GSK Pharmaceuticals reported a decline in net profit by 72% to Rs 46 million in the third quarter ended December 31, following regulatory price limits on some of its legacy brands. The pharmaceutical company reported a net profit of Rs 165 crore in the year-ago period.
The company's total revenue rose to Rs 833 crore in the third quarter, compared to Rs 826 crore in the same period last year.
“We remain committed to developing new categories in areas such as adult immunization with products like Shingrix to positively impact the lives of patients in India,” said GlaxoSmithKline Pharmaceuticals MD Bhushan Akshikar.
The company's operating income for the quarter was Rs 805 million, while its profit before exceptional items and taxes was Rs 228 million, a company statement said.
In a stable market represented by general medicines during the quarter, GSK recorded a value growth of 1% despite the impact of NLEM (national list of essential medicines), a company statement said.
Augmentin improved its market share and maintained the no. 1st place in the national pharmaceutical market, he added. The vaccine market and portfolio continued to show sequential growth.
GSK will continue to invest in building new capabilities to improve reach and access to its innovative portfolio that includes Shingrix, Nucala and Trelegy, it said.