UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
☒ ANNUAL REPORT PURSUANT
TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
☐ TRANSITION
REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 001-15170
GSK 401(k) Plan
GlaxoSmithKline LLC
FMC Tower at Cira Centre South
2929 Walnut Street, Suite 1700
Philadelphia, PA 19104
(Full Title of Plan and Address of Plan, if Different
from that of Issuer Named Below)
GSK plc
980 Great West Road
Brentford, Middlesex TW8 9GS
(Name of Issuer of Securities Held Pursuant to the
Plan and
the Address of its Principal Executive Office)
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange
Act of 1934, the Plan administrator has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.
|
GSK 401(k) Plan |
|
|
|
|
|
By: |
/s/ Maureen Epstein |
|
|
Maureen Epstein |
|
|
US Rewards and Benefit Director |
Date: June 18, 2024
GSK
401(k) Plan
Financial
Statements as of December 31, 2023 and
2022 and for the Year Ended December 31, 2023 and
Supplemental Schedule as of December 31, 2023
Page(s)
Financial
Statements
Supplemental Schedule*
*Other
schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 (“ERISA”) have been omitted, because they are
not applicable.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Plan Participants and Plan Administrator of GSK 401(k) Plan
Opinion
on the Financial Statements
We
have audited the accompanying statements of net assets available for benefits of GSK 401(k) Plan (the "Plan") as
of December 31, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December
31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial
statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023
and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error
or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report
on Supplemental Schedule
The
supplemental schedule of assets (held at end of year) as of December 31, 2023, has been subjected to audit procedures performed
in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's
management. Our audit procedures included determining whether the supplemental schedule reconcile to the financial statements
or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy
of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether
the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule
is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/
DELOITTE & TOUCHE LLP
Philadelphia,
Pennsylvania
June
11, 2024
We
have served as the auditor of the Plan since 2019.
GSK
401(k) Plan
Statements of Net Assets Available for Benefits
As of December 31, 2023 and 2022
| |
2023 | | |
2022 | |
Assets | |
| | |
| |
Investments
at fair value | |
$ | 7,689,083,617 | | |
$ | 6,511,870,013 | |
Fully
benefit responsive investment contracts at contract value | |
| 330,927,717 | | |
| 402,392,234 | |
Total
investments | |
| 8,020,011,334 | | |
| 6,914,262,247 | |
| |
| | | |
| | |
Receivables | |
| | | |
| | |
Employer
contributions | |
| 13,640,954 | | |
| 12,339,112 | |
Participant
contributions | |
| 7,933,724 | | |
| 7,250,519 | |
Dividends
and interest | |
| 4,635,289 | | |
| 4,111,807 | |
Receivables
for securities sold | |
| 96,003 | | |
| 451,199 | |
Participant
loans receivable | |
| 26,801,889 | | |
| 25,450,403 | |
Total
receivables | |
| 53,107,859 | | |
| 49,603,040 | |
Total
assets | |
| 8,073,119,193 | | |
| 6,963,865,287 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accrued investment
management fees | |
| 997,307 | | |
| 982,536 | |
Payables
for securities purchased | |
| 31,934 | | |
| 51,022 | |
Total
liabilities | |
| 1,029,241 | | |
| 1,033,558 | |
Net
assets available for benefits | |
$ | 8,072,089,952 | | |
$ | 6,962,831,729 | |
The
accompanying notes are an integral part of these financial statements.
GSK
401(k) Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2023
| |
2023 | |
Additions
to net assets attributed to | |
| | |
Investment income | |
| | |
Interest
income | |
$ | 10,169,349 | |
Dividend
income | |
| 33,957,157 | |
Net
appreciation in fair value of investments | |
| 1,208,357,295 | |
Total
investment income | |
| 1,252,483,801 | |
| |
| | |
Contributions | |
| | |
| |
| | |
Rollover
contributions | |
| 23,489,335 | |
Participant | |
| 196,465,861 | |
Employer | |
| 238,896,307 | |
Total
contributions | |
| 458,851,503 | |
Total
additions | |
| 1,711,335,304 | |
| |
| | |
Deductions
from net assets attributed to | |
| | |
Benefits paid to participants | |
| 604,832,694 | |
Administrative
expenses and investment management fees | |
| 7,370,708 | |
Total
deductions | |
| 612,203,402 | |
Net
increase in net assets | |
| 1,099,131,902 | |
Transfer in from other
plans (see note 1) | |
| 10,126,321 | |
Total net increase
in net assets after transfers | |
| 1,109,258,223 | |
| |
| | |
Net
assets available for benefits | |
| | |
Beginning of year | |
| 6,962,831,729 | |
End of year | |
$ | 8,072,089,952 | |
The
accompanying notes are an integral part of these financial statements.
GSK 401(k)
Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
| 1. | Description
of the Plan |
The
following description of the GSK 401(k) Plan (the “Plan”) provides only general information. Participants should refer
to the Plan Document or the Summary Plan Description for a more complete description of the Plan’s provisions.
General
The
Plan is a defined contribution plan sponsored by GlaxoSmithKline LLC (“GSK” or the “Company”). The Plan
was established to encourage and assist Company employees to save regularly for retirement. It is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
GSK
plc completed the acquisition of Affinivax in August 2022. Effective February 1, 2023, Affinivax’s employees began participating
in the GSK 401(k) Plan. On May 9, 2023, the GSK 401(k) Plan was amended to include the assets of the Affinivax Inc. 401(k) Profit
Sharing Plan and Trust (the “Affinivax Plan”). On that date, participants’ accounts and assets of the Affinivax
Plan were merged into the GSK 401(k) Plan. The Affinivax Plan’s net assets available for benefits totaling $8,429,228 was
transferred into the GSK 401(k) Plan upon the merger.
GSK
plc completed the acquisition of Sierra Oncology, Inc. in June 2022. On October 24, 2023, the GSK 401(k) Plan was amended to include
the assets of the Sierra Oncology Inc. 401(k) Plan (the “Sierra Oncology Plan”). On that date, participants’
accounts and assets of the Sierra Oncology Plan were merged into the GSK 401(k) Plan. The Sierra Oncology Plan’s net assets
available for benefits totaling $1,697,093 was transferred into the GSK 401(k) Plan upon the merger.
