GlaxoSmithKline Pharma saw flat Q1 FY26 revenue due to softer market tailwinds in antibiotics & derma, plus a 2% supply hit. But EBITDA margin jumped to 31.2% (+290 bps), PAT up 12.7%. Management remains confident on FY26 double-digit growth, boosted by upcoming price hikes & new launches. Oncology foray begins in Q2 with Zejula (ovarian cancer) and Jemperli (endometrial cancer), targeting a combined 5,700-6,000 eligible patients. Vaccines, especially Shingrix, continue strong growth (8.6% volume). Company maintains over 2,000 reps and expects stable margins.
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