Angel Broking neutral on Glaxo Pharma
Angel Broking has maintained its neutral rating on Glaxo Pharmaceuticals in its February 20, 2009 research report.
“Glaxo’s 4QCY2008 results were ahead of our expectations. For the quarter, the company posted Net Sales of Rs 368.5 crore registering a yoy growth of 8.6%. With this, for CY2008 on a comparable basis (excluding sale of Fine Chemical business on September 30, 2007), the company clocked Net Sales of Rs 1,660.4 crore, a yoy growth of 10.1%. During CY2008, the company entered the Oncology Segment with launch of its flagship patented product Tykerb. In Vaccines, the company launched Rotarix. The company also entered into two in-licensing deals one with Daiichi Sankyo, which culminated in the launch of Benitec (Olmersartan), and the other with Astellas for Michaungin (Critical Care), which is likely to be launched in CY2009. We remain Neutral on the stock,” says Angel Broking’s research report.
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