Mumbai: GlaxoSmithKline Pharmaceuticals Limited on Saturday announced that it has restored the manufacturing of Neosporin, an antibiotic used to treat minor wounds.
Declaring its financial results for the quarter ended December 31, 2016, the company said it recorded revenues of Rs 689 crore for the quarter, a decline of 6% as compared to the corresponding quarter a year ago, and a net profit of Rs 53 crore, which was a decline of 33% against the previous year quarter.
Commenting on the results, A Vaidheesh, managing director, GlaxoSmithKline Pharmaceuticals Limited, said, “The performance of the quarter has been impacted by number of factors. The mandatory price reductions experienced in the earlier quarters of the year have adversely impacted growth by 5% in the current quarter.”
“The estimated impact of demonetisation adversely impacted performance by a further 5% from our pharmaceutical product portfolio, which is predominantly within acute care, as well as from our consumer brands. The quarter was also impacted by imported supply constraints,” added Vaidheesh.
The launch of the Priorix-Tetra vaccine in the prior quarter is delivering growth in line with expectations. The overall vaccine portfolio growth of this quarter is adversely impacted by 3% from a higher prior year base arisen from the restoration of supply constraints, according to a statement.
During the quarter, the company launched EnteroPlus, a probiotic food supplement. The company has also since restored the manufacturing of a key brand, Neosporin, an antibiotic used to treat minor wounds.
The company’s cost base reduced by 2% as compared to the same prior year quarter despite inflationary impacts and disposed of surplus assets with an exceptional income of Rs 17.9 crore in the quarter, the statement said.
GlaxoSmithKline Pharmaceuticals Limited is a subsidiary of UK-based GlaxoSmithKline plc, one of the world’s leading research-based pharmaceutical and healthcare companies.