of our assets and liabilities has not been significantly impacted by these risks as at 31 December 2022. In concluding, we specifically considered the impact of climate change on the growth rates and projected cash flows as part of our goodwill and brand impairment testing (refer to Note 14 ‘Intangible assets’) and the Group’s going concern assessment.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
ACCOUNTING POLICIES
ACCOUNTING POLICIES	​ 2. Accounting policies The accounting policies adopted are the same as those which were applied for the previous financial year except as set out below under the heading ‘Recent accounting developments’. ​ Where an accounting policy is generally applicable to a specific note to the Consolidated Financial Statements, the policy is described within that note. ​ The accounting policies below have been applied throughout the Consolidated Financial Statements and apply to the financial statements as a whole. ​ Revenue The Group receives revenue for supply of goods to external customers against orders received. The majority of contracts that the Group enters into relate to sales orders containing single performance obligations for the delivery of consumer health products. ​ Product revenue is recognised when control of the goods is passed to the customer. The point at which control passes is determined by each customer arrangement, but generally occurs on delivery to the customer. ​ Revenue represents net invoice value (i.e., list price after the deduction of discounts, pricing allowances, customer incentives, promotional rebates and coupons). Revenue includes fixed and variable consideration. ​ Variable consideration arises on the sale of goods as a result of discounts and allowances given and accruals for estimated future returns and rebates. Discounts can either be on-invoice or off-invoice whilst allowances and rebates are generally off-invoice. The discounts, allowances and promotional rebates are recognised as a deduction from revenue at the time that the related revenue is recognised or when the Group has committed to pay the consideration, whichever is later. Variable consideration is not included in the transaction price until it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. ​ The methodology and assumptions used to estimate returns and rebates are monitored and adjusted regularly in light of contractual and legal obligations, historical trends, past experience and projected market conditions. Once the uncertainty associated with the returns and rebates is resolved, revenue is adjusted accordingly. The differences between actual amounts settled and the estimated accrued amounts are recognised as a change in management estimate in the subsequent reporting period. The assumptions used in estimation are based on known facts with a high level of accuracy. In addition, the Group’s promotional programmes are typically short-term in nature resulting in lower inherent estimation uncertainty. ​ Some contracts for the sale of consumer health products provide customers with a right to return the goods within a specified period. A refund liability is recognised for the goods that are expected to be returned (i.e., the amount not included in the transaction price). A right of return asset (and the corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. The Group uses the most likely amount method to estimate the variable consideration in contracts with a right to return. ​ The Group also provides retrospective volume rebates to certain customers once the products purchased during the period exceed the threshold specified in the contract. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price). The Group applies the most likely amount method to estimate the variable consideration in the contract related to rebates. Volume rebates and refund liabilities are recognised in trade and other payables. ​ The Group has elected to apply the practical expedient not to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as at the end of the reporting period. ​ Research and development Research and development (R&D) expenditure is charged to the income statement in the period in which it is incurred. R&D expenditure comprises expenditure that is directly attributable to the research and development of new products or variants, including the costs attributable to the generation or improvement of intellectual property and product registrations, depreciation and amortisation of equipment, real estate and IT assets used by the R&D function. ​ Recent accounting developments All new standards or amendments to standards that have been issued by the IASB and were effective from 1 January 2022 were not material to the Group. ​ All new accounting standards, amendments to accounting standards and interpretations that have been published by the IASB and are not effective for 31 December 2022 reporting period, have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. ​ IFRS 17 ‘Insurance Contracts’ has been released but is not yet adopted by the Group. The standard is effective for the year ended 31 December 2023 and introduces a new model for accounting for insurance contracts. We have reviewed existing arrangements and concluded that IFRS 17 is not expected to be material for the Group.

Critical accounting judgements

Critical accounting judgements and key sources of estimation uncertainty	12 Months Ended
	Dec. 31, 2022
Disclosure of Critical Accounting Judgements and Key Sources of Estimation Uncertainty [Abstract]
Critical accounting judgements and key sources of estimation uncertainty	3. Critical accounting judgements and key sources of estimation uncertainty In preparing the Consolidated Financial Statements, management is required to make judgements about when or how items should be recognised in the Consolidated Financial Statements and estimates and assumptions that affect the amounts of assets, liabilities, income and expenses reported in the Consolidated Financial Statements. Actual amounts and results could differ from those estimates. ​ There are no critical accounting judgements. The following are the key sources of estimation uncertainty. ​ Key sources of estimation uncertainty Indefinite life brands Estimation of the recoverable amount of indefinite life brands requires significant estimates of the value of each brand. The Group tests at least annually whether indefinite life brands have suffered an impairment. The recoverable amounts of indefinite life brands are estimated using the fair value less costs to sell methodology. These calculations use management’s estimates consistent with current budgets and plans that have been formally approved, assumptions of market participants and are based on discounted cash flow forecasts using estimated long-term growth rates. Refer to Note 14 ‘Intangible assets’ for further details about the Group’s indefinite life brands and sensitivity analysis of Preparation H. ​ Legal and other disputes Management makes a judgement of whether it is remote, possible or probable that an outflow will be required to settle legal obligations. To the extent that the potential outflow is assessed as possible but not probable or insufficient information is available to make a judgement on whether a potential outflow is probable, no provision is made and disclosure related to the claim is provided. ​ For legal obligations that are assessed as leading to a probable outflow and sufficient information is available, the estimated provisions take into account the specific circumstances of each dispute and relevant external advice, are inherently judgemental and could change substantially over time as each dispute progresses and new facts emerge. Management, having taken legal advice, has established provisions after taking into account the relevant facts and circumstances of each matter and in accordance with accounting requirements. ​ The Group may become involved in legal proceedings, in respect of which it is not possible to make a reliable estimate of the expected financial effect, or practicable to give a meaningful range of outcomes that could result from ultimate resolution of the proceedings. In these cases, appropriate disclosure about such cases would be provided, but no provision would be made and no contingent liability can be quantified. 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 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 the amount of the provisions reported in the Group’s financial statements by a material amount. Refer to Note 22 ‘Contingent liabilities and commitments’ for further details about the Group’s legal matters. ​ Taxation Where it is considered that a dispute with tax authorities may arise, or where a dispute is already ongoing management makes a judgement of whether there is sufficient information to be able to make a reliable estimate of the outcome of the dispute. The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years. Provisions are made against exposures and take into account the specific circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. ​ If sufficient information is available, in estimating a potential tax liability, the Group applies a risk-based approach to determine the transactions most likely to be subject to challenge. This assumes that the relevant tax authority will review and have full knowledge of all the relevant information, and the probability that the Group would be able to obtain compensatory adjustments under international tax treaties. These estimates consider the specific circumstances of each dispute and relevant external advice, are inherently judgemental and could change substantially over time as each dispute progresses and new facts emerge. Refer to Note 9 ‘Taxation’ for further details about the Group’s taxes. ​

Revenue and segment information

Revenue and segment information (Imported)	12 Months Ended
	Dec. 31, 2022
Revenue and segment information
Revenue and segment information	4. Segment information The Group is organised into business units based on geographical areas and has three reportable segments: ​ – North America – Europe, Middle East, Africa and Latin America (EMEA and LatAm) – Asia Pacific (APAC) ​ No operating segments have been aggregated to form the above reportable operating segments. ​ The Group’s Commercial Operations Board, which consists of the Group’s CEO, CFO and other members of the senior leadership, is the Chief Operating Decision Maker (CODM) who monitors the operating results of the Group’s reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. The CODM uses a measure of Adjusted operating profit to assess the performance of the reportable segments. Adjusted operating profit is defined as operating profit less net intangible amortisation and impairment of brands, licences, and patents, restructuring costs, transaction-related costs, separation and admission costs, and disposals and others. The CODM does not review IFRS operating profit or total assets on a segment basis. ​ The composition of these geographical segments is reviewed on an annual basis. Analysis of revenue and Adjusted operating profit by geographical segment is included below: ​ Revenue by segment ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 North America 4,116 3,525 3,779 EMEA and LatAm 4,270 3,877 4,059 APAC 2,472 2,143 2,054 Group revenue 10,858 9,545 9,892 ​ Adjusted operating profit by segment ​ ​ ​ ​ ​ 2022 £m 2021 2020 Group operating profit 1,825 1,638 1,598 Reconciling items between Group operating profit and Group Adjusted operating profit 1 647 534 476 Total 2,472 2,172 2,074 ​ ​ ​ ​ North America 1,070 828 897 EMEA and LatAm 977 960 857 APAC 506 461 377 Corporate and other unallocated (81) (77) (57) Total 2,472 2,172 2,074 ​ 1 a) b) c) d) e) ​ The primary products sold by each of the reportable segments consist of Oral Health, Vitamin, Minerals and Supplements, Pain Relief, Respiratory Health, Digestive Health and Other products and the product portfolio is consistent across the reportable segments. Analysis of revenue by product category is included below: ​ Revenue by product category ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Oral Health 2,957 2,724 2,745 Vitamins, Minerals and Supplements 1,675 1,501 1,494 Pain Relief 2,551 2,237 2,192 Respiratory Health 1,579 1,132 1,298 Digestive Health and Other 2,096 1,951 2,163 Group revenue 10,858 9,545 9,892 ​ Revenue attributable to the country of domicile and foreign countries with the most significant contribution to the Group’s revenue are included below: ​ Revenue by geography ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 UK 348 327 374 US & Puerto Rico 3,692 3,187 3,414 China 907 801 700 Rest of the World 5,911 5,230 5,404 Group revenue 10,858 9,545 9,892 ​ Other segmental information ​ ​ ​ ​ ​ ​ ​ ​ North America EMEA and APAC Other Total £m Year ended 31 December 2022 ​ ​ ​ ​ ​ Impairment charges 2 7 1 133 143 Impairment reversal – – – – – ​ ​ ​ ​ ​ ​ Year ended 31 December 2021 ​ ​ ​ ​ ​ Impairment charges 5 5 2 25 37 Impairment reversal – – – (48) (48) ​ ​ ​ ​ ​ ​ Year ended 31 December 2020 ​ ​ ​ ​ ​ Impairment charges 6 10 6 68 90 Impairment reversal – – – (21) (21) ​ Non-current assets attributable to the country of domicile and all foreign countries with assets greater than 10% are included below: ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 UK 440 430 410 US & Puerto Rico 8,519 7,884 7,827 Rest of the World 21,508 20,551 20,593 Non-current assets 30,467 28,865 28,830 ​ Non-current assets by location excludes derivatives, deferred tax assets and post-retirement benefit assets.

Other operating income

Other operating income	12 Months Ended
	Dec. 31, 2022
Other operating income
Other operating income	5. Other operating income Other operating income includes income and expense from all other operating activities which are not related to the ordinary course of business of the Group, such as gains/losses from disposals and transaction-related costs. ​ Included in other operating income, the Group recognised a £24m gain on the disposal of the Polocard brand, a product sold in Poland. In 2021 and 2020, the Group recognised a net gain on disposals of intangible assets and businesses of £31m and £212m, respectively, which included divestments of Transderm Scop, Acne-Aid, Baldriparan, Breathe Right, Physiogel, Coldrex, Venoruton, intellectual property rights of Horlicks and Thermacare.

Operating profit

Operating profit	12 Months Ended
	Dec. 31, 2022
Operating profit
Operating profit	6. Operating profit Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. A&P expenditure is charged to the income statement as incurred. Shipment costs on intercompany transfers are charged to cost of sales, distribution costs on sales to customers are included in selling, general and administration (SG&A) expenditure. ​ Key expenses included in operating profit ​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Advertising and promotion 1 ​ 2,026 1,941 2,013 Distribution costs 1 ​ 237 209 226 Separation and admission costs 1 ​ 411 278 66 Restructuring costs ​ 41 195 411 ​ 1 ​ Separation and admission costs represent costs incurred in relation to and in connection with the separation and listing of the Group as a standalone business in 2022. ​ Restructuring costs Restructuring costs are recognised and provided for, where appropriate, in respect of the direct expenditure of a business reorganisation where the plans are sufficiently detailed and well advanced, and where a valid expectation to those affected has been created by either starting to implement the restructuring plans or announcing its main features. Restructuring costs are those mainly related to specific Board-approved restructuring programmes, including integration costs following material acquisitions, which are structural in nature and significant in scale. ​ Restructuring costs include severance and other personnel costs, professional fees, impairments of assets, and other related items. ​ Restructuring costs in 2022, 2021 and 2020 mainly relate to activities aiming to generate synergies from the integration of the Pfizer Group’s Consumer Healthcare business into the Group’s business, following the Pfizer Transaction completed on 31 July 2019. Refer to Note 21 ‘Provisions’ for further details about the Group’s provisions. ​ A breakdown of the restructuring costs is included below: ​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Cost of sales ​ 19 44 89 Selling, general and administration, and other operating expenses ​ 25 150 314 Research and development ​ (3) 1 8 Total ​ 41 195 411 ​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Cash ​ 39 175 336 Non-cash ​ 2 20 75 Total ​ 41 195 411 ​ Fees payable to the Group’s auditors (and their associates) included in operating profit In light of UK and US rules on audit firm independence, following the demerger, and for the period ended 31 December 2022, the Group had two external auditors. Deloitte LLP was engaged in respect of the statutory audit of the financial statements of the Group’s parent company and its subsidiaries in accordance with International Standards of Auditing (UK ISAs). KPMG LLP was appointed to conduct an audit of the Group’s financial statements under the rules and standards of the US Securities and Exchange Commission (SEC) and the US Public Company Accounting Oversight Board (PCAOB) standards. A fee breakdown for each firm is shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Deloitte LLP Audit of Parent Company and Consolidated Financial Statements 1 ​ 10 5 5 ​ Audit of the Company’s subsidiaries ​ 5 6 6 ​ Audit services ​ 15 11 11 ​ Other assurance services 2 ​ 6 2 – Total ​ ​ 21 13 11 KPMG LLP Audit of Group Consolidated Financial Statements ​ 14 – – ​ Audit services ​ 14 – – ​ Other services 3 ​ 3 – – Total ​ ​ 17 – – ​ 1 2 3 ​

Employees and remuneration of k

Employees and remuneration of key management personnel	12 Months Ended
	Dec. 31, 2022
Employees and remuneration of key management personnel
Employees and remuneration of key management personnel	7. Employees and remuneration of key management personnel Employees The average number of employees by individual geographical segment and the Group’s total employment costs are included below. ​ Average number of employees ​ ​ ​ ​ ​ ​ 2022 '000 2021 2020 North America 5 6 5 EMEA and LatAm 10 12 11 APAC 6 5 6 Total 21 23 22 ​ Aggregate remuneration of all employees including Directors ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Wages and salaries 1,534 1,287 1,362 Social security costs 163 147 151 Pension and other post-employment costs (Note 20) 52 30 30 Share-based incentive plans (Note 26) 78 59 63 Severance costs from integration and restructuring activities 8 95 77 Total 1,835 1,618 1,683 ​ Remuneration of key management personnel Key management personnel comprises the Executive Board members and the Executive Team. The compensation of key management personnel in respect of their services to the Group in aggregate was as follows: ​ Remuneration of key management personnel ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Wages and salaries 18 12 14 Social security costs 1 1 1 Pension and other post-employment costs 1 2 1 Share-based incentive plans 9 7 8 Total 29 22 24 ​ Directors’ remuneration In the prior year, two of GSK nominated Directors for the year ended 31 December 2021 and three of GSK nominated Directors for the year ended 31 December 2020 had responsibility for managing the Consumer Healthcare business and also undertook a variety of work relating to the wider GSK. It is not deemed practical to make an apportionment of remuneration for the Company. The remainder were remunerated as Executives of GSK or Pfizer and received no remuneration in respect of their services to the Company.

Net finance costs

Net finance costs	12 Months Ended
	Dec. 31, 2022
Net finance costs
Net finance costs	8. Net finance costs Net finance costs comprise finance expense and finance income. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance expense includes interest costs in relation to financial liabilities including interest on bonds and lease liabilities, which represents the unwind of the discount rate applied to lease liabilities. Borrowing costs are recognised based on the effective interest method. ​ Net finance costs ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Interest income on financial assets at amortised cost: ​ ​ ​ Other receivables 38 10 12 Cash and cash equivalents 18 3 2 Financial assets measured at fair value through profit or loss (5) 4 4 Net gains and losses arising from: ​ ​ ​ Financial instruments mandatorily measured at fair value through profit or loss 208 (35) (27) Retranslation of loans and bonds (208) 35 29 Total 51 17 20 ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Interest expense arising on: ​ ​ ​ Financial liabilities at amortised cost (274) (7) (8) Derivatives at fair value through profit or loss 6 (5) (7) Reclassification of hedges from other comprehensive income 18 – – Finance expense arising on lease liabilities (4) (4) (7) Other finance expense (4) (3) (5) Total (258) (19) (27) ​

Taxation

Taxation	12 Months Ended
	Dec. 31, 2022
Taxation
Taxation	​ 9. Taxation Income tax Income tax expense represents the sum of the current and deferred taxes. ​ Current tax payable or recoverable is based on taxable profit for the year, and any adjustments in respect of prior periods. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The amount of current tax payable or receivable is the best estimate of the amount expected to be paid to, or received from, tax authorities. It is calculated using tax rates and laws that have been substantively enacted at the reporting date. ​ Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. ​ Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income/(expense) or directly to equity, in which case the tax is recognised in other comprehensive income/(expense) or in equity. ​ The Group recognises provisions for uncertain tax positions when it is probable that a tax authority would not accept an uncertain tax treatment. This is done by assuming the tax authority will examine all the amounts and would have full knowledge of all related information when making those examinations. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. ​ Where open tax matters exist, the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of negotiations with the relevant tax authorities or, if necessary, litigation proceedings. At 31 December 2022, the Group had recognised provisions of £159m in respect of such uncertain tax positions (2021: £150m and 2020: £124m). Due to the number of uncertain tax positions held and the number of jurisdictions to which these relate, it is not practicable to give meaningful sensitivity estimates. ​ The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. ​ Tax charged to the income statement The major components of income tax expense are: ​ Taxation charge/(credit) based on profits for the period ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Current year charge 412 361 540 Charge in respect of prior periods 25 (50) 11 Total current taxation 437 311 551 Total deferred taxation 62 (114) (141) Total 499 197 410 ​ The tax charge on the Group’s profit for the year can be reconciled from the standard rate of corporation tax in the UK of 19% as follows: ​ Reconciliation of the taxation rate on the Group profits ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Profit before tax 1,618 1,636 1,591 UK statutory rate of taxation of 19% 307 311 302 Differences in overseas taxation rates 72 105 124 Benefit of substance-based tax rulings (15) (18) (70) R&D tax credits (3) (2) (2) Tax losses not recognised 1 3 8 Permanent differences on disposals, acquisitions and transfers – (164) (20) Items non-deductible/taxable for tax purposes 56 3 25 Re-assessment of prior year estimates 5 (70) 19 Changes in tax rates 76 29 24 Total tax charge 499 197 410 ​ The Group has a substantial business presence in many countries around the world. The effect of overseas tax rates represents the tax impact on profits arising outside the UK that are then taxed at rates different to the statutory rate in the UK. ​ This impact of higher tax rates incurred overseas was partially offset by the beneficial incentives offered in certain countries. ​ The tax effect of disposals, acquisitions and transfers can vary from the accounting profit or loss that arises. The amount recorded in 2021 reflects a tax credit related to an uplift of the tax basis of certain intra-group brand transfers. ​ In 2022, the costs associated with the listing of the Company on the LSE and NYSE as part of the demerger have been treated as not deductible for tax purposes. ​ The re-assessment of prior year estimates includes settlements reached following conclusion of tax authority review and differences between final tax return submissions and liabilities accrued in these financial statements. This includes adjustments for both current and deferred tax. ​ The impact of changes in tax rates results from the revaluation of temporary differences due to new tax rates coming into force. In 2022, this primarily relates to the different blend of state taxes applicable to the Group’s operations in the US, which is higher than that which previously applied when reported and taxed as part of GSK’s combined US business. In 2021, this was a result of the substantive enactment of the increase in the UK corporation tax rate from 19% to 25%, whilst in 2020 this was a result of the repeal of the previously legislated reduction in the UK corporation tax rate to 17% resulting in the existing 19% rate being maintained. ​ Future tax charges, and therefore the effective tax rate, may be affected by factors such as acquisitions, disposals, restructurings, the location of research and development activity, tax regime reforms, agreements with tax authorities and resolution of open matters as the Group continues to bring its tax affairs up to date around the world. ​ In addition to the amounts charged to the income statement, tax of £73m has been debited to equity through other comprehensive income/(expense) (2021: £14m debit, 2020: £13m credit) of which a £5m debit (2021: £nil, 2020: £nil) is included in current tax and a £68m debit (2021: £14m debit, 2020: £13m credit) is included in deferred tax and principally relates to cash flow hedges and post-employment benefits. ​ Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. ​ Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. ​ Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. ​ The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. ​ Deferred tax assets and liabilities comprise of: ​ ​ ​ ​ ​ 2022 £m 2021 Deferred tax assets 220 312 Deferred tax liabilities (3,601) (3,357) Total (3,381) (3,045) ​ ​ ​ Movement in deferred tax assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances Intangibles Pensions & other post-employment benefits Tax losses Other net 1 Total £m As at 1 January 2022 (66) (3,438) 50 9 400 (3,045) Exchange adjustments (6) (233) 3 1 29 (206) (Charge)/credit to income statement (18) (78) 1 4 29 (62) Charge to statement of comprehensive income – – (24) – (44) (68) Reclassification and other movements – 108 – – (108) – At 31 December 2022 (90) (3,641) 30 14 306 (3,381) ​ 1 Other net temporary differences contain £135 m (2021: £117 m) related to a deferred tax asset recognised on intra-group profits arising on intercompany inventory which is eliminated within the Consolidated Financial Statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances £m Intangibles £m Pensions & other post-employment benefits £m Tax losses £m Other net temporary differences £m Total £m As at 1 January 2021 (45) (3,451) 82 26 266 (3,122) Exchange adjustments (6) (18) (8) – 9 (23) (Charge)/credit to income statement (15) 31 (12) (17) 127 114 Charge to statement of comprehensive income – – (12) – (2) (14) At 31 December 2021 (66) (3,438) 50 9 400 (3,045) ​ Provision for deferred tax liabilities of £40m (2021: £38m) has been made in respect of the taxation that would arise on the future distribution of retained profits by certain overseas subsidiaries. Deferred tax is not provided on temporary differences of £385m (2021: £147m) arising on unremitted profits as management can control any future reversal and does not consider such a reversal to be probable. ​ The Group has recognised a deferred tax asset for trading losses of £14m (2021: £9m) on the basis of management forecasts which demonstrate these losses should be recovered in the foreseeable future. Additional losses have been recognised in the period as a result of recent profitability. No deferred tax asset has been recognised in respect of gross tax losses of £266m (2021: £408m) due to the unpredictability of future profits. Included in this unrecognised amount are US state tax losses of £178m (2021: £314m) which can only be carried forward for between 15 and 20 years. These losses expire at various dates over the next 18 years. Other unrecognised losses may be carried forward indefinitely.

Dividends

Dividends	12 Months Ended
	Dec. 31, 2022
Dividends
Dividends	10. Dividends Dividends are recognised on the date that the shareholder’s right to receive payment is established. This is generally the date when the dividend is declared. ​ Dividends paid During 2022, 2021 and 2020, the Group declared and paid a series of dividends to GSK and Pfizer under the Shareholders’ Agreement valid at that time. These dividends included the following: ​ Dividends declared and paid during the year ​ ​ ​ ​ ​ ​ 2022 2021 2020 Total dividends paid (£m) 11,930 1,148 2,371 Per share (£) 11,930 1,148 2,371 ​ The dividends per share for the dividends declared and paid before the demerger activities that took place in July 2022 were paid from the former ultimate holding company of CHHL2 and were calculated based on CHHL2’s share structure. The Group utilised a £9,211m loan plus £37m of interest receivable from its former equity shareholders, prior to the demerger, to partially fund the pre-separation dividend and the final sweep dividend.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Earnings per share	11. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of share units in issue during the year after deducting treasury shares if any. ​ Basic earnings per share for the years ended 31 December 2021 and 2020 have been adjusted retrospectively, as required by IAS 33 ‘Earnings per share’, to reflect the share structure of the Company resulting from the increase in the number of ordinary shares outstanding as a result of the demerger activities that took place in July 2022. As a result, basic earnings per share for the years ended 31 December 2021 and 2020 have been calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of shares in issue, with 9,234,573,831 shares outstanding upon the completion of the demerger activities. ​ Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potentially dilutive shares. There were no dilutive shares in 2021 and 2020. ​ Earnings per share ​ ​ ​ ​ ​ ​ 2022 2021 2020 Profit after tax attributable to equity shareholders (£m) 1,060 1,390 1,145 Basic weighted average number of shares (million) 9,235 9,235 9,235 Effect of dilutive potential shares (million) 4 – – Diluted weighted average number of shares (million) 9,239 9,235 9,235 Basic earnings per share (pence) 11.5 15.1 12.4 Diluted earnings per share (pence) 11.5 15.1 12.4 ​

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment.
Property, plant and equipment	12. Property, plant and equipment Land, buildings, plant, equipment and vehicles are valued at their cost, less any accumulated depreciation and any accumulated impairment losses. ​ Assets under construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. ​ The cost of property, plant and equipment includes directly attributable incremental costs incurred in acquisition and installation of the assets. ​ Depreciation is recognised on a straight-line basis, over the estimated useful lives of the asset. Residual values and useful lives are reviewed, and where appropriate adjusted annually. Estimated useful lives of the major categories of assets are shown below: ​ ​ ​ Freehold buildings 20 to 50 years Leasehold land and buildings Lease term or 20 to 50 years Plant and machinery 10 to 20 years Equipment and vehicles 3 to 10 years ​ Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate an impairment may exist. If an indication of impairment exists, the recoverable amount of the asset or cash generating unit is estimated and any impairment loss is charged to the income statement as it arises. ​ Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years and an impairment loss reversal is recognised immediately in the income statement. ​ On disposal of property, plant and equipment, the cost and related accumulated depreciation and impairments are derecognised from the Consolidated Financial Statements and the net amount, less any proceeds, is taken to the income statement. ​ Property, plant and equipment ​ ​ ​ ​ ​ ​ ​ Land and buildings £m Plant, equipment and vehicles £m Assets under construction £m Total £m Cost at 1 January 2021 910 1,490 278 2,678 Exchange adjustments 15 (27) (3) (15) Additions 1 13 215 229 Disposals and write-offs (40) (132) (7) (179) Reclassifications 34 150 (184) – Transfer to assets held for sale – (8) – (8) Cost at 31 December 2021 920 1,486 299 2,705 Exchange adjustments 59 86 20 165 Additions 4 9 292 305 Disposals and write-offs (13) (130) – (143) Reclassifications (40) 201 (222) (61) Cost at 31 December 2022 930 1,652 389 2,971 ​ ​ ​ ​ ​ Depreciation at 1 January 2021 (273) (863) – (1,136) Exchange adjustments – 17 – 17 Charge for the year (32) (107) – (139) Disposals and write-offs 28 114 – 142 Transfer to assets held for sale – 6 – 6 Depreciation at 31 December 2021 (277) (833) – (1,110) Exchange adjustments (16) (52) – (68) Charge for the year (29) (113) – (142) Disposals and write-offs 9 110 – 119 Depreciation at 31 December 2022 (313) (888) – (1,201) ​ ​ ​ ​ ​ Impairment at 1 January 2021 (6) (46) (4) (56) Exchange adjustments (2) – – (2) Impairment losses (6) (8) (3) (17) Disposals and write-offs 8 20 3 31 Reversal of impairments – 12 – 12 Impairment at 31 December 2021 (6) (22) (4) (32) Exchange adjustments (1) (3) – (4) Impairment losses – (8) – (8) Disposals and write-offs 4 20 – 24 Reclassifications – 7 – 7 Impairment at 31 December 2022 (3) (6) (4) (13) ​ ​ ​ ​ ​ Depreciation and impairment at 31 December 2021 (283) (855) (4) (1,142) Depreciation and impairment at 31 December 2022 (316) (894) (4) (1,214) ​ ​ ​ ​ ​ Net book value at 31 December 2021 637 631 295 1,563 Net book value at 31 December 2022 614 758 385 1,757 ​ No impairment losses have been charged to cost of sales for 2022 (2021: £2m, 2020: £11m) and £8m for 2022 (2021: £15m, 2020: £8m) have been charged to selling, general and administration expenses. ​ Reversals of impairment arise from subsequent reviews of the impaired assets where the conditions which gave rise to the original impairments are deemed no longer to apply. No impairment reversals have been credited to cost of sales for 2022 (2021: £12m). ​ Reclassifications include £54m for 2022 (2021: £nil, 2020: £8m) related to assets under construction that have been reclassified to computer software in intangible assets during the year.

Right of use assets

Right of use assets	12 Months Ended
	Dec. 31, 2022
Right of use assets
Right of use assets	13. Right of use assets When the Group leases an asset, a ‘right of use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with an initial fair value less than approximately £10,000). ​ The right of use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering into the lease and less any lease incentives received. Non-lease components are accounted for separately from the lease components in plant and equipment leases but are not separately accounted for in land and buildings or vehicle leases. ​ Right of use assets where title is expected to pass to the Group at a point in the future are depreciated in a manner consistent to that for owned property, plant and equipment. In other cases, right of use assets are depreciated over the shorter of the useful life of the asset or the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options. If right of use assets are considered to be impaired, the carrying value is reduced accordingly. ​ Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. ​ After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right of use asset. ​ Right of use assets ​ ​ ​ ​ ​ ​ ​ Land and Plant and Vehicles Total £m Net book value at 1 January 2021 97 5 14 116 Exchange adjustments 1 – (1) – Additions 27 4 6 37 Depreciation (27) – (8) (35) Disposals and write-offs (10) (8) (1) (19) Net book value at 31 December 2021 88 1 10 99 Exchange adjustments 8 – 1 9 Additions 62 – 10 72 Depreciation (30) (1) (7) (38) Net book value at 31 December 2022 128 – 14 142 ​ The total cash outflow for leases amounted to £45m in 2022 (2021: £38m, 2020: £44m). The Group has lease commitments relating to leases that have not commenced at year end of £30m (2021: £1m). Refer to Note 19 ‘Borrowings’ for further details on the Group’s lease liabilities.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2022
Intangible assets
Intangible assets	14. Intangible assets Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration transferred over the fair value of the Group’s share of the identifiable assets and liabilities of the acquired subsidiaries at the date of acquisition. Goodwill is not subject to amortisation but is tested annually for impairment, or more frequently where indicators of impairment exist and is carried at cost less any accumulated impairment losses. ​ For the purpose of impairment testing, assets are grouped in cash generating units (CGUs). A CGU is identified as the lowest aggregation of assets that generate largely independent cash inflows, and which is looked at by management for monitoring and managing the business. ​ If the recoverable amount of the CGU is less than the carrying amount, an impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset in the CGU. Any impairment loss is immediately recognised in the consolidated income statement and an impairment loss recognised for goodwill is not subsequently reversed. ​ The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. ​ Management prepares formal three-year cash flow forecasts for the Group’s CGUs, which are the basis for the value in use calculations. ​ On disposal, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. ​ Other intangibles Intangible assets are recognised when they are identifiable, the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. ​ Separately purchased brands are initially measured at cost, being the purchase price as at the date of acquisition. Acquired brands are valued independently and recognised at fair value when the Group completes a business combination from third parties, where brands have a value which is substantial and long-term and where the brands either are contractual or legal in nature or can be sold separately from the rest of the businesses acquired. The determination of the fair values of the separately identified intangibles is based, to a considerable extent, on management’s judgement. Brands are amortised over their estimated useful lives of up to 20 years , except where it is considered that the useful economic life is indefinite. ​ Indefinite life brands mainly comprise trademarks and brands for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of the brands and the level of advertising and promotion support. These brands are in relatively similar, stable and profitable market sectors, with similar risk profiles, and their size, diversification and market shares mean that the risk of market-related factors causing a reduction in the lives of the brands is considered to be relatively low. The Group is not aware of any material legal, regulatory, contractual, competitive, economic or other factors which could limit their useful lives. Accordingly, they are not amortised. ​ Intangible assets are stated at cost less provisions for amortisation and impairments. Licences, patents, know-how and marketing rights separately acquired or acquired as part of a business combination are amortised over their estimated useful lives, generally not exceeding 20 years, using the straight-line basis from the time they are available for use. The estimated useful lives for determining the amortisation charge consider patent lives, where applicable, as well as the value obtained from periods of non-exclusivity. Asset lives are reviewed and, where appropriate, adjusted annually. ​ Any development costs incurred by the Group and associated with acquired licences, patents, know-how or marketing rights are written off to the income statement when incurred. ​ The costs of acquiring and developing computer software for internal use and internet sites for external use are capitalised as intangible fixed assets where the software or site supports a significant business system and the expenditure leads to the creation of an asset. Enterprise Resource Planning (ERP) systems software is amortised over 7-10 years and other computer software over 3-5 years. ​ The carrying values of all non-current assets are reviewed for impairment, either on a standalone basis or as part of a larger CGU, when there is an indication that the assets might be impaired. Additionally, intangible assets with indefinite useful lives and intangible assets which are not yet available for use are tested for impairment annually. Any provision for impairment is charged to the income statement. If the recoverable amount of an intangible is less than the carrying amount, an impairment loss is recognised in the income statement. The recoverable amount is the higher of fair value less costs of disposal and value in use. Impairment losses are only reversed if there has been a change in estimates used to determine recoverable amounts and only to the extent that the revised recoverable amounts do not exceed the carrying values that would have existed, net of amortisation, had no impairments been recognised. ​ Intangible assets ​ ​ ​ ​ ​ ​ ​ ​ Goodwill Indefinite life brands Amortised licences and patents Computer software Total £m Cost at 1 January 2021 8,265 18,312 712 429 27,718 Exchange adjustments (19) 65 (2) (3) 41 Additions – – 7 66 73 Disposals and write-offs – – (23) (20) (43) Reclassifications – (9) 9 – – Transfer to assets held for sale – (43) (6) – (49) Cost at 31 December 2021 8,246 18,325 697 472 27,740 Exchange adjustments 150 1,090 (3) 14 1,251 Additions – 178 3 21 202 Disposals and write-offs – (122) (23) (6) (151) Reclassifications – – – 54 54 Transfer to assets held for sale – (6) – – (6) Cost at 31 December 2022 8,396 19,465 674 555 29,090 ​ ​ ​ ​ ​ ​ Amortisation at 1 January 2021 – – (160) (168) (328) Exchange adjustments – – 1 – 1 Charge for the period – – (40) (54) (94) Disposals and write-offs – – – 3 3 Transfer to assets held for sale – – 2 – 2 Amortisation at 31 December 2021 – – (197) (219) (416) Exchange adjustments – – (12) (3) (15) Charge for the period – – (43) (64) (107) Disposals and write-offs – – 23 5 28 Amortisation at 31 December 2022 – – (229) (281) (510) ​ ​ ​ ​ ​ ​ Impairment at 1 January 2021 – (158) (11) (3) (172) Exchange adjustments – – – – – Impairment losses – – (12) (8) (20) Reversal of impairment losses – 36 – – 36 Transfer to assets held for sale – – 23 4 27 Impairment at 31 December 2021 – (122) – (7) (129) Exchange adjustments – (3) – – (3) Impairment losses – (129) – (6) (135) Disposals and write-offs – 122 – 1 123 Impairment at 31 December 2022 – (132) – (12) (144) ​ ​ ​ ​ ​ ​ Amortisation and impairment at 31 December 2021 – (122) (197) (226) (545) Amortisation and impairment at 31 December 2022 – (132) (229) (293) (654) ​ ​ ​ ​ ​ ​ Net book value at 31 December 2021 8,246 18,203 500 246 27,195 Net book value at 31 December 2022 8,396 19,333 445 262 28,436 ​ The net book value of computer software included £133m (2021: £130m) of internally generated costs. During the year ended 31 December 2022, additions to indefinite life brands included £174m of non-cash purchases which were settled by offsetting a liability owed to the Group by GSK. ​ Goodwill impairment Goodwill mainly arose from the Novartis Transaction in 2015 (£2.6bn) and the Pfizer Transaction in 2019 (£5.6 bn). ​ Goodwill is allocated to the Group’s CGUs as follows: ​ ​ ​ ​ ​ 2022 £m 2021 APAC 2,164 2,127 EMEA and LatAm 2,955 2,902 North America 3,277 3,217 Net book value at 31 December 8,396 8,246 ​ The recoverable amounts of the CGUs are assessed using a value in use model (2021: fair value less costs to sell). Value in use is calculated using a discounted cash flow approach, with a pre-tax discount rate applied to the projected risk-adjusted pre-tax cash flows and terminal value. The Group has stress tested the future cash flows for the potential impact of climate change and concluded that there is sufficient headroom. ​ The discount rate used is based on the pre-tax weighted average cost of capital (WACC) of the CGUs. The discount rates are specific to each CGU and are determined based on the cost of capital, including a market premium and country specific political risk premiums. ​ Details relating to the discounted cash flow model used in the impairment tests of the APAC, EMEA and LatAm, and North America CGUs are as follows: ​ ​ ​ ​ ​ Valuation basis Value in use Key assumptions Sales growth rates ​ Profit margins ​ Terminal growth rates ​ Discount rates Taxation rates Determination of assumptions Growth rates are internal forecasts based on both internal and external market information. ​ Margins reflect past experience, adjusted for expected changes. ​ Terminal growth rates based on the weighted average calculation of the lower of internal projections and external forecasts of the relevant markets. ​ Discount rates based on the Group WACC, adjusted where appropriate. Taxation rates based on appropriate rates for each CGU. ​ ​ ​ ​ ​ ​ ​ ​ ​ Period of specific projected cash flows Five years ​ ​ Terminal growth rates ​ 2022 2021 ​ APAC 3.3% p.a. 4.5% p.a. ​ EMEA and LatAm 3.3% p.a. 3.5% p.a. ​ North America 2.4% p.a. 2.5% p.a. Discount rates (pre-tax) ​ 2022 2021 ​ APAC 9.3% 7.5% ​ EMEA and LatAm 11.9% 8.8% ​ North America 8.0% 7.0% ​ The terminal growth rate does not exceed the long-term projected growth rate for the Group. Goodwill is monitored for impairment at individual CGU level. In each case the valuation indicated substantial headroom such that it is remote that a reasonably possible change to key assumptions would result in an impairment of goodwill. ​ ​ Indefinite life brands and amortised brands impairment Indefinite life brands comprise a portfolio of consumer health products. The net book value of the major brands are as follows: ​ ​ ​ ​ ​ 2022 £m 2021 Advil 3,707 3,362 Voltaren 2,725 2,725 Centrum 1,943 1,828 Caltrate 1,811 1,731 Otrivin 1,385 1,385 Robitussin 1,239 1,126 Preparation H 1,164 1,152 Nexium 743 670 Fenistil 598 598 ChapStick 575 521 Emergen-C 490 439 Theraflu 452 436 Panadol 395 395 Sensodyne 291 270 Nicotinell 246 246 Excedrin 196 177 Polident 134 114 Biotene 130 121 Vitasprint 120 117 Corega 118 102 Other brands 871 688 Total 19,333 18,203 ​ The Group tests all its indefinite life brands for impairment by applying a fair value less costs to sell model using post-tax cash flow forecasts over a period of 10 years with a terminal value calculation. All brands were tested for impairment using brand specific assumptions which included a discount rate equal to the Group’s post-tax WACC of 7.0% (6.0% for 2021 and 2020) adjusted where appropriate for country and currency risks. This valuation methodology uses significant inputs which are not based on observable market data, and therefore this valuation technique is classified as level 3 of the fair value hierarchy. In addition to the discount rate, the main assumptions include future sales price and volume growth, product contribution and the future expenditure required to maintain the product’s marketability and registration in the relevant jurisdictions. These assumptions are based on past experience and are reviewed as part of management’s budgeting and strategic planning cycle. The terminal growth rates applied of between zero and 3% (2021: -3% and 3%) are management’s estimates which align with those of market participants’ estimate of future long-term average growth rates for the relevant markets. The Group has stress tested the future cash flows for the potential impact of climate change and concluded that there is sufficient headroom. ​ In 2022, the Group recorded an impairment charge of £111m for Preparation H since the carrying value of the brand was higher than the recoverable amount. The decrease in recoverable amount was mainly driven by an increase in the discount rate applied to the forecasted future cash flows from 6% to 6.75%. If the discount rate for Preparation H had been 0.25% higher or the revenue growth rate, including long term growth rate, had been 0.25% lower than management’s estimates respectively, the Group would have had to recognise a further impairment of £70m or £75m respectively. ​ The Group’s operations and presence in Russia and Ukraine is limited as these markets combined accounted for less than 3% of the Group’s revenue in 2022. The Group fully impaired Solpadeine , ​ In addition, Robitussin, which was sensitive to reasonably possible changes in key assumptions in 2021, continues to be sensitive in 2022. Although the brand has recovered from the lower cold and flu incidence resulting from COVID-19 social distancing measures from previous years, the discount rate has increased in the year causing the brand’s headroom to continue to be low at approximately 15% of its carrying value. The only reasonably possible change in key assumptions that would make the recoverable amount of Robitussin be equal or less than the carrying value would be to increase the discount rate of 6.75% by 0.6%. ​ In 2021, Robitussin and Preparation H were affected by lower cold and flu incidence resulting from the COVID-19 social distancing measures and by supply chain issues respectively which resulted in a reduced level of headroom. Robitussin and Preparation H had headroom of approximately 15% and 4% of their carrying amounts respectively. The Group performed a sensitivity analysis based on changes in key assumptions leaving all other assumptions unchanged as it was considered reasonably possible that a reasonable change in key assumptions could result in an impairment charge. The Group determined at the time that in order for the recoverable amounts to be equal to the carrying values of Robitussin and Preparation H, either the discount rate would have to be increased by 0.5% and 0.1%, or the long-term growth rate decreased by 0.7% and 0.2% respectively. ​ Other than as disclosed above, management do not consider that any reasonably possible changes in the key assumptions would cause the fair value less costs to sell of the individually significant brands disclosed above to fall below their carrying values. ​ For 2021, the income statement charge for net impairment losses includes impairments of Zyrtec, Treely and capitalised costs for a discontinued research and development project, netted off by reversal of impairments in relation to Alvedon, Abreva and Solpadeine. ​ For 2020, the income statement charge for net impairment losses mainly includes impairments of Zyrtec, capitalised costs for a discontinued oral care project and a discontinued pain relief device, netted off by reversal of impairments in relation to Transderm Scop. ​ Certain assets were transferred from intangible assets to assets held for sale and subsequently disposed of during the year. There were no assets and liabilities held for sale remaining as at 31 December 2022. ​ ​ ​ ​ ​ ​ ​ Amortisation Net impairment ​ 2022 £m 2021 2022 £m 2021 Cost of sales 61 57 129 (32) Selling, general and administration 46 37 6 8 Research and development – – – 8 Total 107 94 135 (16) ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2022
Inventories
Inventories	15. Inventories Inventories are included in the Consolidated Financial Statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price less the estimated costs necessary to make a sale. ​ Composition of inventory balances ​ ​ ​ ​ ​ 2022 £m 2021 Raw materials and consumables 310 233 Work in progress 35 47 Finished goods 1,003 671 Total 1,348 951 ​ The total cost of inventories recognised as an expense and included in cost of sales amounted to £3,970m in 2022 (2021: £3,462m, 2020: £3,666m). This includes inventory write-down of £118m (2021: £174m, 2020: £141m). The Group reverses and reassesses its inventory provisions in full every reporting period. ​ The reversals of prior year write-downs of inventories in 2022 is £40m (2021: £63m, 2020: £43m) and these reversals principally arise from the reassessment of usage or demand expectations prior to inventory expiration.

