GlaxoSmithKline Pharmaceuticals (500660) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2 FY25 revenue exceeding ₹1,000 crore, up 5% year-over-year, driven by strong performance in General Medicines, Specialty, and Vaccines portfolios.

• Specialty portfolio grew 81%, and pediatric vaccines delivered 18% growth, with Shingrix contributing 7% to vaccine growth.

• Digital engagement expanded, reaching 4 lakh doctors and increasing digital touchpoints by 17% year-over-year.

• Net profit for Q2 FY25 stood at ₹25,250 lakhs, up from ₹21,751 lakhs in Q2 FY24 year-over-year.

• Celebrated 100 years of commercial operations in India, with a continued focus on innovation and healthcare impact.

Financial highlights

• Q2 FY25 revenue reached ₹1,000 crore, up 5% year-over-year; EBITDA at ₹319 crore, up 11% (margin 32%); PAT at ₹249 crore, up 15% (margin 25%).

• H1 FY25 revenue at ₹1,811 crore, up 7% year-over-year; EBITDA at ₹548 crore, up 28% (margin 30.3%); PAT at ₹430 crore, up 24% (margin 24%).

• Cash conversion reached 100% of profit, reflecting improved working capital efficiency and strong liquidity.

• SG&A expenses reduced by 4% in Q2 and 7% in H1 due to reorganization and cost efficiencies.

• Special interim dividend of ₹12 per share declared to mark the centenary.

Outlook and guidance

• Focus remains on sustaining volume-led growth and leveraging pricing improvements in H2.

• New assets (Nucala, Trelegy, Shingrix) expected to contribute 5-6% to top line in FY25, with a goal to reach 10% in coming years.

• Continued investment in adult vaccination and oncology launches planned for H2.

• Specialty portfolio expected to maintain strong growth ahead of the market, led by respiratory and vaccine segments.

• Ongoing digital transformation and omnichannel outreach to enhance customer experience and market share.