GlaxoSmithKline Pharmaceuticals Ltd. share price target

We maintain Sell rating on GlaxoSmithKline Pharma (GSK) and revise our TP to Rs1,850 (earlier Rs1,525) based on 24x March'20E EPS of Rs77.1. GSK's Q3FY18 results were below our and consensus estimates. GSK revenue was flat, EBIDTA margin improved 1,270bps to 20.1% and net profit grew 156% YoY. GSK's major brands grew by high single digit to double digit during the quarter. That said, the company has a strong presence in the vaccines segment and is likely to derive growth from the same. Key risks to our assumptions include faster-thanexpected growth in the domestic market and higher growth of its flagship brands. We recommend a switch to other pharma companies, Abbott India or...

Revenues for the quarter at Rs 7039 mn were below our estimates of Rs7760mn. The margins were in-line with our estimate and stood at 20% inQ3FY18 as against 7.4% in Q3FY17. Higher margins were mainly onaccount of better gross margins.

GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 2QFY2018. The revenues came in at `836cr v/s. `800r expected, registering a yoy growth of 4.6%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at 23.0% (v/s. 15.3% expected) as compared to 17.6% in ..

We maintain our Sell rating on GlaxoSmithKline Pharma (GSK) and revise our TP to Rs1,525 (earlier Rs1,390) based on 24x March'19E EPS of Rs63.4. GSK's Q2FY18 results exceeded our and consensus estimates. GSK revenue grew by 5%, EBIDTA margin improved 540bps to 23.0% and net profit grew 27% YoY. GSK's pharma segment grew by 6.3% during the quarter. That said, the company has a strong presence in the vaccines segment and is likely to derive growth from the same. Key risks to our assumptions include faster-thanexpected growth in the domestic market and higher growth of its flagship brands. We recommend a switch to other pharma companies, Abbott India or...

~32% YoY to INR1.3b (+3% v/s our est.), including INR52m of one-time income from the sale of properties. Significant recovery in inventory post GST: GLXO saw a huge improvement on the revenue front sequentially (up 43% QoQ), primarily due to a recovery in inventory to pre-GST level. Notably, GSK lost around two weeks of sales in 1QFY18. Although revenue increased YoY, it was impacted by 6% due to price deflation led by GST (but profit-level impact of GST was neutral). After adjusting for price deflation, margins stood at ~22%. With inventory levels...

GlaxoSmithKline Pharmaceuticals (GSK) posted lower than expected results on sales and OPM fronts for 1QFY2018. The revenues came in at `587cr v/s. `700cr expected, registering a yoy de-growth of 14.3%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at (0.1)% (v/s. 12.6% expected) as compared to 10.2..

Revenue grew by 10.76% to Rs. 763.43 Cr in Q4FY17 when compared to the previous quarter.

GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 4QFY2017. The revenues came in at `763cr v/s `690cr expected, registering a yoy growth of 10.9%. On the OPM front, the EBDITA margins came in at 15.2% (v/s 11.3% expected) as compared to 16.1% in 4QFY2016. The Adj. PAT for the quarter cam..

Revenue fell by 11.95% to Rs. 689.29 Cr in Q3FY17 when compared to the previous quarter. Also, it decreased by 5.63% when compared with Q3FY16.

For 3QFY2017 Glaxo Pharmaceuticals (GSK) posted results lower than expectations on all fronts. In sales, the company posted sales of Rs689cr v/s Rs700cr expected, a yoy de-growth of 5.6%. On EBITDA front, the company posted EBITDA of 5.1% (v/s 9.1% expected) v/s 11.6% in 3QFY2016. Consequently, Adj. PAT came in at Rs40.8cr (v/s Rs78.4cr e..