GSK experiences a 34% decline in profit

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GlaxoSmithKline Consumer Nigeria Plc experienced a 33.76% decrease in profit, falling to N510.80m in 2023 from N771.15m in the preceding financial year, according to the unaudited condensed consolidated and separate financial statements filed with the Nigerian Exchange Limited.

The company, in the process of winding up its operations in Nigeria, saw its revenue drop to N16.44bn from N25.38bn in 2022.

Despite a lower cost of sales at N10.35bn, compared to the previous year, the gross profit remained at N6.09bn.

The decision to cease operations in Nigeria was announced in August after GSK Plc UK, the parent company, revealed plans to discontinue the commercialization of prescription medicines and vaccines through its Nigerian subsidiary.

Regulatory approvals led to the suspension of trading in the company’s shares on the NGX.

In its latest financial report, GSK highlighted a profit of N1.89bn in the consumer healthcare business segment, encompassing oral care and over-the-counter medicines, while the pharmaceuticals segment, comprising antibacterial, vaccines, and prescription drugs, recorded a loss of N679.94m.

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