Contributions
Under
the terms of the Plan, eligible employees with one hour of credited service may voluntarily elect to contribute pre-tax and/or
Roth 401(k) contributions, which combined can range from 1% to 50% of their eligible compensation. Participants who have attained
age 50 before the end of the Plan’s year are also eligible to make catch-up contributions. Participants may also contribute
amounts, representing distributions from other qualified retirement plans or individual retirement accounts, subject to the terms
of the Plan. Participants may direct the investment of their contributions into various investment options offered by the Plan
and may change those options at any time during the year.
Effective
January 1, 2021, the Company makes contributions to the accounts of employees with one hour of credited service. The Company makes
contributions to the accounts of employees in two ways. GSK will match up to 100% of the first 4% of the employee’s combined
pre-tax and/or Roth 401(k) contributions not in excess of 4% of the employee’s eligible compensation as defined by the Plan.
Additionally, the Company provides for GSK core contributions of 7% of eligible employee compensation, regardless of whether the
employee voluntarily contributes to the Plan. Participants decide how to invest the Company contributions into the various investment
options offered by the Plan and may change those options at any time during the year.
During
2023 the total amount of the employee and employer contributions was $458,851,503 which includes rollover contributions of $23,489,335.
Participant
Accounts
Each
participant’s account is credited with the participant’s contributions, Company matching contributions, GSK
core contributions and investment earnings or losses as applicable and charged with fees as applicable. The earnings on
investments are allocated daily to the individual accounts of participants. These allocations are based on each participant’s
relative interest in the fair value of the assets held in each fund, except for dividends and unrealized appreciation and depreciation
on the GSK American Depository Receipts (ADRs), as held in the GlaxoSmithKline Stock Fund (the “GSK Stock Fund"), which
are allocated based upon the number of units held in the individual accounts of participants. The benefit, to which a participant
is entitled, is the benefit that can be provided from the participant’s vested account. The Plan’s investments include
the GSK Stock Fund. The GSK Stock Fund is comprised of GSK American Depository Shares (ADRs). Each ADR represents two ordinary
shares of GlaxoSmithKline plc. In addition, the GSK Stock Fund holds a small percentage invested in the State Street Institutional
Treasury Money Market Fund, managed by State Street Global Advisors (SSGA) for liquidity.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
Nonparticipant-Directed
Investments
If
a participant does not designate an investment direction, their future contributions and earnings will be invested in
the age-appropriate Vanguard Target Retirement Trust Plus fund closest to the year that the participant turns age 65. The
participant can change this future investment direction as well as transfer any accumulated holdings to any other fund in the
Plan at any time.
Vesting
Participants
are immediately and fully vested in their participant contributions, GSK matching contributions and GSK core contributions plus
actual earnings thereon.
Payment
of Benefits
Participants
become entitled to payment of the total value of their accounts at the time of termination, retirement, disability, or death.
If the participant account balance is less than $5,000, payment is in the form of an immediate lump sum distribution of cash or
if invested in the GSK Stock Fund those distributions may be made in GSK ADRs. The GSK Stock Fund invests in GSK ADRs listed on
the New York Stock Exchange representing two ordinary shares of GlaxoSmithKline plc. Participants with balances greater than $1,000
but less than $5,000 may have the value of their account rolled over to an Individual Retirement Account (IRA) or Roth IRA in
their name with Merrill Lynch Wealth Management, and invested in an interest-bearing cash account.
If
the account balance is greater than $5,000, participants have the option of electing (1) up to four partial distributions each
year from their account balance; (2) a total distribution of their account balance as annual installments over a period not exceeding
20 years, or as a lump sum distribution of cash or if invested in the GSK Stock Fund those distributions
may be made in GSK ADRs. Required minimum distributions begin at age 73.
During
employment, participants may withdraw participant rollover contributions, Roth rollover contributions, after-tax contributions,
after-tax earnings and prior employer contributions at any age. After the age of 59-1/2, participants may also withdraw their
pre-tax and Roth 401(k) contributions at any time.
Prior
to age 59-1/2, participant pre-tax and Roth 401(k) contributions may only be withdrawn in the event of financial hardship and
then only after the withdrawal of the value of all participant after-tax contributions, prior employer contributions and rollover
contributions.
Participant
Loans Receivable
Participants
may borrow from their vested fund accounts a minimum loan amount of $1,000 up to a maximum loan amount equal to the lesser of
$50,000 or 50% of their vested account balance. Loan transactions are treated as transfers from the applicable investment option
to the participant loans receivable. Loan terms range from 1-5 years, or up to 15 years for the purchase of a primary residence.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
The
loans are collateralized by the balance in the participant’s account and bear interest at a rate equal to the prime rate
plus 1% as of the initial date of the loan, as determined by the Plan’s administrator. Principal and interest are paid ratably
through semi-monthly payroll deductions. Participants must pay a one-time loan processing fee of $50.
Loans
outstanding at December 31, 2023 have interest rates ranging from 4.25% to 9.5% with maturity dates from 2023 to 2044. Loans
outstanding at December 31, 2022 had interest rates ranging from 4.25% to 8% with maturity dates from 2023 to 2044. Loan
maturities beyond 15 years are due to loans transferred in as a result of the Human Genome Sciences Plan merger in 2013, Novartis
Corporation Investment Savings Plan in 2016, and the Tesaro Plan in 2020.
Participant
loans receivable are valued at unpaid principal plus accrued interest, but not paid interest, which approximates fair value. Participant
loans are also considered party-in-interest transactions.
Administrative
Expenses
Investment
management fees are borne by Plan participants. Investment management fees for certain funds are recorded as Administrative Expenses
and Investment Management Fees in the Statement of Changes in Net Assets Available for Benefits. Other investment management fees
are deducted from the respective fund investment returns. Those participants who elect to use Alight Financial Advisors (AFA)
Professional Management to manage their 401(k) investments pay a monthly fee in arrears to AFA for this service. These fees are
deducted from participant accounts monthly and are also included in administrative expenses and investment management fees. Certain
administrative functions are performed by officers or employees of the Company and its affiliates. No such officer or employee
receives compensation from the Plan. Other administrative expenses of the Plan are paid by the Company.
