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GLAXO · price
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GSK Pharmaceuticals held its Q4 FY2026 earnings call. Full year revenues grew 2% (muted due to CMO fire incident causing ~3-3.5% top-line impact), but EBITDA grew 11% and PAT grew 10%. EBITDA margin expanded sharply to 34% for the full year (+290 bps) and reached 35% in Q4 standalone. The innovation/specialty portfolio now contributes 6% of sales (up from 2% last year), led by oncology assets Zejula and Jemperli, respiratory portfolio (Trelegy, Nucala), and adult vaccine Shingrix. Gross margins improved 190 bps for the year due to cost optimization and AI-led efficiencies. The company declared a final dividend of INR57 per share. Management confirmed its double-digit growth ambition remains undiluted despite short-term supply disruptions. Multiple upcoming launches are planned including Belantamab (multiple myeloma), RSV vaccine, and Bepirovirsen (hepatitis B).
Strong profitability improvement (margins up ~300 bps) demonstrates operating leverage even with muted revenue growth. The innovation portfolio buildout positions the company for sustainable double-digit growth as supply constraints resolve from Q1 FY2027 onward.