India's GlaxoSmithKline Pharma posts higher Q2 profit on strong demand

GlaxoSmithKline Pharmaceuticals

29/10/2024 11:31

Oct 29 (Reuters) - India's GlaxoSmithKline Pharmaceuticals  GLAX.NS  reported a higher second-quarter adjusted
profit on Tuesday, driven by strong demand for its generic drugs and vaccines.
    The Indian unit of British drugmaker GSK  GSK.L  said its consolidated profit before tax rose to 3.44 billion
rupees ($41 million) in the July-September quarter, from 2.99 billion rupees year ago.
    The latest quarter included a 46.9-million-rupee gain on the sale of some residential properties.
    Its revenue from operations climbed 5.6% to 10.11 billion rupees in the period. 
    For further results highlights, click  urn:newsml:reuters.com:*:nFWN3M50NK.
    
    KEY CONTEXT
    GlaxoSmithKline Pharma continued to benefit from rising market share for its antibiotic Augmentin and respiratory
drugs Nucala and Trelegy. Moreover, rising demand for its vaccine for shingles has also boosted earnings, the company
said. 
    Growth in these aspects has also helped the company in mitigating the impact of pricing curbs on some of its drugs
that were added to the Indian government's essential medicines list (NLEM) since September 2022.
    
    PEER COMPARISON
    
                                                    Estimates (next 12           Analysts' sentiment          
                                                         months)                                              
                     RIC         PE      EV/EBIT  Revenue      Profit     Mean       # of      Stock to       Div
                                         DA       growth (%)   growth     rating*    analysts  price          yield
                                                               (%)                             target**       (%)
 GlaxoSmithKline      GLAX.NS     48.63    36.18     9.25        34.44    Buy               4      0.91           1.21
 Pharma                                                                                                       
 Abbott India         ABOT.NS     42.11    32.87     9.58        12.73    Strong            4      0.94           1.44
                                                                          Buy                                 
 Pfizer Ltd           PFIZ.NS     33.84    27.18     7.85        16.75    Buy               3      0.89           0.66
 Aurobindo Pharma     ARBN.NS     19.41    11.28     9.56        17.72    Buy              26      0.91           0.31
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
 ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above
the PT  
    
  JULY TO SEPTEMBER STOCK PERFORMANCE
 -- All data from LSEG
 -- $1 =  84.0280 Indian rupees

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 (Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))