GlaxoSmithKline Plc reported a 1% increase in turnover to £34 billion in 2020 as gains for its vaccines and newer respiratory medicines were partially offset by generic competition for legacy products. However cost controls and asset disposals contributed to a 12% rise in operating profit to £7.78 billion giving an operating margin of 22.8%.
Briefing journalists on 3 February, Emma Walmsley, the chief executive, said the coming year will see the company progress candidate Covid-19 vaccines and therapeutics with partners, and prepare for a major corporate restructuring in 2022.