GlaxoSmithKline Pharmaceuticals (500660) Q1 25/26 earnings summary

Executive summary

• Maintained competitive performance and market share in General Medicines and Vaccines despite muted industry growth and supply constraints, with specialty portfolio and vaccines like Shingrix, Boostrix, Varilrix, and Havrix driving growth.

• Board approved unaudited standalone and consolidated financial results for Q1 ended 30 June 2025, reflecting continued profitability and revenue growth year-over-year.

• Key brands maintained or gained market share, with Shingrix showing strong category development and digital engagement.

Financial highlights

• Q1 FY26 revenue was ₹805 crore, a slight decline of 0.8% year-over-year, with EBITDA at ₹251 crore (31.2% margin, up 290 bps) and PAT at ₹205 crore (25.6% margin, up 290 bps).

• Standalone revenue from operations for Q1 FY26 was ₹80,483 lakhs, with net profit at ₹20,470 lakhs; consolidated revenue was ₹80,517 lakhs, with net profit at ₹20,501 lakhs.

• EPS for Q1 was ₹12.08 (standalone) and ₹12.10 (consolidated), both up year-over-year; cash conversion remained strong at 100% of sales.

Outlook and guidance

• Double-digit revenue growth ambition for FY26 remains, with expectations of volume recovery and price hikes in Q2 and Q3, supported by new oncology launches and continued momentum in growth platforms.

• Final dividend of ₹42 per equity share for FY25 approved at AGM on 27 June 2025.

• Q1 is seasonally the weakest quarter; management expects a rebound in derma and antibiotics as monsoon progresses and supply normalizes.