GlaxoSmithKline Pharmaceuticals Reports 11% Rise in Q1 Profit Driven by Strong Demand for Vaccines

GlaxoSmithKline Pharmaceuticals, the Indian unit of UK-based GSK plc, has reported an 11% rise in its Q1 2023 profit, driven by strong demand for its vaccines.

The company's consolidated profit for the quarter ended June 30 was INR 1.32 billion ($16.10 million), up from INR 1.19 billion a year earlier.

Revenue from operations at the Augmentin antibiotic maker also rose by 2.2% to INR 7.62 billion.

GSK Pharma's vaccines business has demonstrated a sequential Q-o-Q increase and maintained leadership in the private self-pay market.

However, the company continued to face headwinds from the inclusion of its key products Ceftum antibiotic and T-Bact ointment in the country's National List of Essential Medicines.

Shares of the drugmaker closed marginally lower at 0.1% post results on Wednesday, compared with a 0.66% rise in the Nifty Pharma index.

GSK's parent company also raised its full-year profit and sales guidance after beating Q2 earnings expectations earlier in the day.