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Motilal Oswal Report
GlaxoSmithKline Pharmaceuticals Ltd. delivered better-than-expected Q3 FY23 earnings led by better operating leverage. While sales at Rs 8 billion came in lower than estimated (Rs 8.3 billion), it was more than offset by better Ebitda margin at 28.5% (against estimated: 25.2%).
While the general medicines category bolstered GSK Phama’s performance, vaccines continue to offset it to some extent.
We raise our earnings for FY23E/FY24E/FY25E by 6%/3.5%/3%, respectively, to factor in:
cost optimisation,
revision in prices of brands under National list of essential medicines, and
prolonged period for the pick-up in vaccines business.
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