GlaxoSmithKline Pharmaceuticals reports 7.6 per cent drop in net profit

GlaxoSmithKline Pharmaceuticals reports 7.6 per cent drop in net profit GlaxoSmithKline Pharmaceuticals Ltd has reported a fall of 7.6 per cent in net profit at Rs 145.86 crore in the second quarter of the year compared to Rs 157 crore a year ago.

The sales of the Indian firm of the Indian unit of British drug maker grew 4.47 per cent to Rs 607.56 crore even as net sales of the company’s pharmaceutical business grew
6.5% during the quarter.

“The mass market businesses and anti-Infectives were impacted by a relatively lower growth of the market and a high base effect. The ramp up in field force during the course of the year has impacted costs,” said managing director Hasit B. Joshipura said in a statement on Friday.

The vaccine and specialty segments of the company continue to grow in double digits. The segments include dermatology, oncology, cardiovascular and metabolic disorders, he said. The earnings per share declined to Rs. 17.2 from Rs. 18.7 in the last period. EBDITA also declined by 15.2 per cent to Rs. 183.04 crore from Rs .215.96 crore.

Dr Hasit B Joshipura, managing director, said, “Vaccine & Speciality franchises continue to register strong double digit growth which includes dermatology, oncology, cardiovascular & metabolic. The mass market businesses and anti-infectives were impacted by a relatively lower growth of the market and a high base effect. The ramp up in filed force during the course of the year has impacted costs.”

The shares of GSK increased 0.98% to close at Rs 2109.55 on Bombay Stock Exchange on Friday.