GSK Pharma Q4 Review - Dermatology Outshines, Anti-Infective Business Drags: Motilal Oswal
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Motilal Oswal Report
GlaxoSmithKline Pharmaceuticals Ltd.’s Q4 FY21 performance was marginally below estimates, largely led by moderate YoY sales growth for the quarter.
Based on All Indian Origin Chemists and Distributors data, strong growth in the dermatology segment was offset by a weak performance from the anti-infectives and pain analgesics segments.
We raise our earnings per share estimates by 6%/7% for FY22E/FY23E, factoring in:
A robust outperformance from dermatology
Strong revival in anti-Infectives, pain analgesics, and vitamins/minerals/nutrients, partly supported by the opportunity arising from Covid-19.
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