In
addition to the Administrative Expenses and Investment Management Fees borne by Plan participants, during the year ended December 31,
2023 the Company paid administrative expenses of $2,299,389 on behalf of the Plan. This
includes the amount of $323,934 for custody fees and $40,441 for benefits processing paid to State Street Bank and Trust Company,
the Trustee and custodian for GSK 401(k) Plan.
| 2. | Summary
of Significant Accounting Policies and Recent Accounting Pronouncements |
Basis
of Presentation
The
accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles
generally accepted in the United States of America.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein,
and disclosure of contingent assets and liabilities. Actual results could differ from those estimates and differences could be
material.
Investment
Valuation and Income Recognition
The
Plan’s investments are stated at fair value as defined by FASB Accounting Standards Codification (ASC) 820, except for synthetic
guaranteed investment contracts that are stated at contract value. Plan management determines the Plan's valuation policies utilizing
information provided by the investment advisers, custodians and contract issuers.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
The
following is a description of the valuation methodologies used for the investments measured at fair value. There have been no
changes in methodologies as of December 31, 2023 and 2022.
| ● | Common
stock: valued at the closing price reported on the active market on which the individual
security is traded. |
| ● | Common
collective trust and collective investment trust funds: valued at the net asset value
of units of a bank collective trust. The net asset value as provided by the trustee is
used as a practical expedient to estimate fair value. The net asset value is based on
the fair value of the underlying investments held by the fund less its liabilities. This
practical expedient is not used when it is determined to be probable that the fund will
sell the investment for an amount different than the reported net asset value. |
| ● | Money
market fund and mutual funds: valued at the daily closing price as reported by the fund.
These funds are registered with the Securities and Exchange Commission and are required
to publish their daily net asset value and to transact at that price. These funds held
by the Plan are deemed to be actively traded. |
The
measurement methods as described above may not be indicative of net realizable value or reflective of future fair values. Furthermore,
while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value
measurement at the reporting date.
The
Plan provides participants various investment options, some of which are separately managed accounts. Separately managed accounts
represent a portfolio of individual securities that are managed by professional investment managers appointed by Plan management.
Unlike a mutual fund or common collective trust fund, the Plan directly owns the individual underlying securities instead of pooling
the assets with other investors. The individual assets of separately managed accounts are held in the name of the Plan and are
generally considered separately as individual investments for accounting, auditing and financial statement reporting purposes.
Included
in the investment options are the following separately managed accounts for which the underlying investments are listed individually
on Form 5500, Schedule H, line 4i:
| ● | Dodge
& Cox Large Cap US Equity Fund |
In
July 2022, the Consumer Healthcare Stock Fund (Haleon Stock Fund), a separately managed account, was added to the plan as a result
of the Demerger and Separation of the Consumer Healthcare company (“Haleon”). Participants invested in the GSK Stock
Fund at the time of the Demerger and Separation of Haleon automatically received units in the Haleon Stock Fund. Included in investments
at December 31, 2022, are shares of Haleon’s common stock of $60,276,048. The Haleon Stock Fund was fully liquidated in
July 2023.
The
underlying of the separately managed accounts represent common stocks and money market funds as described above and disclosed
in Note 4.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
The
Plan also offers a separately managed stable value fund investment option which includes fully benefit responsive synthetic guaranteed
investment contracts. The underlying synthetic guaranteed investment contracts are presented at contract value. Contract value
is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract
value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.
The
Plan is invested in a Stable Value Fund (the “Fund”) which is managed exclusively for the Plan. The Fund invests in
synthetic Guaranteed Investment Contracts (GICs) and a diversified portfolio of high-quality fixed income securities including
money market funds, limited partnership funds, and common collective trust funds. The synthetic GICs issued by insurance companies
and other financial institutions are designed to help preserve principal and provide a stable crediting rate. The crediting rate
for synthetic GICs is based on a formula agreed upon with the issuer in the contract and is guaranteed by the issuer not to fall
below zero. These contracts also provide that participant-initiated withdrawals, permitted by the Plan, will be paid at contract
value. A wrapper contract provides that realized and unrealized gains and losses on the underlying fixed income portfolio are
not reflected immediately in the net assets of the fund, but rather are amortized over the duration of the underlying assets through
adjustments to the future interest crediting rate. Primary variables impacting future crediting rates of the investment contract
include the current yield, duration, and existing difference between market and contract value of the underlying assets within
the wrap contract.
The
underlying investments of the synthetic contracts are listed individually on Form 5500, Schedule H, line 4i. See Note 3 for further
information on the synthetic GICs.
Purchases
and sales of investments are recorded on the trade-date basis. Interest income is recognized as earned. Dividend income is recorded
on the ex-dividend date.
The
Plan presents in the Statement of Changes in Net Assets Available for Benefits, the net appreciation in the fair value of its
investments, which includes realized gains and losses and unrealized appreciation and depreciation.
Benefits
Paid to Participants
Benefits
paid to participants from participants’ accounts are recorded when paid.
| 3. | Synthetic
Guaranteed Investment Contracts |
The
Plan provides participants a self-managed stable value fund investment option. The Plan owns 100% of the underlying assets of
the stable value fund, which includes fully benefit-responsive synthetic guaranteed investment contracts (synthetic GICs), a bank
common collective trust and a money market fund. The synthetic GICs are at contract value and the common collective trust fund
and money market fund are at fair value as disclosed in the Investment Valuation section of Note 2.
Synthetic
GICs are agreements with high quality banks and insurance companies which are designed to help preserve principal and provide
a stable crediting rate. The synthetic GICs are fully benefit responsive and provide that all participant initiated withdrawals
permitted under the Plan will be paid at contract value. There are no reserves against contract value for credit risk of the contract
issuer or otherwise.
A
synthetic investment contract includes a wrapper contract, which is an agreement from the wrap issuer, such as a bank or insurance
company, to make payments to the Plan in certain circumstances.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
Certain
events may limit the ability of the Plan to transact at contract value with the contract issuer. These events may be different
for each contract. Examples of such events include (1) communication to Plan participants which may induce participants to make
a withdrawal from the stable value fund, (2) equity wash provisions are not followed, (3) other Plan sponsor events (for example,
a group layoff, an early retirement incentive or spin-offs of the Plan) that cause a significant withdrawal from the Plan, (4)
the Plan’s failure to qualify under Section 401(a) of the Internal Revenue Code (IRC) or the failure of the Plan to be tax-exempt
under Section 501(a) of the IRC or (5) amendments to the Plan documents (including complete or partial Plan termination or merger
with another Plan).
No
events are probable of occurring that might limit the ability of the Plan to transact at contract value with the contract issuers
and that also would limit the ability of the Plan to transact at contract value with the participants.
