GSK tops new business gender equality index on pay gap

UNITED KINGDOM — Pharmaceutical giant GlaxoSmithKline (GSK) has been revealed as the top-performing FTSE 100 business on gender equality, according to a new index, The Independent has reported.

The Equity Index 2022-23 produced by Lead 5050, a cross-industry accreditation body, ranked firms using official data on average salaries, bonuses, and pay at every level.

Lead5050 Index provides a comprehensive snapshot of how well employers tackle the gender pay gap.

Among FTSE 100 employers, GlaxoSmithKline finished at the top after data showed the business had a very small median and mean overall pay gap, with pay more evenly spread throughout all levels of the organization.

In second place, was IAG Cargo, a London-based subsidiary of British Airways owner IAG, while ITV was also a strong performer.

Leanne Linacre, chief executive officer of Lead5050, said: “Whilst the UK is a world leader in ensuring employers provide transparent data on gender-related pay, after years of progress, the gender pay gap for full-time workers has increased.

“At the same time, the number of job vacancies rose to a record level last year whilst the cost-of-living crisis continues to bite adversely affecting women who are having to reduce their hours of work because of the cost of childcare.

Closing the gender pay gap would strengthen the economy as higher wages would encourage more women to either enter the labor market or extend their working hours.”

While GSK topped the FTSE 100 list, when smaller and public-sector employers are included, Registers of Scotland and Wykeham Staff Services in Spalding both topped the list.

The index used employers’ public submissions to identify their median gender pay gap, the mean gender pay gap, pay across different quartiles, and bonus payments.

Jackie Carter, professor of statistical literacy at the University of Manchester, said: “The Lead5050 Equity Index provides a comprehensive snapshot of how well employers are doing on tackling the gender pay gap.”

Meanwhile, with GSK’s consumer healthcare spinoff out of the way, the company is back to being the lean, innovative medicines-focused drugmaker.

The company’s Q4 financial performance in 2022 demonstrated its promise, as it aims to increase sales by at least 5% per year through 2026.

GSK’s total revenue was 29.3 billion pounds sterling (US$ 35.3 billion) last year, a 13% increase over 2021 at constant exchange rates (CER).

The company’s total profit was 6.4 billion pounds (US$4.4 billion), up 31% from the previous year. Both revenue and profit figures exceeded analyst expectations.

GSK is also planning another major vaccine launch this year. The pharmaceutical company submitted a respiratory syncytial virus vaccine candidate to regulators in the United States, Europe, and Japan.

The shot is expected to be a blockbuster, competing for market share in this new arena with Pfizer, Sanofi, and Moderna.

On the bleak side, GSK’s oncology division suffered some setbacks in 2022. For example, GSK pulled the multiple myeloma drug Blenrep from the market in November after it failed to meet its primary endpoint in a confirmatory study.

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