Glaxosmithkline Pharmaceuticals Ltd(GLAXO)

NSE: GLAXOBSE: 500660

₹ 2,410.2-1.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 40,830 crNext results: 3 Nov 2026Website: www.gsk-india.comUpdated: 24 Oct 2026

About

GlaxoSmithKline Pharmaceuticals Ltd is the India-listed subsidiary of GSK plc, selling prescription medicines and vaccines across general medicines, specialty respiratory, oncology, and vaccines. Its innovation portfolio (oncology, new respiratory, adult vaccines) reached 7% of Q1 FY27 sales, up from 4% a year earlier, as the company transitions from a general-medicines base toward specialty-led growth.^[1][2][3]

Business segments

General medicines (Augmentin, Calpol, Ceftum, T-Bact and others) make up approximately 75 - 78% of topline revenue and grew double-digit on an underlying basis in Q1 FY27 after a prior-year CMO supply disruption was fully resolved.^[3][2]
Vaccines (paediatric portfolio plus Shingrix adult vaccine) delivered double-digit growth for six successive quarters as of Q3 FY26; paediatric vaccines grew 9% in FY26.^[3][4]
Specialty respiratory (Nucala for severe eosinophilic asthma; Trelegy Ellipta for COPD/asthma) grew in excess of 20% YoY in Q2 FY26, with 2,550+ patients benefited at that point.^[5]
Oncology (Zejula for ovarian cancer; Jemperli for endometrial cancer) was launched on 15 August 2025 and by Q1 FY27 had treated ~260 - 270 patients in the quarter, with Zejula ranked among the top-5 PARP inhibitors by impact.^[5][2]

Products and brands

Innovation portfolio freshness index (IP-protected oncology + new respiratory + adult vaccines as % of sales) reached 7% in Q1 FY27, up from 4% in Q1 FY26 and 2% in Q4 FY25, contributing ~4 percentage points of headline growth.^[2][4]
Shingrix (herpes zoster adult vaccine) crossed ₹100 cr on a MAT basis by Q1 FY27; doses sold grew 65% YoY in Q1 FY27 to 45,000 - 50,000 per quarter, up from ~100,000 doses for all of CY2025.^[2][3]
Trelegy Ellipta expanded its fixed-unit-volume share to 12% (from 5% pre-loss-of-exclusivity) despite 8 - 10 generic combinations entering the market over 10 months post-LOE; patient and market share continued to grow in recent months of FY26.^[4]
Nucala (mepolizumab) active patients on therapy reached ~600 in Q1 FY27, roughly doubling YoY; new patients added per month rose to ~100 - 120 from ~50 - 60 in Q1 FY26.^[2]
Jemperli (dostarlimab) received RUBY-1 first-line endometrial cancer approval in December 2025, expanding the eligible patient pool from ~800 (second-line) to ~6,000 - 7,000 (first-line).^[3]
NLEM-covered products account for 35 - 38% of the portfolio as of Q3 FY26.^[3]

Key operating numbers

Q1 FY27 blended volume growth was 3 - 3.5% and price growth was ~6%; MR productivity averaged ₹15 - 16 lakhs per rep, up 5 - 6% QoQ.^[2]
Trelegy Ellipta monthly units were 10,000 - 12,000 in Q1 FY27.^[2]
Market share of key promoted brands stood at 27.6% in Q2 FY26; GSK rep-market growth was 8.6% vs IPM growth of 11.8% in Q3 FY26.^[5][3]
FY26 gross margin was 64.8% (+190 bps YoY); Q1 FY27 gross margin improved a further 150 bps YoY through pricing and favourable product mix, partially offset by rupee-depreciation-driven import cost increases.^[4][2]
EBITDA margin for FY26 was 34.3% (+290 bps YoY); Q1 FY27 EBITDA margin was 31.7% (+50 bps YoY), with full-year FY27 guidance of ~34%.^[4][2]

Customers and distribution

Combined face-to-face and digital engagement reached 4 million touchpoints and 360,000+ unique HCPs in Q3 FY26; field force of ~2,000 reps has been stable for two years, supplemented by digital channels.^[3]
Oncology launched across 20 - 25 cities via ~20 key account managers as of Q2 FY26; public (CARE) account formulary inclusion for oncology products is targeted within 6 - 8 months of Q4 FY26.^[5][4]

Clinical pipeline and R&D

26 ongoing clinical trials in India as of Q4 FY26, up from 16 two quarters earlier, spanning oncology, respiratory, immunology and infectious disease; India is included in Phase 3/3B global trials to enable near-simultaneous launches.^[4]
Bepirovirsen (Hibsago; chronic hepatitis B functional cure) marketing authorization is expected within the current financial year from Q4 FY26; India launch is projected ~3 - 4 quarters from August 2026, with a liver disease specialty field team to be added.^[4][2]
B7-H4 antibody-drug conjugate (ADC) Phase 3/3B trial is ongoing in India; plans cover 12 - 15 indications over 5 years.^[4][3]
Efruxifermin (Efimosfermin) for MASH (metabolic dysfunction-associated steatohepatitis) is in a global clinical trial with India participation; India launch to follow global readout.^[3]

Recent developments

DCGI (CDSCO) approved Blenrep (belantamab mafodotin) for second-line relapsed/refractory multiple myeloma; commercial launch in India expected Q2 or Q3 FY27, with the hematology field team trained and ready as of Q1 FY27.^[2][4]
Arexvy (RSV adult prevention vaccine) received marketing authorization in India by Q1 FY27; commercial launch expected within 2 - 3 months of August 2026, creating the first adult RSV vaccine category in India.^[2][4]
CMO supply disruption from a contract manufacturer fire - which cost ~₹70 - 75 cr in H1 FY26 and a further ~₹25 - 30 cr drag in Q3 FY26 - was fully resolved entering Q1 FY27; supply chain stress-testing completed across all CMOs.^[2][3][5]
First-ever PAT (excluding exceptionals) exceeding ₹1,000 cr was recorded in FY26 (₹1,010 cr, +10% YoY); ROCE for FY26 was 61.0%.^[4]

Strategic targets

Long-term revenue target of ₹8,000 cr reaffirmed, implying a 12 - 14% CAGR from the FY24 base; new specialty launches are the stated arrowheads for this growth.^[2][3]
Innovation portfolio freshness index is targeted to reach ~10% of revenue near-term (from 7% in Q1 FY27) and 20 - 25% over 5 - 7 years.^[4][3]
General medicines base business is guided to sustain 8 - 10% growth as the foundation supporting the 12 - 14% group CAGR.^[2][3]

Market Cap

₹40,830 Cr

High / Low

₹3,121 / 2,088

Stock P/E

38.2

Price / Book

18.0

Book Value

₹134

EPS

₹61.1

No. of Shares

16.94 Cr

ROCE

65.5%

ROE

49.1%

OPM

35.0%

Debt / Equity

0.00

Sales

₹3,822 Cr

Net Profit

₹1,036 Cr

Promoter holding

75.0%

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