CEO Andrew Witty said, 'Our strategy is delivering and I believe that GSK is now moving to a position where we can deliver our goal of long-term sustainable financial performance.

'2009 saw GSK return to sales growth and I am confident of our prospects in 2010.'

Total group turnover for the year to December grew 3% at constant currency to £28.368bn, with pharmaceuticals up 2% to £23.714bn and Consumer Healthcare up 7% to £4.654bn.

Pharmaceuticals growth was helped by sales of pandemic related products, including Relenza and H1N1 vaccine products.

Operating profit before major restructuring was £9.257bn, a 1% fall at constant exchange rate but an increase of 12% in sterling terms.

After restructuring operating profit was £8.425bn, an increase of 4% CER and 18% in sterling terms. This included £832m of restructuring charges (2008 £1,118m).

The group said the current £3.6bn restructuring programme delivered £1bn of annual savings in 2009 and remained on track to deliver the full savings of £1.7bn by 2011.

Cost of sales increased to 25% of turnover from 23.7%, principally reflecting the impact of generic competition to higher margin products in the US and changes to the product mix, partly offset by benefits from the restructuring programme.

R&D expenditure was 13.9% of total turnover, down from 14.4%.