GSK Pharma's revenue for the recently launched patented brands Nucala and Trelegy was Rs 1.0 billion–1.5 billion in FY25. Respiratory portfolio led by Nucala and Trelegy continues to gain market share, while monthly doses of Shingrix surged to a high of 10,000 in Mar'25.
NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
GlaxoSmithKline Pharmaceuticals Ltd.'s Q4 FY25 revenue grew at a slower pace of 4.8% due to slowdown in acute therapy market. Improvement in mix led to 340bps YoY expansion in gross margin while cost savings and productivity improvement fuelled 650bps surge in Ebitda margin.
New brands like Nucala and Trelegy clocked sales of Rs 1.0 billion– 1.5 billion in FY25 (~4% of sales). Management is hopeful of launching its patented oncology brands Zejula and Jemperli in next couple of months.
In FY26, revenue growth may be mostly driven by volumes (38% of pharma portfolio under price control) while Ebitda margin may be maintained at ~31%. Raise FY26-27E EPS by ~2% to factor in better margins.
Downgrade to Reduce on expensive valuation; raise target price to Rs 2,600 based on 38x FY27E EPS.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
