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gsk india: GSK India net profit grows 13% to Rs 131 crore in Q1FY24

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GlaxoSmithKline Pharmaceuticals (GSK India) on Wednesday reported 13% year-on-year (YoY) jump of net profit to Rs 131 crore for the quarter ended June 2023 led by robust volumes, price hikes and recovery of its vaccine business.

The company reported a net profit of Rs 119 crore in the corresponding quarter of the previous year. Revenue from operations for Q1FY24 grew by 1% at INR 738 crores.

The said it maintained its gross margins despite the National List of Essential Medicines (NLEM) impact, while EBITDA margins declined 1% to 19.1% on account of new product launch investments led by Shingrix.

During the first quarter, the company delivered a volume growth of 8% for its key promoted portfolio with market share gains.

“This along with the implementation of WPI price increases, has helped offset
the NLEM impact,” GSK said.

In addition, GSK’s vaccines business saw a sequential Q-o-Q increase and maintained leadership in the private self-pay market.

GSK during the quarter launched Shingrix, a vaccine for the prevention of Herpes Zoster (shingles) and Post-herpetic neuralgia in adults aged 50 years and above, marking the company’s entry in this important adult immunisation category.

“Despite the strong external headwinds, GSK remains focused on delivering best-in-class competitive performance
and driving operational efficiencies,” said Bhushan Akshikar, managing director of GSK India.

“We remain committed to explore new growth opportunities and improving our leadership in key therapy areas,” Akshikar added.

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