External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Healthcare equipment and services / Thematic (Sector/Industry)

GlaxoSmithKline Pharmaceuticals (GLXO IN)

<ul><li>Pakistan listed pharmaceutical sector witnessed profitability of Rs10.1bn up by 17% YoY and down by 28% QoQ in 1Q2026. The YoY surge in profits is primarily due to price led growth coupled with higher volumes and lower finance cost . However, on QoQ basis, the earnings decreased mainly due to the seasonality driven lower sales volumes and other income.</li><li>The net sales increased by 7% YoY to Rs90.6bn in 1Q2026 as compared to Rs84.9bn in 1Q2025, mainly because of higher prices. During the quarter, major sales contribution came from ABOT 20%, GLAXO 19%, HALEON 11%, and SEARL 9%, respectively.</li><li>Gross margins of the sector reached to 43% in 1Q2026 vs 39% in 1Q2025 and 44% in 4Q2025. This YoY improvement is primarily led by uptick in prices. Moreover, the sector manages the average inventories of ~60 days.</li></ul>

Pakistan listed pharmaceutical sector witnessed profitability of Rs10.1bn up by 17% YoY and down by 28% QoQ in 1Q2026. The YoY surge in profits is primarily due to price led growth coupled with higher volumes and lower finance cost . However, on QoQ basis, the earnings decreased mainly due to the seasonality driven lower sales volumes and other income.The net sales increased by 7% YoY to Rs90.6bn in 1Q2026 as compared to Rs84.9bn in 1Q2025, mainly because of higher prices. During the quarter, major sales contribution came from ABOT 20%, GLAXO 19%, HALEON 11%, and SEARL 9%, respectively.Gross margins of the sector reached to 43% in 1Q2026 vs 39% in 1Q2025 and 44% in 4Q2025. This YoY improvement is primarily led by uptick in prices. Moreover, the sector manages the average inventories of ~60 days.

Pakistan Pharmaceuticals: Listed Pharma Profits Up 17% YoY In 1Q2026; Price Led Growth Momentum Continued