India's GlaxoSmithKline Pharma posts rise in Q1 profit on steady vaccine business

GlaxoSmithKline Pharmaceuticals

26/07/2023 13:16

BENGALURU, July 26 (Reuters) - GlaxoSmithKline
Pharmaceuticals  GLAX.NS , the Indian unit of UK's GSK plc
 GSK.L , posted an 11% rise in first-quarter profit on
Wednesday, buoyed by strong demand for its vaccines.
    The firm said consolidated profit for the quarter ended June
30 rose to 1.32 billion rupees ($16.10 million) from 1.19
billion rupees a year earlier.
    "GSK's vaccines business has now demonstrated a sequential
Q-o-Q increase and maintained leadership in the private self-pay
market," it said in a statement.
    Revenue from operations at the Augmentin antibiotic maker
rose 2.2% to 7.62 billion rupees.
    The company had a one-off gain from the sale of surplus
residential properties worth 173 million rupees, adding to its
profit.
        However, the company continued to face headwinds from
the inclusion of its key products Ceftum antibiotic and T-Bact
ointment -- used to treat bacterial infections -- in the
country's National List of Essential Medicines (NLEM) last year,
mandating sale below a price ceiling set by the government.
        In March, the drugmaker said the impact of the drugs on
its revenue share had increased to 42% so far this year from 33%
in 2022.
  
    Shares of the drugmaker closed marginally lower at 0.1% post
results on Wednesday, compared with a 0.66% rise in the Nifty
Pharma index  .NIPHARM .
    Its parent GSK  GSK.L  raised its full-year profit and sales
guidance after second-quarter earnings beat expectations earlier
in the day, helped by strong sales of its shingles vaccine
Shingrix and HIV medicines.


($1 = 81.9980 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Sohini
Goswami)
 ((Kashish.Tandon@thomsonreuters.com;))