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GSK Pharma- Exposure To Domestic Formulations, Strong Balance Sheet, Brand Equity Augur Well: ICICI Securities


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

GlaxoSmithKline Pharmaceuticals Ltd. believes its key brands and therapies would continue to grow. It has been able to maintain its market share in key brands and expects to improve on it gradually.

GSK Pharma intends to provide healthcare support to 2.5 billion people worldwide over the next 10 years, wherein India would be an integral part.

Vaccines remains an important growth area. The segment contributes ~22% of revenue and is expected to grow on the back of new launches. The vaccines are imported and have lower margin than the company average, but it would be supported by cost optimisation.

GSK Pharma does not participate in the National Immunisation Programme. Due to the growing popularity of NIP, private market demand is shrinking, which has impacted sales of Synflorix. However, launch of Shingrix by the end of H1 CY23 will help the segment grow.

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