GlaxoSmithKline Pharma Q1 profit up 11% on strong demand for vaccines
₹132 crore ($16.10 million) from ₹119 crore a year earlier, said the Indian unit of UK's GSK Plc. “GSK's vaccines business has now demonstrated a sequential Q-o-Q increase and maintained leadership in the private self-pay market," the drugmaker said in a statement. Its revenue from operations at the Augmentin antibiotic maker rose 2.2% to ₹762 crore.
In March, GlaxoSmithKline said the impact of the drugs on its revenue share had increased to 42% so far this year from 33% in 2022. GlaxoSmithKline Pharmaceuticals had a one-off gain from the sale of surplus residential properties worth ₹17.3 crore, 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.
Shares of GlaxoSmithKline Pharmaceuticals closed marginally lower 0.1% post results on Wednesday, compared with a 0.66% rise in the Nifty Pharma index. British pharmaceutical group GSK on Wednesday said its net profit jumped almost 18% in the first half thanks to strong sales of vaccines and HIV drugs. Its profit after tax increased to £3.1 billion ($4 billion) in the six months to the end of June compared with the first half of last year.
“We have delivered another excellent... performance, with strong sales and earnings growth, notably in HIV and vaccines," chief executive Emma Walmsley said in a statement. Walmsley said recent regulatory approval of Arexvy, the world's first vaccine for the Respiratory Syncytial Virus, “was an important milestone...
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