Trade and Other Receivables

Trade and Other Receivables	12 Months Ended
	Dec. 31, 2022
Trade and other receivables.
Trade and other receivables	16. Trade and other receivables Trade receivables are initially measured at the original invoice amount and subsequently measured at amortised cost less allowances for expected credit losses which are measured at an amount equal to lifetime expected credit losses. In determining credit risk, the Group considers reasonable and supportable information that is relevant and available without undue costs or effort. This includes both quantitative and qualitative information and analysis based on the Group’s ageing of the receivables, customers’ payment history, and forward-looking information including wider macroeconomic factors. ​ When a trade receivable is determined to have no reasonable expectation of recovery it is written off, firstly against any expected credit loss allowance available and then to the income statement. ​ Subsequent recoveries of amounts previously provided for or written off are credited to the income statement. Long-term receivables are discounted where the effect is material. ​ Trade and other receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Current £m Non-current £m Total £m Current Non-current Total £m Trade receivables, net of expected credit loss allowance 1,487 – 1,487 1,318 – 1,318 Other prepayments and accrued income 106 – 106 56 – 56 Interest receivable – – – 1 – 1 Employee loans and advances 6 – 6 4 – 4 Other third-party receivables 256 107 363 286 8 294 Other receivables with GSK companies 26 25 51 542 – 542 Total 1,881 132 2,013 2,207 8 2,215 ​ Expected credit loss allowance ​ ​ ​ ​ ​ 2022 £m 2021 At 1 January 53 51 Exchange adjustments 2 (1) Charge for the year 14 33 Subsequent recoveries of amounts provided for (19) (30) Utilised (9) – At 31 December 41 53 ​ Set out below is the information about the credit risk exposure of the Group’s trade receivables using a provision matrix: ​ Year ended 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current ​ 0-30 days ​ 31-90 days ​ 91-180 days ​ 181 days- ​ Greater ​ Total £m Estimated total gross carrying amount at default 1,386 ​ 58 ​ 30 ​ 15 ​ 12 ​ 27 ​ 1,528 Expected credit loss 6 ​ 1 ​ 1 ​ 2 ​ 4 ​ 27 ​ 41 ​ Year ended 31 December 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current £m ​ 0-30 days £m ​ 31-90 days £m ​ 91-180 days £m ​ 181 days- 1 year £m ​ Greater than 1 year £m ​ Total £m Estimated total gross carrying amount at default 1,255 ​ 46 ​ 30 ​ 16 ​ 7 ​ 17 ​ 1,371 Expected credit loss 7 ​ 1 ​ 5 ​ 16 ​ 7 ​ 17 ​ 53 ​ Concentrations of credit risk with respect to trade receivables are limited, due to the Group’s customer base being large and diverse. No single customer represents more than 10% of the Group’s sales. ​ Within other third-party receivables and other receivables with GSK companies, £157m (2021: £627m) was classified as financial assets. The expected credit loss in other receivables is not deemed significant hence no credit loss allowance is recognised.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents [abstract]
Cash and cash equivalents	17. Cash and cash equivalents Cash and cash equivalents comprise of cash at bank and in hand and short-term highly liquid deposits which are primarily held for operating purposes with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes. ​ Cash and cash equivalents include £78m in 2022 (2021: £67m) not available for general use due to restrictions applying in the subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation. ​ Cash and cash equivalents held in the following currencies, that mostly influence the Group, are presented below: ​ ​ ​ ​ ​ 2022 £m 2021 Pound Sterling (GBP) 253 41 Taiwan Dollar (TWD) 72 67 United States Dollar (USD) 59 3 Indian Rupee (INR) 49 25 Euro (EUR) 25 18 Others 226 260 Total 684 414 ​

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2022
Trade and other payables
Trade and other payables	18. Trade and other payables Trade payables are initially recognised at fair value and then held at amortised cost. Long-term payables are discounted where the effect is material. ​ Composition of trade and other payables ​ ​ ​ ​ ​ 2022 £m 2021 Trade payables 1,835 1,369 Customer return and rebate accruals 738 661 Other payables and accruals 558 434 Wages and salaries 290 237 Accrued interest on financial liabilities 104 – Social security 39 45 VAT payables 34 35 Deferred income 23 11 Other payables with Pfizer companies – 7 Other payables with GSK companies – 203 Total 3,621 3,002 ​ Customer return and rebate accruals are provided for by the Group at the point of sale in respect of the estimated rebates, discounts or allowances payable to customers. Accruals are made at the time of sale but the actual amounts paid are based on claims made some time after the initial recognition of the sale. The level of accrual is reviewed and adjusted quarterly in light of historical experience of actual rebates, discounts or allowances given and returns made and any changes in arrangements. The assumptions used in estimation are based on known facts with a high level of accuracy. In addition, the Group’s promotional programs are typically short-term in nature resulting in lower inherent estimation uncertainty. ​ Customer return and rebate accruals are not presented net against any trade receivables that may be owing from the same customer as the offsetting criteria in IAS 32 have not been met. ​ Refer to Note 24, ‘Related party transactions’ for further details on amounts payable to GSK and Pfizer. ​ The Group does not have significant financing arrangements for trade payables.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2022
Borrowings.
Borrowings	19. Borrowings All borrowings are initially recorded at fair value, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing. ​ Right of use assets The carrying value of the Group’s right of use assets, depreciation charge for the year and additions during the year are disclosed in Note 13 ‘Right of use assets’. ​ Lease liabilities The corresponding liability to the lessor is recognised as a lease obligation within short and long-term borrowings. The carrying amount is subsequently increased to reflect interest on the lease liability and reduced by lease payments made. ​ For calculating the discounted lease liability on leases, the implicit rate in the lease is used. If this is not available, the incremental borrowing rate with a lease specific adjustment is used. Finance costs are charged to the income statement to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. ​ Variable rents are not part of the lease liability and the right of use asset. These payments are charged to the income statement as incurred. Short-term and low value leases are not capitalised, and lease rentals are also charged to the income statement as incurred. ​ Composition of borrowings ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Current £m Non-current £m Total £m Current Non-current Total £m Commercial paper (302) – (302) – – – Loan and overdrafts (91) – (91) (49) – (49) Lease liabilities (44) (117) (161) (30) (87) (117) Non-voting preference shares – (25) (25) – – – Bonds – (9,861) (9,861) – – – Total (437) (10,003) (10,440) (79) (87) (166) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value Bonds 1 Currency Nominal Redeemable Nominal ​ 2022 £m 2021 Sterling Eurobond £ 300 2028 2.875 % 299 – Sterling Eurobond £ 400 2038 3.375 % 398 – Euro Eurobond € 850 2026 1.250 % 694 – Euro Eurobond € 750 2030 1.750 % 663 – Euro Eurobond € 750 2034 2.125 % 659 – USD callable bond due 2024 $ 700 2024 3.024 % 581 – USD floating rate callable notes due 2024 $ 300 2024 SOFR + 0.89 % 249 – USD Bond $ 1,750 2025 3.125 % 1,385 – USD Bond $ 2,000 2027 3.375 % 1,653 – USD Bond $ 1,000 2029 3.375 % 822 – USD Bond $ 2,000 2032 3.625 % 1,652 – USD Bond $ 1,000 2052 4.000 % 806 – Total ​ ​ ​ ​ ​ 9,861 – ​ 1 These instruments contain a variety of different features including early redemption options, call options, put options and mandatory early redemption options, which depend on different triggering events such as change in control, change in laws, regulations and tax law. These features are considered embedded derivatives. These features have not been accounted for separately from the instruments as they are considered closely related to the bonds. ​ Short-term borrowings In August 2022, the Group established a £2bn Euro commercial paper programme and a $10bn US Dollar commercial paper programme pursuant to which members of the Group may issue commercial paper from time to time. The weighted average interest rate on the commercial paper as at 31 December 2022 was 3.23% (31 December 2021: nil). ​ As at 31 December 2022, the Group had short-term bank loans of £18m (31 December 2021: £41m). The weighted average interest rate on short-term bank loans as at 31 December 2022 was 6.7% (31 December 2021: 3.7%). ​ Long-term borrowings As part of the preparation for separation of the Group from GSK, on 16 March 2022, GSK Consumer Healthcare Capital UK plc and GSK Consumer Healthcare Capital NL B.V. (subsidiary undertakings of the Group, the EMTN Issuers) established a £10bn Euro Medium Term Note Programme (the Programme) pursuant to which the EMTN Issuers may issue notes from time to time. The EMTN Issuers have issued Pre-Separation Programme Notes under the Programme. ​ In addition, on 24 March 2022, GSK Consumer Healthcare Capital US LLC (the US Issuer) and GSK Consumer Healthcare Capital UK plc (the UK Issuer) issued a number of standalone bonds by way of a private placement to institutional investors in the USA and outside the USA in reliance on the exemptions from the registration requirements of the US Securities Act provided, respectively, by Rule 144A and Regulation S, each under the US Securities Act (Pre-Separation USD Notes). On 2 November 2022, the Company (via the US Issuer and the UK Issuer) completed an SEC-registered exchange offer for any and all of the Pre-Separation USD Notes for notes registered under the US Securities Act (the Exchange Notes and, together with the Pre-Separation USD Notes, the USD Notes) bearing substantially identical terms to the Pre-Separation USD Notes, except that the transfer restrictions, the special mandatory redemption provisions and registration rights applicable to the Pre-Separation USD Notes do not apply to the Exchange Notes. The special mandatory redemption provisions and registration rights applicable to the Pre-Separation USD Notes also do not apply to the remaining USD Notes that are not Exchange Notes. ​ As at 31 December 2022, the Group had within long-term borrowings, Pre-Separation Programme Notes and Pre-Separation USD Notes of £9,861m (31 December 2021: £nil), of which £5,299m (31 December 2021: £nil) fell due in more than five years. The average effective pre-swap interest rate of all notes in issue as at 31 December 2022 was 3.07% (31 December 2021: nil). ​ On 13 July 2022, the Group drew down £1,493m under a three-year ​ On 17 July 2022, as part of the demerger activities, the Company issued 25,000,000 non-voting preference shares of £1.00 each to Pfizer Inc., with a coupon rate of 9.5% per annum. The non-voting preference shares (NVPS) command a mandatory quarterly coupon and can only be redeemed after a period of five years. The Group has, therefore, classified the non-voting preference shares as a financial liability. Pfizer Inc., has subsequently disposed of the NVPS to an external third party. ​ Committed credit facilities The Group has undrawn credit facilities of £1,000m and $1,400m with initial maturity dates of September 2025 and September 2023 respectively. As at 31 December 2022, no amounts were drawn under these facilities. ​ Lease liabilities The maturity analysis of lease liabilities recognised on the Group balance sheet is as follows: ​ ​ ​ ​ ​ 2022 £m 2021 Rental payments due within one year (44) (30) Rental payments due between one and two years (36) (22) Rental payments due between two and three years (25) (15) Rental payments due between three and four years (21) (13) Rental payments due between four and five years (13) (10) Rental payments due after five years (22) (27) Total (161) (117) ​ Refer to Note 8 ‘Net finance costs’ for further details on finance expense arising on lease liabilities. ​ Movement in assets and liabilities arising from financing activities ​ ​ ​ ​ ​ ​ ​ ​ At 1 January Cash flows Foreign exchange Fair value adjustments, At 31 December 2022 Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings – (9,209) (772) 95 (9,886) Short-term borrowings (41) (277) – (2) (320) Lease liabilities (117) 45 (11) (78) (161) Derivative financial instruments (2) (345) – 235 (112) Total financial liabilities arising from financing activities 1 (160) (9,786) (783) 250 (10,479) Cash and cash equivalents net of bank overdrafts 406 190 15 – 611 Total 246 (9,596) (768) 250 (9,868) ​ 1 In addition, total cash flow relating to interest paid during the year was £163 m and accrued interest as at year end was £104 m (refer to Note 18 ’Trade and other payables’). ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January 2021 Cash flows Foreign exchange Fair value adjustments, At Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings – – – – – Short-term borrowings (37) (8) 4 – (41) Lease liabilities (139) 38 – (16) (117) Derivative financial instruments (19) – – 17 (2) Total financial liabilities arising from financing activities (195) 30 4 1 (160) Cash and cash equivalents net of bank overdrafts 323 87 (4) – 406 Total 128 117 – 1 246 ​

Pensions and other post-employm

Pensions and other post-employment benefits	12 Months Ended
	Dec. 31, 2022
Pensions and other post-employment benefits
Pensions and other post-employment benefits	20. Pensions and other post-employment benefits For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated balance sheet. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date consistent with the advice of qualified actuaries. Pension scheme assets are measured at fair value at the balance sheet date. ​ The amount charged to operating costs in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). ​ Remeasurements of the net defined benefit liability (or asset) comprise actuarial gains and losses and the return on plan assets excluding amounts included in net interest. Actuarial gains and losses are taken to the consolidated statement of comprehensive income. Actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. ​ The costs of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period during which benefit is expected to be derived from the employees’ services. Future cash flows are discounted at rates reflecting the yields of high-quality corporate bonds. ​ The Group’s contributions to defined contribution plans are charged to the income statement as incurred. ​ Description of the schemes The Group operates pension arrangements which cover the Group’s material obligations to provide pensions to retired employees. These arrangements have been developed in accordance with local practices in the countries concerned. Pension benefits can be provided by state schemes, by defined contribution schemes, whereby retirement benefits are determined by the value of funds arising from contributions paid in respect of each employee, or by defined benefit schemes, whereby retirement benefits are based on employee pensionable remuneration and length of service. In certain countries pension benefits are provided on an unfunded basis, some administered by trustee companies. Formal, independent, actuarial valuations of the Group’s main plans are undertaken regularly, normally at least every three years. ​ Discount rates are derived from AA rated corporate bond yields except in countries where there is no deep market in corporate bonds where government bond yields are used. Discount rates are selected to reflect the term of the expected benefit payments. Projected inflation rate and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed interest gilts. ​ For the years ended 31 December 2021 and 2020, GSK operated certain pension schemes in which the Group’s UK and US employees participated. These schemes included defined benefit arrangements where the assets were held independently of the Group’s finances and which were funded partly by contributions from members and partly by contributions from GSK at rates advised by independent professionally qualified actuaries. ​ Before the demerger from GSK in July 2022, it was announced that GSK’s UK defined benefit plans and US cash balance pension plans were closed to future accruals and GSK would continue to maintain the plans only for existing participants. GSK charged the Group a management fee relating to the pension arrangements for the Group’s UK and US employees calculated as if the arrangements were on a defined contribution basis. The costs of such defined contribution arrangements were not included with the pension charge. ​ Following the demerger from GSK, the Group operates its own defined contribution pension schemes for the Group’s UK and US employees. ​ In addition, there are a number of post-retirement healthcare schemes, the principal one of which is in the US. ​ Assumptions The Group has applied the following financial assumptions in assessing the defined benefit liabilities: ​ ​ ​ ​ ​ 2022 %pa 2021 Germany ​ ​ Rate of increase of future earnings 3.0 3.0 Discount rate 3.7 1.1 Expected pension increases 2.5 2.1 Inflation rate 2.5 2.1 Switzerland ​ ​ Rate of increase of future earnings 2.0 1.8 Discount rate 2.2 0.2 Expected pension increases – – Inflation rate 1.3 1.0 Ireland ​ ​ Rate of increase of future earnings 2.0 2.0 Discount rate 3.6 1.3 Expected pension increases 3.0 3.0 Inflation rate 2.4 2.1 Rest of World ​ ​ Rate of increase of future earnings N/A N/A Discount rate 5.4 2.7 Expected pension increases N/A N/A Inflation rate 2.5 2.3 ​ The average life expectancy assumed now for an individual at the age of 60 and projected to apply in the years stated below for an individual then at the age of 60 is as follows: ​ As at 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.7 29.4 26.5 28.4 26.8 29.5 27.3 28.6 Projected for 2042 28.7 31.7 28.4 30.1 29.4 31.7 28.8 30.1 ​ As at 31 December 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.4 29.2 26.6 28.5 26.7 29.3 27.2 28.5 Projected for 2041 28.4 31.5 28.4 30.2 29.2 31.5 28.7 30.0 ​ ​ ​ Income statement ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 German pension schemes 5 4 3 Swiss pension schemes 9 5 7 Irish pension schemes 5 6 4 Other overseas pensions schemes 24 5 7 Unfunded post-retirement healthcare schemes 9 10 9 Total 52 30 30 Analysed as: ​ ​ ​ Defined benefit schemes 27 22 26 Defined contribution pensions schemes 25 8 4 ​ The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows: ​ ​ ​ ​ ​ ​ Net pensions Other post Total post retirement obligations £m 2022 ​ ​ ​ Cost of sales 12 9 21 Research and development 1 – 1 Selling, general and administration 5 – 5 31 December 2022 18 9 27 2021 ​ ​ ​ Cost of sales 10 10 20 Research and development – – – Selling, general and administration 2 – 2 31 December 2021 12 10 22 2020 ​ ​ ​ Cost of sales 14 9 23 Research and development – – – Selling, general and administration 3 – 3 31 December 2020 17 9 26 ​ ​ The amounts recorded in the income statement and statement of comprehensive income in relation to the defined benefit pension and post-retirement healthcare schemes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ Pensions £m Other post- employment benefits £m Total £m Pensions Other Total £m Pensions Other Total £m 31 December ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts charged to operating profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current service cost 16 7 23 18 8 26 24 6 30 Past service cost/(credit) 1 – 1 (4) – (4) (7) – (7) Gain from settlement – – – (3) – (3) – – – Net interest cost 1 2 3 1 2 3 – 3 3 Total 18 9 27 12 10 22 17 9 26 Re-measurements recorded in the statement of comprehensive income (91) (32) (123) (8) (19) (27) 5 8 13 ​ Balance sheet The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk and return. Investments are diversified to limit the financial effect of the failure of any individual investment. ​ The pension plans are exposed to risk that arises because the estimated market value of the plans’ assets might decline, the investment returns might reduce, or the estimated value of the plans’ liabilities might increase. ​ In line with the agreed mix of return seeking assets to generate future returns and liability matching assets to better match future pension obligations, the Group has defined an overall long-term investment strategy for the plans, with investments across a broad range of assets. The main market risks within the asset and hedging portfolio are credit risk, interest rates, long-term inflation, equities and property risk. ​ The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive to changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in long-term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a decrease in the liabilities. ​ ​ The fair values of the assets and liabilities of the German, Swiss and Irish defined benefit pension schemes, together with aggregated data for other defined benefit pension schemes in the Group are as follows: ​ 31 December 2022 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 48 81 69 6 204 Property – 70 – – 70 Listed bonds 49 80 110 21 260 Insurance contracts 26 46 – – 72 Other assets – 8 2 12 22 Fair value of assets 123 285 181 39 628 Asset ceiling restriction – (34) – – (34) Fair value of assets after asset ceiling 123 251 181 39 594 Present value of scheme obligations (185) (251) (163) (47) (646) Recognised on the balance sheet (62) – 18 (8) (52) Included in post-employment benefit assets – – 18 7 25 Included in post-employment benefit obligations (62) – – (15) (77) Total (62) – 18 (8) (52) Actual loss on plan assets (19) (36) (67) (3) (125) ​ 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 54 98 102 6 260 Property – 52 – – 52 Listed bonds 55 89 130 19 293 Insurance contracts 27 55 – – 82 Other assets – 6 1 12 19 Fair value of assets 136 300 233 37 706 Asset ceiling restriction – (26) – – (26) Fair value of assets after asset ceiling 136 274 233 37 680 Present value of scheme obligations (246) (274) (254) (48) (822) Recognised on the balance sheet (110) – (21) (11) (142) Included in post-employment benefit assets – – 11 – 11 Included in post-employment benefit obligations (110) – (32) (11) (153) Total (110) – (21) (11) (142) Actual return/(loss) on plan assets 15 (14) (4) 1 (2) ​ The defined benefit pension obligation is analysed as follows: ​ ​ ​ ​ ​ 2022 £m 2021 Funded (633) (812) Unfunded (13) (10) Total (646) (822) ​ The movement in the net defined benefit liability is as follows: ​ ​ ​ ​ ​ ​ ​ Fair value Present Net pensions total £m Net post retirement obligations £m At 1 January 2021 663 (845) (182) (113) Exchange adjustments (34) 48 14 (2) Service cost – (18) (18) (8) Past service cost – 4 4 – Interest income/(cost) 4 (5) (1) (2) Settlements and curtailments (5) 8 3 – Assets acquired/(liability assumed) from GSK 1 39 (39) – – Re-measurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest (6) – (6) – Gain from change in demographic assumptions – 7 7 – Gain from change in financial assumptions – 33 33 19 Experience losses – (26) (26) – Employers' contributions 30 – 30 – Scheme participants' contributions 7 (7) – – Benefits paid (18) 18 – 6 At 31 December 2021 680 (822) (142) (100) Exchange adjustments 45 (56) (11) (8) Service cost – (16) (16) (7) Past service cost – (1) (1) – Interest income/(cost) 6 (7) (1) (2) Re-measurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest (131) – (131) – Gain from change in financial assumptions – 235 235 25 Experience (losses)/gains – (13) (13) 7 Employers' contributions 28 – 28 – Scheme participants' contributions 7 (7) – – Benefits paid (41) 41 – 1 At 31 December 2022 594 (646) (52) (84) ​ 1 There were £39 m of assets acquired and £39 m of liabilities assumed from GSK during the year ended 31 December 2021 as a result of the separation of the existing GSK Group Pension Fund in Switzerland into two independent schemes, one for GSK and one for the Group. Under local plan rules the GSK Group Scheme could not accept any retired members and therefore these members were included in the Group scheme. ​ ​ A reconciliation of the net post-employment benefit to the balances recognised on the consolidated balance sheet is as follows: ​ ​ ​ ​ ​ 2022 £m 2021 Net pension obligations (52) (142) Net post retirement obligations (84) (100) Net post-employment benefit (136) (242) Post-employment benefit assets recognised on the consolidated balance sheet 25 11 Post-employment benefit obligations recognised on the consolidated balance sheet (161) (253) Net post-employment benefit (136) (242) ​ Employer contributions for 2023 are estimated to be approximately £24m in respect of defined benefit pension schemes and £1m in respect of post-retirement medical benefits. ​ The defined benefit pension and post-retirement obligations analysed by membership category is as follows: ​ ​ ​ ​ ​ ​ ​ Pension Post-retirement obligations ​ 2022 £m 2021 2022 £m 2021 Active (389) (418) (81) (97) Retired (150) (237) (3) (3) Deferred (107) (167) – – Total (646) (822) (84) (100) ​ The approximate effect of changes in assumptions used on the benefit obligations and on the annual defined benefit and post-retirement costs are detailed below. This information has been determined by taking into account the duration of the liabilities and the overall profile of the plan membership. ​ Sensitivity analysis ​ ​ ​ ​ ​ 2022 £m 2021 A 0.25% decrease in discount rate: ​ ​ Increase in annual pension cost 1.2 0.8 Increase in annual post-retirement benefits cost 0.1 0.1 Increase in pension obligation 21.0 34.8 Increase in post-retirement benefits obligation 1.8 2.9 A 0.25% increase in discount rate: ​ ​ Decrease in annual pension cost (1.2) (0.9) Decrease in annual post-retirement benefits cost (0.1) (0.1) Decrease in pension obligation (19.7) (32.6) Decrease in post-retirement benefits obligation (1.7) (2.8) A 0.25% increase in inflation: ​ ​ Increase in annual pension cost 0.2 0.2 Increase in pension obligation 6.4 11.0 A 0.25% decrease in inflation: ​ ​ Decrease in annual pension cost (0.2) (0.2) Decrease in pension obligation (6.1) (10.7) A one year increase in life expectancy: ​ ​ Increase in annual pension cost 0.6 0.9 Increase in annual post-retirement benefits cost – 0.2 Increase in pension obligation 16.2 27.8 Increase in post-retirement benefits obligation 1.0 2.0 ​ ​ ​ The weighted average duration of the defined benefit obligation is as follows: ​ ​ ​ ​ Years 2022 2021 Pension benefits 15 18 Post-retirement benefits 13 16 ​

Provisions

Provisions	12 Months Ended
	Dec. 31, 2022
Provisions
Provisions	21. Provisions Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. ​ Provisions are measured at management’s best estimate of the most likely outcome of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Provisions are classified as non-current where the exact timing of settlement is uncertain but they are expected to be settled in more than 12 months. ​ Provisions ​ ​ ​ ​ ​ ​ Restructuring Other Total As at 1 January 2021 (132) (36) (168) Exchange adjustments 3 1 4 Charge for the period (52) (9) (61) Reversed unused 9 4 13 Utilised 68 9 77 Other movements (8) 4 (4) As at 31 December 2021 (112) (27) (139) Exchange adjustments (4) (2) (6) Charge for the period (7) (50) (57) Reversed unused 35 5 40 Utilised 50 15 65 Other movements 2 (2) – As at 31 December 2022 (36) (61) (97) ​ ​ ​ ​ ​ 2022 £m 2021 To be settled within one year (71) (112) To be settled after one year (26) (27) Total provision (97) (139) ​ Other provisions include employee-related, legal, environmental, and other provisions. Refer to Note 6, ‘Operating profit’ for further details about the Group’s restructuring costs.

Contingent liabilities and comm

Contingent liabilities and commitments	12 Months Ended
	Dec. 31, 2022
Contingent liabilities and commitments
Contingent liabilities and commitments	22. Contingent liabilities and commitments Contingent liabilities Contingent liabilities are potential future outflows where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. No provision is made for contingent liabilities, but there is a chance that they will result in an obligation in the future. ​ At 31 December 2022, contingent liabilities, comprising guarantees and other items arising in the normal course of business, amounted to £30m (2021: £33m). ​ The Group is involved in significant legal and administrative proceedings, principally relating to product liabilities. The most significant of these matters, other than tax matters, are described herein. Provision is made for the outcome of tax, legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable estimate of that outflow. ​ ​ Legal proceedings The Group may become involved in 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, appropriate disclosure about such cases would be included but no provision would be made. Costs associated with claims made by the Group against third parties are charged to the income statement as they are incurred. ​ The Group makes provision for these proceedings on a regular basis as summarised in the accounting policy above. ​ The Group may become involved in significant legal proceedings in respect of which it is not possible to determine whether a potential outflow is probable. In these cases, appropriate disclosures about such cases would be included in this note, but no provision would be made for the cases. ​ With respect to each of the legal proceedings described below, other than those for which a provision has been made, the Group is unable to make a reliable estimate of the expected financial effect at this stage. The Group does not believe that information about the amount sought by the plaintiffs, if that is known, would be meaningful with respect to those legal proceedings. This is due to a number of factors, including, but not limited to, the stage of proceedings, the entitlement of parties to appeal a decision and clarity as to theories of liability, damages and governing law. ​ 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 value of the provisions reported in the Group’s financial statements. If this were to happen, it could have a material adverse impact on the results of operations of the Group in the reporting period in which the judgements are incurred or the settlements entered into. ​ Zantac litigation GSK and/or Pfizer have been named as defendants (alongside other manufacturers of ranitidine, as well as retailers and distributors) in personal injury lawsuits, as well as economic injury and medical monitoring class actions, filed in the US involving Zantac. The Group understands that outside the US, there are class actions and individual actions pending against GSK and Pfizer in Canada, along with a class action against GSK in Israel. ​ The Group is not a party to any Zantac claims and the Group has never marketed Zantac in any form in the US or Canada. The Group is not primarily liable for any OTC or prescription Zantac claims. ​ The Group has received notices of potential claims for indemnification relating to OTC Zantac arising out of the Stock and Asset Purchase Agreement (SAPA), which the Group has rejected on the basis that the scope of the indemnities set out in the SAPA only covers the Consumer Healthcare businesses of GSK and Pfizer as conducted when their Consumer Healthcare joint venture was formed in 2018. At that time, neither GSK nor Pfizer marketed OTC Zantac in the US or Canada. ​ Proton pump inhibitor litigation The Group is a defendant in the ongoing proton pump inhibitor (PPI) litigation, in which plaintiffs allege that their use of PPIs caused serious bodily injuries, predominantly kidney-related injuries. As of January 2023, there were approximately 1,400 Prevacid24HR (OTC) personal injury lawsuits and approximately 2,200 Nexium 24HR (OTC) lawsuits pending against the Group, nearly all of which are in a multi-district litigation (MDL) in the District of New Jersey. In addition to the MDL cases, there is a small subset of cases pending in several state courts. ​ The Group recently reached a settlement agreement with plaintiffs’ counsel to resolve the vast majority of PPI cases (Nexium24HR and Prevacid24HR) pending against the Group. The financial impact has been recognised in the Group’s Consolidated Financial Statements, and is not material to the Group’s financial position, results of operations or cash flows. ​ ​ German competition litigation In 2013, GlaxoSmithKline Consumer Healthcare GmbH & Co. KG and other members of a working group of a German trademark association were fined by the Federal Cartel Office of Germany, as a result of the exchange of certain information related to retailers during meetings from 2004 to 2006. ​ Following the fine imposed by the Federal Cartel Office in 2013, the Group is party to civil proceedings in Germany brought by or on behalf of retailers against the Group and other manufacturers of branded drugstore products, alleging that the exchange of information within the working group led to higher purchase prices being paid by the retailers, and claiming that the Group and other working group members are jointly and severally liable for potential damages. The proceedings are taking place in different courts across Germany and are at different stages. ​ Commitments Commitments are contractual obligations to acquire certain classes of assets in the future. These amounts are not recorded in the Consolidated Financial Statements. ​ ​ ​ ​ ​ 2022 £m 2021 Contracted for but not provided in the Consolidated Financial Statements: ​ ​ Intangible assets 107 68 Property, plant and equipment 126 80 Total 233 148 ​

Share capital, Share premium an

Share capital, Share premium and other reserves	12 Months Ended
	Dec. 31, 2022
Share capital, Share premium and other reserves
Share capital, Share premium and other reserves	23. Share capital, share premium and other reserves Share capital represents the par value of shares that have been issued. ​ Share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. ​ Other reserves include the following: ​ – Share-based payment reserve – comprises fair value adjustment of equity-settled share schemes over the vesting periods. – Cash flow hedge reserve – comprises gains and losses relating to these types of financial instruments. – Other reserves - comprises mainly differences between the fair value of the consideration paid for an investment, and the carrying value of assets and liabilities acquired from business combinations under common control. ​ Translation reserve arises from the foreign currency translation of the Group’s foreign operations into the Group’s presentation currency. ​ Retained earnings includes all current and prior years’ retained profits, remeasurement gains/(losses), including any tax impacts on defined benefit plans. ​ ​ Share capital and share premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At Issue of Capital Consolidation/ redemption of shares Sub-division At 31 December 2022 Ordinary shares at £1.00 each Number 2 18 – (20) – – ​ £'000 – – – – – – Ordinary shares at £5.00 each Number – – – 4 (4) – ​ £'000 – – – – – – Ordinary shares at £1.25 each Number – 9,234,573,815 (9,234,573,831) – 16 – ​ £'000 – 11,543,217 (11,543,217) – – – Ordinary shares at £0.01 each Number – – 9,234,573,831 – – 9,234,573,831 ​ £'000 – – 92,346 – – 92,346 Redeemable Preference Shares at £1.00 each Number – 49,996 – (49,996) – – ​ £'000 – 50 – (50) – – Share capital £'000 – 11,543,267 (11,450,871) (50) – 92,346 Share premium £'000 – 10,606,752 (10,606,752) – – – ​ The table above presents the movement of share capital and share premium of the Company for the year ended 31 December 2022. The Company was incorporated on 20 October 2021 in preparation for the demerger that took place in July 2022 to succeed CHHL2 as the new ultimate holding company of the Group. All ordinary shares are issued and fully paid. All ordinary shares rank equally with regard to the Company’s residual assets. Holders of these shares are entitled to dividends declared from time to time and are entitled to one vote per share at general meetings of the Company. All rights attached to the Company’s shares held by the Group are suspended until those shares are reissued. The redeemable preference shares carry limited class voting rights and no dividend rights. ​ Pre-demerger from GSK Movement in share capital and share premium of CHHL2 The share capital on the consolidated balance sheet as at 31 December 2021 of £1m and certain movements within share capital and share premium in the consolidated statement of changes in equity represented the share structure of CHHL2, the former ultimate holding entity of the Group before the demerger from GSK that took place in July 2022. ​ Before the demerger in July 2022, CHHL2 issued one D Deferred share of £21,758m to GlaxoSmithKline Consumer Healthcare Holdings Limited (GSKCHHL, a fully controlled subsidiary of GSK at this time). The D Deferred share was non-redeemable and did not carry any voting rights, dividend rights or rights in the event of a return of capital. Subsequently, CHHL2 cancelled the fully paid-up D Deferred share of £21,758m in the share capital of CHHL2 held by GSKCHHL, to convert the share capital into distributable profits. ​ Before the demerger in July 2022, CHHL2 also issued one Deferred share of one penny to GSKCHHL for a consideration of £70m reflected in share premium. The Deferred share was non-redeemable and did not carry any voting rights, dividend rights or rights in the event of a return of capital. ​ Changes in the Company’s share structure in preparation for the demerger The Company issued 20 ordinary shares of £1 each for a total consideration of £20 during the period 20 October 2021 (the date of incorporation) to 23 May 2022. ​ On 4 February 2022, the Company issued 49,996 redeemable preference shares of £1 each. The redeemable preference shares were redeemable at the option of the Company and carried a cumulative right to a dividend at a fixed rate of 0.1% of the nominal value per annum but carried no other right to income by way of dividend out of the profits of the Company. ​ On 11 April 2022, the Company redeemed the 49,996 preference shares at the redemption price of £49,996. The share capital of £49,996 has been transferred to the capital redemption reserve in order to preserve the nominal value of the share capital in accordance with section 733 of the Companies Act 2006. ​ On 23 May 2022, the Company consolidated its 20 ordinary shares of £1 each into 4 ordinary shares of £5 each. The Company then sub-divided its 4 ordinary shares of £5 each into 16 ordinary shares of £1.25 each. ​ Demerger activities The Company completed the acquisition of the shares of GSKCHHL and PF Consumer Healthcare Holdings LLC (PFCHHL) on 17 July 2022. GSKCHHL and PFCHH were the entities that previously held the shares of the previous holding company of the Group (CHHL2) on behalf of GSK and Pfizer. The Company accounted for most of its investment in GSKCHHL at fair value, whilst the investment in PFCHH was accounted for at the aggregate nominal value of the Company’s shares as a result of the application of various provisions of the Companies Act 2006. ​ Share-for-share exchanges with GSK On 15 July 2022, the Company issued 5,084,190,079 ordinary shares of £1.25 each to the shareholders of GSK plc in satisfaction of the demerger dividend in specie declared by GSK plc, in exchange for GSK plc transferring in its entirety the A Ordinary shares in GSKCHHL to the Company. ​ On 17 July 2022, the Company issued 692,593,037 ordinary shares of £1.25 each to the Scottish Limited Partnerships established by GSK companies, in exchange for the Scottish Limited Partnerships transferring in their entirety the C Ordinary shares in GSKCHHL to the Company. ​ On 17 July 2022, the Company issued 502,727,073 ordinary shares of £1.25 each to GSK plc, in exchange for GSK plc transferring in its entirety the B Ordinary shares in GSKCHHL to the Company. ​ In respect of the GSKCHHL share exchanges the Company recorded an aggregate share capital of £7,849m and share premium of £10,607m. ​ Share-for-share exchanges with the Pfizer Group On 17 July 2022, the Company issued 2,955,063,626 ordinary shares of £1.25 each, and 25,000,000 non-voting preference shares of £1.00 each to Pfizer Inc., in exchange for Pfizer Inc., the ultimate parent company of PFCHHL, transferring in its entirety its shareholding in PFCHHL to the Company. The non-voting preference shares (NVPS) of £25m were classified as a non-current liability given the NVPS commands a mandatory quarterly coupon and can only be redeemed after a period of five years or upon a change if control of the Group. Pfizer Inc., has subsequently disposed of the NVPS to an external third party. These shares are not dilutive to earnings per share given they cannot be converted into common shares. Refer to Note 19 ‘Borrowings’ for further details about the Group’s NVPS. ​ Post-demerger activities On 18 July 2022, regular trading of the Company’s ordinary shares commenced on the main market of the London Stock Exchange (as a constituent of the FTSE 100). ​ On 22 July 2022, regular-way trading of the Company’s American Depositary Shares commenced on the New York Stock Exchange, having traded on a when-issued basis from 18 July 2022 to 21 July 2022. ​ On 3 August 2022, the Company undertook a court-approved capital reduction in accordance with section 645 of the Companies Act 2006, through which: ​ – the nominal value of the Company’s ordinary shares was reduced from £1.25 to £0.01, reducing the Company’s share capital from £11,543m to £92m; and – the Company’s share premium of £10,607m was cancelled in full. ​ The Group has recognised the admission costs related to the listing of the Company’s shares in the income statement as these costs were merely incurred in order to enable the distribution of shares to the GSK plc shareholders and the listing of the Company’s shares rather than to obtain new equity funding. These costs mainly include the preparation of the prospectus, reporting accountant, long-form and working capital reports, historical financial information (HFI), financial position and prospects procedures (FPPP), bank and legal fees, listing and registrars’ fees and costs reasonably incurred by the Pfizer Group in assisting the Company to achieve its listing. ​ Other reserves The analysis of other reserves is as follows: ​ ​ ​ ​ ​ ​ ​ EBT shares 1 Cash flow Merger Total £m As at 1 January 2021 – (1) (11,651) (11,652) Other comprehensive income – 9 – 9 Contribution from parent – – 11 11 As at 31 December 2021 – 8 (11,640) (11,632) Other comprehensive income – 142 – 142 Effect of change in ultimate holding company – – (47) (47) As at 31 December 2022 – 150 (11,687) (11,537) ​ 1 Shares owned through an Employee Benefit Trust (EBT). ​ Merger reserve arises as a result of business combinations of entities under common control. ​ The cumulative translation exchange in equity is attributable to: ​ ​ ​ ​ ​ ​ Shareholders Non- Total cumulative translation reserve £m As at 1 January 2021 482 16 498 Exchange movements on overseas net assets (34) – (34) As at 31 December 2021 448 16 464 Exchange movements on overseas net assets 598 (10) 588 As at 31 December 2022 1,046 6 1,052 ​

