BENGALURU (Reuters) – India’s GlaxoSmithKline Pharmaceuticals reported a higher first-quarter adjusted profit on Friday, driven by strong demand for its generic drugs and vaccines.
The Indian unit of British drugmaker GSK reported a consolidated profit before tax and exceptional items of 2.49 billion rupees ($29.7 million) for the quarter ended June 30, compared with a profit of 1.64 billion rupees year ago.
The company had a one-time gain from the sale of surplus residential properties worth 173 million rupees in the year-ago period.
Its revenue from operations climbed 7% to 8.15 billion rupees in the latest quarter.
KEY CONTEXT
Earnings at drugmakers like GlaxoSmithKline Pharma have been pressured as prices of some of their key drugs were capped under the Indian government’s essential medicines list (NLEM) since September 2022.
However, the company said that a rising market share of its key brands – Ceftum, Augmentin and Calpol – has helped it mitigate the impact of these price caps.
PEER COMPARISON
Estimates (next 12 Analysts’ sentiment
months)
RIC PE EV/EBI Revenue Profit Mean # of Stock to Div
TDA growth (%) growth rating* analysts price yield
(%) target** (%)
GlaxoSmithKline 54.83 40.19 9.77 48.58 Buy 4 1.02 1.16
Pharmaceuticals
Abbott India 43.26 33.51 10.69 12.81 Strong 4 0.97 1.44
Buy
Pfizer 38.18 30.52 6.92 15.39 Buy 3 1.10 0.62
Aurobindo Pharma 20.57 11.79 9.19 15.66 Buy 25 1.08 0.31
APRIL TO JUNE STOCK PERFORMANCE
— All data from LSEG
— $1 = 83.7210 Indian rupees
(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.