GlaxoSmithKline Pharmaceuticals Limited announces results for the quarter ended June 30, 2021
GlaxoSmithKline Pharmaceuticals Limited delivers 19% revenue growth for the quarter ended June 30, 2021
Decides to transfer lodex and Ostocalcium brand rights to GSK Asia (consumer entity) for Rs 1649 crores
GlaxoSrnithircline Pharmaceuticals Limited today declared its financial results for the quarter ended June 30, 2021. Revenue for the quarter came in at Rs 773 crores recording a growth of 19%. Profit Before Tax for the quarter at Rs.164 crores recorded a growth of 10%.
The company also announced its decision to transfer its rights in relation to the lodex and Ostocalcium brands to GlaxoSmithKline Asia Private Limited, subject to shareholder approval, for an aggregate consideration of Rs 1649 crores.
Commenting on the results, Sridhar Venkatesh, Managing Director, GlaxoSmithkline Pharmaceuticals Limited, said, "We continue to show remarkable resilience and deliver growth despite the headwinds caused by the COVID-19 pandemic. Our pharmaceutical manufacturing team worked round the clock to fulfill significantly increased demand for our key brands, especially for Ca/poi (paracetamol). This effort ensured that patients continued to have access to this important medication during the pandemic. While our vaccines business was impacted due to low vaccination rates, many of our key brands witnessed strong growth fuelled by disciplined execution, enhanced digital capabilities and agility in the market resulting in market share gains."
Commenting on the transfer of brand rights, Mr. Venkatesh added, "As part of our parent GSK plc's new ambition to create two world class companies in Pharmaceuticals and Consumer Healthcare, we have decided to transfer our rights in relation to the lodex and Ostocalcium brands to GlaxoSmithKline Asia Private Limited. The transaction is expected to be completed before the end of the year, subject to shareholder approval and the customary closing conditions, including relevant regulatory approvals.
About GlaxoSmithKline Pharmaceuticals Limited
GlaxoSmithKline Pharmaceuticals Limited is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-
based pharmaceutical and healthcare companies, committed to improving the quality of human life by enabling
people to do more, feel better and live longer. For more information, visit www.gsk-india.com
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