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2022
Related party transactions
Related party transactions	24. Related party transactions A related party under IFRS is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, influence or control over the Group. ​ Related parties Upon the completion of the demerger on 18 July 2022, GSK ceased to be a related party of the Group under IAS 24, ‘Related Party Disclosures’. The Group undertook significant transactions with entities from within GSK during the period ended 18 July 2022, and the years ended 31 December 2021 and 31 December 2020 and with entities from within Pfizer for the years ended 31 December 2022, 2021 and 2020. ​ The Group had transactions with related parties under manufacturing and supply agreements, distribution agreements, support service agreements, provision of research and development, toll-manufacturing services and transitional services agreements. In addition, the Group earned net interest income resulting from funds on-lent to GSK and Pfizer. All related party transactions are undertaken at arm’s length in accordance with the Group transfer pricing policy. ​ Where the legal completion of local transfer of assets and liabilities has been delayed, but the Group is able to exercise control over the relevant activities, the relevant net assets and profits have been recognised in the results. ​ ​ Transaction values for the year ended 31 December (unless otherwise indicated): ​ ​ ​ ​ ​ ​ ​ ​ ​ Pfizer companies GlaxoSmithKline companies ​ 2022 £m 2021 2020 Period ended 18 July 2022 £m 2021 2020 Sales of goods – – 17 91 114 397 Purchases of goods – – (11) (41) (81) (81) Services, royalties, and other income – – 17 74 20 49 Services, royalties, and other expense (5) (68) (121) (135) (354) (384) Interest income 12 – – 30 10 12 Interest expense – – – (2) (4) (6) Dividend paid 3,801 367 735 8,129 781 1,636 ​ Balance outstanding as at 31 December: ​ ​ ​ ​ ​ ​ Pfizer companies GlaxoSmithKline companies ​ 2022 £m 2021 2022 £m 2021 Other amounts owing to related parties – (7) – (203) Other amounts owing from related parties – – 51 542 Loan amounts owing to related parties – – – (825) Loan amounts owing from related parties – – – 1,508 ​ Pre demerger, the Group had a £9,211m loan receivable from GSK/Pfizer together with £37m accrued interest receivable. This loan was primarily funded by proceeds from the bond offerings during the first half of 2022 (refer to Note 19 ‘Borrowings’). The loan receivable and interest accrued were exchanged to partially settle the £11,930m of pre-demerger dividend. ​ As at 31 December 2022, other amounts owing from GSK of £51m comprise balances arising from arrangements set up with GSK before the demerger activities. Since these balances occurred when GSK was still a related party of the Group, they continue to be disclosed in the table above. ​ As at 31 December 2021, the loan amounts owing from related parties of £1,508m were held with GSK finance companies as part of the Group’s banking arrangements received at the new risk free benchmark rate – 0.05% and were repayable on demand. ​ As at 31 December 2021, the loan amounts owing to related parties of £825m were held with GSK finance companies as part of the Group’s banking arrangements. These balances were unsecured with interest largely paid at the new risk free benchmark rate + 0.10% and were repayable on demand.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Dec. 31, 2022
Capital and financial risk management
Capital and financial risk management	25. Capital and financial risk management Financial assets are measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL). The measurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. For financial assets other than trade receivables a 12-month expected credit loss allowance is recorded on initial recognition. If there is subsequent evidence of a significant increase in the credit risk of an asset, the allowance is increased to reflect the full lifetime expected credit loss. If there is no realistic prospect of recovery, the asset is written off. ​ Derivatives and hedge accounting Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group are forward foreign exchange contracts and swaps. ​ Derivative financial instruments are classified as held-for-trading and are measured at fair value. Derivatives designated as hedging instruments are classified on inception as cash flow hedges, net investment hedges or fair value hedges. The treatment of changes in the value of derivatives depends on their use as explained below. ​ ​ Fair value hedges Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. ​ Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are designated as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. ​ Net investment hedges Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in equity to the extent that the hedge is effective. These differences are reported within the income statement to the extent that the hedge is ineffective. Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of. ​ Derivatives for which hedge accounting is not applied Derivatives not designated as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. ​ Risk management The key objectives of the Group’s treasury activities are to minimise the net cost of financial operations and reduce volatility arising from financial risks. ​ Treasury activities are governed by the Board. The Group has a Treasury Risk Committee (TRC), chaired by the Chief Financial Officer (CFO), that meets on a regular basis to review treasury activities. Its members receive management information relating to treasury activities. ​ The Group may use a variety of financial instruments to finance its operations and derivative financial instruments to manage market risks from these operations. Derivatives principally comprise of foreign exchange forward contracts and swaps which are used to manage interest rate and foreign exchange risk on borrowings. ​ Derivatives are used exclusively for hedging purposes in relation to underlying business activities and not as trading or speculative instruments. ​ Capital management The Group manages its capital to ensure that entities in the Group are able to operate as going concerns whilst availing themselves of intercompany funding where appropriate. ​ ​ ​ ​ ​ 2022 £m 2021 Cash and cash equivalents 684 414 Short-term borrowings (437) (79) Long-term borrowings (10,003) (87) Derivative financial assets associated to long-term borrowings 44 5 Derivative financial liabilities associated to long-term borrowings (181) (1) Total equity 16,457 26,480 Total capital 6,564 26,732 ​ As at 31 December 2022, the Group’s long-term credit rating with Standard & Poor’s is BBB (stable outlook) and with Moody’s Investors Service (Moody’s) it is Baa1 (stable outlook). The Group’s short-term credit ratings are A-2 and P-2 with Standard & Poor’s and Moody’s, respectively. ​ Liquidity risk management The Group’s policy is to borrow centrally in order to meet anticipated funding requirements. The strategy is to diversify liquidity sources and to maintain broad access to financial markets. Each day, the Group sweeps cash to or from a number of global subsidiaries and central treasury accounts for liquidity management purposes. ​ The Group uses both notional and physical cash pool arrangements as appropriate by location and currency. For notional cash pools, liquidity is drawn against foreign currency balances to provide both local funding and central liquidity as required and with balances actively managed and maintained to appropriate levels. As balances in notional pooling arrangements are not settled across currencies, gross cash and overdraft balances are reported. At 31 December 2022, the Group had £437m (2021: £79m) of borrowings repayable within one year and held £684m (2021: £414m) of cash and cash equivalents. ​ The Group uses short-term financing to manage working capital requirements and has access to a $10,000m US commercial paper programme and a £2,000m Euro commercial paper programme, both of which were established in August 2022. At 31 December 2022, the Group had $225m (2021: $nil) of US commercial paper in issue and €130m (2021: €nil) Euro Commercial Paper in issue. ​ In February 2022, the Group signed two revolving credit facilities, a $1,400m facility maturing in September 2023 with the option to extend or term out for a year ​ In July 2022, the Group drew down £1,493m against a three-year committed term loan facility to fund the pre-separation dividend. The facility has been fully repaid during the year. ​ Long-term financing consists of $8,750m in USD bonds, as well as €2,350m Euro bonds and £700m GBP bonds issued under a £10,000m Euro Medium Term Note programme. Refer to Note 19 ‘Borrowings’ for further details about the Group’s bonds. ​ Foreign exchange risk management Foreign currency transaction exposures arising on internal and external trade flows are selectively hedged. The Group’s objective is to minimise the exposure of overseas operating subsidiaries to transaction risk by matching local currency income with local currency costs where possible. Foreign currency cash flows may be hedged selectively as approved by the TRC. Cash surpluses or borrowing requirements of subsidiary companies are usually managed centrally using foreign exchange forward contracts and swaps to hedge future repayments back into the originating currency. ​ Borrowings denominated in, or swapped into, foreign currencies that match investments in overseas Group assets may be treated as a hedge against the relevant assets. Forward contracts in major currencies are also used to reduce exposure to the Group’s investment in overseas assets. Refer to ‘Net investment hedges’ section of this note for further details. ​ Credit risk management Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group and arises on cash and cash equivalents and favourable derivative financial instruments held with banks and financial institutions as well as credit exposures to wholesale and retail customers, including outstanding receivables. ​ The Group considers its maximum credit risk to be £2,441m (2021: £3,894m) which is the total of the Group’s financial assets, excluding other investments which bear equity risk rather than credit risk. ​ The Group’s greatest concentration of credit risk at 31 December 2022 is £310m with HSBC Group (A-/A3), and £158m with Citibank Group (BBB+/A3). The Group’s greatest concentration of credit risk at 31 December 2021 was £456m with GSK LLC (A/A2), and £229m with GSK IHC Ltd (A+/A2). ​ There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing the loss allowance for financial assets at amortised cost since the adoption of IFRS 9. ​ Treasury-related credit risk The Group has continued to maintain a consistent approach to counterparty risk throughout 2022. The aggregate credit risk in respect of financial instruments that the Group may have with one counterparty is limited by reference to the long-term credit ratings assigned for that counterparty by a recognised credit rating agency (e.g., Standard and Poor’s or Moody’s Investors Service). The Group measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and associated 12-month default rates. Based on the available credit ratings, the credit risk of outstanding financial instruments has not increased significantly since their initial recognition. Expected credit losses over cash and cash equivalents and third-party financial derivatives are deemed to be immaterial and so have not been recognised. No such loss has been experienced during 2022 and 2021. The credit ratings of counterparties are set out in the below table. ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA/Aaa AA/Aa A/A BBB/Baa BB+/Ba1 Total £m 2022 ​ ​ ​ ​ ​ ​ Bank balances and deposits – 87 276 252 59 674 Money market funds 10 – – – – 10 Cash and cash equivalents 10 87 276 252 59 684 Derivative financial instruments – – 59 35 – 94 Total 10 87 335 287 59 778 ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ Bank balances and deposits – – 394 14 3 411 Money market funds 3 – – – – 3 Cash and cash equivalents 3 – 394 14 3 414 Derivative financial instruments – – 17 – – 17 Total 3 – 411 14 3 431 ​ The credit ratings in the above tables are as assigned by Standard and Poor’s and Moody’s. Where the opinion of the two rating agencies differs, the lower rating of the two is assigned to the counterparty. Where local rating or Fitch data is the only source available, the ratings are converted to global ratings equivalent to those of Standard and Poor’s or Moody’s using published conversion tables. ​ Wholesale and retail credit risk Where appropriate, the Group utilises credit insurance to minimise the credit risk of the trade receivables in the Group (refer to Note 16 ‘Trade and other receivables’ for further details about the Group’s expected credit losses). The Group does not have a substantial wholesale and retail credit risk as a result of its diversified geographical presence, product offering, consumer profile, and historical credit loss information. ​ Interest rate risk management The Group manages the interest rate risk on its net debt portfolio, with the objectives of minimising the effective net interest cost and income statement volatility. ​ The Group’s main interest rate risk arises from borrowings and investments with floating rates and from the refinancing of maturing fixed rate debt where any changes in interest rates will affect future cash flows. The policy on interest rate risk management limits the net amount of floating rate debt to a specific cap. ​ 87% of the Group’s debt was held at fixed rates as at 31 December 2022, including the impact of swaps. Any bond debt with less than 6 months to maturity is considered floating rate. ​ Interest rate and forward starting interest rate swaps The forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to hedge the interest variability of the interest cash flows associated with the future fixed rate debt. ​ The interest rate swap contracts, exchanging fixed interest rate for floating interest, have been designated as fair hedges to hedge the variability in fair value associated with Group’s fixed rate debt. The interest rate swaps and the interest payments on the loan occur simultaneously and the fair value of interest rate swaps and the fair value of related debt affect the income statement at the same time. ​ Derivative financial instruments and hedging Derivative financial instruments are used to mitigate exposure to foreign exchange transactional risks of the Group. The fair value of a derivative financial instrument is classified as a non-current asset or liability if the remaining maturity is more than 12 months and as a current asset or liability if the maturity is less than 12 months. All foreign exchange contracts are for periods of 12 months or less. ​ The Group has the following derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Notional amount £m Fair value of assets £m Fair value of Liabilities £m Notional Fair value Fair value Non-current ​ ​ ​ ​ ​ ​ Fair value hedges – interest rate swap contracts 2,207 2 (139) – – – Net investment hedges - cross currency interest rate swaps 910 1 (36) – – – Cash flow hedges – interest rate swap contracts – – – 1,996 12 (1) Current ​ ​ ​ ​ ​ ​ Net investment hedges – foreign exchange contracts 329 1 (8) – – – Derivatives designated and effective as hedging instruments 3,446 4 (183) 1,996 12 (1) ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ Cross currency interest rate swap contracts 1,409 41 – – ​ ​ Current ​ ​ ​ ​ ​ ​ Foreign exchange contracts 3,364 49 (23) 1,854 5 (18) Derivatives classified as held for trading 4,773 90 (23) 1,854 5 (18) Total derivative instruments 8,219 94 (206) 3,850 17 (19) ​ Fair value hedges At issuance in March 2022, $1,750m and €850m bonds were converted from fixed rate to floating rate using interest rate swaps as shown in the above table. These bonds and swaps were designated in fair value hedges (2021: £nil). ​ Net investment hedges At 31 December 2022, certain foreign exchange contracts and cross currency interest rate swaps were designated as net investment hedges in respect of the foreign currency translation risk arising on consolidation of the Group’s net investment in its European (Euro) and Chinese (CNY) foreign operations as shown in the table above (2021: £nil). ​ The carrying value of the EUR bonds in Note 19 ‘Borrowings’ included £1,526m (2021: £nil) that were also designated as hedging instruments in net investment hedges in respect of the foreign currency translation risk arising on consolidation of the Group’s net investment in its European (Euro) foreign operations. For net investment hedges, the balance in the foreign currency translation reserve in relation to continuing hedges is £140m (2021: £nil). ​ Cash flow hedges Both in 2021 and 2022 the Group entered into forward starting interest rate swaps (derivatives) to pre-hedge interest rate risk on the fixed rate bonds issued in March 2022. These derivatives were designated in a cash flow hedge relationship. The derivatives were settled in March 2022 and as result cash flow hedges were terminated with a net cash inflow of £206m. The element of gains/loss of these cash flow hedges relating to other comprehensive income is being amortised to the income statement as per the maturity profile of the loan notes. ​ ​ The following tables provide information regarding hedging instruments and the related hedged items as at 31 December: ​ Hedging instruments ​ ​ ​ ​ ​ ​ ​ Average Notional Change in fair value Carrying value assets/ 2022 ​ ​ ​ ​ Fair value hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR IRS 1.3% 754 (59) (59) USD IRS 3.1% 1,454 (78) (78) Net investment hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR FX Swaps 1.2 329 (7) (7) CNH CCIRS 8.6 910 (35) (35) EUR Bonds 1.1 887 (55) 867 10-30 years ​ ​ ​ ​ EUR Bonds 1.1 665 (43) 659 ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Below 10 years 1.1% 668 4 4 10-30 years 1.3% 935 3 3 >30 years 1.5% 393 4 4 ​ For the period ended 31 December 2021, there were no fair value or ​ Hedged items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Carrying amount £m Accumulated fair value adjustments 1 £m Change in value for calculating hedge ineffectiveness £m Balance in cash flow hedge reserve 2 £m Carrying Accumulated 1 Change in Balance in 2 Cash flow hedges ​ ​ ​ ​ ​ ​ ​ ​ Pre-hedging of long-term interest rate – – – (150) – (11) (11) (9) Fair value hedges ​ ​ ​ ​ ​ ​ ​ ​ Bonds 3 (2,078) 122 122 – – – – – Net investment hedges ​ ​ ​ ​ ​ ​ ​ ​ Net assets in foreign currency 4 2,791 140 140 – – – – – ​ 1 2 3 4 ​ ​ The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to the income statement for cash flow hedges, recognised under finance income or expense. There was no ineffectiveness on fair value or net investment hedges. ​ ​ ​ ​ ​ ​ ​ Hedging Hedge Hedged As hedged 2022 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Pre-hedging of long-term interest rates ​ ​ ​ ​ Below 10 years 169 3 – 18 10-30 years 35 – – – >30 years – – – – ​ For the period ended 31 December 2021, there were no fair value or ​ Fair value of financial assets and liabilities excluding lease liabilities The table below presents the carrying amounts and the fair values of the Group’s financial assets and liabilities. The fair values of the financial assets and liabilities are included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ​ The following methods and assumptions were used to estimate the fair values: ​ – Cash and cash equivalents carried at amortised cost, trade and other receivables and certain other non-current assets, loans amounts owing from/(to) related parties, trade and other payables and certain other non-current liabilities: approximates to the carrying amount. – Cash and cash equivalents (money market funds) carried at fair value: based on net asset value of the funds. – Short-term loans, overdrafts and commercial paper: approximates to the carrying amount because of the short maturity of these instruments. – Interest rate swaps and foreign exchange contracts: based on present value of contractual cash flows using market sourced data (exchange rates and interest rates) at the balance sheet date. – Long-term loans: based on executable quotes or thinly traded prices (a level 2 fair value measurement) for European and US Medium Term Notes; based on present value of contractual cash flows for non-voting preference shares and based on the approximation of the carrying amount in the case of other floating rate bank loans. ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Carrying value £m Fair value £m Carrying Fair value Financial assets measured at amortised cost: ​ ​ ​ ​ Cash and cash equivalents 674 674 411 411 Trade and other receivables and certain other non-current assets 1,663 1,663 1,955 1,955 Loan amounts owing from related parties – – 1,508 1,508 Financial assets mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship 90 90 5 5 Cash and cash equivalents (money market funds) 10 10 3 3 Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Derivatives designated in a cash flow hedge and net investment hedge 2 2 12 12 Derivatives designated in a fair value hedge 2 2 – – Total financial assets 2,441 2,441 3,894 3,894 ​ ​ ​ ​ ​ Financial liabilities measured at amortised cost: ​ ​ ​ ​ Short-term loans and overdrafts (91) (91) (49) (49) Other bonds (7,783) (6,935) – – Long-term loans – – – – Commercial papers (302) (302) – – Non-voting preference shares (25) (25) – – Trade and other payables and certain other non-current liabilities in scope of IFRS 9 (3,253) (3,253) (2,673) (2,673) Loan amounts owing to related parties – – (825) (825) Bonds in a designated hedge relationship (2,078) (2,081) – – Financial liabilities mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship (23) (23) (18) (18) Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Derivatives designated in a cash flow hedge and net investment hedge (44) (44) (1) (1) Derivatives designated in a fair value hedge (139) (139) – – Total financial liabilities (13,738) (12,893) (3,566) (3,566) Net financial assets and financial liabilities (11,297) (10,452) 328 328 ​ Financial instruments held at fair value shown according to the fair value hierarchy is provided below. Financial assets and liabilities held at fair value are categorised by the valuation methodology applied in determining their fair value. Where possible, quoted prices in active markets are used (level 1). Where such prices are not available, the asset is classified as level 2, provided all significant inputs to the valuation model used are based on observable market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument is classified as level 3. ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 Level 1 Level 2 Level 3 Total £m Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – 90 – 90 Derivatives designated and effective as hedging instruments in a fair value hedge – 2 – 2 Cash and cash equivalents (money market funds) 10 – – 10 Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge. – 2 – 2 Total financial assets 10 94 – 104 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (23) – (23) Derivatives designated and effective as hedging instruments in a fair value hedge – (139) – (139) Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge – (44) – (44) Total financial liabilities – (206) – (206) ​ ​ ​ ​ ​ At 31 December 2021 ​ ​ ​ ​ Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship - 5 – 5 Cash and cash equivalents (money market funds) 3 - – 3 Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge – 12 ​ 12 Total financial assets 3 17 – 20 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (18) – (18) Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge – (1) – (1) Total financial liabilities – (19) – (19) ​ Other assets and liabilities in scope of IFRS 9 Trade and other receivables and other non-current assets The following table reconciles financial instruments within trade and other receivables and other non-current assets which fall within the scope of IFRS 9 to the relevant balance sheet amounts. ​ The financial assets are predominantly non-interest earning. Non-financial instruments include tax receivables and prepayments, which are outside the scope of IFRS 9. ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 At 31 December 2021 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other receivables (Note 16) 1,634 247 1,881 1,947 260 2,207 Loans amount owing from related parties (Note 24) – – – 1,508 – 1,508 Other non-current assets (Note 16) 29 103 132 8 – 8 Total 1,663 350 2,013 3,463 260 3,723 ​ ​ Trade and other payables, other provisions and other non-current liabilities The following table reconciles financial liabilities within trade and other payables, other provisions and other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. Accrued wages and salaries are included within financial liabilities. Non-financial instruments include payments on account, tax and social security payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside the scope of IFRS 9. ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 At 31 December 2021 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other payables (Note 18) (3,224) (397) (3,621) (2,671) (331) (3,002) Loan amounts owing to related parties (Note 24) – – – (825) - (825) Provisions (Note 21) (11) (86) (97) – (139) (139) Other non-current liabilities (18) (4) (22) (2) (6) (8) Total (3,253) (487) (3,740) (3,498) (476) (3,974) ​ Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be offset in certain circumstances, such as bankruptcy or the termination of a contract. ​ The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements and other similar agreements but not offset, as at 31 December 2022 and 31 December 2021. The column ‘Net amount’ shows the impact on the Group’s balance sheet if all offset rights were exercised. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 Gross financial Gross financial Net financial Related Net amount Financial assets ​ ​ ​ ​ ​ Derivative financial assets 94 – 94 (58) 36 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (206) – (206) 58 (148) ​ ​ ​ ​ ​ ​ At 31 December 2021 ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ Derivative financial assets 17 - 17 (9) 8 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (19) - (19) 9 (10) ​ Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances principally relate to derivative transactions under ISDA (International Swaps and Derivatives Association) agreements where each party has the option to settle amounts on a net basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have not been offset in the balance sheet but have been presented separately in the tables above. ​ Sensitivity analysis Foreign exchange sensitivity The two major foreign currencies in which the Group’s financial instruments are denominated are US Dollars and Euros. Financial instruments are only considered sensitive to foreign exchange rates where they are not in the functional currency of the entity that holds them. Intercompany loans which are fully hedged to maturity with a currency swap have been excluded from this analysis. ​ ​ ​ ​ ​ 2022 (Decrease)/increase in income £m 2021 10 cent appreciation of the US Dollar (1) 2 10 cent depreciation of the US Dollar 1 (2) 10 cent appreciation of the Euro 13 (5) 10 cent depreciation of the Euro (10) 4 ​ The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments hedging the Group’s net investments in its European (Euro) and Chinese (CNY) foreign operations. ​ ​ ​ ​ ​ ​ ​ ​ 2022 (Decrease)/increase in equity £m 2021 10 cent appreciation of the CNY (11) – 10 cent depreciation of the CNY 11 – 10 cent appreciation of the Euro (182) – 10 cent depreciation of the Euro 152 – ​ Interest rate sensitivity The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will affect future cash flows or the fair values of financial instruments. The table below shows the Group’s hypothetical sensitivity to changes in interest rates in relation to Pound Sterling, US Dollar and Euro variable rate financial assets and liabilities, including derivatives. If the interest rates applicable to floating rate financial assets and liabilities were to have increased by 1% (100 basis points), and assuming other variables had remained constant, it is estimated that the Group’s finance income for 2022 would have decreased by approximately £45m (2021: increased by £1m). A 1% (100 basis points) movement in US Dollar interest rates would not have any impact to equity (2021: increase of £197m to equity). A 1% (100 basis points) movement in interest rates in relation to Pound Sterling or Euro is not deemed to have a material effect on equity. ​ ​ ​ ​ ​ 2022 Increase/(decrease) in income £m 2021 1% ( 100 basis points) increase in Pound Sterling interest rates 6 (13) 1% ( 100 basis points) increase in US Dollar interest rates (32) 8 1% ( 100 basis points) increase in Euro interest rates (18) 6 1% ( 100 basis points) increase in Swiss Franc interest rates (1) – ​ Contractual cash flows for non-derivative financial liabilities and derivative instruments The following table provides an analysis of the anticipated contractual cash flows including interest payable for the Group’s borrowings on an undiscounted basis. Interest is calculated based on debt held at the balance sheet date without taking account of future issuance. Floating rate interest is estimated using the prevailing interest rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 Borrowings Interest on Lease Interest Trade Total £m Due in less than one year 393 316 44 3 3,242 3,998 Between one and two years 830 291 36 2 9 1,168 Between two and three years 1,385 248 25 2 1 1,661 Between three and four years 694 230 21 1 1 947 Between four and five years 1,653 184 13 1 – 1,851 After five years 5,299 1,370 22 2 – 6,693 Gross contractual cash flows 10,254 2,639 161 11 3,253 16,318 ​ ​ ​ ​ ​ ​ ​ At 31 December 2021 ​ ​ ​ ​ ​ ​ Due in less than one year 49 2 30 4 3,496 3,581 Between one and two years – – 22 3 2 27 Between two and three years – – 15 2 – 17 Between three and four years – – 13 2 – 15 Between four and five years – – 10 1 – 11 After five years – – 27 3 – 30 Gross contractual cash flows 49 2 117 15 3,498 3,681 ​ The table below provides an analysis of the anticipated contractual cash flows for the Group’s derivative instruments, using undiscounted cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign exchange contracts are presented for the purposes of this table although, in practice, the Group uses standard settlement arrangements to reduce its liquidity requirements on these instruments. ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Receivables £m Payables £m Receivables Payables Foreign exchange contracts ​ ​ ​ ​ Due in less than one year 5,476 (5,455) 1,852 (1,865) Interest rate swap contracts ​ ​ ​ ​ Due in less than one year 153 (198) – (13) Between one and two years 173 (222) 12 (26) Between two and three years 1,916 (2,009) 24 (26) Between three and four years 5

Employee share scheme

Employee share scheme	12 Months Ended
	Dec. 31, 2022
Employee Share Scheme
Employee share scheme	26. Employee share scheme Incentives in the form of shares are provided to employees under shares schemes. The fair value of equity-settled share schemes is calculated at the grant date using a fair value model and is charged to the income statement over the vesting period with a corresponding adjustment to the equity share-based payment reserve. At the end of each reporting period, the Group reviews its charge and revises it accordingly based on the number of shares expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate. ​ For cash-settled share-based payments, the fair value of service rendered is based on the fair value of the liability related to the share-based instrument granted. ​ Description of the Group’s plans The Group operates a number of share-based payment schemes for Executive Directors and other employees which are predominantly equity-settled, however may be cash-settled in certain locations. ​ ​ Haleon share plans A description of the main share plans operated by the Group is included below: ​ Performance Share Plan Under the Performance Share Plan, share awards are granted to Executive Directors and other employees at no cost. The percentage of each award that vests is based upon the performance of the Group over a defined measurement period with dividends reinvested during the same period. The performance conditions attached to each award are based on two measures over a three-year performance period. These are currently cumulative free cash flow (50%) and the ratio of net debt/Adjusted EBITDA (50%). In addition, an Environmental, Social and Governance (ESG) qualifier applies which can reduce the level of the overall vesting by up to 75%. The fair value of the awards is determined based on the closing share price prior to the day of grant. ​ Share Value Plan Under the Share Value Plan, share awards are granted to certain employees at no cost. These awards generally vest after three years and there are normally no performance conditions attached. Haleon Ownership Awards (equivalent to 100 ordinary shares, or 50 ADS for US and Puerto Rico employees) were also granted under this plan in 2022 to all eligible permanent employees employed by Haleon on the date of demerger. The fair value of these awards is determined based on the closing share price prior to the day of grant and adjusted for expected dividend yield during the vesting period. ​ Share Save Plan and Share Reward Plans The Share Save and Share Reward Plans are approved HMRC savings related plans made available to all UK employees who are employed on the invitation date. ​ Participants of the Company’s Share Save Plan may save up a monthly amount from their salaries, over a three-year period, which can be used to purchase shares in the Company at a predetermined price subject to the employee remaining in employment for three years after the grant date of the options (or such shorter period in respect of certain ‘good leaver’ conditions) and satisfying the monthly savings requirement. ​ Participants of the Share Reward Plan contribute up to a certain amount a month to purchase Haleon’s shares which the company then matches. ​ The total cost between each of the relevant schemes is shown below: ​ ​ ​ ​ ​ Charge (£m) 2022 Performance Share Plan 6 Share Value Plan 11 Total 17 ​ The Group has £2m of outstanding liabilities as at 31 December 2022 in relation to cash-settled awards. ​ The total number of awards (equivalent to ordinary shares) granted during the period between each of the relevant schemes is shown below: ​ ​ ​ Number of share awards ('000) 1 2022 Performance Share Plan 12,719 Share Value Plan 38,845 Total 51,564 ​ 1 These awards were granted on 6 October 2022. ​ Fair value of awards The following assumptions were used when determining the fair value of the awards: ​ ​ ​ ​ 2022 Grant Share price at grant date £2.74 Expected life 3 years Expected dividend yield 1.59% ​ Legacy GSK share plans Incentives in the form of shares in the Group’s equity shareholder, GSK plc, were provided to employees under share award schemes until the demerger date. The share-based compensation charge for these schemes has been recorded in the income statement as selling, general and administration expenses of £61m (2021: £59m, 2020: £63m). This expense was incurred in the form of a charge from GlaxoSmithKline Services Unlimited, as calculated under IFRS 2. The share-based payment schemes that were operated prior to demerger have vested early with all Haleon participants treated as good leavers.

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Dec. 31, 2022
Acquisitions and disposals
Acquisitions and disposals	27. Acquisitions and disposals Business combinations where common control exists at the time of the transaction are accounted for by adopting the principles of predecessor accounting. Such business combinations are accounted for by recognising all assets and liabilities acquired at their previous carrying values with effect from the beginning of the earliest period reported in the financial statements. No new goodwill arises from such transactions and the differences between the fair value of the consideration paid and the carrying value of assets and liabilities acquired is recorded within equity in the merger reserve. ​ Business combinations where common control does not exist before the transaction are accounted for using the acquisition accounting method. Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where the consideration transferred, together with the non-controlling interest, exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, the excess is recorded as goodwill, denominated in the currency of the operation acquired. ​ The costs related to business combinations are charged to the income statement in the period in which they are incurred. Where not all the equity of a subsidiary is acquired the non-controlling interest is recognised either at fair value or at the non-controlling interest’s share of the net assets of the subsidiary, on a case-by-case basis. ​ Disposal groups are generally measured at the lower of their carrying value or fair value less costs to sell. Any gain or loss resulting from the disposal are recognised in the consolidated income statement. ​ Changes in the Group’s ownership percentage of subsidiaries are accounted for within equity. ​ 2020 Business acquisitions On 28 September 2020, the Group completed the acquisition of legal ownership of approximately 55% equity interests in the legal entity that holds the Hsinchu site in Taiwan from the Pfizer Group in a non-cash transaction, whereby the Group acquired the business as part of the completion of the formation of the Group from GSK and Pfizer on 31 July 2019. The Group measured the business at fair value. ​ Goodwill of £124m, which is not expected to be deductible for tax purposes, was recognised. The goodwill represents the potential for future synergies arising from combining the acquired businesses with the Group’s existing business together with the value of the workforce acquired. ​ The non-controlling interest for this acquisition recorded in the Group, calculated applying the proportionate interests’ method, represents the Pfizer Group’s share of the net assets of the Group, excluding goodwill. ​ The majority of the Hsinchu site’s revenue was generated through manufacturing of consumer health products for companies within the Group and was eliminated on consolidation. Therefore, the external revenue arising from the Hsinchu site since the acquisition on 28 September 2020 was immaterial and would remain immaterial if the business had been acquired at the beginning of the year. The business has been integrated into the Group’s existing activities and it is not practicable to identify the impact on the Group profit in the period. ​ ​ The fair value of the assets acquired in business combinations, including goodwill, are set out in the table below. ​ ​ ​ ​ Taiwan Intangible assets 2 Property, plant and equipment 6 Inventory 5 Cash and cash equivalents 20 Other assets 6 Other liabilities (21) Non-controlling interests (14) Goodwill 124 Total 128 ​ ​ Consideration settled by shares in CHHL2 128 Cash consideration paid – Total consideration 128 ​ 2020 Business disposals In 2020, the Group made several business disposals, resulting in the Group receiving net cash consideration of £221m. The business disposals mainly related to the divestment of EMEA rights of Thermacare, which was acquired from the Pfizer Group as part of its Consumer Healthcare business following the completion of the Pfizer Transaction on 31 July 2019 and was disposed of by the Group on 30 March 2020 to meet anti-trust requirements. ​ The gain on the disposals of businesses in the year of £69m was calculated as follows: ​ ​ ​ ​ Total Cash consideration received 221 Net assets sold: ​ Goodwill (1) Intangible assets (125) Property, plant and equipment (12) Inventory (5) Other net assets (1) ​ (144) Transaction costs (8) Total gain on disposal 69 ​

Non-controlling interests

Non-controlling interests	12 Months Ended
	Dec. 31, 2022
Non-controlling interests.
Non-controlling interests	​ 28. Non-controlling interests Non-controlling interests comprises equity interests in entities not attributable, directly or indirectly, to a parent. The Group’s non-controlling interests are individually not material.

Post balance sheet events

Post balance sheet events	12 Months Ended
	Dec. 31, 2022
Post balance sheet events
Post balance sheet events	29. Post balance sheet events On 2 March 2023 the Board declared a final dividend of 2.4 pence per ordinary share for a total amount of £222m. Subject to shareholder approval at the Company’s AGM, this dividend will be paid on 27 April 2023 to holders of ordinary shares and ADRs on the register as of 17 March 2023. The dividend will be paid out of retained profits. ​ To further optimise its capital structure, on 2 March 2023, the Group announced that it would exercise its option to redeem at par the $300m of Callable Floating Rate Senior Notes due 2024 on 24 March. ​