In
addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract
value. Those events may be different under each contract. Examples of such events include (1) termination or replacement (or “change
in control” as defined in the contract) of the investment adviser without the issuer’s consent, (2) if a security
is sold or subject to a lien other than as permitted under the contract, (3) the contract holder engages in fraud or other bad
faith that in some cases must also have materially and adversely affected the risk profile of the contract (4) a material amendment
to the agreements without consent of the issuer,(5) failure to be exempt from federal income taxation, or (6) the Plan merges
with another plan.
Automatic
termination of the wrap contract will occur if the contract value equals zero; the contracts may also be terminated in the event
of a default by the issuer. The Plan’s ability to receive amounts due in accordance with fully benefit responsive investment
contracts is dependent on the third-party issuer’s ability to meet its financial obligations. The issuer’s ability
to meet its contractual obligations may be affected by future economic and regulatory developments. Participant initiated withdrawals
permitted under the Plan are paid at contract value. Any event that is employer initiated could result in withdrawal at market
value (which may be significantly less than contract value). If the assets were transferred to another synthetic contract within
the Plan’s synthetic guaranteed investment contract portfolio, the market value to contract value loss in existence on the
termination date, if any, would be transferred to the new contract and the loss would be amortized through future crediting resets.
There
are three synthetic GICs included in the Plan. These are provided by The Prudential Insurance Company of America, State Street
Bank and Trust Company and Transamerica Premier Life Insurance Company.
| 4. | Fair
Value Measurements |
The
framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. To increase consistency and comparability in fair value measurements and related disclosures, the Plan utilizes
the fair valuation hierarchy required by FASB ASC 820-10 which prioritizes the inputs to valuation techniques and to measure fair
value into the following three broad levels:
Level
1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that
the Plan has the ability to access at the measurement date (i.e. common stocks and mutual funds).
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
| Level
2 | Inputs other
than quoted prices that are observable for the asset or liability either directly or indirectly,
including inputs in markets that are not considered to be active (i.e. common collective trust
funds). |
| | |
| Level
3 | Inputs
to the valuation methodology are unobservable and significant to the fair value measurement. |
| |
Assets
at Fair Value as of December 31, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Common
stock | |
$ | 762,666,590 | | |
$ | — | | |
$ | — | | |
$ | 762,666,590 | |
Money market fund | |
| 25,229,608 | | |
| — | | |
| — | | |
| 25,229,608 | |
Mutual
funds | |
| 143,716,700 | | |
| — | | |
| — | | |
| 143,716,700 | |
| |
| 931,612,898 | | |
| — | | |
| — | | |
| 931,612,898 | |
Investments
measured at net asset value as a practical expedient (a) | |
| — | | |
| — | | |
| — | | |
| 6,757,470,719 | |
| |
$ | 931,612,898 | | |
$ | — | | |
$ | — | | |
$ | 7,689,083,617 | |
| |
Assets
at Fair Value as of December 31, 2022 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
| |
| | |
| | |
| | |
| |
Common
stock | |
$ | 766,135,066 | | |
$ | — | | |
$ | — | | |
$ | 766,135,066 | |
Money market fund | |
| 16,912,366 | | |
| — | | |
| — | | |
| 16,912,366 | |
Mutual
funds | |
| 82,401,305 | | |
| — | | |
| — | | |
| 82,401,305 | |
| |
| 865,448,737 | | |
| — | | |
| — | | |
| 865,448,737 | |
Investments
measured at net asset value as a practical expedient (a) | |
| — | | |
| — | | |
| — | | |
| 5,646,421,276 | |
| |
$ | 865,448,737 | | |
$ | — | | |
$ | — | | |
$ | 6,511,870,013 | |
(a)
Certain investments that were measured at net asset value per share (or its equivalent) as a practical expedient have not been
classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of
the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
The
following summarizes investments measured at fair value based on NAV per share as a practical expedient as of December 31, 2023
and 2022, respectively.
|
December
31, 2023 | |
Fair
Value | | |
Unfunded
Commitments | | |
Redemption
Frequency | |
Redemption
Notice Period |
|
| |
| | |
| | |
| |
|
* |
State
Street Global Advisors Funds | |
$ | 4,219,144,910 | | |
| n/a | | |
Daily | |
8:30am
EST on T+1 for participant-directed redemptions. In accordance with the relevant Declaration of Trust for the Commingled Funds,
SSGA requests emailed notice 15 days in advance of Trade Date for all plan-directed contributions or redemptions that are
of significant size, as determined by SSGA in its sole discretion. |
|
| |
| | | |
| | | |
| |
|
** |
Vanguard
Target Retirement Trust Plus | |
| 1,880,906,801 | | |
| n/a | | |
Daily subject to
frequent trading
provisions | |
12
months |
|
| |
| | | |
| | | |
| |
|
|
BlackRock
Russell 2500 Alpha Tilts – Fund F | |
| 379,615,564 | | |
| n/a | | |
Daily | |
T-2 by 11:30AM ET |
|
| |
| | | |
| | | |
| |
|
|
MetWest
Total Return Bond Fund (CIT) Class C
| |
| 77,120,895
| | |
| n/a
| | |
Daily
| |
If a plan’s redemption
is for more than 20% of their assets in the fund then the notice period is 5 business days.Advance notice is not required
for redemptions that are less than 20% of their assets |
|
| |
| | | |
| | | |
| |
|
|
BlackRock
Government Short Term Investment Fund
| |
| 200,682,549
| | |
| n/a
| | |
Daily | |
There
are no restrictions for participants to trade commingled trust funds. Consistent with DC industry
standards, the collective funds offer daily liquidity with same-day notification. Regarding plan-level
liquidity, we offer daily liquidity but, as a courtesy, we request advance notice prior to large
Plan-level redemptions. More specifically, the standard for DC participant directed activity
is to receive orders on T+1 (the business day following trade date), providing the unit value
of T (trade date), with settlement on T+1. These orders are typically received via the plan’s
intermediaries (e.g., recordkeeper, trustee, etc.). BlackRock Trust Company maintains trading
agreements with these intermediaries that establishes T+1 notification deadlines and proper internal
controls and procedures. In the event of Plan (non-participant) directed activity, into or out
of the commingled trust funds, BlackRock requests the Plan trustee to provide thirty (30) days
advance notification in order to allow for coordination of order placement, trading, and specification
of settlement dates.
