GlaxoSmithKline Pharmaceuticals delivers strong H1 performance

H1 Revenue up 8% | PAT higher by 21%

Deepthi | Myequity news | Date : 22-10-2018 21:20:00 IST

GlaxoSmithKline Pharmaceuticals Limited today declared its financial results for the quarter ended 30th September 2018. Revenue for the quarter ended 30th September 2018 came in at Rs. 816 crores, recording a decline of 2% as compared to the same prior year period. Profit Before Tax (PBT) was at Rs. 156 crores and Profit After Tax (PAT) at Rs. 101 crores.

The growth of the standalone quarter is not directly comparable to the prior year quarter due to the base effect of GST. Due to GST, pharmaceutical trade channels de-stocked in Q1 of last year, impacting the overall performance of the industry and re-stocked again in Q2.

Revenue for the half year ended 30th September 2018, came in at Rs. 1,552 crores, growing 8% as compared to the same prior year period. Profit Before Tax (PBT) at Rs. 295 crores and Profit After Tax (PAT) at Rs. 189 crores are higher by 24% and 21 % respectively, against the same prior year period.

Commenting on the results, A. Vaidheesh, Managing Director, GlaxoSmithKline Pharmaceuticals Limited said, “Our financial performance highlights an underlying double digit quaiterly Sales growth, underpinned by a strong volume delivery. Our new commercial operating model to invest resources in key products and patients/consumers is in full momentum. I believe that our new structure will help us successfully fulfill our ambition of accelerated, sustainable profitable growth over the longer term. While we will continue to manufacture and sell over 70 brands, we are now focusing our efforts on 20 key brands to drive growth in identified therapy areas where there is significant unmet patient need. We remain committed to Indian patient needs and are increasing our field force by a third, in our targeted segments. Continued optimisation of costs contributed to an improved EBITDA margin of 20.5% in the quarter. Bottom- line growth remains strong for the quarter and half year. Exceptional items for the current quarter includes a charge in establishment costs because of restructuring both in commercial and at our Nashik manufacturing site, to align with our new operating model and focused therapy investment.”

About GlaxoSmithKline Pharmaceuticals Limited:

GlaxoSmithKline plc (GSK) is a British pharmaceutical company headquartered in Brentford, London. Established in 2000 by a merger of Glaxo Wellcome and SmithKline Beecham. GSK manufactures products for major disease areas such as asthma, cancer, infections, diabetes and mental health.

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