GSK Pharma closes Q2 revenue up 8 pc at Rs 873 crore

GlaxoSmithKline Plc Headquarters As China Probes Executives Over Suspected Bribery...A GlaxoSmithKline Plc logo sits near a sign outside the company's headquarters in London, U.K., on Thursday, July 11, 2013. Glaxo is suspected of trying to increase sales channels and prices by using avenues such as travel agencies to bribe or sponsor projects of government officials, medical associations, hospitals and doctors, and faking tax receipts, China's Ministry of Public Security said on its website today. Photographer: Simon Dawson/Bloomberg

Mumbai (Maharashtra) [India], Oct 23: GlaxoSmithKline (GSK) Pharmaceuticals on Tuesday reported revenue for the quarter ended September 30 at Rs 873 crore with a year-on-year growth of 8 per cent.

Profit after tax (PAT) including exceptional items came at Rs 503 crore, clocking a growth of 399 per cent. Exceptional items recognised in the quarter include divestment of the company’s land at Thane for a net consideration of Rs 552 crore. Managing Director A Vaidheesh said the company’s global innovation, performance and trust strategy guided investment of resources in focus therapies which is showing encouraging results with promoted brands recording over 20 per cent growth this quarter.

“We continue to see the annualising effect of discontinued tail-end brands. Adjusting for this our underlying sales growth is 16 per cent supported by strong volume growth of 11 per cent,” he said in a statement.

GSK Pharmaceuticals continues to drive improved operational efficiencies reflecting in earnings before interest, tax, depreciation and amortisation (EBITDA) margin improving by 2 percentage points to 22 per cent.

During the quarter, GSK made the decision to suspend the release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations.

Further to additional information received and as a precautionary action, the company decided to initiate a voluntary pharmacy and retail level recall of the Zinetac products from the Indian market. “Patient safety remains our utmost priority and we are taking this issue very seriously,” it said.

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