|
|
| |
| | | |
| | | |
| |
|
|
Total December 31,
2023 | |
$ | 6,757,470,719 | | |
| | | |
| |
|
|
December 31, 2022 | |
Fair Value | | |
Unfunded
Commitments | | |
Redemption Frequency | |
Redemption Notice Period |
|
| |
| | |
| | |
| |
|
* |
State Street Global Advisors Funds | |
$ | 3,544,256,562 | | |
| n/a | | |
Daily | |
8:30am
EST on T+1 for participant-directed redemptions. In accordance with the Daily relevant Declaration of Trust for the Commingled
Funds, SSGA requests emailed notice 15 days in advance of Trade Date for all plan-directed contributions or redemptions that are
of significant size, as determined by SSGA in its sole discretion. |
|
| |
| | | |
| | | |
| |
|
** |
Vanguard Target Retirement Trust Plus | |
| 1,532,513,681 | | |
| n/a | | |
Daily subject to
frequent trading
provisions | |
No defined period. |
|
| |
| | | |
| | | |
| |
|
|
BlackRock Russell 2500 Alpha Tilts – Fund F | |
| 334,182,882 | | |
| n/a | | |
Daily | |
T-2 by 11:30AM ET |
|
| |
| | | |
| | | |
| |
|
|
MetWest Total Return Bond Fund (CIT) Class C
| |
| 70,300,195 | | |
| n/a | | |
Daily | |
If a plan’s redemption is for more than 20% of their assets in the
fund then the notice period is 5 business days.Advance notice is not required for redemptions that are less than 20% of their assets |
|
| |
| | | |
| | | |
| |
|
|
BlackRock Government Short Term Investment Fund
| |
| 165,167,956 | | |
| n/a | | |
Avg 10 per month | |
T+1 for participant-directed activity. In the event of Plan
(non-participant) directed activity into or out of the Collective Funds, the Trustees will provide the Manager with thirty
(30) days advance notification in order to allow for coordination of order placement, trading and specification of settlement date. |
|
| |
| | | |
| | | |
| |
|
|
Total December 31, 2022 | |
$ | 5,646,421,276 | | |
| | | |
| |
|
*State
Street Global Advisor Funds includes 4 funds (for 2023, see individual funds as listed in attached Schedule H, line 4i –
Schedule of Assets Held – Common Collective Trust Section).
**Vanguard
Target Retirement Trust Plus Funds includes 11 funds (for 2023, see individual funds as listed in attached Schedule H, line 4i
– Schedule of Assets Held – Common Collective Trust Section)
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
| 5. | Related
Party and Party in Interest Transactions |
Certain
Plan investments are common collective trust funds and mutual funds managed by SSGA, an investment management division of State
Street Bank and Trust Company, which is the Trustee and custodian of the Plan, and therefore related transactions and expenses
qualify as party-in-interest transactions.
During
the year ended December 31, 2023, the Plan purchased $62,891,587 and sold $62,379,684 of the GSK Stock Fund, which included purchases
of $19,570,864 and sales of $18,806,587 of GSK ADRs and received GSK ADRs dividends of $9,538,035.
During
the year ended December 31, 2023, Dodge & Cox Large Cap US Equity purchased $142,453,320 and sold $170,106,476 of various
equities on behalf of the Plan, which included purchases of $879,871 and sales of $0 of GSK ADRs and received GSK ADRs dividends
of $370,671. Fees paid by the Plan to Dodge & Cox Large Cap US Equity for investment management services were $2,007,964 for
2023.
The
stable value fund is a customized separately managed fund held by Goldman Sachs, therefore, transactions with Goldman Sachs qualify
as party-in-interest transactions. Fees paid by the Plan to Goldman Sachs for investment management services were $406,863 for
2023.
The
Plan issues loans to participants, which are secured by the vested balances in the participants’ accounts.
Although
it has not expressed any intent to do so, the Company has the right under the Plan Document to discontinue its contributions at
any time and to terminate the Plan subject to the provisions of ERISA.
The
Internal Revenue Service (IRS) has determined and informed the Company by a letter dated February 16, 2017, that the Plan
and related trust are designed in accordance with applicable sections of the IRC. In December 2016, the IRS began publishing a
Required Amendments List for individually designed plans which specifies changes in qualification requirements. The list is published
annually and requires plans to be amended for each item on the list, as applicable, to retain its tax-exempt status. Although
the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe
that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore,
believe that the Plan is qualified, and the related trust is tax-exempt.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
| 8. | Reconciliation
to Form 5500 |
The
following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2023 and 2022
to Form 5500:
| |
2023 | | |
2022 | |
| |
| | |
| |
Net assets
available for benefits per the financial statements | |
$ | 8,072,089,952 | | |
$ | 6,962,831,729 | |
Amounts allocated to
withdrawing participants | |
| (269,640 | ) | |
| (1,811,346 | ) |
Deemed
distributions adjustment | |
| (187,733 | ) | |
| (155,274 | ) |
Net
assets available for benefits per Form 5500, Schedule H | |
$ | 8,071,632,579 | | |
$ | 6,960,865,109 | |
The
following is a reconciliation the change in net assets available for benefits per the financial statements to net income per the
Form 5500 for the year ended December 31, 2023:
| |
2023 | |
|
|
|
|
| |
| |
|
|
|
|
Net increase in net
assets available for benefits per financial
statements | |
$ | 1,099,131,902 | |
|
|
|
|
Amounts allocated to
withdrawing participants in 2023 | |
| (269,640 | ) |
|
|
|
|
Amounts allocated to
withdrawing participants in 2022 | |
| 1,811,346 | |
|
|
|
|
Current year deemed
distributions | |
| (187,733 | ) |
|
|
|
|
Prior year deemed distributions | |
| 155,274 | |
|
|
|
|
Net
increase in net assets available for benefits | |
| | |
|
|
|
|
per
Form 5500, Schedule H | |
$ | 1,100,641,149 | |
|
|
|
|
The
following is a reconciliation of benefits paid to participants per the financial statements for the year ended December 31,
2023 to Form 5500:
| |
2023 | |
|
|
|
|
| |
| |
|
|
|
|
Benefits
paid to participants per the financial statements | |
$ | 604,832,694 | |
|
|
|
|
Amounts
allocated to withdrawing participants at December 31, 2023 | |
| 269,640 | |
|
|
|
|
Amounts
allocated to withdrawing participants at December 31, 2022 | |
| (1,811,346 | ) |
|
|
|
|
Benefits
paid to participants per Form 5500, Schedule H (2e, 2g) | |
$ | 603,290,988 | |
|
|
|
|
| 9. | Risks
and Uncertainties |
The
Plan invests in various investment options. These investment options are exposed to various risks, such as interest rate, market
and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes
in the values of investments will occur in the near term and that such changes could materially affect participants’ account
balances and the amounts reported in the Statements of Net Assets Available for Benefits.
