India's GlaxoSmithKline Pharma posts first revenue drop in over two years
The Indian unit of British drugmaker GSK Plc reported a 2% decline in its revenue from operations to 8.05 billion rupees ($92 million)for the first quarter ended June 30.
GlaxoSmithKline Pharma said its performance during the quarter was 'below anticipated levels,' as it was hurt by 'external factors such as seasonal disruptions'.
The stock slumped 5.5% after results and was on track for its worst day since early April.
This is the company's first revenue drop since March 2023, when it grappled with lower prices of its key drugs due to the government's pricing cap.
Separately, in May, it had a temporary production disruption due to a fire at one of its contract manufacturing facilities, but did not disclose whether there was a financial impact from it.
Its quarterly profit climbed 12.5% on-year to 2.05 billion rupees as the company kept a tight lid on its expenses. Total expenses for the quarter dropped 5.2%.
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