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| BORROWINGS | 9 BORROWINGS Composition of borrowings
Short-term borrowings As at 30 June 2026, the Group had within short-term borrowings, Pre-Separation USD Notes of $2000m (£1,509m) (31 December 2025: EUR Medium Term Note of €850m (£739m)). The average effective pre-swap and post-swap interest rate of all short-term notes in issue as at 30 June 2026 was 3.4% and 3.0% (31 December 2025: 1.3% and 3.6%). The Group repaid the €850m Fixed Rate Senior Note on its maturity on 29 March 2026. The Group has commercial paper programmes (with maximum aggregate amounts of €2bn and $10bn) pursuant to which members of the Group may issue commercial paper from time to time. As at 30 June 2026 the Group had in issue commercial papers of $430m (£325m) (31 December 2025: £nil) The average effective interest rate of these USD commercial papers in use as at 30 June 2026 was 4.5%. As at 30 June 2026 the Group has CNY 491m (£55m) short-term bank loans (31 December 2025 CNY 201m (£22m)). The weighted average interest rate on short-term bank loans as at 30 June 2026 was 2.9% (31 December 2025: 2.9%). Long-term borrowings As at 30 June 2026, the Group had within long-term borrowings, Notes of £5,871m (31 December 2025: £7,363m), of which £3,543m (31 December 2025: £3,538m) fell due in more than five years. The average effective pre-swap and post-swap interest rate of all long-term notes in issue as at 30 June 2026 was 3.2% and 3.1% (31 December 2025: 3.2% and 3.0%). As at 30 June 2026 the Group has CNY 2,541m (£283m) long-term bank loans (31 December 2025 CNY 2,824m (£300m)). The weighted average interest rate on long-term portion of these term loans as at 30 June 2026 was 2.9% (31 December 2025: 2.9%). On 17 July 2022, as part of the demerger activities, the Company issued 25,000,000 non-voting preference shares of £1.00 each to Pfizer Inc., with a coupon rate of 9.5% per annum. The non-voting preference shares (NVPS) command a mandatory quarterly coupon and will be redeemed in July 2027. The Group has, therefore, classified the non-voting preference shares as a financial liability. Pfizer Inc. has subsequently disposed of the NVPS to an external third party. Committed credit facilities The Group has an undrawn credit facility of £1,750m with maturity date of August 2029. As at 30 June 2026, no amounts were drawn under this facility (31 December 2025: £nil). Movement in assets and liabilities arising from financing activities
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