Glaxosmithkline Pharma gains after turnaround Q3 numbers

Glaxosmithkline Pharmaceuticals rose 3.39% to Rs 1,480 after the company reported consolidated net profit at Rs 156.51 crore in Q3 December 2020 compared with net loss of Rs 661.16 crore in Q3 December 2019.

On a consolidated basis, net sales jumped 10.1% to Rs 857.20 crore in Q3 FY21 from Rs 778.59 crore in Q3 FY20. Pre-tax profit was at Rs 211.41 crore in Q3 December 2020 as against pre-tax loss of Rs 634.32 crore in Q3 December 2019. Current tax expense for the quarter fell 24.1% to Rs 61.20 crore as against Rs 80.62 crore in Q3 December 2019.

Commenting on the Q3 results, Sridhar Venkatesh, the managing director (MD) of GlaxoSmithKline Pharmaceuticals, has said that: "GSK demonstrated a strong rebound with sales growing by 33% from Q1 FY21 post a decline in the pandemic peak, as most of our key brands gained market share and outpaced their competitor brands. Vaccines and respiratory remain important growth areas for us and expected to grow in higher double digits. GSK will continue to focus on its innovation and our product pipeline as we build on the momentum generated by the recently launched Fluarix Tetra, Menveo, and Nucala."

Glaxosmithkline Pharmaceuticals is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies.

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