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Motilal Oswal Report
GlaxoSmithKline Pharmaceuticals Ltd. delivered a better-than-expected performance in Q4 FY24 on the back of market share gains in key brands, strong execution in the vaccine segment, and better profitability.
GSK Pharma delivered its highest quarterly growth rate in the past 12 quarters.
We raise our earnings estimates by 6%/8% for FY25/FY26, factoring in-
superior growth in the vaccine segment,
increased offtake of specialty medicine, and
a superior strategy in the general medicine category to better market share in the domestic formulation segment.
Cost saving initiatives are expected to boost margins. We value GSK Pharma at 43 times 12 months forward earnings to arrive at a target price of Rs 2,270.
GSK Pharma is driving regional expansion and enhancing marketing efforts to boost growth in the DF segment.
GSK Pharma remains confident of delivering a strong performance in the vaccine business, including Shingrix. We maintain our Neutral rating on the stock, as the current valuation factors in the earnings upside adequately.
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