GlaxoSmithKline Pharmaceuticals (500660) Q1 24/25 earnings summary

Executive summary

• Achieved 10% year-over-year revenue growth in Q1 FY25, outpacing the India pharma market, with strong momentum in key brands, specialty, and pediatric vaccines, and continued expansion in adult immunization, especially with Shingrix.

• Specialty segment, including respiratory, showed robust growth, supported by a dedicated team and digital engagement.

• Maintained a diversified portfolio across preventive and general medicines, with ongoing innovation and digital initiatives.

• Standalone and consolidated financial results for the quarter ended 30th June 2024 were reviewed and approved by the Board, with statutory auditors conducting a limited review.

Financial highlights

• Q1 FY25 standalone revenue was ₹81,100 lakhs, up from ₹73,802 lakhs in Q1 FY24; consolidated revenue was ₹81,465 lakhs, up from ₹76,166 lakhs.

• EBITDA for Q1 reached ₹22,900 lakhs, up 62% year-over-year, with a margin of 28%.

• PAT grew 39% year-over-year to ₹18,165 lakhs standalone and ₹18,233 lakhs consolidated, with nearly 100% profit-to-cash conversion and improved working capital.

• Vaccine business contributed 21% of total revenue, growing at 8% year-over-year.

• Dividend of ₹32 per equity share for FY24 was approved.

Outlook and guidance

• Expectation to maintain current margin and sales growth trends for the rest of FY 2025, with Q2 and Q3 typically being the strongest quarters due to seasonality.

• No formal full-year guidance provided, but double-digit growth ambition reiterated, with focus on innovation and new launches, especially Shingrix.