Subsidiaries

Subsidiaries	12 Months Ended
	Dec. 31, 2022
Subsidiaries
Subsidiaries	30. Subsidiaries Accounting policy A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. ​ The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling shareholder’s share of changes in equity since the date of the acquisition. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ​ No subsidiaries are excluded from the Group consolidation. ​ List of subsidiaries A full list of the Company’s subsidiaries (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 December 2022 is detailed below: ​ ​ ​ ​ ​ Company name Effective % Ownership Security Registered address Wholly owned subsidiaries Alacer Corp 2 100% Common Corporate Service Company d/b/a CSC - Lawyers Incorporating, Service, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, California 95833-3505, United States Block Drug Company, Inc. 2 100% Common Corporation Service Company, Princeton South Corporate Center, Suite 160, 100 Charles Ewing Blvd, Ewing NJ 08628, United States Block Drug Corporation 100% Common Corporation Service Company, Princeton South Corporate Center, Suite 160, 100 Charles Ewing Blvd, Ewing NJ 08628, United States Consumer Healthcare Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Consumer Healthcare Intermediate Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Duncan Consumer Healthcare Philippines Inc 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines Ex-Lax, Inc. 100% Common Corporation Service Company Puerto Rico Inc.c/o RVM Professional Services, LLC, A4 Reparto Mendoza, Humacao, 00791, Puerto Rico Ferrosan (No.2) AB 100% Ordinary Vetenskapsvagen 10, SE-191 90, Sollentuna, Sweden Ferrosan ApS 100% A Shares; B Shares Delta Park 37, 2665, Vallensbæk Strand, Denmark Ferrosan S.R.L. (In Liquidation) 100% Registered Capital 178/C Calea Turzii, Cluj-Napoca, Cluj County, Romania Glaxo Wellcome Ceylon Limited 100% Ordinary, Ordinary B 121 Galle Road, Kaldemulla, Moratuwa, Sri Lanka GlaxoSmithKline Asia Private Limited 2 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Brasil Produtos para Consumo e Saude Ltda 100% Quotas Av das Americas, 3500, 4th floor, rooms 407-420, Rio de Janeiro, RJ, 22621-000, Brazil GlaxoSmithKline Consumer Healthcare (China) Co. Ltd 2 100% Registered Capital Room 506, No.1 Shen’gang Boulevard, Lin-gang Special Area of China Pilot Free Trade Z, Shanghai, Shanghai, 200000, China ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GlaxoSmithKline Consumer Healthcare (Hong Kong) Limited 100% Ordinary 23/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong GlaxoSmithKline Consumer Healthcare (Thailand) Limited 100% Ordinary 13th Floor, Unit 13.06, Wave Place Building, 55 Wireless Road, Lumpini Sub-district, Pathumwan District, Bangkok, 10330, Thailand GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare (UK) IP Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare AB 100% Ordinary Hemvärnsgatan 9, P.O. Box 516, 169 29, Solna, Sweden GlaxoSmithKline Consumer Healthcare Aps 100% Ordinary Delta Park 37, 2665, Vallensbæk Strand, Denmark GlaxoSmithKline Consumer Healthcare Colombia SAS 100% Ordinary Carrera 7 No. 113 - 43 Piso 4, Colombia GlaxoSmithKline Consumer Healthcare Czech Republic s.r.o. 100% Ordinary Hvezdova 1734/2c, Prague, 4 140 00, Czech Republic GlaxoSmithKline Consumer Healthcare Finance Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Finance No.2 Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Finland Oy 100% Ordinary Energiakuja 3, Helsinki, 00180, Finland GlaxoSmithKline Consumer Healthcare GmbH 100% Ordinary Schottenring 25, Wien, 1010 GlaxoSmithKline Consumer Healthcare GmbH & Co. KG 2 100% Partnership Capital Barthstr. 4, 80339, München, Germany GlaxoSmithKline Consumer Healthcare Hellas Single Member Societe Anonyme 100% Ordinary 274 Kifissias Avenue Halandri, Athens, 152 32, Greece GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited 2 100% A Shares; B Shares; Preference shares; Deferred shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Holdings Limited 2 100% A Shares, B Shares, C Shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Investments (Ireland) (No 3) Limited (In Liquidation) 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland GlaxoSmithKline Consumer Healthcare Japan K.K. 100% Ordinary 1-8-1 Akasaka Minato-ku, Tokyo, Japan GlaxoSmithKline Consumer Healthcare Korea Co., Ltd. 100% Ordinary 9F LS Yongsan Tower, 92 Hangang-daero, Yongsan-gu, Seoul, 04386, Korea, Republic of GlaxoSmithKline Consumer Healthcare Mexico, S. De R.L. de C.V. 100% Ordinary, Ordinary Variable Boulevard Adolfo Ruiz Cortines No. 3720, Torre 3 Piso 11, Colonia Jardines del Pedregal, Alcaldía Alvaro Obregón, Ciudad de México, C.P. 01900, Mexico GlaxoSmithKline Consumer Healthcare Norway AS 100% Ordinary Drammensveien 288, Lysaker, 1326, Norway GlaxoSmithKline Consumer Healthcare Philippines Inc 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines GlaxoSmithKline Consumer Healthcare Pte. Ltd. 2 100% Ordinary 23, Rochester Park #03-02, Singapore, 139234, Singapore GlaxoSmithKline Consumer Healthcare S.A. 100% Ordinary Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain Haleon Italy S.r.l. (formerly known as GlaxoSmithKline Consumer Healthcare S.r.l) 3 100% Ordinary Via Zambeletti snc, Baranzate, 20021, Milan, Italy GlaxoSmithKline Consumer Healthcare Saudi Limited 100% Ordinary 603 Salamah Tower, 6th Floor, Madinah Road, Al-Salamah District, Jeddah 21425, Saudi Arabia GlaxoSmithKline Consumer Healthcare Sdn. Bhd. 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GlaxoSmithKline Consumer Healthcare Slovakia s. r. o. 100% Ownership Interests Galvaniho 7/A, Bratislava, 821 04, Slovakia GlaxoSmithKline Consumer Healthcare South Africa (Pty) Ltd 100% Ordinary Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, South Africa GlaxoSmithKline Consumer Healthcare Sp. z.o.o. 100% Ordinary Ul. Grunwaldzka 189, 60-322, Poznan, Poland GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare SRL 100% Ordinary 1-5 Costache Negri Street, Opera Center One, 6th floor (Zone 2), District 5, Bucharest, Romania GlaxoSmithKline Consumer Healthcare ULC / GlaxoSmithKline Soins De Sante Aux Consommateurs SRI 100% A Class Preference, Common 595 Burrard Street, Suite 2600 Three Bentall Centre, P.O. Box 49314 Vancouver BC V7X 1L3, Canada GlaxoSmithKline Consumer Healthcare Vietnam Company Limited 100% Charter capital Floor 16, Metropolitan, 235 Dong Khoi, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam GlaxoSmithKline Consumer Healthcare, Produtos para a Saude e Higiene, Lda 100% Ordinary Quota Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal GlaxoSmithKline Consumer Private Limited 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Costa Rica S.A. 100% Ordinary Oficentro Terracampus, Edificio, Uno, Quinto Piso Autopista Florencio del Castillo, kilometro siete, Cartago, La Unión San Diego, Costa Rica GlaxoSmithKline Dungarvan Limited 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland GlaxoSmithKline Healthcare AO 100% Ordinary Premises III, Room 9, floor 6, Presnenskaya nab. 10, 123112, Moscow, Russian Federation GlaxoSmithKline Healthcare Ukraine O.O.O. 100% Ownership Interests Pavla Tychyny avenue, 1-V, Kiev, 02152, Ukraine GlaxoSmithKline Limited 100% Ordinary Likoni Road, PO Box 78392, Nairobi, Kenya GlaxoSmithKline Panama S.A. 100% Ordinary Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GlaxoSmithKline Paraguay S.A. 100% Ordinary Oficial Gilberto Aranda 333, Planta Alta casi Salvador del Mundo, Asuncion, Paraguay GlaxoSmithKline Santé Grand Public 100% Ordinary 23 rue François Jacob, 92500, Rueil-Malmaison, France GlaxoSmithKline Technology (Taizhou) Co., Ltd 100% Registered Capital Room 708 in Building D, Phase II of New Drug Innovation Base, Taizhou, Jiangsu Province, 225300, China GlaxoSmithKline Tuketici Sagligi Anonim Sirketi 100% Nominative Büyükdere Caddesi No. 173, 1.Levent Plaza B Blok, 1.Levent, Istanbul, 34394, Turkey GlaxoSmithKline-Consumer Kft. 100% Membership Interests H-1124, Csorsz utca 43, Budapest, Hungary GSK Bangladesh Private Limited 100% Ordinary K-248/1 Dewalibari, Konabari, Gazipur-1700, Bangladesh, Gazipur, 1700, Bangladesh GSK Canada Holding Company Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK CH Caricam Sociedad de Responsabilidad Limitada 100% Participation interests Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GSK CH Kazakhstan LLP 100% Charter capital 32 A Manasa Str., Bostandyk District, Almaty, 050008, Kazakhstan GSK Consumer Healthcare Capital NL B.V. 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom GSK Consumer Healthcare Capital UK PLC 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Chile SpA 100% Interests share Av. Andrés Bello N°2687, 25th floor, Las Condes, Chile ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GSK Consumer Healthcare Egypt Limited 100% Ordinary North 90th street, Boomerang building, 5th District, Cairo, Egypt GSK Consumer Healthcare Egypt LLC 100% Quotas North 90th street, Boomerang building, 5th District, Cairo, Egypt GSK Consumer Healthcare Holdings (No.1) Limited 2 100% Non-voting preference Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.3) Limited 2 100% Non-voting preference Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.4) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.5) Limited 4 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.6) Limited 4 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.7) Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.8) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Insurance Limited 100% Ordinary Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey GSK Consumer Healthcare Israel Ltd 100% Ordinary 25 Basel Street, Petech Tikva 49510, Israel GSK Consumer Healthcare Levice s.r.o. 100% Ordinary Priemyselny Park Gena, Ul. E. Sachsa 4-6, 934 01, Levice, Slovakia GSK Consumer Healthcare Peru S.R.L 100% Ordinary Av Jorge Basadre 349, piso 5,San Isidro, Lima, 05W-109, Peru GSK Consumer Healthcare SARL 2 100% Ordinary Route de I’Etraz, 1197 Prangins, Switzerland GSK Consumer Healthcare Schweiz AG 100% Ordinary Suurstoffi 14, 6343, Rotkreuz, Switzerland GSK Consumer Healthcare Singapore Pte. Ltd. 2 100% Ordinary 23, ROCHESTER PARK #03-02, Singapore, 139234, Singapore GSK Consumer Healthcare Trinidad and Tobago Limited 100% Ordinary 5th Floor Algico Plaza, 91-93 St. Vincent Street, Port of Spain, Trinidad and Tobago GlaxoSmithKline Consumer Healthcare (US) IP LLC 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GlaxoSmithKline Consumer Healthcare Holdings (US) LLC 2 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GlaxoSmithKline Consumer Healthcare L.L.C. 2 100% LLC Interests Corporation Service Company, 2595 Interstate Drive Suite 103, Harrisburg PA 17110, United States GSK Consumer Health, Inc. 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Capital US LLC 2 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Holdings (US) Inc. 2 100% Preferred, Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Holdings No. 2 LLC 2 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Services, Inc. 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GSK New Zealand Holding Company Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon (Suzhou) Technology Co (formerly GlaxoSmithKline (Suzhou) Trading Co., Ltd) 100% Registered Capital Second floor of the Administrative building, No. 669, Gangpu, Guoxiang Street, Wuzhong Economic Development Zone, Suzhou Haleon UK Export Limited (formerly GSK Consumer Healthcare Export Limited) 7 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon Australia Pty Ltd (formerly GlaxoSmithKline Consumer Healthcare Australia Pty Ltd) 100% Ordinary Level 48, 8 Parramatta Square, 10 Darcy Street, Parramatta, Sydney NSW 2150, Australia Haleon Belgium N.V. (formerly GlaxoSmithKline Consumer Healthcare S.A.) 3 100% Ordinary Site Apollo, Avenue Pascal 2-4-6, Wavre, 1300, Belgium Haleon Germany GmbH (formerly GlaxoSmithKline Healthcare GmbH) 2 100% Ordinary Barthstr. 4, 80339, München, Germany Haleon Intermediate Holdings Limited 1,2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon Ireland Limited (formerly GlaxoSmithKline Consumer Healthcare (Ireland) Limited) 3 100% Ordinary 12 Riverwalk, Citywest Business Campus, Dublin 24, Ireland Haleon Netherlands B.V. (formerly GlaxoSmithKline Consumer Healthcare B.V.) 3 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP, Amersfoort, Netherlands Haleon New Zealand ULC (formerly GlaxoSmithKline Consumer Healthcare New Zealand ULC) 100% Ordinary Level 1, 1.04, 12 Madden Street, Auckland, 1010, New Zealand Haleon UK Enterprises Limited (formerly PRISM PCH Limited) 2 100% Voting shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Research Limited (formerly SmithKline Beecham Research Limited) 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Services Limited (formerly GlaxoSmithKline Consumer Healthcare Overseas Limited) 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Limited (formerly GlaxoSmithKline Consumer Healthcare (UK) Trading Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Services Limited (formerly GlaxoSmithKline Consumer Trading Services Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Iodosan S.p.A. 100% Ordinary Via Zambeletti snc, Baranzate, 20021, Milan, Italy Kuhs GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany N.C.H. - Nutrition Consumer Health Ltd 100% Ordinary 14 Hamephalsim St, Petach Tikva, Israel P.T. Sterling Products Indonesia 100% A Shares; B Shares Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia PF Consumer Taiwan LLC 100% Interests The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, WILMINGTON DE 19801, United States PF Consumer Healthcare B.V. 2 100% Class A, Class B Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands PF Consumer Healthcare Brazil Importadora e Distribuidora de Medicamentos Ltda 100% Quota Barueri, at Avenida Ceci, No.1900, Block III, Part 67, Tambore District, Sao Paulo, 06460, Brazil PF Consumer Healthcare Canada ULC / PF Soins De Sante SRI 100% Common 595 Burrard Street, Suite 2600 Three Bentall Centre, P.O. Box 49314 Vancouver BC V7X 1L3, Canada PF Consumer Healthcare Holding B.V. 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands Pfizer Consumer Manufacturing Italy S.r.l. 3 100% Quotas 90, Via Nettunese, 04011, Aprilia (Prov. di Latin), Italy Pfizer Laboratories PFE (Pty) Ltd. 100% Common Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, South Africa ​ ​ ​ ​ Company name Effective % Ownership Security Registered address Pfizer PFE Colombia S.A.S 100% Common Carrera 7 No. 113 - 43 Piso 4, Colombia PT Haleon Indonesia Trading (formerly PT GSK Consumer Healthcare Indonesia) 100% Ordinary Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia PT. Bina Dentalindo (In Liquidation) 100% Ordinary Gedung Graha Ganesha Lantai 3, Jl Raya Bekasi Km 17, No5, Jakarta Timur 13930, Indonesia SmithKline Beecham S.A. 100% Ordinary Ctra de Ajalvir Km 2.500, Alcala de Henares, 28806, Madrid, Spain Stafford-Miller (Ireland) Limited 2 100% Ordinary Clocherane, Youghal Road, Dungarvan, Co. Waterford, Ireland Stafford-Miller Limited (In Liquidation) 100% Ordinary 55 Baker Street, London, W1U 7EU, United Kingdom Sterling Drug (Malaya) Sdn Berhad 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia Sterling Products International, Incorporated 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Stiefel Consumer Healthcare (UK) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Stiefel Laboratories (Ireland) Limited (In Liquidation) 100% Ordinary Finisklin Business Park, County Sligo, Ireland Treerly Health Co., Ltd 100% Registered Capital Unit 01A, Room 3901, No 16. East Zhujiang Road, Tianhe District, Guangzhou City, the PRC, China Wyeth Pharmaceutical Co. Ltd 2 100% Partnership Interest 4 Baodai West Road, Suzhou, Jiangsu Province, 215128, China Wyeth Pharmaceuticals Company 100% Partnership Interests Corporation Service Company Puerto Rico Inc.c/o RVM Professional Services, LLC, A4 Reparto Mendoza, Humacao, 00791, Puerto Rico ​ Subsidiaries where the effective interest is less than 100% ​ Company Name Effective % Ownership Security Registered Address Beecham Enterprises Inc 88.0% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GlaxoSmithKline Consumer Healthcare, L.P. 2 88.0% Partnership Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK-Gebro Consumer Healthcare GmbH 50.0% Ordinary Bahnhofbichl 13, 6391 Fieberbrunn, Kitzbühel, Austria Haleon Pakistan Limited (formerly GlaxoSmithKline Consumer Healthcare Pakistan Limited) 3 85.8% Ordinary 11-A, 11th Floor, Sky Tower (East Wing), Dolmen City, HC-3, Block 4, Scheme-5, Clifton, Karachi, Sindh 75600, Pakistan Pfizer Biotech Corporation 2 55.0% Ordinary 24F, No. 66, Sec 1, Zhong Xiao W. Rd, Taipei 100, Taiwan Sino-American Tianjin Smith Kline & French Laboratories Ltd 2 55.0% Ordinary Cheng Lin Zhuang Industrial Zone, Dong Li District, Tianjin, 300163, China SmithKline Beecham (Private) Limited 99.7% Ordinary World Trade Center, Level 34, West Tower, Echelon Square, Colombo 1, Sri Lanka ​ ​ The following UK subsidiaries will take advantage of the audit exemption set out in the Companies Act 2006 for the year ended 31 December 2022. Unless otherwise stated, the undertakings listed below are owned, either directly or indirectly, by the Company. ​ Name Company GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited 9400298 GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 00753340 GSK New Zealand Holding Company Limited 12342879 GSK Consumer Healthcare Holdings (No. 4) Limited 13401336 GSK Consumer Healthcare Holdings (No. 6) Limited 13401308 GSK Consumer Healthcare Holdings (No. 8) Limited 13434151 GSK Consumer Healthcare Holdings (No. 5) Limited 13401372 ​ 1 Directly held by Haleon plc. 2 Principal subsidiary of the Group as at 31 December 2022. 3 The Company changed its name during the period between demerger date and 1 March 2023. The former name of the Company is included in brackets. The Group has a programme of action to rename and harmonise all legal entity names to reflect the Haleon brand. ​

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
ACCOUNTING POLICIES
Basis of consolidation	Basis of consolidation Entities over which the Group has the power to direct the relevant activities so as to affect the returns to the Group, generally through control over the financial and operating policies from either voting or contractual rights, are accounted for as subsidiaries. Interests acquired in entities are consolidated from the date the Group acquires control and interests sold are deconsolidated from the date control ceases. ​ Where, as part of a business combination, the Group is not able to exercise control over a particular operation due to the existence of legal or other restrictions, the associated assets and liabilities are not consolidated, and a financial asset or liability is recognised for the economic benefit or obligation to be received under the contribution agreement. The assets and liabilities are consolidated, and the associated financial asset or liability derecognised, on the date at which the Group is able to exercise control over these operations. ​ Transactions and balances between subsidiaries are eliminated and no profit before tax is recognised on sales between subsidiaries until the products are sold to customers outside the Group. Transactions with non-controlling interests are recorded directly in equity. Deferred tax relief on unrealised intra-group profit is accounted for only to the extent that it is considered recoverable. Refer to Note 30 ‘Subsidiaries’ for a list of the Group’s subsidiary undertakings.
Foreign currencies	Foreign currencies The Consolidated Financial Statements are presented in GBP, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. ​ Foreign currency transactions in individual Group companies are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at the rates prevailing on the reporting period date, are recognised in the income statement except when deferred in equity as qualifying hedges. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. ​ In preparing the Consolidated Financial Statements, the balances in individual Group companies are translated from their functional currency into GBP. The income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at the rates prevailing on the reporting period date. ​ The effect of exchange rate differences during the year on net assets of foreign operations is recorded in equity. ​ The Group applies hedge accounting to certain exchange differences arising between the functional currencies of a foreign operation and the functional currency of the parent entity, regardless of whether the net investment is held directly or through an intermediate parent. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in other comprehensive income/(expenses) and accumulated in equity to the extent that the hedge is effective, which may be subsequently reclassified to the consolidated income statement. These differences are reported within profit or loss to the extent that the hedge is ineffective. Gains and losses on the hedging instrument accumulated in equity are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. ​ The currencies which most influenced these translations and the relevant exchange rates were: ​ ​ ​ ​ ​ ​ ​ ​ ​ Average rates Year end rates ​ 2022 2021 2020 2022 2021 2020 USD/£ 1.24 1.38 1.29 1.20 1.35 1.36 Euro/£ 1.17 1.16 1.13 1.13 1.19 1.11 Swiss Franc/£ 1.18 1.25 1.21 1.11 1.23 1.20 CNY/£ 8.31 8.86 8.91 8.31 8.56 8.93 ​
Climate change	Climate change In preparing these Consolidated Financial Statements we have considered the impact of climate change on the current valuation of our assets and liabilities. The Group does not believe that there is a material impact on the financial reporting judgements and estimates arising from climate change and as a result the valuation of our assets and liabilities has not been significantly impacted by these risks as at 31 December 2022. In concluding, we specifically considered the impact of climate change on the growth rates and projected cash flows as part of our goodwill and brand impairment testing (refer to Note 14 ‘Intangible assets’) and the Group’s going concern assessment.
Research and development	Research and development Research and development (R&D) expenditure is charged to the income statement in the period in which it is incurred. R&D expenditure comprises expenditure that is directly attributable to the research and development of new products or variants, including the costs attributable to the generation or improvement of intellectual property and product registrations, depreciation and amortisation of equipment, real estate and IT assets used by the R&D function. ​
Recent accounting developments	Recent accounting developments All new standards or amendments to standards that have been issued by the IASB and were effective from 1 January 2022 were not material to the Group. ​ All new accounting standards, amendments to accounting standards and interpretations that have been published by the IASB and are not effective for 31 December 2022 reporting period, have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. ​ IFRS 17 ‘Insurance Contracts’ has been released but is not yet adopted by the Group. The standard is effective for the year ended 31 December 2023 and introduces a new model for accounting for insurance contracts. We have reviewed existing arrangements and concluded that IFRS 17 is not expected to be material for the Group.
Revenue	Revenue The Group receives revenue for supply of goods to external customers against orders received. The majority of contracts that the Group enters into relate to sales orders containing single performance obligations for the delivery of consumer health products. ​ Product revenue is recognised when control of the goods is passed to the customer. The point at which control passes is determined by each customer arrangement, but generally occurs on delivery to the customer. ​ Revenue represents net invoice value (i.e., list price after the deduction of discounts, pricing allowances, customer incentives, promotional rebates and coupons). Revenue includes fixed and variable consideration. ​ Variable consideration arises on the sale of goods as a result of discounts and allowances given and accruals for estimated future returns and rebates. Discounts can either be on-invoice or off-invoice whilst allowances and rebates are generally off-invoice. The discounts, allowances and promotional rebates are recognised as a deduction from revenue at the time that the related revenue is recognised or when the Group has committed to pay the consideration, whichever is later. Variable consideration is not included in the transaction price until it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. ​ The methodology and assumptions used to estimate returns and rebates are monitored and adjusted regularly in light of contractual and legal obligations, historical trends, past experience and projected market conditions. Once the uncertainty associated with the returns and rebates is resolved, revenue is adjusted accordingly. The differences between actual amounts settled and the estimated accrued amounts are recognised as a change in management estimate in the subsequent reporting period. The assumptions used in estimation are based on known facts with a high level of accuracy. In addition, the Group’s promotional programmes are typically short-term in nature resulting in lower inherent estimation uncertainty. ​ Some contracts for the sale of consumer health products provide customers with a right to return the goods within a specified period. A refund liability is recognised for the goods that are expected to be returned (i.e., the amount not included in the transaction price). A right of return asset (and the corresponding adjustment to cost of sales) is also recognised for the right to recover the goods from the customer. The Group uses the most likely amount method to estimate the variable consideration in contracts with a right to return. ​ The Group also provides retrospective volume rebates to certain customers once the products purchased during the period exceed the threshold specified in the contract. A refund liability is recognised for the expected future rebates (i.e., the amount not included in the transaction price). The Group applies the most likely amount method to estimate the variable consideration in the contract related to rebates. Volume rebates and refund liabilities are recognised in trade and other payables. ​ The Group has elected to apply the practical expedient not to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as at the end of the reporting period. ​
Segment information	The Group is organised into business units based on geographical areas and has three reportable segments: ​ – North America – Europe, Middle East, Africa and Latin America (EMEA and LatAm) – Asia Pacific (APAC) ​ No operating segments have been aggregated to form the above reportable operating segments. ​ The Group’s Commercial Operations Board, which consists of the Group’s CEO, CFO and other members of the senior leadership, is the Chief Operating Decision Maker (CODM) who monitors the operating results of the Group’s reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. The CODM uses a measure of Adjusted operating profit to assess the performance of the reportable segments. Adjusted operating profit is defined as operating profit less net intangible amortisation and impairment of brands, licences, and patents, restructuring costs, transaction-related costs, separation and admission costs, and disposals and others. The CODM does not review IFRS operating profit or total assets on a segment basis. ​ The composition of these geographical segments is reviewed on an annual basis. Analysis of revenue and Adjusted operating profit by geographical segment is included below: ​
Operating profit	Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. A&P expenditure is charged to the income statement as incurred. Shipment costs on intercompany transfers are charged to cost of sales, distribution costs on sales to customers are included in selling, general and administration (SG&A) expenditure.
Restructuring costs	Restructuring costs Restructuring costs are recognised and provided for, where appropriate, in respect of the direct expenditure of a business reorganisation where the plans are sufficiently detailed and well advanced, and where a valid expectation to those affected has been created by either starting to implement the restructuring plans or announcing its main features. Restructuring costs are those mainly related to specific Board-approved restructuring programmes, including integration costs following material acquisitions, which are structural in nature and significant in scale. ​ Restructuring costs include severance and other personnel costs, professional fees, impairments of assets, and other related items. ​
Net finance costs	Net finance costs comprise finance expense and finance income. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance expense includes interest costs in relation to financial liabilities including interest on bonds and lease liabilities, which represents the unwind of the discount rate applied to lease liabilities. Borrowing costs are recognised based on the effective interest method. ​
Income tax	Income tax Income tax expense represents the sum of the current and deferred taxes. ​ Current tax payable or recoverable is based on taxable profit for the year, and any adjustments in respect of prior periods. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The amount of current tax payable or receivable is the best estimate of the amount expected to be paid to, or received from, tax authorities. It is calculated using tax rates and laws that have been substantively enacted at the reporting date. ​ Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. ​ Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income/(expense) or directly to equity, in which case the tax is recognised in other comprehensive income/(expense) or in equity. ​ The Group recognises provisions for uncertain tax positions when it is probable that a tax authority would not accept an uncertain tax treatment. This is done by assuming the tax authority will examine all the amounts and would have full knowledge of all related information when making those examinations. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. ​ Where open tax matters exist, the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of negotiations with the relevant tax authorities or, if necessary, litigation proceedings. At 31 December 2022, the Group had recognised provisions of £159m in respect of such uncertain tax positions (2021: £150m and 2020: £124m). Due to the number of uncertain tax positions held and the number of jurisdictions to which these relate, it is not practicable to give meaningful sensitivity estimates. ​ The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. ​
Deferred tax	Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. ​ Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. ​ Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. ​ The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date.
Dividends	Dividends are recognised on the date that the shareholder’s right to receive payment is established. This is generally the date when the dividend is declared. ​
Earnings per share	Basic earnings per share is calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of share units in issue during the year after deducting treasury shares if any. ​ Basic earnings per share for the years ended 31 December 2021 and 2020 have been adjusted retrospectively, as required by IAS 33 ‘Earnings per share’, to reflect the share structure of the Company resulting from the increase in the number of ordinary shares outstanding as a result of the demerger activities that took place in July 2022. As a result, basic earnings per share for the years ended 31 December 2021 and 2020 have been calculated by dividing the profit attributable to shareholders by the Company’s weighted average number of shares in issue, with 9,234,573,831 shares outstanding upon the completion of the demerger activities. ​ Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potentially dilutive shares. There were no dilutive shares in 2021 and 2020. ​
Property, plant and equipment	Land, buildings, plant, equipment and vehicles are valued at their cost, less any accumulated depreciation and any accumulated impairment losses. ​ Assets under construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. ​ The cost of property, plant and equipment includes directly attributable incremental costs incurred in acquisition and installation of the assets. ​ Depreciation is recognised on a straight-line basis, over the estimated useful lives of the asset. Residual values and useful lives are reviewed, and where appropriate adjusted annually. Estimated useful lives of the major categories of assets are shown below: ​ ​ ​ Freehold buildings 20 to 50 years Leasehold land and buildings Lease term or 20 to 50 years Plant and machinery 10 to 20 years Equipment and vehicles 3 to 10 years ​ Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate an impairment may exist. If an indication of impairment exists, the recoverable amount of the asset or cash generating unit is estimated and any impairment loss is charged to the income statement as it arises. ​ Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years and an impairment loss reversal is recognised immediately in the income statement. ​ On disposal of property, plant and equipment, the cost and related accumulated depreciation and impairments are derecognised from the Consolidated Financial Statements and the net amount, less any proceeds, is taken to the income statement. ​
Right of use assets	When the Group leases an asset, a ‘right of use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments to be paid over the lease term at the lease commencement date except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with an initial fair value less than approximately £10,000). ​ The right of use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering into the lease and less any lease incentives received. Non-lease components are accounted for separately from the lease components in plant and equipment leases but are not separately accounted for in land and buildings or vehicle leases. ​ Right of use assets where title is expected to pass to the Group at a point in the future are depreciated in a manner consistent to that for owned property, plant and equipment. In other cases, right of use assets are depreciated over the shorter of the useful life of the asset or the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options. If right of use assets are considered to be impaired, the carrying value is reduced accordingly. ​ Lease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. ​ After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments or if the Group’s assessment of the lease term changes; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right of use asset.
Goodwill	Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration transferred over the fair value of the Group’s share of the identifiable assets and liabilities of the acquired subsidiaries at the date of acquisition. Goodwill is not subject to amortisation but is tested annually for impairment, or more frequently where indicators of impairment exist and is carried at cost less any accumulated impairment losses. ​ For the purpose of impairment testing, assets are grouped in cash generating units (CGUs). A CGU is identified as the lowest aggregation of assets that generate largely independent cash inflows, and which is looked at by management for monitoring and managing the business. ​ If the recoverable amount of the CGU is less than the carrying amount, an impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset in the CGU. Any impairment loss is immediately recognised in the consolidated income statement and an impairment loss recognised for goodwill is not subsequently reversed. ​ The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. ​ Management prepares formal three-year cash flow forecasts for the Group’s CGUs, which are the basis for the value in use calculations. ​ On disposal, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. ​
Other intangible assets	Other intangibles Intangible assets are recognised when they are identifiable, the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. ​ Separately purchased brands are initially measured at cost, being the purchase price as at the date of acquisition. Acquired brands are valued independently and recognised at fair value when the Group completes a business combination from third parties, where brands have a value which is substantial and long-term and where the brands either are contractual or legal in nature or can be sold separately from the rest of the businesses acquired. The determination of the fair values of the separately identified intangibles is based, to a considerable extent, on management’s judgement. Brands are amortised over their estimated useful lives of up to 20 years , except where it is considered that the useful economic life is indefinite. ​ Indefinite life brands mainly comprise trademarks and brands for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These are considered to have an indefinite life, given the strength and durability of the brands and the level of advertising and promotion support. These brands are in relatively similar, stable and profitable market sectors, with similar risk profiles, and their size, diversification and market shares mean that the risk of market-related factors causing a reduction in the lives of the brands is considered to be relatively low. The Group is not aware of any material legal, regulatory, contractual, competitive, economic or other factors which could limit their useful lives. Accordingly, they are not amortised. ​ Intangible assets are stated at cost less provisions for amortisation and impairments. Licences, patents, know-how and marketing rights separately acquired or acquired as part of a business combination are amortised over their estimated useful lives, generally not exceeding 20 years, using the straight-line basis from the time they are available for use. The estimated useful lives for determining the amortisation charge consider patent lives, where applicable, as well as the value obtained from periods of non-exclusivity. Asset lives are reviewed and, where appropriate, adjusted annually. ​ Any development costs incurred by the Group and associated with acquired licences, patents, know-how or marketing rights are written off to the income statement when incurred. ​ The costs of acquiring and developing computer software for internal use and internet sites for external use are capitalised as intangible fixed assets where the software or site supports a significant business system and the expenditure leads to the creation of an asset. Enterprise Resource Planning (ERP) systems software is amortised over 7-10 years and other computer software over 3-5 years. ​ The carrying values of all non-current assets are reviewed for impairment, either on a standalone basis or as part of a larger CGU, when there is an indication that the assets might be impaired. Additionally, intangible assets with indefinite useful lives and intangible assets which are not yet available for use are tested for impairment annually. Any provision for impairment is charged to the income statement. If the recoverable amount of an intangible is less than the carrying amount, an impairment loss is recognised in the income statement. The recoverable amount is the higher of fair value less costs of disposal and value in use. Impairment losses are only reversed if there has been a change in estimates used to determine recoverable amounts and only to the extent that the revised recoverable amounts do not exceed the carrying values that would have existed, net of amortisation, had no impairments been recognised. ​
Inventories	Inventories are included in the Consolidated Financial Statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price less the estimated costs necessary to make a sale. ​
Trade and other receivables	Trade receivables are initially measured at the original invoice amount and subsequently measured at amortised cost less allowances for expected credit losses which are measured at an amount equal to lifetime expected credit losses. In determining credit risk, the Group considers reasonable and supportable information that is relevant and available without undue costs or effort. This includes both quantitative and qualitative information and analysis based on the Group’s ageing of the receivables, customers’ payment history, and forward-looking information including wider macroeconomic factors. ​ When a trade receivable is determined to have no reasonable expectation of recovery it is written off, firstly against any expected credit loss allowance available and then to the income statement. ​ Subsequent recoveries of amounts previously provided for or written off are credited to the income statement. Long-term receivables are discounted where the effect is material. ​
Cash and cash equivalents	Cash and cash equivalents comprise of cash at bank and in hand and short-term highly liquid deposits which are primarily held for operating purposes with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes. ​
Trade and other payables	Trade payables are initially recognised at fair value and then held at amortised cost. Long-term payables are discounted where the effect is material. ​
Borrowings	All borrowings are initially recorded at fair value, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing. ​ Right of use assets The carrying value of the Group’s right of use assets, depreciation charge for the year and additions during the year are disclosed in Note 13 ‘Right of use assets’. ​ Lease liabilities The corresponding liability to the lessor is recognised as a lease obligation within short and long-term borrowings. The carrying amount is subsequently increased to reflect interest on the lease liability and reduced by lease payments made. ​ For calculating the discounted lease liability on leases, the implicit rate in the lease is used. If this is not available, the incremental borrowing rate with a lease specific adjustment is used. Finance costs are charged to the income statement to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. ​ Variable rents are not part of the lease liability and the right of use asset. These payments are charged to the income statement as incurred. Short-term and low value leases are not capitalised, and lease rentals are also charged to the income statement as incurred. ​
Pension and other post - employment benefits	For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or a liability on the consolidated balance sheet. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date consistent with the advice of qualified actuaries. Pension scheme assets are measured at fair value at the balance sheet date. ​ The amount charged to operating costs in the income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognised immediately in the income statement). ​ Remeasurements of the net defined benefit liability (or asset) comprise actuarial gains and losses and the return on plan assets excluding amounts included in net interest. Actuarial gains and losses are taken to the consolidated statement of comprehensive income. Actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. ​ The costs of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and spread over the period during which benefit is expected to be derived from the employees’ services. Future cash flows are discounted at rates reflecting the yields of high-quality corporate bonds. ​ The Group’s contributions to defined contribution plans are charged to the income statement as incurred. ​
Provisions	Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. ​ Provisions are measured at management’s best estimate of the most likely outcome of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Provisions are classified as non-current where the exact timing of settlement is uncertain but they are expected to be settled in more than 12 months. ​
Contingent liabilities and commitments	Contingent liabilities Contingent liabilities are potential future outflows where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. No provision is made for contingent liabilities, but there is a chance that they will result in an obligation in the future. ​
Share capital, Share premium and other reserves	Share capital represents the par value of shares that have been issued. ​ Share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. ​ Other reserves include the following: ​ – Share-based payment reserve – comprises fair value adjustment of equity-settled share schemes over the vesting periods. – Cash flow hedge reserve – comprises gains and losses relating to these types of financial instruments. – Other reserves - comprises mainly differences between the fair value of the consideration paid for an investment, and the carrying value of assets and liabilities acquired from business combinations under common control. ​ Translation reserve arises from the foreign currency translation of the Group’s foreign operations into the Group’s presentation currency. ​ Retained earnings includes all current and prior years’ retained profits, remeasurement gains/(losses), including any tax impacts on defined benefit plans. ​
Related party transactions	A related party under IFRS is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, influence or control over the Group. ​
Capital and financial risk management	Financial assets are measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL). The measurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. For financial assets other than trade receivables a 12-month expected credit loss allowance is recorded on initial recognition. If there is subsequent evidence of a significant increase in the credit risk of an asset, the allowance is increased to reflect the full lifetime expected credit loss. If there is no realistic prospect of recovery, the asset is written off. ​ Derivatives and hedge accounting Derivative financial instruments are used to manage exposure to market risks. The principal derivative instruments used by the Group are forward foreign exchange contracts and swaps. ​ Derivative financial instruments are classified as held-for-trading and are measured at fair value. Derivatives designated as hedging instruments are classified on inception as cash flow hedges, net investment hedges or fair value hedges. The treatment of changes in the value of derivatives depends on their use as explained below. ​ ​ Fair value hedges Certain derivatives are held to hedge the risk of changes in value of a specific bond or other loan. In these situations, the Group designates the liability and related derivative to be part of a fair value hedge relationship. The carrying value of the bond is adjusted by the fair value of the risk being hedged, with changes going to the income statement. Gains and losses on the corresponding derivative are also recognised in the income statement. The amounts recognised are offset in the income statement to the extent that the hedge is effective. Ineffectiveness may occur if the critical terms do not exactly match, or if there is a value adjustment resulting from a change in credit risk (in either the Group or the counterparty to the derivative) that is not matched by the hedged item. When the relationship no longer meets the criteria for hedge accounting, the fair value hedge adjustment made to the bond is amortised to the income statement using the effective interest method. ​ Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are designated as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Any ineffective elements of the hedge are recognised in the income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the income statement immediately. ​ Net investment hedges Certain derivatives are designated as hedges of the currency risk on the Group’s investment in foreign subsidiaries. Differences arising on retranslation of a financial liability designated as a foreign currency net investment hedge are recorded in equity to the extent that the hedge is effective. These differences are reported within the income statement to the extent that the hedge is ineffective. Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of. ​ Derivatives for which hedge accounting is not applied Derivatives not designated as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in the income statement. ​ Risk management The key objectives of the Group’s treasury activities are to minimise the net cost of financial operations and reduce volatility arising from financial risks. ​ Treasury activities are governed by the Board. The Group has a Treasury Risk Committee (TRC), chaired by the Chief Financial Officer (CFO), that meets on a regular basis to review treasury activities. Its members receive management information relating to treasury activities. ​ The Group may use a variety of financial instruments to finance its operations and derivative financial instruments to manage market risks from these operations. Derivatives principally comprise of foreign exchange forward contracts and swaps which are used to manage interest rate and foreign exchange risk on borrowings. ​ Derivatives are used exclusively for hedging purposes in relation to underlying business activities and not as trading or speculative instruments. ​
Employee share scheme	Incentives in the form of shares are provided to employees under shares schemes. The fair value of equity-settled share schemes is calculated at the grant date using a fair value model and is charged to the income statement over the vesting period with a corresponding adjustment to the equity share-based payment reserve. At the end of each reporting period, the Group reviews its charge and revises it accordingly based on the number of shares expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate. ​ For cash-settled share-based payments, the fair value of service rendered is based on the fair value of the liability related to the share-based instrument granted. ​
Acquisitions and disposals	Business combinations where common control exists at the time of the transaction are accounted for by adopting the principles of predecessor accounting. Such business combinations are accounted for by recognising all assets and liabilities acquired at their previous carrying values with effect from the beginning of the earliest period reported in the financial statements. No new goodwill arises from such transactions and the differences between the fair value of the consideration paid and the carrying value of assets and liabilities acquired is recorded within equity in the merger reserve. ​ Business combinations where common control does not exist before the transaction are accounted for using the acquisition accounting method. Identifiable assets, liabilities and contingent liabilities acquired are measured at fair value at acquisition date. The consideration transferred is measured at fair value and includes the fair value of any contingent consideration. Where the consideration transferred, together with the non-controlling interest, exceeds the fair value of the net assets, liabilities and contingent liabilities acquired, the excess is recorded as goodwill, denominated in the currency of the operation acquired. ​ The costs related to business combinations are charged to the income statement in the period in which they are incurred. Where not all the equity of a subsidiary is acquired the non-controlling interest is recognised either at fair value or at the non-controlling interest’s share of the net assets of the subsidiary, on a case-by-case basis. ​ Disposal groups are generally measured at the lower of their carrying value or fair value less costs to sell. Any gain or loss resulting from the disposal are recognised in the consolidated income statement. ​ Changes in the Group’s ownership percentage of subsidiaries are accounted for within equity.
Subsidiaries	A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. ​ The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling shareholder’s share of changes in equity since the date of the acquisition. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. ​ No subsidiaries are excluded from the Group consolidation.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
ACCOUNTING POLICIES
Schedule of relevant exchange rates	​ ​ ​ ​ ​ ​ ​ ​ ​ Average rates Year end rates ​ 2022 2021 2020 2022 2021 2020 USD/£ 1.24 1.38 1.29 1.20 1.35 1.36 Euro/£ 1.17 1.16 1.13 1.13 1.19 1.11 Swiss Franc/£ 1.18 1.25 1.21 1.11 1.23 1.20 CNY/£ 8.31 8.86 8.91 8.31 8.56 8.93 ​

Revenue and segment informati_2

Revenue and segment information (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue and segment information
Schedule of analysis of revenue and Adjusted Operating Profit by geographical segment	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 North America 4,116 3,525 3,779 EMEA and LatAm 4,270 3,877 4,059 APAC 2,472 2,143 2,054 Group revenue 10,858 9,545 9,892 ​ Adjusted operating profit by segment ​ ​ ​ ​ ​ 2022 £m 2021 2020 Group operating profit 1,825 1,638 1,598 Reconciling items between Group operating profit and Group Adjusted operating profit 1 647 534 476 Total 2,472 2,172 2,074 ​ ​ ​ ​ North America 1,070 828 897 EMEA and LatAm 977 960 857 APAC 506 461 377 Corporate and other unallocated (81) (77) (57) Total 2,472 2,172 2,074 ​ 1 a) b) c) d) e) ​
Schedule of analysis of revenue by product	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Oral Health 2,957 2,724 2,745 Vitamins, Minerals and Supplements 1,675 1,501 1,494 Pain Relief 2,551 2,237 2,192 Respiratory Health 1,579 1,132 1,298 Digestive Health and Other 2,096 1,951 2,163 Group revenue 10,858 9,545 9,892 ​
Schedule of revenue by location of customer	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 UK 348 327 374 US & Puerto Rico 3,692 3,187 3,414 China 907 801 700 Rest of the World 5,911 5,230 5,404 Group revenue 10,858 9,545 9,892 ​
Schedule of impairment charges and reversals by geographical segment	​ ​ ​ ​ ​ ​ ​ ​ North America EMEA and APAC Other Total £m Year ended 31 December 2022 ​ ​ ​ ​ ​ Impairment charges 2 7 1 133 143 Impairment reversal – – – – – ​ ​ ​ ​ ​ ​ Year ended 31 December 2021 ​ ​ ​ ​ ​ Impairment charges 5 5 2 25 37 Impairment reversal – – – (48) (48) ​ ​ ​ ​ ​ ​ Year ended 31 December 2020 ​ ​ ​ ​ ​ Impairment charges 6 10 6 68 90 Impairment reversal – – – (21) (21) ​
Schedule of non-current assets attributable to the country of domicile and all foreign countries of operation greater than 10%	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 UK 440 430 410 US & Puerto Rico 8,519 7,884 7,827 Rest of the World 21,508 20,551 20,593 Non-current assets 30,467 28,865 28,830 ​

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
	Dec. 31, 2022
Operating profit
Schedule of key amounts included in operating profit	​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Advertising and promotion 1 ​ 2,026 1,941 2,013 Distribution costs 1 ​ 237 209 226 Separation and admission costs 1 ​ 411 278 66 Restructuring costs ​ 41 195 411 ​ 1 ​
Schedule of a breakdown of the restructuring costs by function	​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Cost of sales ​ 19 44 89 Selling, general and administration, and other operating expenses ​ 25 150 314 Research and development ​ (3) 1 8 Total ​ 41 195 411 ​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Cash ​ 39 175 336 Non-cash ​ 2 20 75 Total ​ 41 195 411 ​
Schedule of fees payable to the Company's auditor included in operating profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Deloitte LLP Audit of Parent Company and Consolidated Financial Statements 1 ​ 10 5 5 ​ Audit of the Company’s subsidiaries ​ 5 6 6 ​ Audit services ​ 15 11 11 ​ Other assurance services 2 ​ 6 2 – Total ​ ​ 21 13 11 KPMG LLP Audit of Group Consolidated Financial Statements ​ 14 – – ​ Audit services ​ 14 – – ​ Other services 3 ​ 3 – – Total ​ ​ 17 – – ​ 1 2 3

Employees and remuneration of_2

Employees and remuneration of key management personnel (Tables)	12 Months Ended
	Dec. 31, 2022
Employees and remuneration of key management personnel
Schedule of average number of employees by individual geographical segment	​ ​ ​ ​ ​ ​ 2022 '000 2021 2020 North America 5 6 5 EMEA and LatAm 10 12 11 APAC 6 5 6 Total 21 23 22 ​
Schedule of Group's total employment costs	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Wages and salaries 1,534 1,287 1,362 Social security costs 163 147 151 Pension and other post-employment costs (Note 20) 52 30 30 Share-based incentive plans (Note 26) 78 59 63 Severance costs from integration and restructuring activities 8 95 77 Total 1,835 1,618 1,683 ​
Schedule of remuneration of key management personnel	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Wages and salaries 18 12 14 Social security costs 1 1 1 Pension and other post-employment costs 1 2 1 Share-based incentive plans 9 7 8 Total 29 22 24 ​

Net finance costs (Tables)

