Simon Dingemans - Chief Financial Officer

Hello and welcome to this discussion of GSK’s first quarter results for 2015. We’ve issued a press release today setting out in detail our views of the prospects for the group now that we have completed the three-part transaction with Novartis. This has achieved a major reshaping of GSK that has significantly improved our ability to deliver sustainable growth over the longer term, provided we maintain our flexibility to invest and deliver on the many value opportunities we see in the integrated business. In the short term, however, the transition to our new shape will create some additional pressure on our reported results, which are also being impacted by the ongoing transition of our respiratory business. 2015 will effectively be a rebasing of the group’s business as a result, given that we continue to expect our respiratory business to return to growth in 2016. The results for Q1 that we have also released today reflect some of the transactional impact but it will become more significant over the balance of the year, given we only closed the transaction at the beginning of March. Today in London, we are hosting a meeting, which will also be webcast for investors and analysts to hear directly from the leaders of our re-shaped Vaccines, Pharma and Consumer businesses as well as from Andrew and me. As you can see from our release today, we have re-cast our reporting to allow you to see much more clearly the performance and profitability of the three businesses going forward. A video replay and transcripts will be available for you on our website shortly after. The focus of the meeting later today will primarily be on the future outlook for the group in its new shape. For now, my aim is to provide my usual commentary on the…