GSK
401(k) Plan
Notes to Financial Statements
As of December 31, 2023 and 2022 and for the Year Ended December 31, 2023
Included
in investments at December 31, 2023 and 2022, are shares of GSK’s common stock with an aggregate value of $264,469,721
and $249,005,484 respectively. This investment represents 3.28 percent and 3.58 percent of net assets available for benefits at
December 31, 2023 and 2022, respectively. A change in the market value of GSK’s stock would affect the net assets available
for benefits.
As
of December 31, 2023 and 2022, the following investments represent 5.0 percent or more of the net assets available for benefits:
2023
Investment | |
Fair
Value of Investment | |
State Street
S&P 500 Index Non-Lending Series Fund (Class A) | |
$ | 2,321,957,741 | |
SSGA Global All cap
Equity ex- US Index Fund (NL – Class A) | |
| 771,656,115 | |
State Street US Extended
Market Index Non-Lending Series Fund (Class C) | |
| 666,340,607 | |
State Street US Bond
Index Non-Lending Series Fund (Class A) | |
| 459,190,447 | |
| |
| | |
2022 | |
| | |
| |
| | |
Investment | |
Fair Value of Investment | |
State Street S&P
500 Index Non-Lending Series Fund (Class A) | |
$ | 1,888,431,919 | |
SSGA Global All cap
Equity ex- US Index Fund (NL – Class A) | |
| 675,799,062 | |
State Street US Extended
Market Index Non-Lending Series Fund (Class C) | |
| 575,320,444 | |
State Street US Bond
Index Non-Lending Series Fund (Class A) | |
| 404,705,137 | |
There
are no other individual investments that represent more than 5.0 percent of the net assets available for benefits at December
31, 2023 and 2022.
Subsequent
events were evaluated through June 11, 2024, the date the financial statements were issued.
GSK
plc completed the acquisition of BELLUS Health in June 2023. The accounts and assets of the BELLUS Health 401(k) Retirement Plan
will be merged into the GSK 401(k) Plan in Q2 2024.
Supplemental
Schedule
GSK
401(k) Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2023
Plan
Number (PN): 002 EIN: 23-1099050
(a) |
(b) |
|
(c) |
|
|
(d) |
|
|
(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identity of Issuer,
Borrower
Lessor or Similar |
|
Description of
Investments
Including Maturity
Date, Rate of Interest, Collateral,
Par or Maturity Value |
|
|
Cost |
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T Rowe Price Blue Chip Growth Fund I |
|
Mutual fund |
|
|
** |
|
|
|
83,936,084 |
|
|
American Funds Europacific Growth– Class
R6 |
|
Mutual fund |
|
|
** |
|
|
|
59,780,616 |
|
* |
State Street Institutional Treasury Money Market
Fund (Premier Share Class) |
|
Money market fund |
|
|
*** |
|
|
|
25,229,608 |
|
|
|
|
|
|
|
|
|
|
|
168,946,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Government Short Term Investment Fund |
|
Common collective trust |
|
|
|
|
|
|
200,682,549 |
|
* |
State Street S&P 500 Index Non-Lending Series
Fund (Class A) |
|
Common collective trust |
|
|
** |
|
|
|
2,321,957,741 |
|
* |
State Street US Bond Index Non-Lending Series
Fund (Class A) |
|
Common collective trust |
|
|
** |
|
|
|
459,190,447 |
|
* |
State Street US Extended Market Index Non-Lending
Series Fund (Class C) |
|
Common collective trust |
|
|
** |
|
|
|
666,340,607 |
|
* |
SSGA Global All cap Equity ex- US Index Fund
(NL – Class A) |
|
Common collective trust |
|
|
** |
|
|
|
771,656,115 |
|
|
MetWest Total Return Bond Fund (CIT) Class C |
|
Collective investment trust |
|
|
** |
|
|
|
77,120,895 |
|
|
Vanguard Target Retirement 2065 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
24,208,207 |
|
|
BlackRock Russell 2500 Alpha Tilts – Fund
F |
|
Common collective trust |
|
|
** |
|
|
|
379,615,564 |
|
|
Vanguard Target Retirement Income Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
82,679,702 |
|
|
Vanguard Target Retirement 2020 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
114,832,497 |
|
|
Vanguard Target Retirement 2025 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
211,162,127 |
|
|
Vanguard Target Retirement 2030 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
309,784,560 |
|
|
Vanguard Target Retirement 2035 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
243,325,082 |
|
|
Vanguard Target Retirement 2040 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
303,525,636 |
|
|
Vanguard Target Retirement 2045 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
226,264,020 |
|
|
Vanguard Target Retirement 2050 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
161,731,428 |
|
|
Vanguard Target Retirement 2055 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
112,149,070 |
|
|
Vanguard Target Retirement 2060 Trust Plus |
