GSK Pharma - Margins To Expand Beyond Consumer Healthcare Sale: Centrum Broking

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Centrum Broking Report

We attended the GlaxoSmithKline Pharmaceuticals Ltd.'s analyst meet. The management highlighted that the ongoing global specialty focus by Plc would enable India share of specialty going up over the coming decade.

The recent launch pipeline holds Shingrix, Trelegy, indication expansion for Nucala and Fluarix Tetra.

GSK Pharma's management is confident on Nucala upcoming expansion given the patient reach expansion by four times.

Considering the healthy launch pipeline, the management is confident of expanding Ebitda margins beyond the Cx transaction.

Valued at 16 times Ebitda and six times sales, closure is expected in FY22E.

We have adjusted for near-term Ebitda impact (1-1.5%) by reducing estimates by 4.5% for FY23E.

We are optimistic on future pipeline including Covid-19 vaccine.

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