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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4238)	5/9/1999 3:20:00 PM
From: Mohan Marette	Respond to of 12475

Glaxo/Welcome India - Glaxo Q1 results (Jan-Mar 99) glaxowellcome.co.in Glaxo declared results for the first quarter Jan-Mar, 1999. The company recorded a net profit of Rs 13.32 crore for the first quarter. Sales stood at Rs 184.92 crore up 4.8 per cent over the first quarter previous corresponding quarter. Domestic sales showed a 5.3 per cent growth while exports surged 11 per cent during the same period. Glaxo is India's largest pharmaceutical company with 15 brands featuring in the top 250 brands in the country. With broad therapeutic presence in anti-ulcerant, vitamins, steroids, cough and cold preparation etc. Glaxo has emerged more focused in its operations since its restructuring exercise since 1995. Glaxo is currently consolidating its position in domestic market. Though it acquired Biddle Sawyer, it has decided to defer the legal merger as one of Biddle Sawyer's facility is facing wage dispute and the matter is before the industrial tribunal. It also acquired ICI's animal health care brands in March 1999. Glaxo's results were better than market expectations which had expected a negative/flat growth since the pharma industry itself had reported a very lean growth. Though Glaxo is reliant on older generation molecules, new products from segments like anti-asthmatics, AIDS, anti-viral are finding thrust to reduce dependence on its older generation brands. Glaxo's stock price is currently Rs 712 and it is a strong long term buy. (Courtesy:Business Standard March 10.99)