GSK Pharmaceuticals Analyst Meeting Summary
Meeting Overview
• Date: August 5, 2024
• Participants: Managing Director Bhushan Akshikar and CFO Juby Chandy
• Focus: Q1 performance and strategic initiatives
Company Performance Highlights
• Diverse healthcare portfolio: preventive medicines, vaccines, general medicines
• Strategic focus on growth, innovation, and market adaptability
• Positive trends in general medicines and pediatric vaccines
• Enhanced digital engagement: over 7.6 million digital touchpoints
Adult Vaccination Market
• Significant growth in shingles vaccine (Shingrix): 70% increase from previous quarter
• Target market: over 12 million Indians
• Consumer awareness campaigns: reached 55 million people
Financial Performance
• Overall revenue growth: 10%
• EBITDA margins improved to 28% (up 9 percentage points)
• Vaccine business growth: 8%
• Long-term goal: impact a billion lives by centenary
Product Launches and Clinical Trials
• Shingrix launched; Jemperli in final go-to-market stages
• Ongoing clinical trials for bepirovirsen and gepotidacin
• Focus on regulatory approval for new products like Arexvy
Market Strategy and Growth
• Pharmaceutical segment growth: 8.6%
• Vaccines contribute 21% to total sales
• Ethical stance on drug usage; Zantac not available in India
Acquisitions and Product Alignment
• Successful launch of Trelegy in respiratory category
• Open to acquisitions that align with existing products
• Trelegy positively impacts older respiratory products like Nucala
Conclusion
• GSK remains optimistic about product pipeline and market strategies in India
• Commitment to maintaining margins and strategic direction without specific financial guidance

Meeting Overview
• Date: May 17, 2024
• Participants: Bhushan Akshikar (Managing Director), Juby Chandy (CFO)
• Purpose: Discuss recent company results and strategic outlook
• Transcript Availability: Accessible on GSK's website
Financial Performance Highlights
• Q4 Earnings:
• Full-year revenue: INR 3,400 crores
• Growth in General Medicines, vaccines, and specialty sectors
• 56% volume growth in Ceftum; 10% increase in T-Bact
• EBITDA margins improved by 670 basis points
• Growth Metrics:
• 16% growth in the quarter; 6% growth for the full year
• Adjusted growth around 11% after NLEM impact
• Return on capital employed rose to 53%
Strategic Initiatives
• Digital Transformation:
• Enhanced engagement with healthcare practitioners
• Successful campaigns for adult immunization, particularly shingles
• Innovation and New Products:
• Three new assets generated INR 100 crores in revenue
• Launch of shingles vaccine generated INR 50 crores in the first year
Portfolio Insights
• General Medicines:
• 40% included in NLEM; consistent volume growth
• Top nine brands performing strongly with projected growth of 9% to 12%
• Specialty Portfolio:
• INR 100 crores in three years; ongoing clinical trials in oncology and hepatology
• Focus on expanding respiratory team by 40%
Challenges and Responses
• NLEM Impact:
• Previous impact of approximately 8% on top line; nearly 100% mitigation achieved
• Ongoing monitoring of employee costs post-VRS
• Vaccine Market:
• Slow uptake of Shingrix; optimism for future growth
• Synflorix volume decline due to government contracts, but signs of stabilization noted
Future Outlook
• Growth Drivers:
• Adult immunization and general medicines identified as key areas
• Commitment to double-digit growth over the next few years
• Market Strategy:
• Focus on maintaining a diversified portfolio and leveraging strong brand equity
• Evaluation of pricing strategies for non-NLEM products on a case-by-case basis
Conclusion
• Commitment to India: Significant investments and job creation emphasized
• Invitation for Questions: Open floor for further inquiries from attendees

Meeting Notification
• Date: February 21, 2024
• Transcript available on GSK's website
• Key speakers: Bhushan Akshikar (Managing Director) and Juby Handy (CFO)
Key Objectives and Strategies
• Emphasis on Q3 results and GSK's leading position in the pharmaceutical industry
• Transformative strategy for general medicines:
• Shift to prescriber-centric sales model
• Focus on tier two to tier four markets
• Accelerating digital transformation for better healthcare engagement
Market Focus
• Expansion in the respiratory market
• Launch of Shingrix vaccine to create an adult vaccination ecosystem
• Ongoing consumer awareness campaigns about shingles
Financial Performance
• Q3 revenue growth of 1% to 805 crores, despite NLEM impact
• Price increases and efficiency improvements mitigated negative impacts
• Notable growth in vaccines (10% overall, 12% for Shingrix)
• Stable EBITDA margins at 27%
• Profit after tax reported at 45 crores, affected by VRS costs
Future Growth Ambitions
• Targeting double-digit growth over the next 3 to 5 years
• Focus on innovative products and maintaining competitive performance
• Strategic investments in key therapy areas
Operational Efficiency
• Reduction of sales headcount by 12%
• Reallocation of resources to high-potential brands
• Commitment to improving operational efficiencies
Product Development and Market Strategy
• Distinct markets for Nucala (severe eosinophilic asthma) and Trelegy (COPD)
• Ongoing regulatory trials for new products
• Shingrix showing steady growth with increasing patient uptake
Workforce and Productivity
• Reduction in medical representative headcount
• Projected increase in productivity per representative
Vaccine Segment Insights
• 80% of business from General Medicines, 20% from vaccines
• Double-digit growth in Pediatric Vaccine portfolio
• Consumer awareness campaigns to boost secondary vaccinations
Future Product Launches
• Trials for new drugs including Bepirovirsen and oncology assets
• Re-entry into the oncology market after previous exit
Conclusion
• Commitment to addressing investor concerns and sharing progress in future updates
• Focus on achieving double-digit growth in value over the next few years.

Meeting Overview
• Date: March 16, 2023
• Participants: New Managing Director Bhushan and executive Juby
• Purpose: Discuss company direction and leadership; transcript available on GSK's website.
Strategic Focus
• Post-Split Strategy: Emphasis on biopharma, vaccines, and pharmaceuticals after consumer business split in June 2022.
• Market Insights: Indian pharmaceutical market valued at ~200,000 crore; focus on anti-infectives, vitamins, pain management, and dermatology.
Vaccine Sector Performance
• Market Share: GSK maintains significant share in self-pay private vaccine market despite challenges.
• Upcoming Launch: Shingrix vaccine for adults over 50, with 97% efficacy and long-term protection.
Growth Strategy
• Adult Vaccination Focus: Expansion in adult vaccination category, particularly with Shingrix.
• Brand Management: Commitment to lifecycle management, digital outreach, and disease awareness campaigns.
• Financial Outlook: Anticipated short-term financial erosion but optimistic about volume growth and new product launches.
Analyst Inquiries
• Market Size for Shingrix: Potential market includes over 70 million people aged 50+ in India.
• Business Segment Growth: General medicines growing at 10%, vaccine segment declining by 34%, but expected stabilization in FY24.
• Pricing Strategies: Recent price hikes confirmed; focus on maintaining profitability amid pricing pressures.
Historical Performance and Future Aspirations
• Shareholder Returns: Acknowledgment of disappointing TSR; commitment to growth in the Indian market.
• Management Stability: Emphasis on leadership continuity; Bhushan's contract for four years.
Competitive Landscape
• Vaccine Competition: GSK holds over 60% market share in hexavalent vaccines; strategic investments in vaccine development.
• Raw Material Sourcing: 20% of vaccine portfolio imported; 97% of overall pharmaceutical business sourced locally.
Conclusion
• Long-Term Goals: Aim to reach a billion lives in India over the next five years; centenary celebration planned for November 2024.