GSK India reports Rs 133 crore net profit in quarter four of FY23

GlaxoSmithKline Pharmaceuticals (GSK India) on Wednesday reported Rs 133 crore net profit for the quarter ended March 31 2023, with continued momentum across general medicines and specialty products.

The drugmaker reported a net loss of Rs 55 crore during the same period of previous year.

Revenue from operations for Q4FY23 dropped 3% year-on-year (YoY) to Rs. 788 crores.

The company attributed the revenue drop to the inclusion of certain products in the National List of Essential Medicines (NLEM) 2022, that were subjected to price controls, despite robust underlying volume growth.

The general medicine portfolio saw a double-digit underlying growth, with Augmentin becoming the No.1 brand in the Indian Pharmaceutical Market (IPM) in 2022 as market research firm AWACS.

The company said it continued to maintain market leadership in therapies such as dermatology and pain, even as the self-pay vaccines market continued to decline year on year with early signs of recovery.

The company launched the innovative vaccine Shingrix for adults above 50 years of age, for protection against Shingles in April this year.“GSK remains focused on gaining share and defending leadership position of key brands for therapies in which we operate,” said Bhushan Akshikar, managing director of GSK India. With the launch of our global blockbuster Shingrix we expect to address an unmet preventive health need and gain momentum for our vaccines business,” Akshikar added.