GlaxoSmithKline Pharmaceuticals announced its financial results for the fourth quarter and year ended December 31, 2013. Sale of products (net of excise duty) for the year ended December 31, 2013 declined by 3.1 per cent as compared with the previous year, with sales of the pharmaceutical business being lower than last year by 4.3 per cent. This was primarily due to the impact of the revamped Drugs Prices Control Order, supply constraints primarily in the first half of the year, and the unwillingness of a segment of the trade to buy the company’s products during the part of the third and fourth quarter of the year.
Gross margin was impacted by the decline in sales, material costs escalation and adverse exchange rate movements. Incremental investments were also made for the relaunch of Iodex and transfer of Ostocalcium, both of which are managed by GSK’s Consumer Healthcare business in India. Profit after exceptional items and tax for the year ended December 31, 2013 amounted to 20 per cent of the net sales (previous year: 22 per cent) and declined by 13.1 per cent as compared to the previous year.
In 2013, the company added new products across therapeutic areas. The company launched XGEVA, a first and only RANK Ligand inhibitor approved for the prevention of skeletal related events in patients with advanced malignancies involving bone in the oncology portfolio; Physiogel lotion and cream, a hypoallergenic, moisturising lotion that helps in revitalising the skin and gives protection and relief from dry, sensitive and itchy skin conditions; Acne-Aid Wash, a facial cleansing foam for oily and acne prone skin and Avamys, a fluticasone furoate nasal spray for seasonal and perennial allergic rhinitis.
EP News Bureau– Mumbai
