General Medicines delivers 4% revenue growth despite NLEM impact along with a sequential recovery in the vaccines business
July 26, Mumbai: GlaxoSmithKline Pharmaceuticals Limited (GSK) today declared its financial results for quarter ended June 30, 2023. Revenue from operations for the quarter grew by ~ 1% at INR 738 crores. The company maintained its gross margins despite the National List of Essential Medicines (NLEM) impact, while EBITDA margins declined ~ 1% on account of new product launch investments led by Shingrix. Profit After Tax (PAT) for the quarter at INR 131 crores grew by ~ 13%.
During the quarter, the company delivered a robust 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. In addition, GSK's vaccines business has now demonstrated a sequential Q-o-Q increase and maintained leadership in the private self-pay market.
Aligned with our purpose of providing access to our innovative portfolio, GSK successfully 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.
Bhushan Akshikar, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, said, "Despite the strong external headwinds, GSK remains focused on delivering best-in-class competitive performance and driving operational efficiencies. We remain committed to explore new growth opportunities and improving our leadership in key therapy areas."
About GlaxoSmithKline Pharmaceuticals Limited (GSK):
GlaxoSmithKline Pharmaceuticals Limited is a subsidiary of GSK plc, a science-led global healthcare company with a purpose to unite science, technology and talent to get ahead of disease together. For more information, visit GSK-India.com
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