GSK's India unit posts Q2 profit rise on strong vaccine demand

GlaxoSmithKline Pharmaceuticals

09/11/2023 11:55

BENGALURU, Nov 9 (Reuters) - GlaxoSmithKline
Pharmaceuticals  GLAX.NS  reported a 12.5% rise in quarterly
profit on Thursday as the Indian unit of UK's GSK plc saw strong
demand for its vaccines and general medicine.
    Consolidated profit for the quarter ended September 30 rose
to 2.18 billion rupees ($26.18 million) from 1.93 billion rupees
a year earlier.
    Sales of general medicine grew 5% during the quarter, while
those of vaccines rose 10% led by demand for its shingles
vaccine, Shingrix, the company said in a statement.
    Revenue from operations rose 4.4% to 9.57 billion rupees.
Cost of materials consumed fell 31.2% during the quarter.
    "We held leadership position for our key brands in relevant
therapy areas such as anti-infectives and dermatology," said
Bhushan Akshika, Managing Director of GSK India.
    GSK  GSK.L  raised its full-year profit and sales guidance
for the second time after its third-quarter earnings beat
expectations earlier this month. The raise in forecast is
following the strong launch of its respiratory syncytial virus
(RSV) vaccine in the United States
    Shares in GSK India closed up 0.3% ahead of results on
Thursday, where the Nifty Pharma index  .NIPHARM.  closed down
0.03% today.

($1 = 83.2810 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Nivedita Bhattacharjee)
 ((AshnaTeresa.Britto@thomsonreuters.com;))