GSK Pharma - Step Change In Growth, Business Mix: Motilal Oswal
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Motilal Oswal Report
We attended the analyst meet of GlaxoSmithKline Pharmaceuticals Ltd. to gain an insight on the growth outlook over the next two to three years.
GSK Pharma has prioritised its efforts towards specialty and vaccines, while it continues to gain market share in general medicine.
Accordingly, it expects 130–330 basis point margin expansion to 23–25% over FY21–26.
We reduce our earnings per share estimate by 5% for FY23, factoring in the sale of the Iodex and Ostocalcium brands.
The company expects a double-digit compound annual growth rate in specialty drugs over FY21–26, supported by the parent’s pipeline.
Growth would be driven by new launches, such as Nucala (already launched) and Benlysta (under registration).
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