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Nirmal Bang Report
We attended the analyst meet conducted by GlaoxSmithKline Pharmaceuticals Ltd. to get an insight into the company's business outlook.
The company's 78% business comes from prescription and 22% from vaccines. The Rx business is skewed towards the acute segment (~95% of portfolio), which due to seasonality benefit, is expected to deliver strong growth in Q2 FY23.
GSK Pharma has also guided for ~8-9% price hike in FY23. The future levers for Ebitda margin expansion would be centered around:
growth in promoted brands,
new launches,
cost-saving initiatives and
improved medical representative productivity.
The main pain point for the company still remains the vaccine business; the broad vaccine industry growth has remained sluggish due to vaccine hesitancy and postponement of inoculation by the masses. But, the company has maintained its market share and expects demand to recover by the end of FY23.
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