Net finance costs (Tables)	12 Months Ended
	Dec. 31, 2022
Net finance costs
Schedule of net finance costs	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Interest income on financial assets at amortised cost: ​ ​ ​ Other receivables 38 10 12 Cash and cash equivalents 18 3 2 Financial assets measured at fair value through profit or loss (5) 4 4 Net gains and losses arising from: ​ ​ ​ Financial instruments mandatorily measured at fair value through profit or loss 208 (35) (27) Retranslation of loans and bonds (208) 35 29 Total 51 17 20 ​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Interest expense arising on: ​ ​ ​ Financial liabilities at amortised cost (274) (7) (8) Derivatives at fair value through profit or loss 6 (5) (7) Reclassification of hedges from other comprehensive income 18 – – Finance expense arising on lease liabilities (4) (4) (7) Other finance expense (4) (3) (5) Total (258) (19) (27)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2022
Taxation
Schedule of major components of income tax expense	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Current year charge 412 361 540 Charge in respect of prior periods 25 (50) 11 Total current taxation 437 311 551 Total deferred taxation 62 (114) (141) Total 499 197 410 ​
Schedule of reconciliation of standard rate of corporation tax	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 Profit before tax 1,618 1,636 1,591 UK statutory rate of taxation of 19% 307 311 302 Differences in overseas taxation rates 72 105 124 Benefit of substance-based tax rulings (15) (18) (70) R&D tax credits (3) (2) (2) Tax losses not recognised 1 3 8 Permanent differences on disposals, acquisitions and transfers – (164) (20) Items non-deductible/taxable for tax purposes 56 3 25 Re-assessment of prior year estimates 5 (70) 19 Changes in tax rates 76 29 24 Total tax charge 499 197 410 ​
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ 2022 £m 2021 Deferred tax assets 220 312 Deferred tax liabilities (3,601) (3,357) Total (3,381) (3,045) ​
Schedule of movement in deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances Intangibles Pensions & other post-employment benefits Tax losses Other net 1 Total £m As at 1 January 2022 (66) (3,438) 50 9 400 (3,045) Exchange adjustments (6) (233) 3 1 29 (206) (Charge)/credit to income statement (18) (78) 1 4 29 (62) Charge to statement of comprehensive income – – (24) – (44) (68) Reclassification and other movements – 108 – – (108) – At 31 December 2022 (90) (3,641) 30 14 306 (3,381) ​ 1 Other net temporary differences contain £135 m (2021: £117 m) related to a deferred tax asset recognised on intra-group profits arising on intercompany inventory which is eliminated within the Consolidated Financial Statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated capital allowances £m Intangibles £m Pensions & other post-employment benefits £m Tax losses £m Other net temporary differences £m Total £m As at 1 January 2021 (45) (3,451) 82 26 266 (3,122) Exchange adjustments (6) (18) (8) – 9 (23) (Charge)/credit to income statement (15) 31 (12) (17) 127 114 Charge to statement of comprehensive income – – (12) – (2) (14) At 31 December 2021 (66) (3,438) 50 9 400 (3,045) ​

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2022
Dividends
Schedule of dividends declared and paid during the year	​ ​ ​ ​ ​ ​ 2022 2021 2020 Total dividends paid (£m) 11,930 1,148 2,371 Per share (£) 11,930 1,148 2,371 ​

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ 2022 2021 2020 Profit after tax attributable to equity shareholders (£m) 1,060 1,390 1,145 Basic weighted average number of shares (million) 9,235 9,235 9,235 Effect of dilutive potential shares (million) 4 – – Diluted weighted average number of shares (million) 9,239 9,235 9,235 Basic earnings per share (pence) 11.5 15.1 12.4 Diluted earnings per share (pence) 11.5 15.1 12.4

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, plant and equipment.
Schedule of useful lives of property, plant and equipment	​ ​ ​ Freehold buildings 20 to 50 years Leasehold land and buildings Lease term or 20 to 50 years Plant and machinery 10 to 20 years Equipment and vehicles 3 to 10 years ​
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ Land and buildings £m Plant, equipment and vehicles £m Assets under construction £m Total £m Cost at 1 January 2021 910 1,490 278 2,678 Exchange adjustments 15 (27) (3) (15) Additions 1 13 215 229 Disposals and write-offs (40) (132) (7) (179) Reclassifications 34 150 (184) – Transfer to assets held for sale – (8) – (8) Cost at 31 December 2021 920 1,486 299 2,705 Exchange adjustments 59 86 20 165 Additions 4 9 292 305 Disposals and write-offs (13) (130) – (143) Reclassifications (40) 201 (222) (61) Cost at 31 December 2022 930 1,652 389 2,971 ​ ​ ​ ​ ​ Depreciation at 1 January 2021 (273) (863) – (1,136) Exchange adjustments – 17 – 17 Charge for the year (32) (107) – (139) Disposals and write-offs 28 114 – 142 Transfer to assets held for sale – 6 – 6 Depreciation at 31 December 2021 (277) (833) – (1,110) Exchange adjustments (16) (52) – (68) Charge for the year (29) (113) – (142) Disposals and write-offs 9 110 – 119 Depreciation at 31 December 2022 (313) (888) – (1,201) ​ ​ ​ ​ ​ Impairment at 1 January 2021 (6) (46) (4) (56) Exchange adjustments (2) – – (2) Impairment losses (6) (8) (3) (17) Disposals and write-offs 8 20 3 31 Reversal of impairments – 12 – 12 Impairment at 31 December 2021 (6) (22) (4) (32) Exchange adjustments (1) (3) – (4) Impairment losses – (8) – (8) Disposals and write-offs 4 20 – 24 Reclassifications – 7 – 7 Impairment at 31 December 2022 (3) (6) (4) (13) ​ ​ ​ ​ ​ Depreciation and impairment at 31 December 2021 (283) (855) (4) (1,142) Depreciation and impairment at 31 December 2022 (316) (894) (4) (1,214) ​ ​ ​ ​ ​ Net book value at 31 December 2021 637 631 295 1,563 Net book value at 31 December 2022 614 758 385 1,757 ​

Right of use assets (Tables)

Right of use assets (Tables)	12 Months Ended
	Dec. 31, 2022
Right of use assets
Schedule of right of use asset disclosures	​ ​ ​ ​ ​ ​ ​ Land and Plant and Vehicles Total £m Net book value at 1 January 2021 97 5 14 116 Exchange adjustments 1 – (1) – Additions 27 4 6 37 Depreciation (27) – (8) (35) Disposals and write-offs (10) (8) (1) (19) Net book value at 31 December 2021 88 1 10 99 Exchange adjustments 8 – 1 9 Additions 62 – 10 72 Depreciation (30) (1) (7) (38) Net book value at 31 December 2022 128 – 14 142 ​

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible assets
Schedule of Intangible asset disclosures	​ ​ ​ ​ ​ ​ ​ ​ Goodwill Indefinite life brands Amortised licences and patents Computer software Total £m Cost at 1 January 2021 8,265 18,312 712 429 27,718 Exchange adjustments (19) 65 (2) (3) 41 Additions – – 7 66 73 Disposals and write-offs – – (23) (20) (43) Reclassifications – (9) 9 – – Transfer to assets held for sale – (43) (6) – (49) Cost at 31 December 2021 8,246 18,325 697 472 27,740 Exchange adjustments 150 1,090 (3) 14 1,251 Additions – 178 3 21 202 Disposals and write-offs – (122) (23) (6) (151) Reclassifications – – – 54 54 Transfer to assets held for sale – (6) – – (6) Cost at 31 December 2022 8,396 19,465 674 555 29,090 ​ ​ ​ ​ ​ ​ Amortisation at 1 January 2021 – – (160) (168) (328) Exchange adjustments – – 1 – 1 Charge for the period – – (40) (54) (94) Disposals and write-offs – – – 3 3 Transfer to assets held for sale – – 2 – 2 Amortisation at 31 December 2021 – – (197) (219) (416) Exchange adjustments – – (12) (3) (15) Charge for the period – – (43) (64) (107) Disposals and write-offs – – 23 5 28 Amortisation at 31 December 2022 – – (229) (281) (510) ​ ​ ​ ​ ​ ​ Impairment at 1 January 2021 – (158) (11) (3) (172) Exchange adjustments – – – – – Impairment losses – – (12) (8) (20) Reversal of impairment losses – 36 – – 36 Transfer to assets held for sale – – 23 4 27 Impairment at 31 December 2021 – (122) – (7) (129) Exchange adjustments – (3) – – (3) Impairment losses – (129) – (6) (135) Disposals and write-offs – 122 – 1 123 Impairment at 31 December 2022 – (132) – (12) (144) ​ ​ ​ ​ ​ ​ Amortisation and impairment at 31 December 2021 – (122) (197) (226) (545) Amortisation and impairment at 31 December 2022 – (132) (229) (293) (654) ​ ​ ​ ​ ​ ​ Net book value at 31 December 2021 8,246 18,203 500 246 27,195 Net book value at 31 December 2022 8,396 19,333 445 262 28,436 ​
Schedule of Goodwill impairment	​ ​ ​ ​ ​ 2022 £m 2021 APAC 2,164 2,127 EMEA and LatAm 2,955 2,902 North America 3,277 3,217 Net book value at 31 December 8,396 8,246 ​
Schedule of discounted cash flow model used in impairment test	​ ​ ​ ​ ​ Valuation basis Value in use Key assumptions Sales growth rates ​ Profit margins ​ Terminal growth rates ​ Discount rates Taxation rates Determination of assumptions Growth rates are internal forecasts based on both internal and external market information. ​ Margins reflect past experience, adjusted for expected changes. ​ Terminal growth rates based on the weighted average calculation of the lower of internal projections and external forecasts of the relevant markets. ​ Discount rates based on the Group WACC, adjusted where appropriate. Taxation rates based on appropriate rates for each CGU. ​ ​ ​ ​ ​ ​ ​ ​ ​ Period of specific projected cash flows Five years ​ ​ Terminal growth rates ​ 2022 2021 ​ APAC 3.3% p.a. 4.5% p.a. ​ EMEA and LatAm 3.3% p.a. 3.5% p.a. ​ North America 2.4% p.a. 2.5% p.a. Discount rates (pre-tax) ​ 2022 2021 ​ APAC 9.3% 7.5% ​ EMEA and LatAm 11.9% 8.8% ​ North America 8.0% 7.0% ​
Schedule of net book value of the major brands	​ ​ ​ ​ ​ 2022 £m 2021 Advil 3,707 3,362 Voltaren 2,725 2,725 Centrum 1,943 1,828 Caltrate 1,811 1,731 Otrivin 1,385 1,385 Robitussin 1,239 1,126 Preparation H 1,164 1,152 Nexium 743 670 Fenistil 598 598 ChapStick 575 521 Emergen-C 490 439 Theraflu 452 436 Panadol 395 395 Sensodyne 291 270 Nicotinell 246 246 Excedrin 196 177 Polident 134 114 Biotene 130 121 Vitasprint 120 117 Corega 118 102 Other brands 871 688 Total 19,333 18,203 ​
Schedule of income Statement Location Of Amortization And Net Impairment (Reversal) / Losses Of Intangible Assets	​ ​ ​ ​ ​ ​ ​ Amortisation Net impairment ​ 2022 £m 2021 2022 £m 2021 Cost of sales 61 57 129 (32) Selling, general and administration 46 37 6 8 Research and development – – – 8 Total 107 94 135 (16)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2022
Inventories
Schedule of composition of inventory balances	​ ​ ​ ​ ​ 2022 £m 2021 Raw materials and consumables 310 233 Work in progress 35 47 Finished goods 1,003 671 Total 1,348 951 ​

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other receivables.
Schedule of Trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Current £m Non-current £m Total £m Current Non-current Total £m Trade receivables, net of expected credit loss allowance 1,487 – 1,487 1,318 – 1,318 Other prepayments and accrued income 106 – 106 56 – 56 Interest receivable – – – 1 – 1 Employee loans and advances 6 – 6 4 – 4 Other third-party receivables 256 107 363 286 8 294 Other receivables with GSK companies 26 25 51 542 – 542 Total 1,881 132 2,013 2,207 8 2,215 ​
Schedule of expected credit loss allowance	​ ​ ​ ​ ​ 2022 £m 2021 At 1 January 53 51 Exchange adjustments 2 (1) Charge for the year 14 33 Subsequent recoveries of amounts provided for (19) (30) Utilised (9) – At 31 December 41 53 ​
Schedule of credit risk exposure of trade receivables using a provision matrix	Year ended 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current ​ 0-30 days ​ 31-90 days ​ 91-180 days ​ 181 days- ​ Greater ​ Total £m Estimated total gross carrying amount at default 1,386 ​ 58 ​ 30 ​ 15 ​ 12 ​ 27 ​ 1,528 Expected credit loss 6 ​ 1 ​ 1 ​ 2 ​ 4 ​ 27 ​ 41 ​ Year ended 31 December 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables ​ ​ ​ Days past due ​ Current £m ​ 0-30 days £m ​ 31-90 days £m ​ 91-180 days £m ​ 181 days- 1 year £m ​ Greater than 1 year £m ​ Total £m Estimated total gross carrying amount at default 1,255 ​ 46 ​ 30 ​ 16 ​ 7 ​ 17 ​ 1,371 Expected credit loss 7 ​ 1 ​ 5 ​ 16 ​ 7 ​ 17 ​ 53 ​

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ 2022 £m 2021 Pound Sterling (GBP) 253 41 Taiwan Dollar (TWD) 72 67 United States Dollar (USD) 59 3 Indian Rupee (INR) 49 25 Euro (EUR) 25 18 Others 226 260 Total 684 414

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other payables
Schedule of composition of trade and other payables	​ ​ ​ ​ ​ 2022 £m 2021 Trade payables 1,835 1,369 Customer return and rebate accruals 738 661 Other payables and accruals 558 434 Wages and salaries 290 237 Accrued interest on financial liabilities 104 – Social security 39 45 VAT payables 34 35 Deferred income 23 11 Other payables with Pfizer companies – 7 Other payables with GSK companies – 203 Total 3,621 3,002 ​

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2022
Borrowings.
Schedule of composition of borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Current £m Non-current £m Total £m Current Non-current Total £m Commercial paper (302) – (302) – – – Loan and overdrafts (91) – (91) (49) – (49) Lease liabilities (44) (117) (161) (30) (87) (117) Non-voting preference shares – (25) (25) – – – Bonds – (9,861) (9,861) – – – Total (437) (10,003) (10,440) (79) (87) (166) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value Bonds 1 Currency Nominal Redeemable Nominal ​ 2022 £m 2021 Sterling Eurobond £ 300 2028 2.875 % 299 – Sterling Eurobond £ 400 2038 3.375 % 398 – Euro Eurobond € 850 2026 1.250 % 694 – Euro Eurobond € 750 2030 1.750 % 663 – Euro Eurobond € 750 2034 2.125 % 659 – USD callable bond due 2024 $ 700 2024 3.024 % 581 – USD floating rate callable notes due 2024 $ 300 2024 SOFR + 0.89 % 249 – USD Bond $ 1,750 2025 3.125 % 1,385 – USD Bond $ 2,000 2027 3.375 % 1,653 – USD Bond $ 1,000 2029 3.375 % 822 – USD Bond $ 2,000 2032 3.625 % 1,652 – USD Bond $ 1,000 2052 4.000 % 806 – Total ​ ​ ​ ​ ​ 9,861 – ​ 1 These instruments contain a variety of different features including early redemption options, call options, put options and mandatory early redemption options, which depend on different triggering events such as change in control, change in laws, regulations and tax law. These features are considered embedded derivatives. These features have not been accounted for separately from the instruments as they are considered closely related to the bonds. ​
Schedule of maturity analysis of lease liabilities	​ ​ ​ ​ ​ 2022 £m 2021 Rental payments due within one year (44) (30) Rental payments due between one and two years (36) (22) Rental payments due between two and three years (25) (15) Rental payments due between three and four years (21) (13) Rental payments due between four and five years (13) (10) Rental payments due after five years (22) (27) Total (161) (117) ​
Schedule of movement in financial liabilities to cash flow statement	​ ​ ​ ​ ​ ​ ​ ​ At 1 January Cash flows Foreign exchange Fair value adjustments, At 31 December 2022 Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings – (9,209) (772) 95 (9,886) Short-term borrowings (41) (277) – (2) (320) Lease liabilities (117) 45 (11) (78) (161) Derivative financial instruments (2) (345) – 235 (112) Total financial liabilities arising from financing activities 1 (160) (9,786) (783) 250 (10,479) Cash and cash equivalents net of bank overdrafts 406 190 15 – 611 Total 246 (9,596) (768) 250 (9,868) ​ 1 In addition, total cash flow relating to interest paid during the year was £163 m and accrued interest as at year end was £104 m (refer to Note 18 ’Trade and other payables’). ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January 2021 Cash flows Foreign exchange Fair value adjustments, At Reconciliation of movement in liabilities to cash flow statement ​ ​ ​ ​ ​ Long-term borrowings – – – – – Short-term borrowings (37) (8) 4 – (41) Lease liabilities (139) 38 – (16) (117) Derivative financial instruments (19) – – 17 (2) Total financial liabilities arising from financing activities (195) 30 4 1 (160) Cash and cash equivalents net of bank overdrafts 323 87 (4) – 406 Total 128 117 – 1 246

Pensions and other post-emplo_2

Pensions and other post-employment benefits (Tables)	12 Months Ended
	Dec. 31, 2022
Pensions and other post-employment benefits
Schedule of financial assumptions in assessing the defined benefit liabilities	​ ​ ​ ​ ​ 2022 %pa 2021 Germany ​ ​ Rate of increase of future earnings 3.0 3.0 Discount rate 3.7 1.1 Expected pension increases 2.5 2.1 Inflation rate 2.5 2.1 Switzerland ​ ​ Rate of increase of future earnings 2.0 1.8 Discount rate 2.2 0.2 Expected pension increases – – Inflation rate 1.3 1.0 Ireland ​ ​ Rate of increase of future earnings 2.0 2.0 Discount rate 3.6 1.3 Expected pension increases 3.0 3.0 Inflation rate 2.4 2.1 Rest of World ​ ​ Rate of increase of future earnings N/A N/A Discount rate 5.4 2.7 Expected pension increases N/A N/A Inflation rate 2.5 2.3 ​
Schedule of average life expectancy	As at 31 December 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.7 29.4 26.5 28.4 26.8 29.5 27.3 28.6 Projected for 2042 28.7 31.7 28.4 30.1 29.4 31.7 28.8 30.1 ​ As at 31 December 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Years Male Female Male Female Male Female Male Female Current 25.4 29.2 26.6 28.5 26.7 29.3 27.2 28.5 Projected for 2041 28.4 31.5 28.4 30.2 29.2 31.5 28.7 30.0 ​
Schedule of pension fund in income statement	​ ​ ​ ​ ​ ​ 2022 £m 2021 2020 German pension schemes 5 4 3 Swiss pension schemes 9 5 7 Irish pension schemes 5 6 4 Other overseas pensions schemes 24 5 7 Unfunded post-retirement healthcare schemes 9 10 9 Total 52 30 30 Analysed as: ​ ​ ​ Defined benefit schemes 27 22 26 Defined contribution pensions schemes 25 8 4 ​
Schedule of costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement	​ ​ ​ ​ ​ ​ Net pensions Other post Total post retirement obligations £m 2022 ​ ​ ​ Cost of sales 12 9 21 Research and development 1 – 1 Selling, general and administration 5 – 5 31 December 2022 18 9 27 2021 ​ ​ ​ Cost of sales 10 10 20 Research and development – – – Selling, general and administration 2 – 2 31 December 2021 12 10 22 2020 ​ ​ ​ Cost of sales 14 9 23 Research and development – – – Selling, general and administration 3 – 3 31 December 2020 17 9 26 ​
Schedule of amount recorded in the income statement and statement of comprehensive income in relation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 ​ Pensions £m Other post- employment benefits £m Total £m Pensions Other Total £m Pensions Other Total £m 31 December ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts charged to operating profit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current service cost 16 7 23 18 8 26 24 6 30 Past service cost/(credit) 1 – 1 (4) – (4) (7) – (7) Gain from settlement – – – (3) – (3) – – – Net interest cost 1 2 3 1 2 3 – 3 3 Total 18 9 27 12 10 22 17 9 26 Re-measurements recorded in the statement of comprehensive income (91) (32) (123) (8) (19) (27) 5 8 13 ​
Schedule of fair values of the assets and liabilities	31 December 2022 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 48 81 69 6 204 Property – 70 – – 70 Listed bonds 49 80 110 21 260 Insurance contracts 26 46 – – 72 Other assets – 8 2 12 22 Fair value of assets 123 285 181 39 628 Asset ceiling restriction – (34) – – (34) Fair value of assets after asset ceiling 123 251 181 39 594 Present value of scheme obligations (185) (251) (163) (47) (646) Recognised on the balance sheet (62) – 18 (8) (52) Included in post-employment benefit assets – – 18 7 25 Included in post-employment benefit obligations (62) – – (15) (77) Total (62) – 18 (8) (52) Actual loss on plan assets (19) (36) (67) (3) (125) ​ 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Germany Switzerland Ireland Rest of World Total £m Listed equities 54 98 102 6 260 Property – 52 – – 52 Listed bonds 55 89 130 19 293 Insurance contracts 27 55 – – 82 Other assets – 6 1 12 19 Fair value of assets 136 300 233 37 706 Asset ceiling restriction – (26) – – (26) Fair value of assets after asset ceiling 136 274 233 37 680 Present value of scheme obligations (246) (274) (254) (48) (822) Recognised on the balance sheet (110) – (21) (11) (142) Included in post-employment benefit assets – – 11 – 11 Included in post-employment benefit obligations (110) – (32) (11) (153) Total (110) – (21) (11) (142) Actual return/(loss) on plan assets 15 (14) (4) 1 (2) ​
Schedule of defined benefit pension obligation funded status	​ ​ ​ ​ ​ 2022 £m 2021 Funded (633) (812) Unfunded (13) (10) Total (646) (822) ​
Schedule of movement in the net defined benefit liability	​ ​ ​ ​ ​ ​ ​ Fair value Present Net pensions total £m Net post retirement obligations £m At 1 January 2021 663 (845) (182) (113) Exchange adjustments (34) 48 14 (2) Service cost – (18) (18) (8) Past service cost – 4 4 – Interest income/(cost) 4 (5) (1) (2) Settlements and curtailments (5) 8 3 – Assets acquired/(liability assumed) from GSK 1 39 (39) – – Re-measurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest (6) – (6) – Gain from change in demographic assumptions – 7 7 – Gain from change in financial assumptions – 33 33 19 Experience losses – (26) (26) – Employers' contributions 30 – 30 – Scheme participants' contributions 7 (7) – – Benefits paid (18) 18 – 6 At 31 December 2021 680 (822) (142) (100) Exchange adjustments 45 (56) (11) (8) Service cost – (16) (16) (7) Past service cost – (1) (1) – Interest income/(cost) 6 (7) (1) (2) Re-measurements: ​ ​ ​ ​ Return on plan assets, excluding amounts included in interest (131) – (131) – Gain from change in financial assumptions – 235 235 25 Experience (losses)/gains – (13) (13) 7 Employers' contributions 28 – 28 – Scheme participants' contributions 7 (7) – – Benefits paid (41) 41 – 1 At 31 December 2022 594 (646) (52) (84) ​ 1 There were £39 m of assets acquired and £39 m of liabilities assumed from GSK during the year ended 31 December 2021 as a result of the separation of the existing GSK Group Pension Fund in Switzerland into two independent schemes, one for GSK and one for the Group. Under local plan rules the GSK Group Scheme could not accept any retired members and therefore these members were included in the Group scheme. ​
Schedule of reconciliation of the net post-employment benefit to the balances recognized on balance sheet	​ ​ ​ ​ ​ 2022 £m 2021 Net pension obligations (52) (142) Net post retirement obligations (84) (100) Net post-employment benefit (136) (242) Post-employment benefit assets recognised on the consolidated balance sheet 25 11 Post-employment benefit obligations recognised on the consolidated balance sheet (161) (253) Net post-employment benefit (136) (242) ​
Schedule of defined benefit pension and post-retirement obligations analysed by membership category	​ ​ ​ ​ ​ ​ ​ Pension Post-retirement obligations ​ 2022 £m 2021 2022 £m 2021 Active (389) (418) (81) (97) Retired (150) (237) (3) (3) Deferred (107) (167) – – Total (646) (822) (84) (100) ​
Schedule of sensitivity analysis	​ ​ ​ ​ ​ 2022 £m 2021 A 0.25% decrease in discount rate: ​ ​ Increase in annual pension cost 1.2 0.8 Increase in annual post-retirement benefits cost 0.1 0.1 Increase in pension obligation 21.0 34.8 Increase in post-retirement benefits obligation 1.8 2.9 A 0.25% increase in discount rate: ​ ​ Decrease in annual pension cost (1.2) (0.9) Decrease in annual post-retirement benefits cost (0.1) (0.1) Decrease in pension obligation (19.7) (32.6) Decrease in post-retirement benefits obligation (1.7) (2.8) A 0.25% increase in inflation: ​ ​ Increase in annual pension cost 0.2 0.2 Increase in pension obligation 6.4 11.0 A 0.25% decrease in inflation: ​ ​ Decrease in annual pension cost (0.2) (0.2) Decrease in pension obligation (6.1) (10.7) A one year increase in life expectancy: ​ ​ Increase in annual pension cost 0.6 0.9 Increase in annual post-retirement benefits cost – 0.2 Increase in pension obligation 16.2 27.8 Increase in post-retirement benefits obligation 1.0 2.0 ​
Schedule of weighted average duration of the defined benefit obligation	​ ​ ​ ​ Years 2022 2021 Pension benefits 15 18 Post-retirement benefits 13 16

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2022
Provisions
Schedule of other provisions	​ ​ ​ ​ ​ ​ Restructuring Other Total As at 1 January 2021 (132) (36) (168) Exchange adjustments 3 1 4 Charge for the period (52) (9) (61) Reversed unused 9 4 13 Utilised 68 9 77 Other movements (8) 4 (4) As at 31 December 2021 (112) (27) (139) Exchange adjustments (4) (2) (6) Charge for the period (7) (50) (57) Reversed unused 35 5 40 Utilised 50 15 65 Other movements 2 (2) – As at 31 December 2022 (36) (61) (97) ​ ​ ​ ​ ​ 2022 £m 2021 To be settled within one year (71) (112) To be settled after one year (26) (27) Total provision (97) (139) ​

Contingent liabilities and co_2

Contingent liabilities and commitments (Tables)	12 Months Ended
	Dec. 31, 2022
Contingent liabilities and commitments
Schedule of commitments	​ ​ ​ ​ ​ 2022 £m 2021 Contracted for but not provided in the Consolidated Financial Statements: ​ ​ Intangible assets 107 68 Property, plant and equipment 126 80 Total 233 148

Share capital, Share premium _2

Share capital, Share premium and other reserves (Tables)	12 Months Ended
	Dec. 31, 2022
Share capital, Share premium and other reserves
Summary of Share capital and share premium	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At Issue of Capital Consolidation/ redemption of shares Sub-division At 31 December 2022 Ordinary shares at £1.00 each Number 2 18 – (20) – – ​ £'000 – – – – – – Ordinary shares at £5.00 each Number – – – 4 (4) – ​ £'000 – – – – – – Ordinary shares at £1.25 each Number – 9,234,573,815 (9,234,573,831) – 16 – ​ £'000 – 11,543,217 (11,543,217) – – – Ordinary shares at £0.01 each Number – – 9,234,573,831 – – 9,234,573,831 ​ £'000 – – 92,346 – – 92,346 Redeemable Preference Shares at £1.00 each Number – 49,996 – (49,996) – – ​ £'000 – 50 – (50) – – Share capital £'000 – 11,543,267 (11,450,871) (50) – 92,346 Share premium £'000 – 10,606,752 (10,606,752) – – – ​
Summary of Other reserves and cumulative translation exchange in equity	The analysis of other reserves is as follows: ​ ​ ​ ​ ​ ​ ​ EBT shares 1 Cash flow Merger Total £m As at 1 January 2021 – (1) (11,651) (11,652) Other comprehensive income – 9 – 9 Contribution from parent – – 11 11 As at 31 December 2021 – 8 (11,640) (11,632) Other comprehensive income – 142 – 142 Effect of change in ultimate holding company – – (47) (47) As at 31 December 2022 – 150 (11,687) (11,537) ​ 1 Shares owned through an Employee Benefit Trust (EBT). ​ Merger reserve arises as a result of business combinations of entities under common control. ​ The cumulative translation exchange in equity is attributable to: ​ ​ ​ ​ ​ ​ Shareholders Non- Total cumulative translation reserve £m As at 1 January 2021 482 16 498 Exchange movements on overseas net assets (34) – (34) As at 31 December 2021 448 16 464 Exchange movements on overseas net assets 598 (10) 588 As at 31 December 2022 1,046 6 1,052

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related party transactions
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ Pfizer companies GlaxoSmithKline companies ​ 2022 £m 2021 2020 Period ended 18 July 2022 £m 2021 2020 Sales of goods – – 17 91 114 397 Purchases of goods – – (11) (41) (81) (81) Services, royalties, and other income – – 17 74 20 49 Services, royalties, and other expense (5) (68) (121) (135) (354) (384) Interest income 12 – – 30 10 12 Interest expense – – – (2) (4) (6) Dividend paid 3,801 367 735 8,129 781 1,636 ​ Balance outstanding as at 31 December: ​ ​ ​ ​ ​ ​ Pfizer companies GlaxoSmithKline companies ​ 2022 £m 2021 2022 £m 2021 Other amounts owing to related parties – (7) – (203) Other amounts owing from related parties – – 51 542 Loan amounts owing to related parties – – – (825) Loan amounts owing from related parties – – – 1,508 ​

Capital and financial risk ma_2

Capital and financial risk management (Tables)	12 Months Ended
	Dec. 31, 2022
Capital and financial risk management
Schedule of capital structure of the Group	​ ​ ​ ​ ​ 2022 £m 2021 Cash and cash equivalents 684 414 Short-term borrowings (437) (79) Long-term borrowings (10,003) (87) Derivative financial assets associated to long-term borrowings 44 5 Derivative financial liabilities associated to long-term borrowings (181) (1) Total equity 16,457 26,480 Total capital 6,564 26,732 ​
Schedule of credit ratings of counterparties	​ ​ ​ ​ ​ ​ ​ ​ ​ AAA/Aaa AA/Aa A/A BBB/Baa BB+/Ba1 Total £m 2022 ​ ​ ​ ​ ​ ​ Bank balances and deposits – 87 276 252 59 674 Money market funds 10 – – – – 10 Cash and cash equivalents 10 87 276 252 59 684 Derivative financial instruments – – 59 35 – 94 Total 10 87 335 287 59 778 ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ Bank balances and deposits – – 394 14 3 411 Money market funds 3 – – – – 3 Cash and cash equivalents 3 – 394 14 3 414 Derivative financial instruments – – 17 – – 17 Total 3 – 411 14 3 431 ​
Schedule of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Notional amount £m Fair value of assets £m Fair value of Liabilities £m Notional Fair value Fair value Non-current ​ ​ ​ ​ ​ ​ Fair value hedges – interest rate swap contracts 2,207 2 (139) – – – Net investment hedges - cross currency interest rate swaps 910 1 (36) – – – Cash flow hedges – interest rate swap contracts – – – 1,996 12 (1) Current ​ ​ ​ ​ ​ ​ Net investment hedges – foreign exchange contracts 329 1 (8) – – – Derivatives designated and effective as hedging instruments 3,446 4 (183) 1,996 12 (1) ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ Cross currency interest rate swap contracts 1,409 41 – – ​ ​ Current ​ ​ ​ ​ ​ ​ Foreign exchange contracts 3,364 49 (23) 1,854 5 (18) Derivatives classified as held for trading 4,773 90 (23) 1,854 5 (18) Total derivative instruments 8,219 94 (206) 3,850 17 (19) ​
Schedule of hedging instruments	​ ​ ​ ​ ​ ​ ​ Average Notional Change in fair value Carrying value assets/ 2022 ​ ​ ​ ​ Fair value hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR IRS 1.3% 754 (59) (59) USD IRS 3.1% 1,454 (78) (78) Net investment hedges ​ ​ ​ ​ Below 10 years ​ ​ ​ ​ EUR FX Swaps 1.2 329 (7) (7) CNH CCIRS 8.6 910 (35) (35) EUR Bonds 1.1 887 (55) 867 10-30 years ​ ​ ​ ​ EUR Bonds 1.1 665 (43) 659 ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Below 10 years 1.1% 668 4 4 10-30 years 1.3% 935 3 3 >30 years 1.5% 393 4 4 ​
Schedule of hedged items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Carrying amount £m Accumulated fair value adjustments 1 £m Change in value for calculating hedge ineffectiveness £m Balance in cash flow hedge reserve 2 £m Carrying Accumulated 1 Change in Balance in 2 Cash flow hedges ​ ​ ​ ​ ​ ​ ​ ​ Pre-hedging of long-term interest rate – – – (150) – (11) (11) (9) Fair value hedges ​ ​ ​ ​ ​ ​ ​ ​ Bonds 3 (2,078) 122 122 – – – – – Net investment hedges ​ ​ ​ ​ ​ ​ ​ ​ Net assets in foreign currency 4 2,791 140 140 – – – – – ​ 1 2 3 4 ​
Schedule of details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to the income statement under finance income or expense:	​ ​ ​ ​ ​ ​ ​ Hedging Hedge Hedged As hedged 2022 ​ ​ ​ ​ Cash flow hedges ​ ​ ​ ​ Pre-hedging of long-term interest rates ​ ​ ​ ​ Below 10 years 169 3 – 18 10-30 years 35 – – – >30 years – – – – ​
Schedule of carrying amounts and fair values of financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Carrying value £m Fair value £m Carrying Fair value Financial assets measured at amortised cost: ​ ​ ​ ​ Cash and cash equivalents 674 674 411 411 Trade and other receivables and certain other non-current assets 1,663 1,663 1,955 1,955 Loan amounts owing from related parties – – 1,508 1,508 Financial assets mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship 90 90 5 5 Cash and cash equivalents (money market funds) 10 10 3 3 Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Derivatives designated in a cash flow hedge and net investment hedge 2 2 12 12 Derivatives designated in a fair value hedge 2 2 – – Total financial assets 2,441 2,441 3,894 3,894 ​ ​ ​ ​ ​ Financial liabilities measured at amortised cost: ​ ​ ​ ​ Short-term loans and overdrafts (91) (91) (49) (49) Other bonds (7,783) (6,935) – – Long-term loans – – – – Commercial papers (302) (302) – – Non-voting preference shares (25) (25) – – Trade and other payables and certain other non-current liabilities in scope of IFRS 9 (3,253) (3,253) (2,673) (2,673) Loan amounts owing to related parties – – (825) (825) Bonds in a designated hedge relationship (2,078) (2,081) – – Financial liabilities mandatorily measured at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship (23) (23) (18) (18) Derivatives designated and effective as hedging instruments ​ ​ ​ ​ Derivatives designated in a cash flow hedge and net investment hedge (44) (44) (1) (1) Derivatives designated in a fair value hedge (139) (139) – – Total financial liabilities (13,738) (12,893) (3,566) (3,566) Net financial assets and financial liabilities (11,297) (10,452) 328 328 ​
Schedule of financial instruments held at fair value by fair value hierarchy	​ ​ ​ ​ ​ ​ At 31 December 2022 Level 1 Level 2 Level 3 Total £m Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – 90 – 90 Derivatives designated and effective as hedging instruments in a fair value hedge – 2 – 2 Cash and cash equivalents (money market funds) 10 – – 10 Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge. – 2 – 2 Total financial assets 10 94 – 104 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (23) – (23) Derivatives designated and effective as hedging instruments in a fair value hedge – (139) – (139) Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge – (44) – (44) Total financial liabilities – (206) – (206) ​ ​ ​ ​ ​ At 31 December 2021 ​ ​ ​ ​ Financial assets at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship - 5 – 5 Cash and cash equivalents (money market funds) 3 - – 3 Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge – 12 ​ 12 Total financial assets 3 17 – 20 Financial liabilities at fair value through profit or loss: ​ ​ ​ ​ Held for trading derivatives that are not in a designated and effective hedging relationship – (18) – (18) Derivatives designated and effective as hedging instruments in cash flow hedge and net investment hedge – (1) – (1) Total financial liabilities – (19) – (19) ​
Schedule of financial and non financial assets	​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 At 31 December 2021 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other receivables (Note 16) 1,634 247 1,881 1,947 260 2,207 Loans amount owing from related parties (Note 24) – – – 1,508 – 1,508 Other non-current assets (Note 16) 29 103 132 8 – 8 Total 1,663 350 2,013 3,463 260 3,723 ​
Schedule of financial and non financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 At 31 December 2021 ​ Financial instruments £m Non-financial instruments £m Total £m Financial Non-financial Total £m Trade and other payables (Note 18) (3,224) (397) (3,621) (2,671) (331) (3,002) Loan amounts owing to related parties (Note 24) – – – (825) - (825) Provisions (Note 21) (11) (86) (97) – (139) (139) Other non-current liabilities (18) (4) (22) (2) (6) (8) Total (3,253) (487) (3,740) (3,498) (476) (3,974) ​
Schedule of offsetting of financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 Gross financial Gross financial Net financial Related Net amount Financial assets ​ ​ ​ ​ ​ Derivative financial assets 94 – 94 (58) 36 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (206) – (206) 58 (148) ​ ​ ​ ​ ​ ​ At 31 December 2021 ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ Derivative financial assets 17 - 17 (9) 8 Financial liabilities ​ ​ ​ ​ ​ Derivative financial liabilities (19) - (19) 9 (10) ​
Schedule of foreign exchange sensitivity income impact.	​ ​ ​ ​ ​ 2022 (Decrease)/increase in income £m 2021 10 cent appreciation of the US Dollar (1) 2 10 cent depreciation of the US Dollar 1 (2) 10 cent appreciation of the Euro 13 (5) 10 cent depreciation of the Euro (10) 4 ​
Schedule of foreign exchange sensitivity equity impact.	​ ​ ​ ​ ​ ​ ​ ​ 2022 (Decrease)/increase in equity £m 2021 10 cent appreciation of the CNY (11) – 10 cent depreciation of the CNY 11 – 10 cent appreciation of the Euro (182) – 10 cent depreciation of the Euro 152 – ​
Schedule of interest rate sensitivity income impact.	​ ​ ​ ​ ​ 2022 Increase/(decrease) in income £m 2021 1% ( 100 basis points) increase in Pound Sterling interest rates 6 (13) 1% ( 100 basis points) increase in US Dollar interest rates (32) 8 1% ( 100 basis points) increase in Euro interest rates (18) 6 1% ( 100 basis points) increase in Swiss Franc interest rates (1) – ​
Schedule of anticipated contractual cash flows including interest payable	​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2022 Borrowings Interest on Lease Interest Trade Total £m Due in less than one year 393 316 44 3 3,242 3,998 Between one and two years 830 291 36 2 9 1,168 Between two and three years 1,385 248 25 2 1 1,661 Between three and four years 694 230 21 1 1 947 Between four and five years 1,653 184 13 1 – 1,851 After five years 5,299 1,370 22 2 – 6,693 Gross contractual cash flows 10,254 2,639 161 11 3,253 16,318 ​ ​ ​ ​ ​ ​ ​ At 31 December 2021 ​ ​ ​ ​ ​ ​ Due in less than one year 49 2 30 4 3,496 3,581 Between one and two years – – 22 3 2 27 Between two and three years – – 15 2 – 17 Between three and four years – – 13 2 – 15 Between four and five years – – 10 1 – 11 After five years – – 27 3 – 30 Gross contractual cash flows 49 2 117 15 3,498 3,681 ​
Schedule of analysis of the anticipated contractual cash flows using undiscounted cash flows	​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Receivables £m Payables £m Receivables Payables Foreign exchange contracts ​ ​ ​ ​ Due in less than one year 5,476 (5,455) 1,852 (1,865) Interest rate swap contracts ​ ​ ​ ​ Due in less than one year 153 (198) – (13) Between one and two years 173 (222) 12 (26) Between two and three years 1,916 (2,009) 24 (26) Between three and four years 573 (524) 28 (26) Between four and five years – – 28 (26) After five years – – 260 (221) Gross contractual cash flows 8,291 (8,408) 2,204 (2,203)

Employee share scheme (Tables)

Employee share scheme (Tables)	12 Months Ended
	Dec. 31, 2022
Employee Share Scheme
Schedule of total cost between each of the relevant schemes	​ ​ ​ ​ ​ Charge (£m) 2022 Performance Share Plan 6 Share Value Plan 11 Total 17 ​
Schedule of awards for relevant scheme	​ ​ ​ Number of share awards ('000) 1 2022 Performance Share Plan 12,719 Share Value Plan 38,845 Total 51,564 ​ 1 These awards were granted on 6 October 2022.
Schedule of assumptions used in fair value model used to calculate the fair value of the awards	​ ​ ​ ​ 2022 Grant Share price at grant date £2.74 Expected life 3 years Expected dividend yield 1.59%

