Motilal Oswal's research report on GSK Pharma
GSK Pharma (GLXO) delivered an in-line performance in 2QFY23. The healthy progress in general medicines and specialty business segments was offset by reduced traction in the vaccines business. We maintain our earnings estimates for FY23/FY24. We value GLXO at 35x 12M forward earnings to arrive at our TP of INR1,420. We expect an 8% earnings CAGR over FY22-24 fueled by 5% sales CAGR and 130bp margin expansion. GLXO’s focus on core brands has yielded better-than-industry growth in its focus market of certain therapies.
Outlook
However, we maintain our Neutral rating on the stock due to limited upside (+7%) from the current levels.
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