|
Common collective trust |
|
|
** |
|
|
|
91,244,472 |
|
|
|
|
|
|
|
|
|
|
|
6,757,470,719 |
|
GSK
401(k) Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2023
|
AEGON
LTD NY REG SHR |
|
Common stock |
|
|
** |
|
|
|
2,899,008 |
|
|
ALNYLAM
PHARMACEUTICALS INC |
|
Common stock |
|
|
** |
|
|
|
2,201,215 |
|
|
ALPHABET
INC CL A |
|
Common stock |
|
|
** |
|
|
|
7,124,190 |
|
|
ALPHABET
INC CL C |
|
Common stock |
|
|
** |
|
|
|
13,106,490 |
|
|
AMAZON.COM
INC |
|
Common stock |
|
|
** |
|
|
|
8,888,490 |
|
|
ANHEUSER
BUSCH INBEV SPN ADR |
|
Common stock |
|
|
** |
|
|
|
7,948,260 |
|
|
AVANTOR
INC |
|
Common stock |
|
|
** |
|
|
|
4,223,550 |
|
|
BAKER
HUGHES CO |
|
Common stock |
|
|
** |
|
|
|
5,127,000 |
|
|
BANK OF
AMERICA CORP |
|
Common stock |
|
|
** |
|
|
|
8,518,510 |
|
|
BANK OF
NEW YORK MELLON CORP |
|
Common stock |
|
|
** |
|
|
|
10,149,750 |
|
|
BAXTER
INTERNATIONAL INC |
|
Common stock |
|
|
** |
|
|
|
3,572,184 |
|
|
BIOMARIN
PHARMACEUTICAL INC |
|
Common stock |
|
|
** |
|
|
|
4,628,160 |
|
|
BOOKING
HOLDINGS INC |
|
Common stock |
|
|
** |
|
|
|
7,271,801 |
|
|
BRIGHTHOUSE
FINANCIAL INC |
|
Common stock |
|
|
** |
|
|
|
1,850,718 |
|
|
BRISTOL
MYERS SQUIBB CO |
|
Common stock |
|
|
** |
|
|
|
3,206,875 |
|
|
CAPITAL
ONE FINANCIAL CORP |
|
Common stock |
|
|
** |
|
|
|
11,669,680 |
|
|
CARRIER
GLOBAL CORP |
|
Common stock |
|
|
** |
|
|
|
3,159,750 |
|
|
CELANESE
CORP |
|
Common stock |
|
|
** |
|
|
|
3,340,455 |
|
|
CHARTER
COMMUNICATIONS INC A |
|
Common stock |
|
|
** |
|
|
|
10,494,360 |
|
|
CISCO
SYSTEMS INC |
|
Common stock |
|
|
** |
|
|
|
4,471,020 |
|
|
COGNIZANT
TECH SOLUTIONS A |
|
Common stock |
|
|
** |
|
|
|
5,513,690 |
|
|
COHERENT
CORP |
|
Common stock |
|
|
** |
|
|
|
2,742,390 |
|
|
COMCAST
CORP CLASS A |
|
Common stock |
|
|
** |
|
|
|
10,392,450 |
|
|
CONOCOPHILLIPS |
|
Common stock |
|
|
** |
|
|
|
4,816,905 |
|
|
CVS HEALTH
CORP |
|
Common stock |
|
|
** |
|
|
|
8,685,600 |
|
|
DISH NETWORK
CORP A |
|
Common stock |
|
|
** |
|
|
|
761,640 |
|
|
DOMINION
ENERGY INC |
|
Common stock |
|
|
** |
|
|
|
3,948,000 |
|
|
ELANCO
ANIMAL HEALTH INC |
|
Common stock |
|
|
** |
|
|
|
4,395,500 |
|
|
FEDEX
CORP |
|
Common stock |
|
|
** |
|
|
|
11,586,026 |
|
|
FIDELITY
NATIONAL INFO SERV |
|
Common stock |
|
|
** |
|
|
|
7,809,100 |
|
|
FISERV
INC |
|
Common
stock |
|
|
** |
|
|
|
16,073,640 |
|
|
FOX CORP CLASS A |
|
Common stock |
|
|
** |
|
|
|
3,334,908 |
|
|
FOX CORP CLASS B |
|
Common stock |
|
|
** |
|
|
|
1,382,500 |
|
|
GAMING
AND LEISURE PROPERTIE |
|
Common stock |
|
|
** |
|
|
|
987,000 |
|
|
GAP INC/THE |
|
Common stock |
|
|
** |
|
|
|
2,927,400 |
|
|
GE HEALTHCARE
TECHNOLOGY |
|
Common stock |
|
|
** |
|
|
|
4,793,840 |
|
|
GENERAL
ELECTRIC CO |
|
Common stock |
|
|
** |
|
|
|
7,785,430 |
|
|
GILEAD
SCIENCES INC |
|
Common stock |
|
|
** |
|
|
|
10,126,250 |
|
* |
GOLDMAN
SACHS GROUP INC |
|
Common stock |
|
|
** |
|
|
|
7,638,246 |
|
* |
GSK PLC
SPON ADR |
|
Common stock |
|
|
** |
|
|
|
264,469,721 |
|
|
HALEON
PLC ADR |
|
Common stock |
|
|
** |
|
|
|
3,662,350 |
|
|
HEWLETT
PACKARD ENTERPRISE |
|
Common stock |
|
|
** |
|
|
|
3,480,900 |
|
|
HONDA
MOTOR CO LTD SPONS ADR |
|
Common stock |
|
|
** |
|
|
|
3,631,925 |
|
|
HP INC |
|
Common stock |
|
|
** |
|
|
|
3,761,250 |
|
|
INCYTE
CORP |
|
Common stock |
|
|
** |
|
|
|
3,403,218 |
|
|
INTL FLAVORS
+ FRAGRANCES |
|
Common stock |
|
|
** |
|
|
|
3,492,722 |
|
|
JOHNSON
CONTROLS INTERNATION |
|
Common stock |
|
|
** |
|
|
|
9,741,160 |
|
|
JUNIPER
NETWORKS INC |
|
Common stock |
|
|
** |
|
|
|
3,891,360 |
|
|
LYONDELLBASELL
INDU CL A |
|
Common stock |
|
|
** |
|
|
|
5,324,480 |
|
|
MEDTRONIC
PLC |
|
Common stock |
|
|
** |
|
|
|
1,894,740 |
|
|
META PLATFORMS
INC CLASS A |
|
Common stock |
|
|
** |
|
|
|
5,167,816 |
|
|
METLIFE
INC |
|
Common stock |
|
|
** |
|
|
|
13,226,000 |
|
|
MICROCHIP
TECHNOLOGY INC |
|
Common stock |
|
|
** |
|
|
|
5,095,170 |
|
|
MICROSOFT
CORP |
|
Common stock |
|
|
** |
|
|
|
13,537,440 |
|
|
MOLSON
COORS BEVERAGE CO B |
|
Common stock |
|
|
** |
|
|
|
3,427,760 |
|
GSK
401(k) Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2023
|
NEUROCRINE
BIOSCIENCES INC |
|
Common
stock |
|
|
** |
|
|
|
642,857 |
|
|
NEWS CORP CLASS
A |
|
Common
stock |
|
|
** |
|
|
|
908,350 |
|
|
NORFOLK SOUTHERN CORP |
|
Common
stock |
|
|
** |
|
|
|
7,327,780 |
|
|
NOVARTIS AG SPONSORED
ADR |
|
Common
stock |
|
|
** |
|
|
|
4,796,075 |
|
|
OCCIDENTAL PETROLEUM
CORP |
|
Common
stock |
|
|
** |
|
|
|
18,727,298 |
|
|
OTIS WORLDWIDE CORP |
|
Common
stock |
|
|
** |
|
|
|
1,744,665 |
|
|
REGENERON PHARMACEUTICALS |
|
Common
stock |
|
|
** |
|