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Dec. 31, 2022
Acquisitions and disposals
Schedule of fair value of the assets acquired	​ ​ ​ ​ Taiwan Intangible assets 2 Property, plant and equipment 6 Inventory 5 Cash and cash equivalents 20 Other assets 6 Other liabilities (21) Non-controlling interests (14) Goodwill 124 Total 128 ​ ​ Consideration settled by shares in CHHL2 128 Cash consideration paid – Total consideration 128 ​
Schedule of gain on disposals of businesses	​ ​ ​ ​ Total Cash consideration received 221 Net assets sold: ​ Goodwill (1) Intangible assets (125) Property, plant and equipment (12) Inventory (5) Other net assets (1) ​ (144) Transaction costs (8) Total gain on disposal 69

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
	Dec. 31, 2022
Subsidiaries
Schedule of subsidiaries of the company	​ ​ ​ ​ ​ Company name Effective % Ownership Security Registered address Wholly owned subsidiaries Alacer Corp 2 100% Common Corporate Service Company d/b/a CSC - Lawyers Incorporating, Service, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, California 95833-3505, United States Block Drug Company, Inc. 2 100% Common Corporation Service Company, Princeton South Corporate Center, Suite 160, 100 Charles Ewing Blvd, Ewing NJ 08628, United States Block Drug Corporation 100% Common Corporation Service Company, Princeton South Corporate Center, Suite 160, 100 Charles Ewing Blvd, Ewing NJ 08628, United States Consumer Healthcare Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Consumer Healthcare Intermediate Holdings Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Duncan Consumer Healthcare Philippines Inc 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines Ex-Lax, Inc. 100% Common Corporation Service Company Puerto Rico Inc.c/o RVM Professional Services, LLC, A4 Reparto Mendoza, Humacao, 00791, Puerto Rico Ferrosan (No.2) AB 100% Ordinary Vetenskapsvagen 10, SE-191 90, Sollentuna, Sweden Ferrosan ApS 100% A Shares; B Shares Delta Park 37, 2665, Vallensbæk Strand, Denmark Ferrosan S.R.L. (In Liquidation) 100% Registered Capital 178/C Calea Turzii, Cluj-Napoca, Cluj County, Romania Glaxo Wellcome Ceylon Limited 100% Ordinary, Ordinary B 121 Galle Road, Kaldemulla, Moratuwa, Sri Lanka GlaxoSmithKline Asia Private Limited 2 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Brasil Produtos para Consumo e Saude Ltda 100% Quotas Av das Americas, 3500, 4th floor, rooms 407-420, Rio de Janeiro, RJ, 22621-000, Brazil GlaxoSmithKline Consumer Healthcare (China) Co. Ltd 2 100% Registered Capital Room 506, No.1 Shen’gang Boulevard, Lin-gang Special Area of China Pilot Free Trade Z, Shanghai, Shanghai, 200000, China ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GlaxoSmithKline Consumer Healthcare (Hong Kong) Limited 100% Ordinary 23/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong GlaxoSmithKline Consumer Healthcare (Thailand) Limited 100% Ordinary 13th Floor, Unit 13.06, Wave Place Building, 55 Wireless Road, Lumpini Sub-district, Pathumwan District, Bangkok, 10330, Thailand GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare (UK) IP Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare AB 100% Ordinary Hemvärnsgatan 9, P.O. Box 516, 169 29, Solna, Sweden GlaxoSmithKline Consumer Healthcare Aps 100% Ordinary Delta Park 37, 2665, Vallensbæk Strand, Denmark GlaxoSmithKline Consumer Healthcare Colombia SAS 100% Ordinary Carrera 7 No. 113 - 43 Piso 4, Colombia GlaxoSmithKline Consumer Healthcare Czech Republic s.r.o. 100% Ordinary Hvezdova 1734/2c, Prague, 4 140 00, Czech Republic GlaxoSmithKline Consumer Healthcare Finance Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Finance No.2 Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Finland Oy 100% Ordinary Energiakuja 3, Helsinki, 00180, Finland GlaxoSmithKline Consumer Healthcare GmbH 100% Ordinary Schottenring 25, Wien, 1010 GlaxoSmithKline Consumer Healthcare GmbH & Co. KG 2 100% Partnership Capital Barthstr. 4, 80339, München, Germany GlaxoSmithKline Consumer Healthcare Hellas Single Member Societe Anonyme 100% Ordinary 274 Kifissias Avenue Halandri, Athens, 152 32, Greece GlaxoSmithKline Consumer Healthcare Holdings (No.2) Limited 2 100% A Shares; B Shares; Preference shares; Deferred shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Holdings Limited 2 100% A Shares, B Shares, C Shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare Investments (Ireland) (No 3) Limited (In Liquidation) 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland GlaxoSmithKline Consumer Healthcare Japan K.K. 100% Ordinary 1-8-1 Akasaka Minato-ku, Tokyo, Japan GlaxoSmithKline Consumer Healthcare Korea Co., Ltd. 100% Ordinary 9F LS Yongsan Tower, 92 Hangang-daero, Yongsan-gu, Seoul, 04386, Korea, Republic of GlaxoSmithKline Consumer Healthcare Mexico, S. De R.L. de C.V. 100% Ordinary, Ordinary Variable Boulevard Adolfo Ruiz Cortines No. 3720, Torre 3 Piso 11, Colonia Jardines del Pedregal, Alcaldía Alvaro Obregón, Ciudad de México, C.P. 01900, Mexico GlaxoSmithKline Consumer Healthcare Norway AS 100% Ordinary Drammensveien 288, Lysaker, 1326, Norway GlaxoSmithKline Consumer Healthcare Philippines Inc 100% Common 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines GlaxoSmithKline Consumer Healthcare Pte. Ltd. 2 100% Ordinary 23, Rochester Park #03-02, Singapore, 139234, Singapore GlaxoSmithKline Consumer Healthcare S.A. 100% Ordinary Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain Haleon Italy S.r.l. (formerly known as GlaxoSmithKline Consumer Healthcare S.r.l) 3 100% Ordinary Via Zambeletti snc, Baranzate, 20021, Milan, Italy GlaxoSmithKline Consumer Healthcare Saudi Limited 100% Ordinary 603 Salamah Tower, 6th Floor, Madinah Road, Al-Salamah District, Jeddah 21425, Saudi Arabia GlaxoSmithKline Consumer Healthcare Sdn. Bhd. 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GlaxoSmithKline Consumer Healthcare Slovakia s. r. o. 100% Ownership Interests Galvaniho 7/A, Bratislava, 821 04, Slovakia GlaxoSmithKline Consumer Healthcare South Africa (Pty) Ltd 100% Ordinary Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, South Africa GlaxoSmithKline Consumer Healthcare Sp. z.o.o. 100% Ordinary Ul. Grunwaldzka 189, 60-322, Poznan, Poland GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GlaxoSmithKline Consumer Healthcare SRL 100% Ordinary 1-5 Costache Negri Street, Opera Center One, 6th floor (Zone 2), District 5, Bucharest, Romania GlaxoSmithKline Consumer Healthcare ULC / GlaxoSmithKline Soins De Sante Aux Consommateurs SRI 100% A Class Preference, Common 595 Burrard Street, Suite 2600 Three Bentall Centre, P.O. Box 49314 Vancouver BC V7X 1L3, Canada GlaxoSmithKline Consumer Healthcare Vietnam Company Limited 100% Charter capital Floor 16, Metropolitan, 235 Dong Khoi, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam GlaxoSmithKline Consumer Healthcare, Produtos para a Saude e Higiene, Lda 100% Ordinary Quota Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal GlaxoSmithKline Consumer Private Limited 100% Equity Patiala Road, Nabha 147201, Dist Patiala, Punjab, India GlaxoSmithKline Costa Rica S.A. 100% Ordinary Oficentro Terracampus, Edificio, Uno, Quinto Piso Autopista Florencio del Castillo, kilometro siete, Cartago, La Unión San Diego, Costa Rica GlaxoSmithKline Dungarvan Limited 100% Ordinary Knockbrack, Dungarvan, Co Waterford, X35 RY76, Ireland GlaxoSmithKline Healthcare AO 100% Ordinary Premises III, Room 9, floor 6, Presnenskaya nab. 10, 123112, Moscow, Russian Federation GlaxoSmithKline Healthcare Ukraine O.O.O. 100% Ownership Interests Pavla Tychyny avenue, 1-V, Kiev, 02152, Ukraine GlaxoSmithKline Limited 100% Ordinary Likoni Road, PO Box 78392, Nairobi, Kenya GlaxoSmithKline Panama S.A. 100% Ordinary Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GlaxoSmithKline Paraguay S.A. 100% Ordinary Oficial Gilberto Aranda 333, Planta Alta casi Salvador del Mundo, Asuncion, Paraguay GlaxoSmithKline Santé Grand Public 100% Ordinary 23 rue François Jacob, 92500, Rueil-Malmaison, France GlaxoSmithKline Technology (Taizhou) Co., Ltd 100% Registered Capital Room 708 in Building D, Phase II of New Drug Innovation Base, Taizhou, Jiangsu Province, 225300, China GlaxoSmithKline Tuketici Sagligi Anonim Sirketi 100% Nominative Büyükdere Caddesi No. 173, 1.Levent Plaza B Blok, 1.Levent, Istanbul, 34394, Turkey GlaxoSmithKline-Consumer Kft. 100% Membership Interests H-1124, Csorsz utca 43, Budapest, Hungary GSK Bangladesh Private Limited 100% Ordinary K-248/1 Dewalibari, Konabari, Gazipur-1700, Bangladesh, Gazipur, 1700, Bangladesh GSK Canada Holding Company Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK CH Caricam Sociedad de Responsabilidad Limitada 100% Participation interests Urbanizacion Industrial Juan D, Calles A Y B, Republic of Panama, Panama GSK CH Kazakhstan LLP 100% Charter capital 32 A Manasa Str., Bostandyk District, Almaty, 050008, Kazakhstan GSK Consumer Healthcare Capital NL B.V. 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom GSK Consumer Healthcare Capital UK PLC 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Chile SpA 100% Interests share Av. Andrés Bello N°2687, 25th floor, Las Condes, Chile ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GSK Consumer Healthcare Egypt Limited 100% Ordinary North 90th street, Boomerang building, 5th District, Cairo, Egypt GSK Consumer Healthcare Egypt LLC 100% Quotas North 90th street, Boomerang building, 5th District, Cairo, Egypt GSK Consumer Healthcare Holdings (No.1) Limited 2 100% Non-voting preference Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.3) Limited 2 100% Non-voting preference Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.4) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.5) Limited 4 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.6) Limited 4 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.7) Limited 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Holdings (No.8) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England GSK Consumer Healthcare Insurance Limited 100% Ordinary Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey GSK Consumer Healthcare Israel Ltd 100% Ordinary 25 Basel Street, Petech Tikva 49510, Israel GSK Consumer Healthcare Levice s.r.o. 100% Ordinary Priemyselny Park Gena, Ul. E. Sachsa 4-6, 934 01, Levice, Slovakia GSK Consumer Healthcare Peru S.R.L 100% Ordinary Av Jorge Basadre 349, piso 5,San Isidro, Lima, 05W-109, Peru GSK Consumer Healthcare SARL 2 100% Ordinary Route de I’Etraz, 1197 Prangins, Switzerland GSK Consumer Healthcare Schweiz AG 100% Ordinary Suurstoffi 14, 6343, Rotkreuz, Switzerland GSK Consumer Healthcare Singapore Pte. Ltd. 2 100% Ordinary 23, ROCHESTER PARK #03-02, Singapore, 139234, Singapore GSK Consumer Healthcare Trinidad and Tobago Limited 100% Ordinary 5th Floor Algico Plaza, 91-93 St. Vincent Street, Port of Spain, Trinidad and Tobago GlaxoSmithKline Consumer Healthcare (US) IP LLC 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GlaxoSmithKline Consumer Healthcare Holdings (US) LLC 2 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GlaxoSmithKline Consumer Healthcare L.L.C. 2 100% LLC Interests Corporation Service Company, 2595 Interstate Drive Suite 103, Harrisburg PA 17110, United States GSK Consumer Health, Inc. 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Capital US LLC 2 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Holdings (US) Inc. 2 100% Preferred, Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Holdings No. 2 LLC 2 100% LLC Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK Consumer Healthcare Services, Inc. 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States ​ ​ ​ ​ Company name Effective % Ownership Security Registered address GSK New Zealand Holding Company Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon (Suzhou) Technology Co (formerly GlaxoSmithKline (Suzhou) Trading Co., Ltd) 100% Registered Capital Second floor of the Administrative building, No. 669, Gangpu, Guoxiang Street, Wuzhong Economic Development Zone, Suzhou Haleon UK Export Limited (formerly GSK Consumer Healthcare Export Limited) 7 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon Australia Pty Ltd (formerly GlaxoSmithKline Consumer Healthcare Australia Pty Ltd) 100% Ordinary Level 48, 8 Parramatta Square, 10 Darcy Street, Parramatta, Sydney NSW 2150, Australia Haleon Belgium N.V. (formerly GlaxoSmithKline Consumer Healthcare S.A.) 3 100% Ordinary Site Apollo, Avenue Pascal 2-4-6, Wavre, 1300, Belgium Haleon Germany GmbH (formerly GlaxoSmithKline Healthcare GmbH) 2 100% Ordinary Barthstr. 4, 80339, München, Germany Haleon Intermediate Holdings Limited 1,2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Haleon Ireland Limited (formerly GlaxoSmithKline Consumer Healthcare (Ireland) Limited) 3 100% Ordinary 12 Riverwalk, Citywest Business Campus, Dublin 24, Ireland Haleon Netherlands B.V. (formerly GlaxoSmithKline Consumer Healthcare B.V.) 3 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP, Amersfoort, Netherlands Haleon New Zealand ULC (formerly GlaxoSmithKline Consumer Healthcare New Zealand ULC) 100% Ordinary Level 1, 1.04, 12 Madden Street, Auckland, 1010, New Zealand Haleon UK Enterprises Limited (formerly PRISM PCH Limited) 2 100% Voting shares Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Research Limited (formerly SmithKline Beecham Research Limited) 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Services Limited (formerly GlaxoSmithKline Consumer Healthcare Overseas Limited) 2 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Limited (formerly GlaxoSmithKline Consumer Healthcare (UK) Trading Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Haleon UK Trading Services Limited (formerly GlaxoSmithKline Consumer Trading Services Limited) 2,3 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, England Iodosan S.p.A. 100% Ordinary Via Zambeletti snc, Baranzate, 20021, Milan, Italy Kuhs GmbH 100% Ordinary Barthstr. 4, 80339, München, Germany N.C.H. - Nutrition Consumer Health Ltd 100% Ordinary 14 Hamephalsim St, Petach Tikva, Israel P.T. Sterling Products Indonesia 100% A Shares; B Shares Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia PF Consumer Taiwan LLC 100% Interests The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, WILMINGTON DE 19801, United States PF Consumer Healthcare B.V. 2 100% Class A, Class B Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands PF Consumer Healthcare Brazil Importadora e Distribuidora de Medicamentos Ltda 100% Quota Barueri, at Avenida Ceci, No.1900, Block III, Part 67, Tambore District, Sao Paulo, 06460, Brazil PF Consumer Healthcare Canada ULC / PF Soins De Sante SRI 100% Common 595 Burrard Street, Suite 2600 Three Bentall Centre, P.O. Box 49314 Vancouver BC V7X 1L3, Canada PF Consumer Healthcare Holding B.V. 100% Ordinary Van Asch van Wijckstraat 55G, 3811 LP Amersfoort, Netherlands Pfizer Consumer Manufacturing Italy S.r.l. 3 100% Quotas 90, Via Nettunese, 04011, Aprilia (Prov. di Latin), Italy Pfizer Laboratories PFE (Pty) Ltd. 100% Common Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, South Africa ​ ​ ​ ​ Company name Effective % Ownership Security Registered address Pfizer PFE Colombia S.A.S 100% Common Carrera 7 No. 113 - 43 Piso 4, Colombia PT Haleon Indonesia Trading (formerly PT GSK Consumer Healthcare Indonesia) 100% Ordinary Pondok Indah Office Tower 5 Level 12, Suite 1201, Jalan Sultan Iskandar Muda Kav. V-TA, Pondok Pinang, Jakarta Selatan 12310, Indonesia PT. Bina Dentalindo (In Liquidation) 100% Ordinary Gedung Graha Ganesha Lantai 3, Jl Raya Bekasi Km 17, No5, Jakarta Timur 13930, Indonesia SmithKline Beecham S.A. 100% Ordinary Ctra de Ajalvir Km 2.500, Alcala de Henares, 28806, Madrid, Spain Stafford-Miller (Ireland) Limited 2 100% Ordinary Clocherane, Youghal Road, Dungarvan, Co. Waterford, Ireland Stafford-Miller Limited (In Liquidation) 100% Ordinary 55 Baker Street, London, W1U 7EU, United Kingdom Sterling Drug (Malaya) Sdn Berhad 100% Ordinary Lot 89, Jalan Enggang, Ampang / Hulu Kelang Industrial Estate, Selangor Darul Ehsan, 68000 Ampang, Malaysia Sterling Products International, Incorporated 100% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Stiefel Consumer Healthcare (UK) Limited 100% Ordinary Building 5, First Floor, The Heights, Weybridge, Surrey, KT13 0NY, United Kingdom Stiefel Laboratories (Ireland) Limited (In Liquidation) 100% Ordinary Finisklin Business Park, County Sligo, Ireland Treerly Health Co., Ltd 100% Registered Capital Unit 01A, Room 3901, No 16. East Zhujiang Road, Tianhe District, Guangzhou City, the PRC, China Wyeth Pharmaceutical Co. Ltd 2 100% Partnership Interest 4 Baodai West Road, Suzhou, Jiangsu Province, 215128, China Wyeth Pharmaceuticals Company 100% Partnership Interests Corporation Service Company Puerto Rico Inc.c/o RVM Professional Services, LLC, A4 Reparto Mendoza, Humacao, 00791, Puerto Rico ​ Subsidiaries where the effective interest is less than 100% ​ Company Name Effective % Ownership Security Registered Address Beecham Enterprises Inc 88.0% Common Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GlaxoSmithKline Consumer Healthcare, L.P. 2 88.0% Partnership Interests Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States GSK-Gebro Consumer Healthcare GmbH 50.0% Ordinary Bahnhofbichl 13, 6391 Fieberbrunn, Kitzbühel, Austria Haleon Pakistan Limited (formerly GlaxoSmithKline Consumer Healthcare Pakistan Limited) 3 85.8% Ordinary 11-A, 11th Floor, Sky Tower (East Wing), Dolmen City, HC-3, Block 4, Scheme-5, Clifton, Karachi, Sindh 75600, Pakistan Pfizer Biotech Corporation 2 55.0% Ordinary 24F, No. 66, Sec 1, Zhong Xiao W. Rd, Taipei 100, Taiwan Sino-American Tianjin Smith Kline & French Laboratories Ltd 2 55.0% Ordinary Cheng Lin Zhuang Industrial Zone, Dong Li District, Tianjin, 300163, China SmithKline Beecham (Private) Limited 99.7% Ordinary World Trade Center, Level 34, West Tower, Echelon Square, Colombo 1, Sri Lanka ​ ​ The following UK subsidiaries will take advantage of the audit exemption set out in the Companies Act 2006 for the year ended 31 December 2022. Unless otherwise stated, the undertakings listed below are owned, either directly or indirectly, by the Company. ​ Name Company GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited 9400298 GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited 00753340 GSK New Zealand Holding Company Limited 12342879 GSK Consumer Healthcare Holdings (No. 4) Limited 13401336 GSK Consumer Healthcare Holdings (No. 6) Limited 13401308 GSK Consumer Healthcare Holdings (No. 8) Limited 13434151 GSK Consumer Healthcare Holdings (No. 5) Limited 13401372 ​ 1 Directly held by Haleon plc. 2 Principal subsidiary of the Group as at 31 December 2022. 3 The Company changed its name during the period between demerger date and 1 March 2023. The former name of the Company is included in brackets. The Group has a programme of action to rename and harmonise all legal entity names to reflect the Haleon brand.

General information (Details)

General information (Details) £ / shares in Units, £ in Millions, $ in Billions	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Dec. 31, 2022 GBP (£) £ / shares	Dec. 31, 2022 USD ($)	Aug. 03, 2022 £ / shares	Aug. 02, 2022 £ / shares	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)	Dec. 31, 2019 GBP (£)
Disclosure of information about consolidated structured entities [line items]
Nominal value per share | £ / shares			£ 0.01		£ 0.01	£ 1.25
Number of major product categories			5
Cash and cash equivalents net of bank overdrafts			£ 611				£ 406	£ 323	£ 329
September 2023
Disclosure of information about consolidated structured entities [line items]
Undrawn credit facilities | $				$ 1.4
September 2025
Disclosure of information about consolidated structured entities [line items]
Undrawn credit facilities			£ 1,000
GSK Group | CHHL2
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in subsidiary		68%
Pfizer Group | Haleon plc
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in associate	32%
Pfizer Group | CHHL2
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in associate		32%
GSK Plc | Haleon plc
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in subsidiary	55%
Haleon plc | GSK Group
Disclosure of information about consolidated structured entities [line items]
Proportion of ownership interest in other entity	13%

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2022 ¥ / £ SFr / £ $ / £ € / £	Dec. 31, 2021 ¥ / £ SFr / £ € / £ $ / £	Dec. 31, 2020 ¥ / £ SFr / £ € / £ $ / £
USD
Disclosure of Accounting Policies [Line Items]
Average rates | $ / £	1.24	1.38	1.29
Year end rates | $ / £	1.20	1.35	1.36
Euro
Disclosure of Accounting Policies [Line Items]
Average rates | € / £	1.17	1.16	1.13
Year end rates | € / £	1.13	1.19	1.11
Swiss franc
Disclosure of Accounting Policies [Line Items]
Average rates | SFr / £	1.18	1.25	1.21
Year end rates | SFr / £	1.11	1.23	1.20
CNY
Disclosure of Accounting Policies [Line Items]
Average rates | ¥ / £	8.31	8.86	8.91
Year end rates | ¥ / £	8.31	8.56	8.93

Critical accounting judgement_2

Critical accounting judgements and key sources of estimation uncertainty (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Critical Accounting Judgements and Key Sources of Estimation Uncertainty [Abstract]
Provision recognised for uncertain tax positions	£ 159	£ 150	£ 124

Revenue and segment informati_3

Revenue and segment information - Analysis of revenue and adjusted operating profit by geographical segment (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£) segment	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Disclosure of operating segments [line items]
Number of reportable segments | segment	3
Revenue	£ 10,858	£ 9,545	£ 9,892
Group operating profit	1,825	1,638	1,598
Reconciling items between Group operating profit and Group Adjusted operating profit	647	534	476
Adjusted operating profit	2,472	2,172	2,074
Net finance costs	(207)	(2)	(7)
Profit before tax	1,618	1,636	1,591
Net amortisation and impairment of intangible assets excluding computer software and impairment (reversal of impairment) of goodwill	172	16	97
Restructuring costs	41	195	411
Transaction related costs	8	0	91
Separation and admission costs	411	278	66
Gains (losses) on disposals of assets and businesses, tax indemnities related to business combinations and other items including litigation	15	45	(189)
North America
Disclosure of operating segments [line items]
Revenue	4,116	3,525	3,779
Adjusted operating profit	1,070	828	897
EMEA and LatAm
Disclosure of operating segments [line items]
Revenue	4,270	3,877	4,059
Adjusted operating profit	977	960	857
APAC
Disclosure of operating segments [line items]
Revenue	2,472	2,143	2,054
Adjusted operating profit	(506)	(461)	(377)
Corporate and other unallocated
Disclosure of operating segments [line items]
Adjusted operating profit	£ (81)	£ (77)	£ (57)

Revenue and segment informati_4

Revenue and segment information - Analysis of revenue by product (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of products and services [line items]
Revenue	£ 10,858	£ 9,545	£ 9,892
Oral Health
Disclosure of products and services [line items]
Revenue	2,957	2,724	2,745
Vitamins, Minerals and Supplements
Disclosure of products and services [line items]
Revenue	1,675	1,501	1,494
Pain Relief
Disclosure of products and services [line items]
Revenue	2,551	2,237	2,192
Respiratory Health
Disclosure of products and services [line items]
Revenue	1,579	1,132	1,298
Digestive Health and Other
Disclosure of products and services [line items]
Revenue	£ 2,096	£ 1,951	£ 2,163

Revenue and segment informati_5

Revenue and segment information - Revenue by location of customers (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Revenue	£ 10,858	£ 9,545	£ 9,892
UK
Disclosure of operating segments [line items]
Revenue	348	327	374
US
Disclosure of operating segments [line items]
Revenue	3,692	3,187	3,414
China
Disclosure of operating segments [line items]
Revenue	907	801	700
Rest of World
Disclosure of operating segments [line items]
Revenue	£ 5,911	£ 5,230	£ 5,404

Revenue and segment informati_6

Revenue and segment information - Impairment charges and reversals by geographical segment (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Impairment charges	£ 143	£ 37	£ 90
Impairment reversal		48	21
North America
Disclosure of operating segments [line items]
Impairment charges	2	5	6
EMEA and LatAm
Disclosure of operating segments [line items]
Impairment charges	7	5	10
APAC
Disclosure of operating segments [line items]
Impairment charges	1	2	6
Other reconciling items
Disclosure of operating segments [line items]
Impairment charges	£ 133	25	68
Impairment reversal		£ 48	£ 21

Revenue and segment informati_7

Revenue and segment information - Non-current assets by location of subsidiary (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Non-current assets	£ 30,467	£ 28,865	£ 28,830
UK
Disclosure of operating segments [line items]
Non-current assets	440	430	410
US & Puerto Rico
Disclosure of operating segments [line items]
Non-current assets	8,519	7,884	7,827
Rest of World
Disclosure of operating segments [line items]
Non-current assets	£ 21,508	£ 20,551	£ 20,593

Other operating income (Details

Other operating income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Other Operating (Expense)/Income
Gains (losses) on disposal of intangible assets and businesses		£ 31	£ 212
Polocard
Disclosure of Other Operating (Expense)/Income
Gains (losses) on disposal of intangible assets and businesses	£ 24

Operating profit - Items includ

Operating profit - Items included in operating profit (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating profit
Advertising and promotion	£ 2,026	£ 1,941	£ 2,013
Distribution costs	237	209	226
Separation and admission costs	411	278	66
Restructuring costs	£ 41	£ 195	£ 411

Operating profit - Breakdown of

Operating profit - Breakdown of the restructuring costs by function (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Items have been included in operating profit
Cash	£ 39	£ 175	£ 336
Non-cash	2	20	75
Restructuring costs	41	195	411
Cost of sales
Items have been included in operating profit
Restructuring costs	19	44	89
Selling, general and administration, and other operating expenses
Items have been included in operating profit
Restructuring costs	25	150	314
Research and development
Items have been included in operating profit
Restructuring costs		£ 1	£ 8
Restructuring costs, reversals	£ (3)

Operating profit - Auditor's fe

Operating profit - Auditor's fees payable included in operating profit (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deloitte LLP
Disclosure Of Auditors' Remuneration [Line Items]
Audit and audit-related services	£ 15	£ 11	£ 11
Other assurance services	6	2
Total audit fees	21	13	11
Audit and audit-related services incurred for separation from GSK Group	0	0.9	0
Other assurance services incurred for separation from GSK Group	3	2.4	0
KPMG LLP
Disclosure Of Auditors' Remuneration [Line Items]
Audit and audit-related services	14
Other assurance services	3
Total audit fees	17
Permissible tax compliance and advisory services	2.5
Other audit-related services	0.3
Other services	0.2
Parent company and consolidated financial statements | Deloitte LLP
Disclosure Of Auditors' Remuneration [Line Items]
Audit and audit-related services	10	5	5
Parent company and consolidated financial statements | KPMG LLP
Disclosure Of Auditors' Remuneration [Line Items]
Audit and audit-related services	14
Company's subsidiaries | Deloitte LLP
Disclosure Of Auditors' Remuneration [Line Items]
Audit and audit-related services	£ 5	£ 6	£ 6

Employees and remuneration of_3

Employees and remuneration of key management personnel - Average number of employees (Details) - employee employee in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Average number of employees by individual geographical segment
Average number of employees	21	23	22
North America
Average number of employees by individual geographical segment
Average number of employees	5	6	5
EMEA and LatAm
Average number of employees by individual geographical segment
Average number of employees	10	12	11
APAC
Average number of employees by individual geographical segment
Average number of employees	6	5	6

Employees and remuneration of_4

Employees and remuneration of key management personnel - Group's total employment costs (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employees and remuneration of key management personnel
Wages and salaries	£ 1,534	£ 1,287	£ 1,362
Social security costs	163	147	151
Pension and other post-employment costs	52	30	30
Share-based incentive plans	78	59	63
Severance costs from integration and restructuring activities	8	95	77
Total employment costs	£ 1,835	£ 1,618	£ 1,683

Employees and remuneration of_5

Employees and remuneration of key management personnel - Remuneration of key management personnel (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employees and remuneration of key management personnel
Wages and salaries	£ 18	£ 12	£ 14
Social security costs	1	1	1
Pension and other post-employment costs	1	2	1
Share-based incentive plans	9	7	8
Total employment costs	£ 29	£ 22	£ 24

Employees and remuneration of_6

Employees and remuneration of key management personnel - Narratives (Details) £ in Millions	12 Months Ended
	Dec. 31, 2021 GBP (£) director	Dec. 31, 2020 GBP (£) director
Employees and remuneration of key management personnel
Number of GSK Group nominated directors responsible to manage Consumer Healthcare business and also undertake a variety of work relating to the wider GSK Group | director	2	3
Directors remuneration in respect of their services to the Company | £	£ 0	£ 0

Net finance costs (Details)

Net finance costs (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income on financial assets at amortised cost:
Other receivables	£ 38	£ 10	£ 12
Cash and cash equivalents	18	3	2
Financial assets measured at fair value through profit or loss	(5)	4	4
Net gains and losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss	208	(35)	(27)
Retranslation of loans and bonds	(208)	35	29
Total	51	17	20
Interest expense arising on:
Financial liabilities at amortised cost	(274)	(7)	(8)
Derivatives at fair value through profit or loss	6	(5)	(7)
Reclassification of hedges from other comprehensive income	18
Finance expense arising on lease liabilities	(4)	(4)	(7)
Other finance expense	(4)	(3)	(5)
Total	£ (258)	£ (19)	£ (27)

Taxation - Major components of

Taxation - Major components of income tax expense (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxation
Provision recognised for uncertain tax positions	£ 159	£ 150	£ 124
Current year charge	412	361	540
Charge in respect of prior periods	25	(50)	11
Total current taxation	437	311	551
Total deferred taxation	62	(114)	(141)
Income tax expense	£ 499	£ 197	£ 410

Taxation - Reconciliation of th

Taxation - Reconciliation of the taxation rate (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxation
Profit before tax	£ 1,618	£ 1,636	£ 1,591
UK statutory rate of taxation of 19%	307	311	302
Differences in overseas taxation rates	72	105	124
Benefit of substance-based tax rulings	(15)	(18)	(70)
R&D tax credits	(3)	(2)	(2)
Tax losses not recognised	1	3	8
Permanent differences on disposals, acquisitions and transfers		(164)	(20)
Items non-deductible/taxable for tax purposes	56	3	25
Re-assessment of prior year estimates	5	(70)	19
Changes in tax rates	76	29	24
Total tax charge	£ 499	£ 197	£ 410
Standard rate of corporation tax	19%	19%	19%

Taxation - Schedule of deferred

Taxation - Schedule of deferred tax (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Taxation
Deferred tax assets	£ 220	£ 312
Deferred tax liabilities	(3,601)	(3,357)
Deferred tax assets and liabilities	£ (3,381)	£ (3,045)	£ (3,122)

Taxation - Movement in deferred

Taxation - Movement in deferred tax assets and liabilities (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	£ (3,045)	£ (3,122)
Exchange adjustments	(206)	(23)
(Charge)/credit to income statement	(62)	114
Charge to statement of comprehensive income	(68)	(14)
Ending balance	(3,381)	(3,045)
Accelerated capital allowances
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(66)	(45)
Exchange adjustments	(6)	(6)
(Charge)/credit to income statement	(18)	(15)
Ending balance	(90)	(66)
Intangibles
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	(3,438)	(3,451)
Exchange adjustments	(233)	(18)
(Charge)/credit to income statement	(78)	31
Reclassification and other movements	108
Ending balance	(3,641)	(3,438)
Pensions & other post-employment benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	50	82
Exchange adjustments	3	(8)
(Charge)/credit to income statement	1	(12)
Charge to statement of comprehensive income	(24)	(12)
Ending balance	30	50
Tax losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	9	26
Exchange adjustments	1
(Charge)/credit to income statement	4	(17)
Ending balance	14	9
Other net temporary differences
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	400	266
Exchange adjustments	29	9
(Charge)/credit to income statement	29	127
Charge to statement of comprehensive income	(44)	(2)
Reclassification and other movements	(108)
Ending balance	306	400
Intra-Group profits arising on inter-company inventory which are eliminated within the consolidated accounts
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	117
Ending balance	£ 135	£ 117

Taxation - Narrative (Details)

Taxation - Narrative (Details) - GBP (£) £ in Millions		12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Standard rate of corporation tax		19%	19%	19%
Previously legislated tax rate that was subsequently repealed				17%
Income tax debited (credited) to other comprehensive income		£ 73	£ 14	£ (13)
Income tax debited (credited) to other comprehensive income		68	14
Current income tax debited (credited) to other comprehensive income		5	0	0
Deferred income tax debited (credited) to other comprehensive income		68	14	£ (13)
Deferred tax liabilities		3,601	3,357
Temporary differences arising on unremitted profits where management can control future reversal		385	147
Deferred tax assets		220	312
Forecast
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Standard rate of corporation tax	25%
Unused trading tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences for which no deferred tax asset is recognised		266	408
Deferred tax assets		14	9
Unused trading tax losses | UNITED STATES
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences for which no deferred tax asset is recognised		£ 178	314
Period over which tax losses expire at various dates		18 years
Taxation that would arise on the future distribution of profits by certain overseas subsidiaries
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities		£ 40	£ 38
Minimum | Unused trading tax losses | UNITED STATES
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Expiration period, tax losses		15 years
Maximum | Unused trading tax losses | UNITED STATES
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Expiration period, tax losses		20 years

Dividends (Details)

Dividends (Details) - GBP (£) £ / shares in Units, £ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total dividends paid		£ 11,930	£ 1,148	£ 2,371
Per share		£ 11,930	£ 1,148	£ 2,371
CHHL2
Dividends paid through offset against loans to shareholders	£ 9,211
Dividends paid through offset against interest owed from shareholders	£ 37

Earnings per share - Narratives

Earnings per share - Narratives (Details) - shares	12 Months Ended			24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Earnings per share [abstract]
Basic weighted average number of shares	9,235,000,000	9,234,573,831	9,234,573,831
Dilutive shares	4,000,000			0

Earnings per share - Summary of

Earnings per share - Summary of weighted average number of shares (Details) - GBP (£) £ / shares in Units, £ in Millions		12 Months Ended			24 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Earnings per share [abstract]
Profit after tax attributable to equity shareholders		£ 1,060	£ 1,390	£ 1,145
Basic weighted average number of shares		9,235,000,000	9,234,573,831	9,234,573,831
Effect of dilutive potential shares		4,000,000			0
Diluted weighted average number of shares		9,239,000,000	9,235,000,000	9,235,000,000
Basic earnings per share	[1]	£ 0.115	£ 0.151	£ 0.124
Diluted earnings per share	[1]	£ 0.115	£ 0.151	£ 0.124
[1] Earnings per share calculation for the years ended 31 December 2021 and 31 December 2020 have been adjusted retrospectively as required by IAS 33 ‘Earnings per share’ due to the increase in the number of ordinary shares outstanding as a result of the demerger activities that took place in July 2022. Diluted earnings per share for the year ended 31 December 2022 has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potential dilutive shares. There were no dilutive equity instruments for the years ended 31 December 2021 and 31 December 2020.

