GlaxoSmithKline Pharmaceuticals (500660) Q4 24/25 earnings summary

Executive summary

• Achieved 9% year-over-year revenue growth to INR 3,723 crore, led by strong volume gains in general medicine, specialty, and pediatric vaccine segments, with notable share gains in key brands.

• Specialty segment grew 35% year-over-year, with respiratory and vaccine portfolios (notably SHINGRIX and flu vaccines) driving performance; digital and omnichannel strategies expanded HCP touchpoints to over 400,000.

• Maintained market leadership in anti-infectives and vaccines, with Augmentin, CEFTUM, T-BACT, and pediatric vaccines showing market share gains.

• Launched and expanded new assets in respiratory (TRELEGY ELLIPTA, NUCALA) and adult vaccines (SHINGRIX), with significant patient uptake and digital engagement initiatives.

• Audited standalone and consolidated financial results for FY25 were approved, with the Board recommending a final dividend of Rs.42 per share, up from Rs.32 last year.

Financial highlights

• FY25 revenue was INR 3,723 crore (+9% YoY); EBITDA grew 30% YoY to INR 1,169 crore (margin 31%); PAT increased 32% YoY to INR 915 crore (margin 25%); EPS rose 32% YoY to INR 54.01.

• Standalone and consolidated net profit for FY25 was Rs.91,906 lakhs and Rs.92,758 lakhs, respectively, both up significantly year-over-year.

• SG&A as a percentage of sales decreased by 4%, reflecting cost optimization.

• Cash position at year-end was INR 2,500 crore, with a zero-debt balance sheet and strong cash flow conversion (~100%).

• Final dividend of INR 42 per share declared, compared to INR 32 last year.

Outlook and guidance

• Management targets above-market growth for FY 2026, aiming to exceed the Indian pharma market's 8%-9% projected growth, with specialty and vaccine segments expected to drive future growth.

• EBITDA margin of 31.4% is considered sustainable; no significant further margin expansion expected.

• Focus remains on volume-led growth, with pricing as a secondary lever due to regulatory constraints.

• Two oncology launches (JEMPERLI and ZEJULA) planned for the coming year, with additional line extensions in core brands.

• Continued focus on digital transformation, cost efficiencies, and strengthening market presence.