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Drugmaker GlaxoSmithKline Pharmaceuticals (GSK) posted a 11 per cent increase in consolidated net profit at ₹132 crore for the first quarter ended June 30, 2023.
Even as some of GSK’s products stand impacted by the Centre’s National List of Essential Medicines (NLEM), whose prices are regulated, the multinational said, it delivered a robust volume growth of eight per cent for its key promoted portfolio with market share gains. “This, along with the implementation of WPI price increases, has helped offset the NLEM impact,” it said, adding that its vaccines business had seen a sequential increase over the last quarter and maintained leadership in the private self-pay market.
GSK Pharma’s total income for the quarter under review, was up about about three percent at ₹798 crore. Further, the multinational said, it maintained gross margins despite the impact from the NLEM, while EBITDA margins declined about one percent on account of new product launch investments led by Shingrix, its shingles vaccine.
Also read: Cipla Q1 net profit jumps 45% to ₹995 crore
The launch of Shingrix, a vaccine for the prevention of Herpes Zoster (shingles) and post-herpetic neuralgia in adults aged 50 years and above, marked GSK’s entry in the adult immunisation category.
Bhushan Akshikar, Managing Director, GlaxoSmithKline Pharmaceuticals Ltd, said, “Despite the strong external headwinds, GSK remains focused on delivering best-in-class competitive performance and driving operational efficiencies.”
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