GlaxoSmithKline Pharmaceuticals (500660) Q3 25/26 earnings summary

Executive summary

• Achieved milestone quarterly revenue of over INR 1,000 crore, with 8.1% standalone and nearly 10% consolidated growth year-over-year, driven by strong contributions from General Medicine, Specialty (notably oncology), and Vaccines portfolios.

• Specialty launches in oncology (Zejula, Jemperli) and expansion in vaccines (Shingrix, Boostrix, Varilrix, Havrix) were key growth drivers, with supply constraints resolved.

• Strategic focus on innovation, digital omnichannel engagement, and portfolio transformation toward high-growth categories, supported by an experienced leadership team.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended 31st December 2025 were approved by the Board on 9th February 2026.

Financial highlights

• Revenue reached ₹1,023 crore, up 8.1% year-over-year for Q3 FY26; consolidated revenue was ₹104,126 lakhs, up from ₹94,942 lakhs in Q3 FY25.

• EBITDA margin reached 35.9%, up 520 basis points year-over-year, with EBITDA growth of 26.7%.

• PAT before exceptional items rose 21.3% to ₹277 crore, margin up 290bps to 27.3%; consolidated net profit for Q3 FY26 was ₹27,228 lakhs.

• EPS for Q3 at ₹16.36, up 9% year-over-year; consolidated EPS after exceptional items was ₹16.54.

• Cash position remains robust at INR 2,426 crore.

Outlook and guidance

• Targeting 12%-13% annual growth over the next five years to double revenue to INR 8,000 crore, with base business expected to deliver high single-digit growth and new launches in specialty and vaccines to drive incremental gains.

• Continued focus on scaling oncology, expanding adult immunization, leveraging digital innovation, and sustaining current margin levels while investing in new assets and digital capabilities.

• The company continues to monitor regulatory changes, especially regarding new labour codes, and will adjust accounting as needed.