GSK Pharma’s Better Operating Leverage Drives Q3 Profitability: Motilal Oswal
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Motilal Oswal Report
GlaxoSmithKline Pharmaceuticals Ltd.’s Q3 FY21 performance was better than estimated, with an increase in sales driving higher profitability (on account of operating leverage).
With the intensity of YoY decline lower over the past two quarters, the company exhibited low-double-digit YoY growth with the easing of the lockdown and partly aided by the low base of the past year.
We increase our earning per share estimates by 8%/3%/2% for FY21/FY22/FY23E, factoring in strong recovery in key therapies and improving productivity.
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