Property, plant and equipment -

Property, plant and equipment - Useful life of assets (Details)	12 Months Ended
	Dec. 31, 2022
Maximum | Freehold buildings
Property, plant and equipment
Useful life of assets	50 years
Maximum | Leasehold land and buildings
Property, plant and equipment
Useful life of assets	50 years
Maximum | Plant and machinery
Property, plant and equipment
Useful life of assets	20 years
Maximum | Equipment and vehicles
Property, plant and equipment
Useful life of assets	10 years
Minimum | Freehold buildings
Property, plant and equipment
Useful life of assets	20 years
Minimum | Leasehold land and buildings
Property, plant and equipment
Useful life of assets	20 years
Minimum | Plant and machinery
Property, plant and equipment
Useful life of assets	10 years
Minimum | Equipment and vehicles
Property, plant and equipment
Useful life of assets	3 years

Property, plant and equipment_2

Property, plant and equipment (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	£ 1,563
Ending balance	1,757	£ 1,563
Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	637
Ending balance	614	637
Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	631
Ending balance	758	631
Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	295
Ending balance	385	295
Assets under construction | Computer software
Disclosure of detailed information about property, plant and equipment [line items]
Reclassifications	(54)	0	£ (8)
Cost of sales
Disclosure of detailed information about property, plant and equipment [line items]
Impairment losses	0	2	11
Reversal of impairments	0	12
Selling, general and administration expenses
Disclosure of detailed information about property, plant and equipment [line items]
Impairment losses	8	15	8
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,705	2,678
Exchange adjustments	165	(15)
Additions	305	229
Disposals and write-offs	143	179
Reclassifications	(61)
Transfer to assets held for sale		(8)
Ending balance	2,971	2,705	2,678
Cost | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	920	910
Exchange adjustments	59	15
Additions	4	1
Disposals and write-offs	13	40
Reclassifications	(40)	34
Ending balance	930	920	910
Cost | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,486	1,490
Exchange adjustments	86	(27)
Additions	9	13
Disposals and write-offs	130	132
Reclassifications	201	150
Transfer to assets held for sale		(8)
Ending balance	1,652	1,486	1,490
Cost | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	299	278
Exchange adjustments	20	(3)
Additions	292	215
Disposals and write-offs		7
Reclassifications	(222)	(184)
Ending balance	389	299	278
Depreciation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,142)
Ending balance	(1,214)	(1,142)
Depreciation and impairment | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(283)
Ending balance	(316)	(283)
Depreciation and impairment | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(855)
Ending balance	(894)	(855)
Depreciation and impairment | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(4)
Ending balance	(4)	(4)
Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(1,110)	(1,136)
Exchange adjustments	(68)	17
Disposals and write-offs	(119)	(142)
Transfer to assets held for sale		6
Charge for the year	(142)	(139)
Ending balance	(1,201)	(1,110)	(1,136)
Depreciation | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(277)	(273)
Exchange adjustments	(16)
Disposals and write-offs	(9)	(28)
Charge for the year	(29)	(32)
Ending balance	(313)	(277)	(273)
Depreciation | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(833)	(863)
Exchange adjustments	(52)	17
Disposals and write-offs	(110)	(114)
Transfer to assets held for sale		6
Charge for the year	(113)	(107)
Ending balance	(888)	(833)	(863)
Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(32)	(56)
Exchange adjustments	(4)	(2)
Disposals and write-offs	(24)	(31)
Reclassifications	7
Impairment losses	8	17
Reversal of impairments		12
Ending balance	(13)	(32)	(56)
Impairment | Land and buildings
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(6)	(6)
Exchange adjustments	(1)	(2)
Disposals and write-offs	(4)	(8)
Impairment losses		6
Ending balance	(3)	(6)	(6)
Impairment | Plant, equipment and vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(22)	(46)
Exchange adjustments	(3)
Disposals and write-offs	(20)	(20)
Reclassifications	7
Impairment losses	8	8
Reversal of impairments		12
Ending balance	(6)	(22)	(46)
Impairment | Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(4)	(4)
Disposals and write-offs		(3)
Impairment losses		3
Ending balance	£ (4)	£ (4)	£ (4)

Right of use assets (Details)

Right of use assets (Details) - GBP (£)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Threshold fair value of right of use assets accounted for as leases of low value and expensed	£ 10,000
Net book value, Beginning balance	99,000,000	£ 116,000,000
Exchange adjustments	9,000,000
Additions	72,000,000	37,000,000
Depreciation	(38,000,000)	(35,000,000)
Disposals and write-offs		(19,000,000)
Net book value, Ending balance	142,000,000	99,000,000	£ 116,000,000
Total cash outflow for leases	45,000,000	38,000,000	44,000,000
Commitments for leases not yet commenced at end of reporting period	30,000,000	1,000,000
Land and buildings
Disclosure of quantitative information about right-of-use assets [line items]
Net book value, Beginning balance	88,000,000	97,000,000
Exchange adjustments	8,000,000	1,000,000
Additions	62,000,000	27,000,000
Depreciation	(30,000,000)	(27,000,000)
Disposals and write-offs		(10,000,000)
Net book value, Ending balance	128,000,000	88,000,000	97,000,000
Plant and equipment
Disclosure of quantitative information about right-of-use assets [line items]
Net book value, Beginning balance	1,000,000	5,000,000
Additions		4,000,000
Depreciation	(1,000,000)
Disposals and write-offs		(8,000,000)
Net book value, Ending balance		1,000,000	5,000,000
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Net book value, Beginning balance	10,000,000	14,000,000
Exchange adjustments	1,000,000	(1,000,000)
Additions	10,000,000	6,000,000
Depreciation	(7,000,000)	(8,000,000)
Disposals and write-offs		(1,000,000)
Net book value, Ending balance	£ 14,000,000	£ 10,000,000	£ 14,000,000

Intangible assets - Narratives

Intangible assets - Narratives (Details)	12 Months Ended
	Dec. 31, 2022
Brands | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	20 years
Licenses, patents, know-how and marketing rights | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	20 years
ERP systems software | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	10 years
ERP systems software | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	7 years
Other computer software | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	5 years
Other computer software | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives	3 years

Intangible assets - Reconciliat

Intangible assets - Reconciliation (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	£ 27,195
Intangible assets and goodwill, end of period	28,436	£ 27,195
Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	27,740	27,718
Exchange adjustments	1,251	41
Additions	202	73
Disposals and write-offs	151	43
Reclassification	54
Transfer to assets held for sale	6	49
Intangible assets and goodwill, end of period	29,090	27,740
Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(545)
Intangible assets and goodwill, end of period	(654)	(545)
Amortisation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(416)	(328)
Exchange adjustments	(15)	1
Charge for the period	107	94
Disposals and write-offs	(28)	(3)
Transfer to assets held for sale		(2)
Intangible assets and goodwill, end of period	(510)	(416)
Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(129)	(172)
Exchange adjustments	(3)
Disposals and write-offs	(123)
Impairment losses	135	20
Reversal of impairment losses		36
Transfer to assets held for sale		(27)
Intangible assets and goodwill, end of period	(144)	(129)
Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	8,246
Intangible assets and goodwill, end of period	8,396	8,246
Goodwill | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	8,246	8,265
Exchange adjustments	150	(19)
Intangible assets and goodwill, end of period	8,396	8,246
Indefinite life brands
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	18,203
Additions	174
Intangible assets and goodwill, end of period	19,333	18,203
Indefinite life brands | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	18,325	18,312
Exchange adjustments	1,090	65
Additions	178
Disposals and write-offs	122
Reclassification		(9)
Transfer to assets held for sale	6	43
Intangible assets and goodwill, end of period	19,465	18,325
Indefinite life brands | Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(122)
Intangible assets and goodwill, end of period	(132)	(122)
Indefinite life brands | Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(122)	(158)
Exchange adjustments	(3)
Disposals and write-offs	(122)
Impairment losses	129
Reversal of impairment losses		36
Intangible assets and goodwill, end of period	(132)	(122)
Amortised brands, licences and patents
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	500
Intangible assets and goodwill, end of period	445	500
Amortised brands, licences and patents | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	697	712
Exchange adjustments	(3)	(2)
Additions	3	7
Disposals and write-offs	23	23
Reclassification		9
Transfer to assets held for sale		6
Intangible assets and goodwill, end of period	674	697
Amortised brands, licences and patents | Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(197)
Intangible assets and goodwill, end of period	(229)	(197)
Amortised brands, licences and patents | Amortisation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(197)	(160)
Exchange adjustments	(12)	1
Charge for the period	43	40
Disposals and write-offs	(23)
Transfer to assets held for sale		(2)
Intangible assets and goodwill, end of period	(229)	(197)
Amortised brands, licences and patents | Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period		(11)
Impairment losses		12
Transfer to assets held for sale		(23)
Computer software
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	246
Intangible assets and goodwill, end of period	262	246
Computer software | Internally generated [member]
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	130
Intangible assets and goodwill, end of period	133	130
Computer software | Cost
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	472	429
Exchange adjustments	14	(3)
Additions	21	66
Disposals and write-offs	6	20
Reclassification	54
Intangible assets and goodwill, end of period	555	472
Computer software | Amortisation and impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(226)
Intangible assets and goodwill, end of period	(293)	(226)
Computer software | Amortisation
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(219)	(168)
Exchange adjustments	(3)
Charge for the period	64	54
Disposals and write-offs	(5)	(3)
Intangible assets and goodwill, end of period	(281)	(219)
Computer software | Impairment
Reconciliation of changes in intangible assets and goodwill [abstract]
Intangible assets and goodwill, beginning of period	(7)	(3)
Disposals and write-offs	(1)
Impairment losses	6	8
Transfer to assets held for sale		(4)
Intangible assets and goodwill, end of period	£ (12)	£ (7)

Intangible assets - Impairment

Intangible assets - Impairment (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2015
Disclosure of information for cash-generating units
Goodwill	£ 8,396	£ 8,246
APAC
Disclosure of information for cash-generating units
Goodwill	£ 2,164	£ 2,127
Terminal growth rate	3.30%	4.50%
Discount rate (pre tax)	9.30%	7.50%
EMEA and LatAm
Disclosure of information for cash-generating units
Goodwill	£ 2,955	£ 2,902
Terminal growth rate	3.30%	3.50%
Discount rate (pre tax)	11.90%	8.80%
North America
Disclosure of information for cash-generating units
Goodwill	£ 3,277	£ 3,217
Terminal growth rate	2.40%	2.50%
Discount rate (pre tax)	8%	7%
Novartis
Disclosure of information for cash-generating units
Goodwill recognised in business combination				£ 2,600
Pfizer
Disclosure of information for cash-generating units
Goodwill recognised in business combination			£ 5,600

Intangible assets - Indefinite

Intangible assets - Indefinite life brands and other amortized brands (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Impairment charges	£ 143	£ 37	£ 90
Indefinite life brands
Disclosure of detailed information about intangible assets [line items]
Period Of Specific Projected Cash Flows	10 years
Maximum | Russia and Ukraine
Disclosure of detailed information about intangible assets [line items]
Percentage of entity's revenue	3%
Major Brands
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	£ 19,333	£ 18,203
Discount rate	7%	6%	6%
Major Brands | Maximum
Disclosure of detailed information about intangible assets [line items]
Terminal growth rate		3%	3%
Major Brands | Minimum
Disclosure of detailed information about intangible assets [line items]
Terminal growth rate		0%	(3.00%)
Advil
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	£ 3,707	£ 3,362
Voltaren
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	2,725	2,725
Centrum
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	1,943	1,828
Caltrate
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	1,811	1,731
Otrivin
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	1,385	1,385
Preparation H
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	£ 1,164	£ 1,152
Discount rate	6.75%	6%
Headroom as percentage of carrying amount		4%
Impairment losses	£ 111
Preparation H | Discount rate
Disclosure of detailed information about intangible assets [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount		0.001
Preparation H | Long-term growth rate
Disclosure of detailed information about intangible assets [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount		(0.002)
Preparation H | Discount rate 0.25 percent higher and growth rate 0.25 percent lower than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental impairment in scenario	£ 75
Preparation H | Discount rate 0.25 percent higher than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental discount rate in scenario	0.25%
Preparation H | Growth rate 0.25 percent lower than management's estimates
Disclosure of detailed information about intangible assets [line items]
Incremental growth rate in scenario	(0.25%)
Robitussin
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	£ 1,239	£ 1,126
Discount rate	6.75%
Headroom as percentage of carrying amount	15%	15%
Robitussin | Discount rate
Disclosure of detailed information about intangible assets [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	0.006	0.005
Robitussin | Long-term growth rate
Disclosure of detailed information about intangible assets [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount		(0.007)
Nexium
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	£ 743	£ 670
Fenistil
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	598	598
ChapStick
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	575	521
Emergen-C
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	490	439
Theraflu
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	452	436
Panadol
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	395	395
Sensodyne
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	291	270
Nicotinell
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	246	246
Excedrin
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	196	177
Vitasprint
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	120	117
Biotene
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	130	121
Polident
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	134	114
Corega
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	118	102
Other brands
Disclosure of detailed information about intangible assets [line items]
Net book value of major brands	871	£ 688
Solpadeine
Disclosure of detailed information about intangible assets [line items]
Impairment losses	£ 18

Intangible assets - Income stat

Intangible assets - Income statement location of Amortization and Net Impairment (Details) - Brands - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Assets (liabilities) held for sale	£ 0
Charge for the period	107	£ 94
Net impairment losses/(reversals)	135	(16)
Cost of sales
Disclosure of detailed information about intangible assets [line items]
Charge for the period	61	57
Net impairment losses/(reversals)	129	(32)
Selling, general and administration expenses
Disclosure of detailed information about intangible assets [line items]
Charge for the period	46	37
Net impairment losses/(reversals)	£ 6	8
Research and development
Disclosure of detailed information about intangible assets [line items]
Net impairment losses/(reversals)		£ 8

Inventories - Composition of in

Inventories - Composition of inventory balances (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories
Raw materials and consumables	£ 310	£ 233
Work in progress	35	47
Finished goods	1,003	671
Total	£ 1,348	£ 951

Inventories (Details)

Inventories (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories
Cost of inventories recognized as an expense	£ 3,970	£ 3,462	£ 3,666
Inventory write-down	118	174	141
Reversals of prior year write-downs of inventories	£ 40	£ 63	£ 43

Trade and other receivables (De

Trade and other receivables (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Trade and other receivables.
Trade receivables, net of expected credit loss allowance, Current	£ 1,487	£ 1,318
Total trade receivables, net of expected credit loss allowance	1,487	1,318
Other prepayments and accrued income, Current	106	56
Total other prepayments and accrued income	106	56
Interest receivable, Current		1
Interest receivable		1
Employee loans and advances, Current	6	4
Total employee loans and advances	6	4
Other third-party receivables, Current	256	286
Other third-party receivables, Non-Current	107	8
Total other third-party receivables	363	294
Other receivables with GSK companies, Current	26	542
Other receivables with GSK companies, Non-Current	25
Total other receivables with GSK companies	51	542
Trade and other receivables, Current	1,881	2,207
Trade and other receivables, non-current	132	8
Total trade and other receivables	£ 2,013	£ 2,215

Trade and other receivables - C

Trade and other receivables - Credit Loss Allowance (Details) - Trade receivables - GBP (£) £ in Millions	12 Months Ended		24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Expected credit loss allowance, beginning of period	£ 53	£ 51	£ 51
Exchange adjustments	2	(1)
Charge for the year	14	33
Subsequent recoveries of amounts provided for	19	30
Utilised	(9)
Expected credit loss allowance, end of period	£ 41	£ 53	£ 41

Trade and other receivables -_2

Trade and other receivables - Credit Risk Exposure (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£) customer	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Trade and other receivables
Financial assets	£ 2,441	£ 3,894
Number of customers exceeding 10% of entity's revenue | customer	0
Trade receivables
Trade and other receivables
Credit loss allowance	£ 41	53	£ 51
Third party receivables and other receivable balances with GSK Group companies
Trade and other receivables
Financial assets	157	627
Credit loss allowance	0
Cost | Trade receivables
Trade and other receivables
Financial assets	1,528	1,371
Impairment | Trade receivables
Trade and other receivables
Financial assets	(41)	(53)
Current Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	1,386	1,255
Current Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(6)	(7)
0-30 days Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	58	46
0-30 days Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(1)	(1)
31-90 days Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	30	30
31-90 days Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(1)	(5)
91-180 days Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	15	16
91-180 days Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(2)	(16)
181 days - 1 year Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	12	7
181 days - 1 year Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	(4)	(7)
Greater than 1 year Past Due | Cost | Trade receivables
Trade and other receivables
Financial assets	27	17
Greater than 1 year Past Due | Impairment | Trade receivables
Trade and other receivables
Financial assets	£ (27)	£ (17)

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	£ 684	£ 414	£ 333
Restricted cash and cash equivalents	78	67
United Kingdom, Pounds
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	253	41
Taiwan, New Dollars
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	72	67
United States of America, Dollars
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	59	3
India, Rupees
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	49	25
Euro Member Countries, Euro
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	25	18
Other currencies
Disclosure of cash and cash equivalents [Line items]
Cash and cash equivalents	£ 226	£ 260

Trade and other payables (Detai

Trade and other payables (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Related party transactions
Trade payables	£ 1,835	£ 1,369
Customer return and rebate accruals	738	661
Other payables and accruals	558	434
Wages and salaries	290	237
Accrued interest on financial liabilities	104
Social security	39	45
VAT payables	34	35
Deferred income	23	11
Total	£ 3,621	3,002
Pfizer Group
Related party transactions
Other payables with Group companies		7
GSK Group
Related party transactions
Other payables with Group companies		£ 203

Borrowings - Composition (Detai

Borrowings - Composition (Details) € in Millions	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Jul. 31, 2022 GBP (£)	Jul. 31, 2022 USD ($)	Jul. 17, 2022	Dec. 31, 2021 GBP (£)
Borrowings
Current	£ (437,000,000)						£ (79,000,000)
Non-current	(10,003,000,000)						(87,000,000)
Total borrowings	(10,440,000,000)						(166,000,000)
Commercial paper
Borrowings
Current	(302,000,000)
Total borrowings	(302,000,000)
Commercial paper | Euro
Borrowings
Nominal value				£ 2,000,000,000
Commercial paper | USD
Borrowings
Nominal value | $					$ 10,000,000,000
Loan and overdrafts
Borrowings
Current	(91,000,000)						(49,000,000)
Total borrowings	(91,000,000)						(49,000,000)
Lease liabilities
Borrowings
Current	(44,000,000)						(30,000,000)
Non-current	(117,000,000)						(87,000,000)
Total borrowings	(161,000,000)						£ (117,000,000)
Non-voting preference shares
Borrowings
Non-current	(25,000,000)
Total borrowings	(25,000,000)
Interest rate						9.50%
Bonds
Borrowings
Non-current	(9,861,000,000)
Total borrowings	(9,861,000,000)
Sterling Eurobond 2028 | GBP
Borrowings
Total borrowings	(299,000,000)
Nominal value	£ 300,000,000
Interest rate	2.875%	2.875%	2.875%
Sterling Eurobond 2038 | GBP
Borrowings
Total borrowings	£ (398)
Nominal value	£ 400,000,000
Interest rate	3.375%	3.375%	3.375%
Euro Eurobond 2026 | Euro
Borrowings
Total borrowings	£ (694)
Nominal value | €		€ 850
Interest rate	1.25%	1.25%	1.25%
Euro Eurobond 2030 | Euro
Borrowings
Total borrowings	£ (663)
Nominal value | €		€ 750
Interest rate	1.75%	1.75%	1.75%
Eurobond Due 2034 | Euro
Borrowings
Total borrowings	£ (659)
Nominal value | €		€ 750
Interest rate	2.125%	2.125%	2.125%
USD callable bond due 2024 | SOFR | USD
Borrowings
Total borrowings | $			$ (249)
Nominal value | $			$ 300,000,000
Borrowings, adjustment to interest rate basis	0.89%	0.89%	0.89%
USD callable bond due 2024 | Fixed interest rate | USD
Borrowings
Total borrowings | $			$ (581)
Nominal value | $			$ 700,000,000
Interest rate	3.024%	3.024%	3.024%
USD Bond 2027 | USD
Borrowings
Total borrowings | $			$ (1,653)
Nominal value | $			$ 2,000,000,000
Interest rate	3.375%	3.375%	3.375%
USD Bond 2029 | USD
Borrowings
Total borrowings | $			$ (822)
Nominal value | $			$ 1,000,000,000
Interest rate	3.375%	3.375%	3.375%
USD Bond 2032 | USD
Borrowings
Total borrowings | $			$ (1,652)
Nominal value | $			$ 2,000,000,000
Interest rate	3.625%	3.625%	3.625%
USD Bond 2052 | USD
Borrowings
Total borrowings | $			$ (806)
Nominal value | $			$ 1,000,000,000
Interest rate	4%	4%	4%
USD Bond 2025 | USD
Borrowings
Total borrowings | $			$ (1,385)
Nominal value | $			$ 1,750,000,000
Interest rate	3.125%	3.125%	3.125%

Borrowings - Short term borrowi

Borrowings - Short term borrowings (Details) £ in Millions, $ in Billions	Dec. 31, 2022 GBP (£)	Jul. 31, 2022 GBP (£)	Jul. 31, 2022 USD ($)	Dec. 31, 2021 GBP (£)
Borrowings
Borrowings	£ 10,440			£ 166
Commercial paper
Borrowings
Borrowings	£ 302
Commercial paper | Euro
Borrowings
Nominal value		£ 2,000
Commercial paper | USD
Borrowings
Nominal value | $			$ 10
Commercial paper | Weighted Average
Borrowings
Interest rate	3.23%			0%
Short-term bank loans
Borrowings
Borrowings	£ 18			£ 41
Short-term bank loans | Weighted Average
Borrowings
Interest rate	6.70%			3.70%

Borrowings - Long term borrowin

Borrowings - Long term borrowings (Details) - GBP (£) £ / shares in Units, £ in Millions			12 Months Ended
	Jul. 17, 2022	Jul. 13, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 16, 2022
Borrowings
Non-current			£ 10,003	£ 87
Repayment of term loan			1,518		£ 10
Euro Medium Term Note Programme | Euro
Borrowings
Nominal value						£ 10,000
Pre-Separation Programme Notes
Borrowings
Non-current			£ 9,861	£ 0
Average effective pre-swap interest rate			3.07%	0%
Pre-Separation Programme Notes | Later than five years
Borrowings
Non-current			£ 5,299	£ 0
Non-voting preference shares
Borrowings
Non-current			£ 25
Term	5 years
Interest rate	9.50%
Number of preference shares issued	25,000,000
Issue price per share	£ 1
Term loan
Borrowings
Term		3 years
Drew down term loan		£ 1,493

Borrowings - Committed credit f

Borrowings - Committed credit facilities (Details) £ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Disclosure of detailed information about borrowings [line items]
Borrowings		£ 10,440	£ 166
Revolving credit facilities
Disclosure of detailed information about borrowings [line items]
Borrowings		0
Credit facility maturing September 2025
Disclosure of detailed information about borrowings [line items]
Undrawn credit facilities		£ 1,000
Credit facility maturing September 2023
Disclosure of detailed information about borrowings [line items]
Undrawn credit facilities | $	$ 1,400

Borrowings - Lease liabilities

Borrowings - Lease liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Lease liability on leases with annual payments	£ (161)	£ (117)
Rental payments due within one year
Borrowings
Lease liability on leases with annual payments	(44)	(30)
Rental payments due between one and two years
Borrowings
Lease liability on leases with annual payments	(36)	(22)
Rental payments due between two and three years
Borrowings
Lease liability on leases with annual payments	(25)	(15)
Rental payments due between three and four years
Borrowings
Lease liability on leases with annual payments	(21)	(13)
Rental payments due between four and five years
Borrowings
Lease liability on leases with annual payments	(13)	(10)
Later than five years
Borrowings
Lease liability on leases with annual payments	£ (22)	£ (27)

Borrowings - Reconciliation of

Borrowings - Reconciliation of cash flow to movements in net debt (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Borrowings.
Net debt at beginning of the year	£ (246)	£ (128)
Net debt at end of the year	9,868	(246)	£ (128)
Interest paid	163	£ 15	£ 19
Accrued interest on financial liabilities	£ 104

Borrowings - Reconciliation o_2

Borrowings - Reconciliation of movement in financial liabilities to cash flow statement (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Net debt at beginning of the year	£ (246)	£ (128)
Cash flows	9,596	(117)
Foreign exchange	768
Fair value adjustments, interest and other movements	(250)	(1)
Net debt at end of the year	9,868	(246)
Total financial liabilities arising from financing activities
Borrowings
Net debt at beginning of the year	160	195
Cash flows	9,786	(30)
Foreign exchange	783	(4)
Fair value adjustments, interest and other movements	(250)	(1)
Net debt at end of the year	10,479	160
Long-term borrowings
Borrowings
Cash flows	9,209
Foreign exchange	772
Fair value adjustments, interest and other movements	(95)
Net debt at end of the year	9,886
Short-term borrowings
Borrowings
Net debt at beginning of the year	41	37
Cash flows	277	8
Foreign exchange		(4)
Fair value adjustments, interest and other movements	2
Net debt at end of the year	320	41
Lease liabilities
Borrowings
Net debt at beginning of the year	117	139
Cash flows	(45)	(38)
Foreign exchange	11
Fair value adjustments, interest and other movements	78	16
Net debt at end of the year	161	117
Derivative financial instruments
Borrowings
Net debt at beginning of the year	2	19
Cash flows	345
Fair value adjustments, interest and other movements	(235)	(17)
Net debt at end of the year	112	2
Cash and cash equivalents net of bank overdrafts
Borrowings
Net debt at beginning of the year	(406)	(323)
Cash flows	(190)	(87)
Foreign exchange	(15)	4
Net debt at end of the year	£ (611)	£ (406)

Pensions and other post-emplo_3

Pensions and other post-employment benefits - Narratives (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Pensions and other post-employment benefits
Actuarial valuation term		3 years
Pension expense		£ 25	£ 8	£ 4
Plan assets acquired in demerger, defined benefit plans		39
Plan liabilities assumed in demerger, defined benefit plans		£ 39
Independent schemes separated		2
Pension plan | Forecast
Pensions and other post-employment benefits
Employer contributions	£ 24
Post retirement obligations | Forecast
Pensions and other post-employment benefits
Employer contributions	£ 1
GSK Group
Pensions and other post-employment benefits
Independent schemes separated		1
Group
Pensions and other post-employment benefits
Independent schemes separated		1

Pensions and other post-emplo_4

Pensions and other post-employment benefits - Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pensions and other post-employment benefits
Actuarial assumption of retirement age	60 years
Germany
Pensions and other post-employment benefits
Rate of increase of future earnings	3%	3%
Discount rate	3.70%	1.10%
Expected pension increases	2.50%	2.10%
Inflation rate	2.50%	2.10%
Switzerland
Pensions and other post-employment benefits
Rate of increase of future earnings	2%	1.80%
Discount rate	2.20%	0.20%
Inflation rate	1.30%	1%
Ireland
Pensions and other post-employment benefits
Rate of increase of future earnings	2%	2%
Discount rate	3.60%	1.30%
Expected pension increases	3%	3%
Inflation rate	2.40%	2.10%
Rest of World
Pensions and other post-employment benefits
Discount rate	5.40%	2.70%
Inflation rate	2.50%	2.30%

Pensions and other post-emplo_5

Pensions and other post-employment benefits - Average life expectancy (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
GERMANY | Male
Pensions and other post-employment benefits
Average life expectancy	25 years 8 months 12 days	25 years 4 months 24 days
GERMANY | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	28 years 8 months 12 days	28 years 4 months 24 days
GERMANY | Female
Pensions and other post-employment benefits
Average life expectancy	29 years 4 months 24 days	29 years 2 months 12 days
GERMANY | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	31 years 8 months 12 days	31 years 6 months
Switzerland | Male
Pensions and other post-employment benefits
Average life expectancy	26 years 6 months	26 years 7 months 6 days
Switzerland | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	28 years 4 months 24 days	28 years 4 months 24 days
Switzerland | Female
Pensions and other post-employment benefits
Average life expectancy	28 years 4 months 24 days	28 years 6 months
Switzerland | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	30 years 1 month 6 days	30 years 2 months 12 days
Ireland | Male
Pensions and other post-employment benefits
Average life expectancy	26 years 9 months 18 days	26 years 8 months 12 days
Ireland | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	29 years 4 months 24 days	29 years 2 months 12 days
Ireland | Female
Pensions and other post-employment benefits
Average life expectancy	29 years 6 months	29 years 3 months 18 days
Ireland | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	31 years 8 months 12 days	31 years 6 months
Rest of World | Male
Pensions and other post-employment benefits
Average life expectancy	27 years 3 months 18 days	27 years 2 months 12 days
Rest of World | Male | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	28 years 9 months 18 days	28 years 8 months 12 days
Rest of World | Female
Pensions and other post-employment benefits
Average life expectancy	28 years 7 months 6 days	28 years 6 months
Rest of World | Female | Projected in 20 years
Pensions and other post-employment benefits
Average life expectancy	30 years 1 month 6 days	30 years

Pensions and other post-emplo_6

Pensions and other post-employment benefits - Pension Expense (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pensions and other post-employment benefits
Post-employment benefit expense	£ 52	£ 30	£ 30
Defined benefit schemes	27	22	26
Defined contribution pensions schemes	25	8	4
Germany
Pensions and other post-employment benefits
Post-employment benefit expense	5	4	3
Switzerland
Pensions and other post-employment benefits
Post-employment benefit expense	9	5	7
Ireland
Pensions and other post-employment benefits
Post-employment benefit expense	5	6	4
Rest of World
Pensions and other post-employment benefits
Post-employment benefit expense	24	5	7
Post-retirement healthcare schemes
Pensions and other post-employment benefits
Post-employment benefit expense	£ 9	£ 10	£ 9

Pensions and other post-emplo_7

Pensions and other post-employment benefits - Pension charge in income statement (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pensions and other post-employment benefits
Pension expense	£ 27	£ 22	£ 26
Cost of sales
Pensions and other post-employment benefits
Pension expense	21	20	23
Research and development
Pensions and other post-employment benefits
Pension expense	1
Selling, general and administration
Pensions and other post-employment benefits
Pension expense	5	2	3
Pension plan
Pensions and other post-employment benefits
Pension expense	18	12	17
Pension plan | Cost of sales
Pensions and other post-employment benefits
Pension expense	12	10	14
Pension plan | Research and development
Pensions and other post-employment benefits
Pension expense	1
Pension plan | Selling, general and administration
Pensions and other post-employment benefits
Pension expense	5	2	3
Post retirement obligations
Pensions and other post-employment benefits
Pension expense	9	10	9
Post retirement obligations | Cost of sales
Pensions and other post-employment benefits
Pension expense	£ 9	£ 10	£ 9

Pensions and other post-emplo_8

Pensions and other post-employment benefits - Pension amounts recorded in income statement and statement of comprehensive income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pensions and other post-employment benefits
Current service cost	£ 23	£ 26	£ 30
Past service cost/(credit)	1	(4)	(7)
Gain from settlement		(3)
Net interest cost	3	3	3
Total	27	22	26
Re-measurements recorded in the statement of comprehensive income	123	27	(13)
Pension plan
Pensions and other post-employment benefits
Current service cost	16	18	24
Past service cost/(credit)	1	(4)	(7)
Gain from settlement		(3)
Net interest cost	1	1
Total	18	12	17
Re-measurements recorded in the statement of comprehensive income	91	8	(5)
Post retirement obligations
Pensions and other post-employment benefits
Current service cost	7	8	6
Net interest cost	2	2	3
Total	9	10	9
Re-measurements recorded in the statement of comprehensive income	£ 32	£ 19	£ (8)

Pensions and other post-emplo_9

Pensions and other post-employment benefits - Fair values of defined benefit pension schemes (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair values of the assets and liabilities
Recognised on the balance sheet	£ (136)	£ (242)
Included in post-employment benefits assets	25	11
Included in post-employment benefits obligations	(161)	(253)
Pension defined benefit plans [member]
Fair values of the assets and liabilities
Listed equities	204	260
Property	70	52
Listed bonds	260	293
Insurance contracts	72	82
Other assets	22	19
Fair value of assets	594	680
Present value of scheme obligations	(646)	(822)
Recognised on the balance sheet	(52)	(142)
Included in post-employment benefits assets	25	11
Included in post-employment benefits obligations	(77)	(153)
Actual return/(loss) on plan assets	(125)	(2)
Pension defined benefit plans [member] | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	628	706
Pension defined benefit plans [member] | Effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	(34)	(26)
Pension defined benefit plans [member] | Germany
Fair values of the assets and liabilities
Listed equities	48	54
Listed bonds	49	55
Insurance contracts	26	27
Fair value of assets	123	136
Present value of scheme obligations	(185)	(246)
Recognised on the balance sheet	(62)	(110)
Included in post-employment benefits obligations	(62)	(110)
Actual return/(loss) on plan assets	(19)	15
Pension defined benefit plans [member] | Germany | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	123	136
Pension defined benefit plans [member] | Switzerland
Fair values of the assets and liabilities
Listed equities	81	98
Property	70	52
Listed bonds	80	89
Insurance contracts	46	55
Other assets	8	6
Fair value of assets	251	274
Present value of scheme obligations	(251)	(274)
Actual return/(loss) on plan assets	(36)	(14)
Pension defined benefit plans [member] | Switzerland | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	285	300
Pension defined benefit plans [member] | Switzerland | Effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	(34)	(26)
Pension defined benefit plans [member] | Ireland
Fair values of the assets and liabilities
Listed equities	69	102
Listed bonds	110	130
Other assets	2	1
Fair value of assets	181	233
Present value of scheme obligations	(163)	(254)
Recognised on the balance sheet	18	(21)
Included in post-employment benefits assets	18	11
Included in post-employment benefits obligations		(32)
Actual return/(loss) on plan assets	(67)	(4)
Pension defined benefit plans [member] | Ireland | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	181	233
Pension defined benefit plans [member] | Rest of World
Fair values of the assets and liabilities
Listed equities	6	6
Listed bonds	21	19
Other assets	12	12
Fair value of assets	39	37
Present value of scheme obligations	(47)	(48)
Recognised on the balance sheet	(8)	(11)
Included in post-employment benefits assets	7
Included in post-employment benefits obligations	(15)	(11)
Actual return/(loss) on plan assets	(3)	1
Pension defined benefit plans [member] | Rest of World | Plan assets before effect of asset ceiling
Fair values of the assets and liabilities
Fair value of assets	£ 39	£ 37

Pensions and other post-empl_10

Pensions and other post-employment benefits - Defined benefit pension obligation (Details) - Defined benefit pension plan - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Funded and Unfunded plans
Defined benefit pension obligation	£ (646)	£ (822)
Funded
Funded and Unfunded plans
Defined benefit pension obligation	(633)	(812)
Unfunded
Funded and Unfunded plans
Defined benefit pension obligation	£ (13)	£ (10)

Pensions and other post-empl_11

Pensions and other post-employment benefits - Movement in net defined benefit liability (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Funded and Unfunded plans
Balance at Beginning of period	£ 242
Balance at End of period	136	£ 242
Pension plan
Funded and Unfunded plans
Balance at Beginning of period	142
Balance at End of period	52	142
Pension plan
Funded and Unfunded plans
Balance at Beginning of period	142	182
Exchange adjustments	11	(14)
Service cost	(16)	(18)
Past service cost	1	(4)
Interest income/(cost)	1	1
Settlements and curtailments		3
Assets acquired/(liability assumed) from GSK		0
Return on plan assets, excluding amounts include in interest	(131)	(6)
Gain from change in demographic assumptions		7
Gain from change in financial assumptions	235	33
Experience (losses)/gains	(13)	(26)
Employers contributions	28	30
Scheme participants' contributions	0	0
Benefits paid	0	0
Balance at End of period	52	142
Pension plan | Fair value of assets
Funded and Unfunded plans
Balance at Beginning of period	(680)	(663)
Exchange adjustments	(45)	34
Interest income/(cost)	(6)	(4)
Settlements and curtailments		(5)
Assets acquired/(liability assumed) from GSK		(39)
Return on plan assets, excluding amounts include in interest	(131)	(6)
Employers contributions	28	30
Scheme participants' contributions	7	7
Benefits paid	(41)	(18)
Balance at End of period	(594)	(680)
Pension plan | Present value of obligation
Funded and Unfunded plans
Balance at Beginning of period	822	845
Exchange adjustments	56	(48)
Service cost	(16)	(18)
Past service cost	1	(4)
Interest income/(cost)	7	5
Settlements and curtailments		8
Assets acquired/(liability assumed) from GSK		39
Gain from change in demographic assumptions		7
Gain from change in financial assumptions	235	33
Experience (losses)/gains	(13)	(26)
Scheme participants' contributions	(7)	(7)
Benefits paid	41	18
Balance at End of period	646	822
Net post retirement obligations
Funded and Unfunded plans
Balance at Beginning of period	100	113
Exchange adjustments	8	2
Service cost	(7)	(8)
Interest income/(cost)	2	2
Gain from change in financial assumptions	25	19
Experience (losses)/gains	7
Benefits paid	1	6
Balance at End of period	£ 84	£ 100

Pensions and other post-empl_12

Pensions and other post-employment benefits - Amount Recognised in Balance sheet (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	£ 136	£ 242
Post-employment benefit assets recognised on the consolidated balance sheet	25	11
Post-employment benefit obligations recognised on the consolidated balance sheet	(161)	(253)
Defined benefit pension plan
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	52	142	£ 182
Net post retirement obligations
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	84	100	£ 113
Defined benefit pension plan
Disclosure of net defined benefit liability (asset) [line items]
Net post-employment benefit	52	142
Post-employment benefit assets recognised on the consolidated balance sheet	25	11
Post-employment benefit obligations recognised on the consolidated balance sheet	(77)	(153)
Plan assets, at fair value	£ 594	£ 680

Pensions and other post-empl_13

Pensions and other post-employment benefits - Membership Category (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	£ (646)	£ (822)
Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(84)	(100)
Active | Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	(389)	(418)
Active | Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(81)	(97)
Retired | Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	(150)	(237)
Retired | Net post retirement obligations
Funded and Unfunded plans
Defined benefit pension obligation	(3)	(3)
Deferred | Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	(107)	(167)
Defined benefit pension plan
Funded and Unfunded plans
Defined benefit pension obligation	£ (646)	£ (822)

Pensions and other post-empl_14

Pensions and other post-employment benefits - Sensitivity Analysis (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of increase in actuarial assumption	0.25%
Percentage of decrease in actuarial assumption	0.25%
Discount rate | Defined benefit pension plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in pension cost due to reasonably possible decrease in actuarial assumption	£ (1.2)	£ (0.8)
Increase (decrease) in pension cost due to reasonably possible increase in actuarial assumption	1.2	0.9
Increase (decrease) in obligation from increase in actuarial assumption	(19.7)	(32.6)
Increase (decrease) in obligation from decrease in actuarial assumption	21	34.8
Discount rate | Net post retirement obligations
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in post-retirement costs other than pension costs due to reasonably possible decrease in actuarial assumption	(0.1)	(0.1)
Increase (decrease) in post-retirement costs other than pension costs due to reasonably possible increase in actuarial assumption	0.1	0.1
Increase (decrease) in obligation from increase in actuarial assumption	(1.7)	(2.8)
Increase (decrease) in obligation from decrease in actuarial assumption	£ 1.8	2.9
Inflation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage of increase in actuarial assumption	0.25%
Percentage of decrease in actuarial assumption	0.25%
Inflation | Defined benefit pension plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in pension cost due to reasonably possible decrease in actuarial assumption	£ 0.2	0.2
Increase (decrease) in pension cost due to reasonably possible increase in actuarial assumption	(0.2)	(0.2)
Increase (decrease) in obligation from increase in actuarial assumption	6.4	11
Increase (decrease) in obligation from decrease in actuarial assumption	£ (6.1)	(10.7)
Actuarial assumption of life expectancy after retirement
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Reasonably possible increase in actuarial assumption of life expectancy	1 year
Actuarial assumption of life expectancy after retirement | Defined benefit pension plan
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in pension cost due to reasonably possible increase in actuarial assumption	£ (0.6)	(0.9)
Increase (decrease) in obligation from increase in actuarial assumption	16.2	27.8
Actuarial assumption of life expectancy after retirement | Net post retirement obligations
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase (decrease) in post-retirement costs other than pension costs due to reasonably possible increase in actuarial assumption		(0.2)
Increase (decrease) in obligation from increase in actuarial assumption	£ 1	£ 2

Pensions and other post-empl_15

Pensions and other post-employment benefits - Weighted average duration (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension plan
Disclosure of defined benefit plans [line items]
Weighted average duration of defined benefit obligation	15 years	18 years
Post retirement obligations
Disclosure of defined benefit plans [line items]
Weighted average duration of defined benefit obligation	13 years	16 years

Provisions (Details)

Provisions (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Provisions
Provisions, beginning of period	£ (139)	£ (168)
Exchange adjustments	6	(4)
Charge for the period	(57)	(61)
Reversed unused	40	13
Utilised	65	77
Other movements		4
Provisions, end of period	(97)	(139)
To be settled within one year	(71)	(112)
To be settled after one year	(26)	(27)
Restructuring programmes
Provisions
Provisions, beginning of period	(112)	(132)
Exchange adjustments	4	(3)
Charge for the period	(7)	(52)
Reversed unused	35	9
Utilised	50	68
Other movements	(2)	8
Provisions, end of period	(36)	(112)
Other provisions
Provisions
Provisions, beginning of period	(27)	(36)
Exchange adjustments	2	(1)
Charge for the period	(50)	(9)
Reversed unused	5	4
Utilised	15	9
Other movements	2	(4)
Provisions, end of period	£ (61)	£ (27)

Contingent liabilities and co_3

Contingent liabilities and commitments - Contingent liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Contingent liabilities and commitments
Contingent Liabilities	£ 30	£ 33

Contingent liabilities and co_4

Contingent liabilities and commitments - Legal proceedings (Details) - Ongoing legal proceedings	Jan. 31, 2023
Proton Pump Inhibitor litigation - Prevacid24HR personal injury lawsuits
Legal proceedings
Number of cases pending against the Group	1,400
Proton Pump Inhibitor litigation - Nexium24HR cases
Legal proceedings
Number of cases pending against the Group	2,200

Contingent liabilities and co_5

Contingent liabilities and commitments - Commitments (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Contracted for but not provided in the financial statements:
Intangible assets	£ 107	£ 68
Property, plant and equipment	126	80
Total, contractual commitments	£ 233	£ 148

Share capital, Share premium _3

Share capital, Share premium and other reserves (Details) - GBP (£) £ / shares in Units, £ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Aug. 03, 2022	Aug. 02, 2022
Disclosure of classes of share capital [line items]
Share price	£ 0.01		£ 0.01	£ 1.25
Beginning Balance	£ 26,480,000	£ 27,412,000
Issue of share capital	22,150,000
Capital reduction	22,058,000
Ending Balance	16,457,000	26,223,000
Share capital
Disclosure of classes of share capital [line items]
Beginning Balance	1,000	1,000
Issue of share capital	11,543,267	13,166,000
Capital reduction	11,450,871	13,166,000
Consolidation of shares	(50)
Ending Balance	92,346	1,000
Share premium
Disclosure of classes of share capital [line items]
Beginning Balance		20,842,000
Issue of share capital	10,606,752
Capital reduction	£ 10,606,752	£ 20,842,000
Ordinary shares at £1.00 each
Disclosure of classes of share capital [line items]
Share price	£ 1
Beginning balance (Shares)	2
Issue of share capital (shares)	18
Consolidation of shares (Shares)	(20)
Ordinary shares at £5.00 each
Disclosure of classes of share capital [line items]
Share price	£ 5
Consolidation of shares (Shares)	4
Sub-division of shares (shares)	(4)
Ordinary shares at £1.25 each
Disclosure of classes of share capital [line items]
Share price	£ 1.25
Issue of share capital	£ 11,543,217
Issue of share capital (shares)	9,234,573,815
Capital reduction	£ 11,543,217
Capital Reduction / redemption (shares)	(9,234,573,831)
Sub-division of shares (shares)	16
Ordinary shares at £0.01 each
Disclosure of classes of share capital [line items]
Share price	£ 0.01
Capital reduction	£ 92,346
Capital Reduction / redemption (shares)	9,234,573,831
Ending balance (shares)	9,234,573,831
Ending Balance	£ 92,346
Redeemable Preference Shares at £1.00 each
Disclosure of classes of share capital [line items]
Share price	£ 1
Issue of share capital	£ 50
Issue of share capital (shares)	49,996
Consolidation of shares	£ (50)
Consolidation of shares (Shares)	(49,996)

Share capital, Share premium _4

Share capital, Share premium and other reserves - Narratives (Details)

