GlaxoSmithKline Pharmaceuticals (GSK), a leading MNC in India, has received setback during the year ended December 2011 and its consolidated net profit declined by 23.6 per cent to Rs.428.58 crore from Rs.560.57 crore in the previous year mainly due to exceptional items. The net profit before exceptional items increased by 8.8 per cent to Rs.629.34 crore from Rs.578.26 crore. The EBDITA moved up marginally by 1.6 per cent to Rs.802.57 crore from Rs.789.62 crore.

The company management stepped up its equity dividend to Rs.45 per share for the year 2011 as against Rs.40 per share in the last year. The dividend will absorb Rs.381 crore.

The company's consolidated net sales increased by 10.6 per cent to Rs.2,433 crore from Rs.2,151 crore in the previous year. The core pharmaceuticals business grew by 12.5 per cent. The continued growth of specialty products and vaccines, new product launches and tight expenses control helped the company. Despite material cost escalations and significant expansion of the field force, profit before investment income and tax amounted to 33 per cent of net sales. During the the fourth quarter, GSK launched Synflorix – a vaccine against invasive pneumococcal disease.

GSK also expanded its oncology portfolio by launching Votrient, indicated for the treatment of advanced renal cell carcinoma (RCC) and Revolade for the treatment of idiopathic thrombocytopenic purpura. Branded generics were launched in the metabolic and steifel range of products.

Dr Hasit B Joshipura, managing director, said, “Growth for the quarter was market competitive, driven by a revival in the anti-infective and mass markets segment. Our specialty business continued to register good growth aided by the launch of products from our global pipeline and branded generics. The vaccine business showed a high growth trajectory, with the company continuing to expand its vaccine portfolio.”