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GlaxoSmithKline Pharmaceuticals Limited announces results for the quarter ended September 30, 2020

Posted On: 2020-10-28 05:44:35 (Time Zone: Arizona, USA)


GlaxoSmithKline Pharmaceuticals Limited today declared its financial results for the quarter ended 30th September 2020. Revenue for the quarter came in at Rs. 879 crores recording a growth of 3% adjusting for the tail end portfolio rationalization undertaken by the company in 2019. The revenue this quarter also saw a significant recovery clocking a growth of 35% as compared to the quarter ended 30th June 2020. Profit After Tax came in at Rs 104 crores.

Commenting on the results, SridharVenkatesh, Managing Director, GlaxoSmithKline Pharmaceuticals Limited said, "GSK continues to demonstrate resilience in these times, as we focus our efforts on the safety of our employees while ensuring patients have access to our medicines. This has been reflected in our results for the quarter, wherein sales have grown double digit since 01 FY21 bouncing back to prior year levels. Most of GS K's key brands have outpaced their respective categories by gaining market share and our cost reduction/efficiency initiatives have helped drive margin expansion.

We also continued our focus as an innovation-driven, science-led biopharmaceutical company with the recent launch of Fluarix Tetra - the world's first inactivated Quadrivalent Influenza Vaccine during the quarter.

After considering all the strategic options available with the company for its manufacturing site at Vemgal following the global voluntary recall of Zinetac, the Company has decided to proceed with the sale of the site and has classified the assets as held for sale."

Shares of GLAXOSMITHKLINE PHARMACEUTICALS LTD. was last trading in BSE at Rs.1500.05 as compared to the previous close of Rs. 1494.9. The total number of shares traded during the day was 1073 in over 216 trades.

The stock hit an intraday high of Rs. 1513.85 and intraday low of 1497.1. The net turnover during the day was Rs. 1612828.


Source: Equity Bulls

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