1 Months Ended

7 Months Ended

12 Months Ended

Aug. 03, 2022 GBP (£) £ / shares

Jul. 17, 2022 GBP (£) £ / shares shares

Jul. 15, 2022 £ / shares shares

Apr. 11, 2022 GBP (£) shares

Feb. 04, 2022 £ / shares shares

Jul. 31, 2022 GBP (£) shares

May 23, 2022 GBP (£) £ / shares shares

Dec. 31, 2022 GBP (£) Vote / shares £ / shares

Dec. 31, 2020 GBP (£)

Aug. 02, 2022 GBP (£) £ / shares

May 24, 2022 £ / shares shares

May 22, 2022 £ / shares shares

Dec. 31, 2021 GBP (£)

Disclosure of classes of share capital [line items]

Share capital

£ 92,000,000

£ 92,000,000

£ 11,543,000,000

£ 1,000,000

Issue of share capital

22,150,000,000

Shares cancelled

22,058,000,000

Capital reduction

£ 22,058,000,000

Par value per share | £ / shares

£ 0.01

£ 0.01

£ 1.25

Share premium

£ 10,607,000,000

Share capital

Disclosure of classes of share capital [line items]

Issue of share capital

£ 11,543,267,000

£ 13,166,000,000

Shares cancelled

11,450,871,000

13,166,000,000

Capital reduction

11,450,871,000

13,166,000,000

Share premium

Disclosure of classes of share capital [line items]

Issue of share capital

10,606,752,000

Shares cancelled

10,606,752,000

20,842,000,000

Capital reduction

£ 10,606,752,000

£ 20,842,000,000

GSKCHHL share exchanges

Disclosure of classes of share capital [line items]

Share capital

£ 7,849,000,000

Share premium

£ 10,607,000,000

CHHL2

Disclosure of classes of share capital [line items]

Share capital

£ 1,000,000

D Deferred shares | CHHL2 | GSKCHHL

Disclosure of classes of share capital [line items]

Issue of share capital

£ 21,758,000,000

Shares cancelled

£ 21,758,000,000

Shares issued | shares

1

Capital reduction

£ 21,758,000,000

Deferred shares | CHHL2 | GSKCHHL

Disclosure of classes of share capital [line items]

Shares issued | shares

1

Deferred shares | CHHL2 | GSKCHHL | Share capital

Disclosure of classes of share capital [line items]

Issue of share capital

£ 0.01

Deferred shares | CHHL2 | GSKCHHL | Share premium

Disclosure of classes of share capital [line items]

Share premium

£ 70,000,000

Redeemable preference shares

Disclosure of classes of share capital [line items]

Shares cancelled

£ 49,996

Shares issued | shares

49,996

Fixed rate of dividend

0.10%

Issue price per share | £ / shares

£ 1

Capital reduction

£ 49,996

Redemption of shares, Shares | shares

49,996

Amount transferred to capital redemption reserve

£ 49,996

Dividend rights

0%

A Ordinary shares | GSK Plc

Disclosure of classes of share capital [line items]

Shares issued | shares

5,084,190,079

Issue price per share | £ / shares

£ 1.25

C Ordinary shares | Scottish Limited Partnerships

Disclosure of classes of share capital [line items]

Shares issued | shares

692,593,037

Issue price per share | £ / shares

£ 1.25

B Ordinary shares | GSK Plc

Disclosure of classes of share capital [line items]

Shares issued | shares

502,727,073

Issue price per share | £ / shares

£ 1.25

Ordinary shares

Disclosure of classes of share capital [line items]

Issue of share capital

£ 20

Shares issued | shares

20

Issue price per share | £ / shares

£ 1

Number of shares outstanding | shares

4

16

20

Par value per share | £ / shares

£ 5

£ 1.25

£ 1

Votes per share | Vote / shares

1

Ordinary shares | Pfizer Inc [Member]

Disclosure of classes of share capital [line items]

Shares issued | shares

2,955,063,626

Issue price per share | £ / shares

£ 1.25

Non-voting preference shares | Pfizer Inc [Member]

Disclosure of classes of share capital [line items]

Shares issued | shares

25,000,000

Issue price per share | £ / shares

£ 1

Non-voting preference shares | PF Consumer Healthcare Holdings LLC (PCFHHL) [Member]

Disclosure of classes of share capital [line items]

Other liabilities

£ 25,000,000

Redemption period, preference shares

5 years

Share capital, Share premium _5

Share capital, Share premium and other reserves - Other Reserves (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Beginning Balance	£ (11,632)
Other comprehensive income/(expenses)	824	£ (10)	£ (169)
Contribution from parent		11	187
Ending Balance	(11,537)	(11,632)
Other reserves
Disclosure of classes of share capital [line items]
Beginning Balance	(11,632)	(11,652)
Other comprehensive income/(expenses)	142	9
Contribution from parent		11	187
Effect of change in ultimate holding company	(47)
Ending Balance	(11,537)	(11,632)	(11,652)
Cash flow hedge reserve
Disclosure of classes of share capital [line items]
Beginning Balance	8	(1)
Other comprehensive income/(expenses)	142	9
Ending Balance	150	8	(1)
Merger reserve
Disclosure of classes of share capital [line items]
Beginning Balance	(11,640)	(11,651)
Contribution from parent		11
Effect of change in ultimate holding company	(47)
Ending Balance	£ (11,687)	£ (11,640)	£ (11,651)

Share capital, Share premium _6

Share capital, Share premium and other reserves - Cumulative translation exchange (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	£ 448
Cumulative translation exchange in equity, end of period	1,046	£ 448
Total cumulative translation reserve
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	464	498
Exchange movements on overseas net assets	588	(34)
Cumulative translation exchange in equity, end of period	1,052	464
Translation reserve, Shareholders of the Group
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	448	482
Exchange movements on overseas net assets	598	(34)
Cumulative translation exchange in equity, end of period	1,046	448
Translation reserve, Non-controlling interests
Disclosure of classes of share capital [line items]
Cumulative translation exchange in equity, beginning of period	16	16
Exchange movements on overseas net assets	(10)
Cumulative translation exchange in equity, end of period	£ 6	£ 16

Related party transactions (Det

Related party transactions (Details) - GBP (£) £ in Millions		7 Months Ended	12 Months Ended
		Jul. 18, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022
Related party transactions, outstanding balances
Dividends recognised as distributions to owners of parent	[1]		£ 11,930	£ 1,148	£ 2,371
GlaxoSmithKline and Pfizer companies
Related party transactions, outstanding balances
Interest receivable for loan amounts owing from related parties						£ 37
Loan amounts owing from related parties						£ 9,211
Dividends recognised as distributions to owners of parent			11,930
Pfizer Companies
Related party transactions during period
Sales of goods					17
Purchases of goods					(11)
Services, royalties, and other income					17
Services, royalties, and other expense			(5)	(68)	(121)
Interest income			12
Dividend paid			3,801	367	735
Related party transactions, outstanding balances
Other amounts owing to related parties				(7)
GlaxoSmithKline companies
Related party transactions during period
Sales of goods		£ 91		114	397
Purchases of goods		(41)		(81)	(81)
Services, royalties, and other income		74		20	49
Services, royalties, and other expense		(135)		(354)	(384)
Interest income		30		10	12
Interest expense		(2)		(4)	(6)
Dividend paid		£ 8,129		781	£ 1,636
Related party transactions, outstanding balances
Other amounts owing to related parties				(203)
Other amounts owing from related parties			£ 51	542
Loan amount owing to related parties				(825)
Loan amounts owing from related parties				£ 1,508
Loans receivable, adjustment to interest rate basis				(0.05%)
Borrowing rate basis adjustment				0.10%
[1] Equity shareholders refer to GSK and Pfizer, which held equity interests of 68% and 32% in the Group respectively prior to the demerger as described in Note 1

Capital and financial risk ma_3

Capital and financial risk management - Capital management (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capital and financial risk management
Cash and cash equivalents	£ 684	£ 414	£ 333
Short-term borrowings	(437)	(79)
Long-term borrowings	(10,003)	(87)
Derivative financial assets associated to long term borrowings	44	5
Derivative financial liabilities associated to long term borrowings	(181)	(1)
Total equity	(16,457)	(26,480)	£ (26,223)	£ (27,412)
Total Capital	£ 6,564	£ 26,732

Capital and financial risk ma_4

Capital and financial risk management - Liquidity risk management (Details) € in Millions, £ in Millions, $ in Millions

1 Months Ended

Jul. 13, 2022 GBP (£)

Jul. 31, 2022 GBP (£)

Feb. 28, 2022 GBP (£) item

Dec. 31, 2022 GBP (£)

Dec. 31, 2022 EUR (€)

Dec. 31, 2022 USD ($)

Aug. 31, 2022 GBP (£)

Aug. 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Dec. 31, 2021 GBP (£)

Dec. 31, 2021 EUR (€)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 GBP (£)

Capital and financial risk management

Current

£ 437

£ 79

Cash and cash equivalents

684

414

£ 333

Outstanding borrowings

10,440

166

Long-term borrowings

10,003

87

Term loan

Capital and financial risk management

Proceeds from borrowings

£ 1,493

Liquidity risk

Capital and financial risk management

Current

437

79

Cash and cash equivalents

684

£ 414

Number of revolving credit facilities | item

2

Liquidity risk | Euro commercial paper

Capital and financial risk management

Outstanding borrowings | €

€ 130

€ 0

Liquidity risk | Euro commercial paper | Maximum

Capital and financial risk management

Nominal value

£ 2,000

Liquidity risk | US Dollar commercial paper

Capital and financial risk management

Outstanding borrowings | $

$ 225

$ 0

Liquidity risk | US Dollar commercial paper | Maximum

Capital and financial risk management

Nominal value | $

$ 10,000

Liquidity risk | Revolving credit facility, maturing September 2023

Capital and financial risk management

Extension term

1 year

Liquidity risk | Revolving credit facility, maturing September 2023 | Maximum

Capital and financial risk management

Nominal value | $

$ 1,400

Liquidity risk | Revolving credit facility, maturing September 2025

Capital and financial risk management

Extension term

1 year

Number of extension options | item

2

Liquidity risk | Revolving credit facility, maturing September 2025 | Maximum

Capital and financial risk management

Nominal value

£ 1,000

Liquidity risk | Term loan

Capital and financial risk management

Proceeds from borrowings

£ 1,493

Term of debt

3 years

Liquidity risk | Euro medium term note | Maximum

Capital and financial risk management

Nominal value

10,000

Liquidity risk | USD bonds

Capital and financial risk management

Long-term borrowings | $

$ 8,750

Liquidity risk | GBP Bonds

Capital and financial risk management

Long-term borrowings

£ 700

Liquidity risk | Euro bonds

Capital and financial risk management

Long-term borrowings | €

€ 2,350

Capital and financial risk ma_5

Capital and financial risk management - Credit risk management (Details) - GBP (£) £ in Millions	24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents and third-party financial derivatives
Disclosure of risk management strategy related to hedge accounting [line items]
Credit losses during the period	£ 0
HSBC Group
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk	310
Citibank Group
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk	158
Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk	£ 2,441	£ 3,894
Credit risk | GSK LLC
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk		456
Credit risk | GSK IHC Ltd
Disclosure of risk management strategy related to hedge accounting [line items]
Maximum exposure to credit risk		£ 229

Capital and financial risk ma_6

Capital and financial risk management - Credit risk management credit ratings (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Capital and financial risk management
Carrying value, Financial assets	£ 2,441	£ 3,894
Credit risk
Capital and financial risk management
Carrying value, Financial assets	778	431
Credit risk | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	10	3
Credit risk | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	87
Credit risk | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	335	411
Credit risk | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	287	14
Credit risk | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	59	3
Credit risk | Cash and cash equivalents
Capital and financial risk management
Carrying value, Financial assets	684	414
Credit risk | Cash and cash equivalents | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	10	3
Credit risk | Cash and cash equivalents | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	87
Credit risk | Cash and cash equivalents | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	276	394
Credit risk | Cash and cash equivalents | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	252	14
Credit risk | Cash and cash equivalents | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	59	3
Credit risk | Bank balances and deposits
Capital and financial risk management
Carrying value, Financial assets	674	411
Credit risk | Bank balances and deposits | Standard & Poor's, AA Rating | Moody's, Aa Rating
Capital and financial risk management
Carrying value, Financial assets	87
Credit risk | Bank balances and deposits | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	276	394
Credit risk | Bank balances and deposits | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	252	14
Credit risk | Bank balances and deposits | Standard & Poor's, BB+ Rating | Ba1 and below or unrated
Capital and financial risk management
Carrying value, Financial assets	59	3
Credit risk | Money market funds
Capital and financial risk management
Carrying value, Financial assets	10	3
Credit risk | Money market funds | Standard & Poor's, AAA Rating | Moody's, Aaa Rating
Capital and financial risk management
Carrying value, Financial assets	10	3
Credit risk | Derivative financial instruments
Capital and financial risk management
Carrying value, Financial assets	94	17
Credit risk | Derivative financial instruments | Standard & Poor's, A Rating | Moody's, A Rating
Capital and financial risk management
Carrying value, Financial assets	59	£ 17
Credit risk | Derivative financial instruments | Standard & Poor's, BBB Rating | Moody's, Baa Rating
Capital and financial risk management
Carrying value, Financial assets	£ 35

Capital and financial risk ma_7

Capital and financial risk management - Interest rate risk management (Details) - Interest rate risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]
Percentage of debt held as fixed rate	87%
Minimum term of fixed rate transaction	6 months	6 months

Capital and financial risk ma_8

Capital and financial risk management - Derivative Financial Instruments (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2022 GBP (£)	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 EUR (€)
Capital and financial risk management
Reserve of net investment hedges, continuing hedges				£ 140	£ 0
Derivatives
Capital and financial risk management
Notional amount				8,219	3,850
Fair value, derivative assets				94	17
Fair value, derivative financial liabilities				206	19
Derivatives | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				3,446	1,996
Fair value, derivative assets				4	12
Fair value, derivative financial liabilities				183	1
Derivatives | Derivatives classified as held for trading
Capital and financial risk management
Notional amount				4,773	1,854
Fair value, derivative assets				90	5
Fair value, derivative financial liabilities				23	18
Non-current cross-currency interest rate swaps | Derivatives classified as held for trading
Capital and financial risk management
Notional amount				1,409
Fair value, derivative assets				41
Current foreign exchange contracts | Derivatives classified as held for trading
Capital and financial risk management
Notional amount				3,364	1,854
Fair value, derivative assets				49	5
Fair value, derivative financial liabilities				(23)	(18)
Cash flow hedges
Capital and financial risk management
Cash flows from termination of cash flow hedges	£ 206
Cash flow hedges | Non-current interest rate swap contracts | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount					1,996
Fair value, derivative assets					12
Fair value, derivative financial liabilities					(1)
Fair value hedges
Capital and financial risk management
Derivatives designated in hedging relationships					0
Fair value hedges | Non-current interest rate swap contracts | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				2,207
Fair value, derivative assets				2
Fair value, derivative financial liabilities				(139)
Net investment hedges
Capital and financial risk management
Derivatives designated in hedging relationships					0
Net investment hedges | Non-current cross-currency interest rate swaps | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				910
Fair value, derivative assets				1
Fair value, derivative financial liabilities				(36)
Net investment hedges | Current foreign exchange contracts | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Notional amount				329
Fair value, derivative assets				1
Fair value, derivative financial liabilities				(8)
Net investment hedges | Euro bonds | Derivatives designated and effective as hedging instruments
Capital and financial risk management
Bonds				£ 1,526	0
Interest rate swap contracts | Fair value hedges
Capital and financial risk management
Bonds converted		€ 850	$ 1,750
Interest rate swap contracts | Fair value hedges | Bonds that were converted from fixed to floating interest rates and related swaps
Capital and financial risk management
Derivatives designated in hedging relationships					£ 0
Foreign exchange contracts and cross currency interest rate swaps | Net investment hedges
Capital and financial risk management
Derivatives designated in hedging relationships | €						€ 0

Capital and financial risk ma_9

Capital and financial risk management - Hedging instruments (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Cash flow hedges | Below 10 years
Hedging instruments
Average strike price		1.10%
Notional principal value		668
Change in fair value for recognising hedge ineffectiveness		£ 4
Fair value assets/ (liabilities		£ 4
Cash flow hedges | 10-30 years
Hedging instruments
Average strike price		1.30%
Notional principal value		935
Change in fair value for recognising hedge ineffectiveness		£ 3
Fair value assets/ (liabilities		£ 3
Cash flow hedges | >30 years
Hedging instruments
Average strike price		1.50%
Notional principal value		393
Change in fair value for recognising hedge ineffectiveness		£ 4
Fair value assets/ (liabilities		4
Fair value hedges
Hedging instruments
Fair value assets/ (liabilities		0
Net investment hedges
Hedging instruments
Fair value assets/ (liabilities		£ 0
EUR IRS | Fair value hedges | Below 10 years
Hedging instruments
Average strike price	1.30%
Notional principal value	754
Change in fair value for recognising hedge ineffectiveness	£ (59)
Fair value assets/ (liabilities	£ (59)
USD IRS | Fair value hedges | Below 10 years
Hedging instruments
Average strike price	3.10%
Notional principal value	1,454
Change in fair value for recognising hedge ineffectiveness	£ (78)
Fair value assets/ (liabilities	£ (78)
EUR FX Swaps | Net investment hedges | Below 10 years
Hedging instruments
Average strike price	1.20%
Notional principal value	329
Change in fair value for recognising hedge ineffectiveness	£ (7)
Fair value assets/ (liabilities	£ (7)
CNH CCIRS | Net investment hedges | Below 10 years
Hedging instruments
Average strike price	8.60%
Notional principal value	910
Change in fair value for recognising hedge ineffectiveness	£ (35)
Fair value assets/ (liabilities	£ (35)
EUR Bonds | Net investment hedges | Below 10 years
Hedging instruments
Average strike price	1.10%
Notional principal value	887
Change in fair value for recognising hedge ineffectiveness	£ (55)
Fair value assets/ (liabilities	£ 867
EUR Bonds | Net investment hedges | 10-30 years
Hedging instruments
Average strike price	1.10%
Notional principal value	665
Change in fair value for recognising hedge ineffectiveness	£ (43)
Fair value assets/ (liabilities	£ 659

Capital and financial risk m_10

Capital and financial risk management - Hedged Items (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flow hedges | Pre-hedging of long-term interest rate
Hedging instruments
Accumulated fair value adjustments		£ (11)
Change in value used for calculating hedge ineffectiveness		(11)
Balance in cash flow hedge reserve for continuing hedges	£ (150)	£ (9)
Fair value hedges | Bonds
Hedging instruments
Hedged item, carrying amount	(2,078)
Accumulated fair value adjustments	122
Change in value used for calculating hedge ineffectiveness	122
Net investment hedges | Net assets in foreign currency
Hedging instruments
Hedged item, carrying amount	2,791
Accumulated fair value adjustments	140
Change in value used for calculating hedge ineffectiveness	£ 140

Capital and financial risk m_11

Capital and financial risk management - Hedging effectiveness (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Maximum
Hedging instruments
Term of foreign exchange contract	12 months
Cash flow hedges | Pre-hedging of long-term interest rate
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income		£ 11
Gain (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness		(11)
Cash flow hedges | 5-10 years | Pre-hedging of long-term interest rate
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income		4
Cash flow hedges | Below 10 years
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income	£ 169
Amount of hedge ineffectiveness recognised in profit or loss	3
As hedged item affects profit or loss	18
Cash flow hedges | 10-30 years
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income	35
Cash flow hedges | 10-30 years | Pre-hedging of long-term interest rate
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income		3
Cash flow hedges | >30 years | Pre-hedging of long-term interest rate
Hedging instruments
Hedging gains/(losses) recognised in other comprehensive income		£ 4
Fair value hedges | Bonds
Hedging instruments
Gain (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness	122
Net investment hedges | Net assets in foreign currency
Hedging instruments
Gain (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness	£ 140

Capital and financial risk m_12

Capital and financial risk management - Carrying amounts and fair values of financial assets and liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	£ 2,441	£ 3,894
Fair value, Financial Assets	2,441	3,894
Financial liabilities excluding lease liabilities	(13,738)	(3,566)
Financial liabilities excluding lease liabilities at fair value	(12,893)	(3,566)
Carrying value, Net financial assets and financial liabilities	(11,297)	328
Fair value, Net financial assets and financial liabilities	(10,452)	328
Financial liabilities measured at amortised cost | Short term loans and overdrafts
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(91)	(49)
Financial liabilities excluding lease liabilities at fair value	(91)	(49)
Financial liabilities measured at amortised cost | Other bonds
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(7,783)
Financial liabilities excluding lease liabilities at fair value	(6,935)
Financial liabilities measured at amortised cost | Commercial paper
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(302)
Financial liabilities excluding lease liabilities at fair value	(302)
Financial liabilities measured at amortised cost | Non-voting preference shares
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(25)
Financial liabilities excluding lease liabilities at fair value	(25)
Financial liabilities measured at amortised cost | Trade and other payables, Other provisions and certain other non-current liabilities in scope of IFRS 9
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(3,253)	(2,673)
Financial liabilities excluding lease liabilities at fair value	(3,253)	(2,673)
Financial liabilities measured at amortised cost | Loans amount owing from related parties
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities		(825)
Financial liabilities excluding lease liabilities at fair value		(825)
Financial liabilities measured at amortised cost | Bonds in a designated hedge relationship
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(2,078)
Financial liabilities excluding lease liabilities at fair value	(2,081)
Financial liabilities at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(23)	(18)
Financial liabilities excluding lease liabilities at fair value	(23)	(18)
Derivatives designated and effective as hedging instruments | Derivatives designated in a cash flow hedge and net investment hedge
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(44)	(1)
Financial liabilities excluding lease liabilities at fair value	(44)	(1)
Derivatives designated and effective as hedging instruments | Derivatives designated in fair value hedges
Financial instruments held at fair value by fair value hierarchy
Financial liabilities excluding lease liabilities	(139)
Financial liabilities excluding lease liabilities at fair value	(139)
Loans amount owing from related parties
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets		1,508
Derivatives designated and effective as hedging instruments
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2
Derivatives designated and effective as hedging instruments | Cash flow hedges and net investment hedges
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	2	12
Fair value, Financial Assets	2	12
Derivatives designated and effective as hedging instruments | Fair value hedges
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	2
Fair value, Financial Assets	2
Financial assets measured at amortised cost | Cash and cash equivalents
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	674	411
Fair value, Financial Assets	674	411
Financial assets measured at amortised cost | Trade and other receivables and certain other non-current assets
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	1,663	1,955
Fair value, Financial Assets	1,663	1,955
Financial assets measured at amortised cost | Loans amount owing from related parties
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets		1,508
Fair value, Financial Assets		1,508
Financial assets at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	90	5
Fair value, Financial Assets	90	5
Financial assets at fair value through profit or loss | Money market funds
Financial instruments held at fair value by fair value hierarchy
Carrying value, Financial assets	10	3
Fair value, Financial Assets	10	3
Financial assets at fair value through profit or loss | Derivatives designated and effective as hedging instruments
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	£ 2
Financial assets at fair value through other comprehensive income | Derivatives designated and effective as hedging instruments
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets		£ 12

Capital and financial risk m_13

Capital and financial risk management - Financial instruments held at fair value by fair value hierarchy (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	£ 2,441	£ 3,894
Financial liabilities at fair value
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(206)	(19)
Financial liabilities at fair value | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(206)	(19)
Financial liabilities at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(23)	(18)
Financial liabilities at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(23)	(18)
Financial liabilities at fair value through profit or loss | Derivatives designated and effective as hedging instruments | Cash flow hedges and net investment hedges
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(44)	(1)
Financial liabilities at fair value through profit or loss | Derivatives designated and effective as hedging instruments | Fair value hedges
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(139)
Financial liabilities at fair value through profit or loss | Derivatives designated and effective as hedging instruments | Level 2 | Cash flow hedges and net investment hedges
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(44)	(1)
Financial liabilities at fair value through profit or loss | Derivatives designated and effective as hedging instruments | Level 2 | Fair value hedges
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Liabilities	(139)
Financial assets at fair value
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	104	20
Financial assets at fair value | Level 1
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	10	3
Financial assets at fair value | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	94	17
Derivatives designated and effective as hedging instruments
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2
Derivatives designated and effective as hedging instruments | Cash flow hedges and net investment hedges
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2	12
Derivatives designated and effective as hedging instruments | Fair value hedges
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2
Derivatives designated and effective as hedging instruments | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2
Financial assets at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	90	5
Financial assets at fair value through profit or loss | Held for trading derivatives that are not in a designated and effective hedging relationship | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	90	5
Financial assets at fair value through profit or loss | Derivatives designated and effective as hedging instruments
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2
Financial assets at fair value through profit or loss | Derivatives designated and effective as hedging instruments | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	2
Financial assets at fair value through profit or loss | Cash and cash equivalents (money market funds)
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	10	3
Financial assets at fair value through profit or loss | Cash and cash equivalents (money market funds) | Level 1
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets	£ 10	3
Financial assets at fair value through other comprehensive income | Derivatives designated and effective as hedging instruments
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets		12
Financial assets at fair value through other comprehensive income | Derivatives designated and effective as hedging instruments | Level 2
Financial instruments held at fair value by fair value hierarchy
Fair value, Financial Assets		£ 12

Capital and financial risk m_14

Capital and financial risk management - Trade and other receivables and other non-current assets (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial instruments held at fair value by fair value hierarchy
Financial assets	£ 2,441	£ 3,894
Total assets	34,815	34,451
Trade and other receivables, loans from related parties and other non-current assets
Financial instruments held at fair value by fair value hierarchy
Financial assets	1,663	3,463
Non-financial assets	350	260
Total assets	2,013	3,723
Trade and other receivables
Financial instruments held at fair value by fair value hierarchy
Financial assets	1,634	1,947
Non-financial assets	247	260
Total assets	1,881	2,207
Loans amount owing from related parties
Financial instruments held at fair value by fair value hierarchy
Financial assets		1,508
Total assets		1,508
Other non-current assets
Financial instruments held at fair value by fair value hierarchy
Financial assets	29	8
Non-financial assets	103
Total assets	£ 132	£ 8

Capital and financial risk m_15

Capital and financial risk management - Trade and other payables, other provisions and other non-current liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial instruments held at fair value by fair value hierarchy
Total liabilities	£ (18,358)	£ (7,971)
Trade and other payables, loans from related parties, other provisions and other non-current liabilities
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(3,253)	(3,498)
Non-financial liabilities	(487)	(476)
Total liabilities	(3,740)	(3,974)
Trade and other payables
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(3,224)	(2,671)
Non-financial liabilities	(397)	(331)
Total liabilities	(3,621)	(3,002)
Loans amount owing from related parties
Financial instruments held at fair value by fair value hierarchy
Financial liabilities		(825)
Total liabilities		(825)
Provisions
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(11)
Non-financial liabilities	(86)	(139)
Total liabilities	(97)	(139)
Other non-current liabilities
Financial instruments held at fair value by fair value hierarchy
Financial liabilities	(18)	(2)
Non-financial liabilities	(4)	(6)
Total liabilities	£ (22)	£ (8)

Capital and financial risk m_16

Capital and financial risk management - Offsetting of financial assets and liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial instruments held at fair value by fair value hierarchy
Net financial assets per balance sheet	£ 2,441	£ 3,894
Derivative financial liabilities
Financial instruments held at fair value by fair value hierarchy
Gross financial Liabilities	(206)	(19)
Net financial liabilities per balance sheet	(206)	(19)
Related amounts not offset against assets	(58)	(9)
Net amount, Liabilities	(148)	(10)
Derivative financial assets
Financial instruments held at fair value by fair value hierarchy
Gross financial assets	94	17
Net financial assets per balance sheet	94	17
Related amounts not offset against liabilities	58	9
Net amount, Assets	£ 36	£ 8

Capital and financial risk m_17

Capital and financial risk management - Foreign exchange sensitivity Income Impact (Details) - Currency Risk £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£) item	Dec. 31, 2021 GBP (£)
Capital and financial risk management
Number of major Foreign Currencies | item	2
USD
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in income due to appreciation	£ (1)	£ 2
Increase (decrease) in income due to depreciation	£ 1	£ (2)
Euro
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in income due to appreciation	£ 13	£ (5)
Increase (decrease) in income due to depreciation	£ (10)	£ 4

Capital and financial risk m_18

Capital and financial risk management - Foreign exchange sensitivity Equity Impact (Details) - Currency Risk - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CNY
Capital and financial risk management
Percentage Appreciation	10%
Percentage Depreciation	10%
Increase (decrease) in equity due to appreciation	€ (11)
Increase (decrease) in equity due to depreciation	€ 11
Euro
Capital and financial risk management
Percentage Appreciation	10%	10%
Percentage Depreciation	10%	10%
Increase (decrease) in equity due to appreciation	€ (182)
Increase (decrease) in equity due to depreciation	€ 152

Capital and financial risk m_19

Capital and financial risk management - Interest rate sensitivity (Details) - Interest rate risk - GBP (£) £ in Millions	12 Months Ended		24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%
Increase (decrease) in finance income due to reasonably possible increase in interest rates	£ (45)	£ 1
Sterling
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%
Increase/ (decrease) in income	£ 6	£ (13)
USD
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%
Increase/ (decrease) in equity		£ 197
Increase/ (decrease) in income	£ (32)	£ 8
Euro
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%
Increase/ (decrease) in income	£ (18)	£ 6
Swiss franc
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%	1%	1%
Increase/ (decrease) in income	£ (1)
GBP and Euro
Capital and financial risk management
Sensitivity percentage of increase in interest rates	1%

Capital and financial risk m_20

Capital and financial risk management - Contractual cash flows for non-derivative financial liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Borrowings	£ 10,254	£ 49
Interest on borrowings	2,639	2
Lease liability on leases with annual payments	161	117
Finance expense arising on lease liabilities	11	15
Trade payables and other liabilities not in net debt	3,253	3,498
Gross contractual cash flows	16,318	3,681
Rental payments due within one year
Borrowings
Borrowings	393	49
Interest on borrowings	316	2
Lease liability on leases with annual payments	44	30
Finance expense arising on lease liabilities	3	4
Trade payables and other liabilities not in net debt	3,242	3,496
Gross contractual cash flows	3,998	3,581
Rental payments due between one and two years
Borrowings
Borrowings	830
Interest on borrowings	291
Lease liability on leases with annual payments	36	22
Finance expense arising on lease liabilities	2	3
Trade payables and other liabilities not in net debt	9	2
Gross contractual cash flows	1,168	27
Rental payments due between two and three years
Borrowings
Borrowings	1,385
Interest on borrowings	248
Lease liability on leases with annual payments	25	15
Finance expense arising on lease liabilities	2	2
Trade payables and other liabilities not in net debt	1
Gross contractual cash flows	1,661	17
Rental payments due between three and four years
Borrowings
Borrowings	694
Interest on borrowings	230
Lease liability on leases with annual payments	21	13
Finance expense arising on lease liabilities	1	2
Trade payables and other liabilities not in net debt	1
Gross contractual cash flows	947	15
Rental payments due between four and five years
Borrowings
Borrowings	1,653
Interest on borrowings	184
Lease liability on leases with annual payments	13	10
Finance expense arising on lease liabilities	1	1
Gross contractual cash flows	1,851	11
Later than five years
Borrowings
Borrowings	5,299
Interest on borrowings	1,370
Lease liability on leases with annual payments	22	27
Finance expense arising on lease liabilities	2	3
Gross contractual cash flows	£ 6,693	£ 30

Capital and financial risk m_21

Capital and financial risk management - Contractual cash flows Receivables and Payables (Details) - GBP (£) £ in Millions	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Receivables	£ 8,291	£ 2,204
Payables	(8,408)	(2,203)
Rental payments due within one year | Foreign exchange contracts
Borrowings
Receivables	5,476	1,852
Payables	(5,455)	(1,865)
Rental payments due within one year | Interest rate swap contracts
Borrowings
Receivables	153
Payables	(198)	(13)
Rental payments due between one and two years | Interest rate swap contracts
Borrowings
Receivables	173	12
Payables	(222)	(26)
Rental payments due between two and three years | Interest rate swap contracts
Borrowings
Receivables	1,916	24
Payables	(2,009)	(26)
Rental payments due between three and four years | Interest rate swap contracts
Borrowings
Receivables	573	28
Payables	£ (524)	(26)
Rental payments due between four and five years | Interest rate swap contracts
Borrowings
Receivables		28
Payables		(26)
Later than five years | Interest rate swap contracts
Borrowings
Receivables		260
Payables		£ (221)

Employee share scheme (Details)

Employee share scheme (Details) £ in Millions	12 Months Ended
	Dec. 31, 2022 GBP (£) item shares	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Employee share scheme
Share-based compensation expense	£ 78	£ 59	£ 63
Performance Share Plan
Employee share scheme
Share-based compensation expense	£ 6
Number of measures | item	2
Performance period	3 years
Percentage of awards vesting determined by cumulative free cash flow measure	50%
Percentage of awards vesting determined by net debt to adjusted EBITDA measure	50%
Performance Share Plan | Maximum
Employee share scheme
Potential reduction in overall vesting from Environmental, Social and Governance qualifier	75%
Share Value Plan
Employee share scheme
Share-based compensation expense	£ 11
Performance period	3 years
Number of ordinary shares per awarded instrument | shares	100
Share Value Plan | US & Puerto Rico
Employee share scheme
Number of American Depositary Shares per awarded instrument | shares	50

Employee share scheme - Total c

Employee share scheme - Total cost of relevant scheme and number of awards granted (Details) £ in Thousands, EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2022 GBP (£) EquityInstruments	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 GBP (£)
Employee share scheme
Share-based compensation expense	£ 78,000	£ 59,000	£ 63,000
Number of awards granted | EquityInstruments	51,564
All share-based payment arrangements excluding GSK share plans
Employee share scheme
Share-based compensation expense	£ 17,000
Performance Share Plan
Employee share scheme
Share-based compensation expense	£ 6,000
Number of awards granted	12,719
Share Value Plan
Employee share scheme
Share-based compensation expense	£ 11,000
Number of awards granted	38,845
Share Save Plan
Employee share scheme
Period over which the eligible employees can save a monthly amount from their salaries	3 years
Required employment period after granting of awards for the awards to vest	3 years
Cash-settled share-based payment plans
Employee share scheme
Outstanding liabilities relating to awards which are settled in cash	£ 2,000

Employee share scheme - Assumpt

Employee share scheme - Assumptions used in model (Details)	12 Months Ended
	Dec. 31, 2022 £ / shares
Employee Share Scheme
Share price at grant date (pence)	£ 2.74
Expected life (years)	3 years
Expected dividend as a dividend yield (%)	1.59%

Employee share scheme - Legacy

Employee share scheme - Legacy GSK share plans (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions with employees	£ 78	£ 59	£ 63
GSK Legacy share plans | Selling, general and administration expenses
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense from share-based payment transactions with employees	£ 61	£ 59	£ 63

Acquisitions and disposals - Bu

Acquisitions and disposals - Business acquisitions (Details) - Taiwan Hsinchu site business £ in Millions	Sep. 28, 2020 GBP (£)
Disclosure of detailed information about business combination [line items]
Percentage of equity interest	55%
Goodwill recognised as of acquisition date	£ 124

Acquisitions and disposals - Fa

Acquisitions and disposals - Fair value of assets acquired (Details) - Taiwan Hsinchu site business £ in Millions	Sep. 28, 2020 GBP (£)
Disclosure of detailed information about business combination [line items]
Intangible assets	£ 2
Property, plant and equipment	6
Inventory	5
Cash and cash equivalents	20
Other assets	6
Other liabilities	(21)
Non-controlling interests	(14)
Goodwill	124
Total	128
Consideration settled by shares in CHHL2	128
Total consideration	£ 128

Acquisitions and disposals - _2

Acquisitions and disposals - Business disposals (Details) - Business disposals - GBP (£) £ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Disclosure of analysis of single amount of discontinued operations [line items]
Cash consideration received		£ 221
Goodwill		(1)
Intangible assets		(125)
Property, plant and equipment		(12)
Inventory		(5)
Other net assets		(1)
Total net assets disposed during the year		(144)
Transaction costs		8
Total gain on disposal	£ 69	£ 69

Post balance sheet events (Deta

Post balance sheet events (Details) £ / shares in Units, £ in Millions, $ in Millions			12 Months Ended
	Mar. 24, 2023 USD ($)	Mar. 02, 2023 GBP (£) £ / shares	Dec. 31, 2022 GBP (£)	Dec. 31, 2020 GBP (£)
Disclosure of non-adjusting events after reporting period [line items]
Repayment of borrowings			£ 1,518	£ 10
Redemption of debt | Forecast | Callable floating Rate Senior Notes due 2024
Disclosure of non-adjusting events after reporting period [line items]
Repayment of borrowings | $	$ 300
Final dividend proposed
Disclosure of non-adjusting events after reporting period [line items]
Dividend payable per ordinary share | £ / shares		£ 0.024
Dividends payable		£ 222

Subsidiaries - Wholly owned Sub

Subsidiaries - Wholly owned Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022
Alacer Corp. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Block Drug Company, Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Block Drug Corporation [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Consumer Healthcare Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Consumer Healthcare Intermediate Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Duncan Consumer Healthcare Philippines Inc [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Ex-Lax, Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Ferrosan (No. 2) AB [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Ferrosan ApS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Ferrosan S.R.L. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Glaxo Wellcome Ceylon Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Asia Private Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Brasil Produtos para Consumo e Saude Ltda [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (China) Co. Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (Hong Kong) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (Thailand) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (UK) (No.1) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (UK) IP Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare AB [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Aps [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Colombia SAS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Czech Republic s.r.o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Finance Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Finance No.2 Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Finland Oy [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare GmbH & Co. KG [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Hellas Single Member Societe Anonyme [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Holdings (No. 2) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Investments (Ireland) (No.3) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Japan K.K. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Korea Co., Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Mexico, S. De R.L. de C.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Norway AS [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Philippines Inc [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Pte. Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare S.A. Spain [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare S.r.l [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Saudi Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Sdn. Bhd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Slovakia s. r. o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare South Africa (Pty) Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Sp.z.o.o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Sri Lanka Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare SRL [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare ULC / GlaxoSmithKline Soins De Sante Aux Consommateurs SRI [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Vietnam Company Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare, Produtos para a Saude e Higiene, Lda [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Private Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Costa Rica S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Dungarvan Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Healthcare AO [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Healthcare Ukraine O.O.O [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Panama S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Paraguay S.A [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Sante Grand Public [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Technology (Taizhou) Co., Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Tuketici Sagligi Anonim Sirketi [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline-Consumer Kft. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Bangladesh Private Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Canada Holding Company Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK CH Caricam Sociedad de Responsabilidad Limitada [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK CH Kazakhstan LLP [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Capital NL B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Capital UK PLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Chile SpA [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Egypt Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Egypt LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.1) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.3) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.4) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.5) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.6) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.7) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (No.8) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Insurance Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Israel Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Levice s.r.o. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Peru S.R.L [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare SARL [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Schweiz AG [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Singapore Pte. Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Trinidad and Tobago Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare (US) IP LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare Holdings (US) LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GlaxoSmithKline Consumer Healthcare L.L.C. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Health, Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Capital US LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings (US) Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Holdings No. 2 LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK Consumer Healthcare Services, Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
GSK New Zealand Holding Company Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon (Suzhou) Technology Co [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Export Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Australia Pty Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Belgium N.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Germany GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Intermediate Holdings Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Ireland Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon Netherlands B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon New Zealand ULC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Enterprises Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Research Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Services Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Trading Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Haleon UK Trading Services Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Iodosan S.p.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Kuhs GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
NCH - Nutrition Consumer Health Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
P.T. Sterling Products Indonesia [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare Brazil Importadora e Distribuidora de Medicamentos Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare Canada ULC/ PF Soins De Sante SRI [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PF Consumer Healthcare Holding B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Pfizer Consumer Manufacturing Italy S.r.l. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Pfizer Laboratories PFE (pty) Ltd. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Pfizer PFE Colombia S.A.S [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PT Haleon Indonesia Trading [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
PT BINA Dentalindo [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
SmithKline Beecham S.A. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Stafford-Miller (Ireland) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Stafford-Miller Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Sterling Drug (Malaya) Sdn Berhad [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Stiefel Consumer Healthcare (UK) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Stiefel Laboratories (Ireland) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Treerly Health Co., Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Wyeth Pharmaceutical Co. Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Wyeth Pharmaceuticals Company [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Beecham Enterprises Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	88%
GlaxoSmithKline Consumer Healthcare, L.P. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	88%
GSK-Gebro Consumer Healthcare GmbH [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	50%
Haleon Pakistan Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	85.80%
Pfizer Biotech Corporation [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	55%
Sino-American Tianjin Smith Kline & French Laboratories Ltd [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	55%
SmithKline Beecham (Private) Limited [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	99.70%
PF Consumer Taiwan LLC [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%
Sterling products international, Incorporated [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%