We start 2015 focused on priorities critical to GSK's performance this year. These include completion of the proposed major 3-part transaction with Novartis, improved commercialisation of new products and progression of our mid-stage R&D pipeline, capitalising on product supply resumption in our Consumer business and execution of our pharmaceutical restructuring programme.
For 2014, total revenue was down 3% to £23 billion, with challenging trading conditions faced by the Group particularly in the US primary care market. Core EPS was down 1% (CER) to 95.4p, helped by delivery of cost and financial efficiencies.
Pharmaceutical and vaccines sales in Emerging Markets grew 5% and 1% in Japan. In Europe sales were flat. However, these performances were more than offset by a 10% decline in US sales following formulary and contract changes to Advair which, as previously indicated, were greater than anticipated. We expect global Seretide/Advair sales to continue to decline in 2015 given sustained price pressure in the US and Europe, generic competition in Europe and continued uptake of our new respiratory portfolio.
In the US, we have improved formulary positioning and coverage for Advair, albeit at lower price levels. Importantly, we have also increased access to our new portfolio of respiratory medicines. As at 1 January 2015, Medicare Part D coverage for Breo Ellipta, was 74%, and 65% for Anoro Ellipta.
We are starting to see some earlyindications of how increased coverage and our new portfolio will help us regain market share and deliver improved performance in respiratory. In the US, as was signalled in NBRx performance, we are now seeing an increase in our share of new ICS/LABA prescriptions which has moved from a low point in December 2014 of 55.5% to 57.4% at 23 January 2015. In Japan, our new prescription share has increased to 56.5% following substantial increases in new prescriptions for Relvar after the lifting of the 'Ryotan' prescribing restrictions.
We continue to develop and enhance our respiratory portfolio. Last week, we launched Incruse Elllipta for COPD and Arnuity Ellipta for asthma in the US. We also await FDA decisions on Breo Ellipta for use in asthma and mepolizumab, our first-in-class anti-IL5 treatment, for severe asthma. Late-stage development of our triple combination product also continues and we expect significant new data for multiple assets, including results of the SUMMIT study of mortality and morbidity in COPD later this year. We continue to expect total sales of our respiratory portfolio to return to growth in 2016.
In HIV, ViiV Healthcare continues to perform strongly with sales up 15% in 2014, following the very successful launches of Tivicay and Triumeq (combined sales £339 million). The launch performance is ahead of original expectations and this has resulted in a non-cash adjustment during the year of £768 million to the contingent consideration due to one of our partners in ViiV Healthcare which has impacted our total EPS. We continue to evaluate options for a potential IPO of a minority stake in this business and expect to provide an update to shareholders at the Q2 2015 results.
Oncology sales also showed good momentum, with sales of Tafinlar and Mekinist (combined sales £203 million) increasing across all geographies.
Vaccines sales were down 1% for the year as several strong performances were primarily offset by the impact of the ongoing suspension of HPV vaccines in Japan and the return of competitor vaccines to the US market in the second half of the year. Whilst this business will always be susceptible to periodic volatility in sales, we continue to see significant opportunity as we progress late stage pipeline programmes such as our HZ/su vaccine for shingles prevention, further expand our portfolio through the Novartis transaction, especially in meningitis, and build our geographic reach, most notably in the US.
In Consumer Healthcare, sales for the year were down 1%, but up 2% in the fourth quarter. Our business continues to recover from recent supply issues and we expect increasing benefit from resumption in supply during 2015. I am also very pleased to see today the first shipments of Flonase Allergy Relief, a product we have switched to OTC in the US.
Some of the headwinds faced by the Group in 2014 will continue to adversely affect performance during 2015 with a greater impact in the first half of the year. However, with annualisation of these factors and successful execution of our priorities, we expect a stronger performance in the second half of the year.
We continue to make good progress towards closure of the Novartis transaction, with approval received from the US FTC on most aspects and European clearance now granted, subject to certain divestments. Following completion, we intend to hold an Investor Day at which we will provide 2015 earnings guidance for the enlarged Group and profile the medium and long-term shape and opportunities for GSK. We will announce the date of this event at deal close.
We also intend to hold an R&D Investor Day in October 2015 to provide more details to shareholders on our pharmaceutical and vaccines pipeline.
We continue to see substantial improvements in the novelty of our research programmes with over 80% of our preclinical to phase II NME projects having novel mechanisms of action.
In our advanced pipeline we see significant potential for our HZ/su vaccine to prevent shingles; closed triple (ICS/LABA/LAMA) in COPD, sirukumab in RA, cabotegravir in HIV; losmapimod for ACS; and 863, our prolyl hydroxylase inhibitor for anaemia.
At our R&D Day, we also intend to provide greater visibility on multiple early stage assets in therapeutic areas where we see significant opportunity. These include immuno-inflammation, immuno-oncology and cardiovascular disease.
In immuno-inflammation, and specifically in diseases such as rheumatoid arthritis, inflammatory bowel disease and psoriatic arthritis, we have multiple assets in development including our IL-6 monoclonal antibody, sirukumab; a GM-CSF monoclonal antibody; a number of RIP 1 and 2 kinase inhibitors and an IL-7 receptor monoclonal antibody. In immuno-oncology, we have a range of assets targeting haematological cancers and solid tumours including OX-40, iCOS, and TLR-4 as well as the cell therapy partnership with Adaptimmune. In cancer epigenetics we have three clinical programmes addressing the BET-i, EZH2 and LSD-1 targets.
We also have a number of vaccines in development, including potential prophylactic vaccines for hepatitis C, TB, respiratory syncytial virus (RSV), prevention of exacerbations in COPD and a potential therapeutic vaccine for hepatitis B.
We have set out a calendar of key milestones for the Group throughout 2015 on page 4 of this announcement.
We continue to focus on improving the efficiency and flexibility of our cost base. During the year we delivered around £400 million of incremental savings compared with last year through our various restructuring initiatives and ongoing cost reduction efforts.
Adjusted net cash inflow from operations was £5.9 billion for the year. This was significantly impacted by the strength of Sterling earlier in the year but benefited in Q4 from a more favourable currency mix and improved working capital efficiency.
For 2014, we have declared a dividend of 80p, up 3%. For 2015 we expect to maintain the dividend per share at the same level. In addition, subject to the approvals and conditions set out in the circular sent to shareholders, we expect to return £4 billion of the net proceeds receivable from Novartis once the transaction has closed.
Finally, I would like to acknowledge the contribution made by all our employees and partners in 2014. In particular, I would like to recognise those who have worked on our experimental Ebola vaccine and those who have helped to progress with regulatory filing of our vaccine to prevent malaria. These vaccines reflect GSK's innovative science and real commitment to helping improve healthcare in Africa.
