GSK Pharma sales up by 14%, PBT grows by 25% for Q4

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GSK Pharma sales up by 14%, PBT grows by 25% for Q4

GlaxoSmithKline Pharmaceuticals sales up by 14%, PBT grows by 25% for fourth quarter

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GlaxoSmithKline Pharmaceuticals Limited posted improved results for the quarter ended 31st December, 2007. The growth in Sales for the Company's continuing businesses, after excluding the financials of the Agrivet Farm Care and the Qualigens Fine Chemicals business which have been sold, was 14%. Profits before Tax and Exceptional Items grew by 25% on a comparable basis. For the full year, sales of the continuing business have grown by 7.8% and Profits before Tax and Exceptional Items grew by 13.8%. The Company has reported double digit growth in the priority products during the course of the year.

The Company continues to enjoy a leading position in the segments in which its products are represented. It also continues the search for new opportunities through alliances and in-licenses. The key strategy for Business Development is to identify new products in high growth therapeutic areas like cardiology and diabetes and in the therapeutic areas in which the Company has a well-established presence viz. critical care, dermatology and biotechnology. 

Commenting on the performance, Dr. Hasit B. Joshipura, Managing Director, said "The Company has shown double digit, market competitive growth both for the quarter as well as for the year. New products launched in 2007 reflect our focus on high growth therapeutic segments and our launches during the year included Arixtra, a product in the anti-thrombosis segment and Carzec in the cardiology segment"

The Board recommended a dividend of Rs. 18 per Equity Share for the year (previous year Rs. 17 per Equity Share). If approved by the shareholders at the Annual General Meeting, the Dividend will absorb Rs. 178 crores inclusive of the Dividend Distribution Tax.

Having regard to the Company's surplus cash position and the cash generation during the year from the divestment of the Fine Chemicals Business, the Board is of the view that a portion of the surplus cash be returned to the shareholders.  The Directors are therefore pleased to recommend a special additional Dividend of Rs. 18 per Equity Share.  If approved by the Shareholders at the Annual General Meeting, the special additional Dividend will absorb Rs. 152 crores. The Dividend Distribution Tax borne by the Company on this dividend will amount to Rs. 26 crores.

Sourced From: Adfactors Public Relations Pvt Ltd