|
|
6,850,662 |
|
|
ROCHE HOLDINGS LTD
SPONS ADR |
|
Common
stock |
|
|
** |
|
|
|
4,420,060 |
|
|
RTX CORP |
|
Common
stock |
|
|
** |
|
|
|
12,705,140 |
|
|
SANOFI ADR |
|
Common
stock |
|
|
** |
|
|
|
14,919,000 |
|
|
SCHWAB (CHARLES) CORP |
|
Common
stock |
|
|
** |
|
|
|
20,984,000 |
|
|
STATE STREET CORP |
|
Common
stock |
|
|
** |
|
|
|
5,732,040 |
|
|
T MOBILE US INC |
|
Common
stock |
|
|
** |
|
|
|
6,092,540 |
|
|
TE CONNECTIVITY LTD |
|
Common
stock |
|
|
** |
|
|
|
5,901,000 |
|
|
THE CIGNA GROUP |
|
Common
stock |
|
|
** |
|
|
|
14,223,875 |
|
|
TRUIST FINANCIAL CORP |
|
Common
stock |
|
|
** |
|
|
|
6,645,600 |
|
|
UBS GROUP AG REG |
|
Common
stock |
|
|
** |
|
|
|
3,606,030 |
|
|
UNITEDHEALTH GROUP
INC |
|
Common
stock |
|
|
** |
|
|
|
6,054,405 |
|
|
VF CORP |
|
Common
stock |
|
|
** |
|
|
|
2,162,000 |
|
|
WELLS FARGO + CO |
|
Common
stock |
|
|
** |
|
|
|
20,672,400 |
|
|
WILLIAMS COS INC |
|
Common
stock |
|
|
** |
|
|
|
4,876,200 |
|
|
ZIMMER BIOMET HOLDINGS
INC |
|
Common
stock |
|
|
** |
|
|
|
5,914,620 |
|
|
|
|
|
|
|
|
|
|
|
762,666,590 |
|
* |
Synthetic GICs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Prudential |
|
|
|
|
|
|
|
|
|
|
|
GSAM Stable Value
Intermediate Core Fund (Class B Shares) |
|
Common
collective trust |
|
|
*** |
|
|
|
70,192,171 |
|
|
Term Fund 2023 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
1,040,328 |
|
|
Term Fund 2024 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
8,471,157 |
|
|
Term Fund 2025 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
6,594,924 |
|
|
Term Fund 2026 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
6,596,656 |
|
|
Term Fund 2027 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
9,216,771 |
|
|
Prudential Wrapper
Contract |
|
Wrapper
Contract |
|
|
*** |
|
|
|
8,490,562 |
|
|
Prudential GA-62257
Total |
|
|
|
|
|
|
|
|
110,602,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
State Street Bank |
|
|
|
|
|
|
|
|
|
|
|
GSAM Stable Value
Intermediate Core Fund (Class B Shares) |
|
Common
collective trust |
|
|
*** |
|
|
|
69,822,054 |
|
|
Term Fund 2023 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
1,053,985 |
|
|
Term Fund 2024 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
8,647,583 |
|
|
Term Fund 2025 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
6,734,631 |
|
|
Term Fund 2026 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
6,784,779 |
|
|
Term Fund 2027 |
|
Limited
Partnership Fund |
|
|
*** |
|
|
|
9,198,765 |
|
|
State Street Bank
Wrapper Contract |
|
Wrapper
Contract |
|
|
*** |
|
|
|
8,624,671 |
|
|
State Street Bank
97054 Total |
|
|
|
|
|
|
|
|
110,866,468 |
|
GSK
401(k) Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2023
* |
Transamerica Premier
|
|
|
|
|
|
|
|
|
|
|
|
GSAM Stable Value Intermediate
Core Fund (Class B Shares) |
|
Common
collective trust |
|
|
*** |
|
|
|
68,505,613 |
|
|
Term Fund 2023 |
|
Limited Partnership
Fund |
|
|
*** |
|
|
|
1,054,681 |
|
|
Term Fund 2024 |
|
Limited Partnership
Fund |
|
|
*** |
|
|
|
8,665,200 |
|
|
Term Fund 2025 |
|
Limited Partnership
Fund |
|
|
*** |
|
|
|
6,734,359 |
|
|
Term Fund 2026 |
|
Limited Partnership
Fund |
|
|
*** |
|
|
|
6,720,404 |
|
|
Term Fund 2027 |
|
Limited Partnership
Fund |
|
|
*** |
|
|
|
9,316,281 |
|
|
Transamerica Premier Wrapper Contract |
|
Wrapper Contract |
|
|
*** |
|
|
|
8,462,142 |
|
|
Transamerica Premier FDA00105TR Total |
|
|
|
|
|
|
|
|
109,458,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synthetic GICs Total |
|
|
*** |
|
|
|
330,927,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
|
|
|
|
8,020,011,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Participant loans (interest rate 4.25%-9.5%;
maturity 2023-2044) |
|
Participant loans |
|
|
** |
|
|
|
26,801,889 |
|
| * | Denotes
a party-in-interest. |
| ** | Historical
cost
information
is
not
required
for
participant directed investments. |
| *** | Investments
are part of the Stable Value Fund. $10,612,422 of the State Street Institutional Treasury
Money Market Fund is attributable to the Stable Value Fund. |
GSK plc 11-K
Exhibit 23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to the incorporation by reference in Registration Statement No. 333-235651 and 333-162702 of GlaxoSmithKline PLC on Form
S-8 of our report dated June 11, 2024, relating to the financial statements and supplemental schedule of the GSK 401(k) Plan,
appearing in this Annual Report on Form 11-K of the GSK 401(k) Plan for the year ended December 31, 2023.
/s/
DELOITTE & TOUCHE LLP
Philadelphia,
Pennsylvania
June
11, 2024
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