GSK Q1 net up by 12% to Rs 161cr

Drug firm GlaxoSmithKline (GSK) Pharmaceuticals today reported a net profit of Rs 161.19 crore for the quarter ended March 31, 2010, an increase of 12.5 per cent as compared to the same period last year.

The company has reported a net profit of Rs 143.27 crore in the corresponding period year ago, GlaxoSmithKline Pharmaceuticals said in a statement.

During the first quarter of current year, the company's total sales rose by 17.6 per cent to Rs 552.12 crore.

It had reported a total sales of Rs 469.21 crore in the corresponding quarter last year.
    
"The sales growth of 18 per cent was broad-based across all therapeutic segments and, in particular, the vaccine range and the dermatological franchise recorded strong growth. The improvement in product mix has resulted in better gross margins," GSK Managing Director Hasit B Joshipura said.
    
During the quarter, GSK had launched Mycamine an antifungal antibiotic through a licensed agreement with Japanese drug maker Astellas.
    
It has also launched Stiefel range of products in cosmetic dermatology therapies, which has significantly strengthened the Company's presence in the dermatological segment, GSK said.
    
Shares of GSK Pharma settled the day at Rs 1,883.90, up 0.11 per cent on the BSE.