Valuations may temper gains for GlaxoSmithKline Pharma despite strong Q1

The brokerage has estimated a 9 per cent earnings growth over FY24-26 for GSK Pharma

The stock of pharma major GlaxoSmithKline Pharmaceuticals (GSK Pharma) was up about 5.7 per cent to Rs 3,059, taking the gains since its results earlier this month to 11 per cent. It has been a major outperformer since the start of April with gains of 57 per cent as compared to peer index BSE Healthcare (20 per cent gains) and the 10 per cent for the benchmark Sensex.

The recent gains were on account of a better-than-expected performance in the June quarter. The Indian subsidiary of the tenth largest global pharma company posted a 7 per cent