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GSK Q1 Report 2021

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GSK Q1 Report 2021 Calibrating Precision GSK Pakistan Limited FirstAnnual Quarter Report Report 20212020 CORPORATE INFORMATION As at March 31, 2021 Board of Directors Management Committee Disclosure Committee Mr. Dmytro Oliinyk Ms. Erum Shakir Rahim Ms. Erum Shakir Rahim Chairman Chief Executive Officer Chairperson Ms. Erum Shakir Rahim Mr. Abdul Samad* Mr. Abdul Samad* Chief Executive Officer Chief Financial Officer Member Mr. Abdul Samad* Mehar-e-daraksha Ameer Mr. Dmytro Oliinyk Chief Financial Officer Legal Director Member Ms. Maheen Rahman Dr. Tariq Farooq Mehar-e-daraksha Ameer Independent Director Business Unit Director BU 1 Member Mr. Muneer Kamal Syed Nasir Farid** Company Secretary Independent Director Business Unit Director BU 2 Ms. Mehar-e-daraksha Ameer Mr. Mehmood Mandviwalla Dr. Naved Masoom Ali Non-Executive Director Business Unit Director BU 3 Chief Financial Officer Mr. Mark Dawson Khurram Amjad Mr. Abdul Samad* Non-Executive Director Director Commercial Chief Internal Auditor Excellence & CTC Audit Committee Syed Ahsan Ejaz Dr. Gohar Nayab Khan Mr. Muneer Kamal Regulatory Affairs Cluster Bankers Chairman Head - Pakistan & Iran Citibank NA Mr. Dmytro Oliinyk Mr. Abdul Haseeb Pirzada Deutsche Bank A.G. Member Director Corporate Affairs and Habib Bank Limited Administration Meezan Bank Limited Mr. Mark Dawson Standard Chartered Bank (Pakistan) Ltd Member Mr. Zain Anjum Country Compliance Officer Auditors Mr. Mehmood Mandviwalla Member Dr. Yousuf Hasan Khan Yousuf Adil & Co. Chartered Director Medical Accountants Ms. Maheen Rahman Member Syed Nabigh Raza Alam Legal Advisors Tech Head Hashmi & Hashmi Human Resource Mr. Obaid Siddiqui Faisal, Mahmood Ghani and Co & Remuneration Head of Procurement Legal Consultancy Inc. Committee Mr. Farqaleet Iqbal Registered Office Mr. Mehmood Mandviwalla HR Country Head Member 35 - Dockyard Road, West Wharf, Imtiaz Hussain*** Karachi - 74000. Mr. Dmytro Oliinyk Site Director - F/268 Tel: 92-21-111-475-725 Member (111-GSK-PAK) Javed Tariq Mr. Mark Dawson Fax: 92-21-32314898, 32311122 Site Director - Korangi Member Website: www.pk.gsk.com Khurshand Iqbal*** Ms. Erum Shakir Rahim Site Director - West Wharf Member * Mr. Abdul Samad resigned as CFO and Executive Director of GSK Pakistan Limited as at April 2, 2021 ** Syed Nasir Farid joined GSK as Business Unit Director BU 2 on April 1, 2021, replacing Samreen Hashmi Kidwai *** Mr. Khurshand Iqbal appointed Site Director West Wharf on March 1, 2021, replacing Mr. Imtiaz Hussain who relocated as Site Director F/268 2 GSK First Quarter Report 2021 GSK First Quarter Report 2021 3 PAKISTAN MARKET OVERVIEW Archetype and Players in Value Chain Corporate Consumer Healthcare PSC Pharmaceuticals Research and Development Head Office Warehouse Sales Office Factory - - - 4 GSK First Quarter Report 2021 DIRECTORS’ REPORT TO SHAREHOLDERS On behalf of the Board of Directors, we are pleased to present the un-audited financial information of your Company for the period ended March 31, 2021. This financial information is submitted in accordance with Section 227 of the Companies Act, 2017. Composition of the Board: Other Committees Include: The total number of Directors are 7, with the following a) Risk Management & Compliance Board breakup: RMCB – consisting of GSK Pakistan Management Team Male: 5 Business Environment: Female: 2 With the onset of the third wave of COVID during Q1 The composition of the Board is as follows: 2021, GSK Pakistan remained focused and committed on ensuring people safety, employee engagement and Category Name business continuity. Our proactiveness enabled us to fulfill Independent Directors • Maheen Rahman our responsibility of ensuring uninterrupted supply of quality medicines to patients and customers across the country. • Muneer Kamal The robust and flexible model we implemented and global Executive Directors • Erum Shakir Rahim guidance allowed our teams at Supply Chain, in the field • Abdul Samad* and across the commercial organization to continue delivery Non-Executive Directors • Mehmood Mandviwalla of our products, whilst ensuring adherence to all COVID-19 safety protocols across all teams. • Dmytro Oliinyk • Mark Dawson Due to the current wave 3, particularly in Punjab and KPK, some OPD in government hospitals were closed and The Board has formed committees comprising of members there has been a reduction in patients visiting healthcare given below: professionals. We are closely monitoring the situation and applying our experience from prior waves to manage the a) Audit Committee situation. i. Muneer Kamal - Chairman Review of Operating Results: ii. Maheen Rahman - Member iii. Mehmood Mandviwalla - Member The turnover of the Company for the first three months was iv. Dmytro Oliinyk - Member recorded at Rs. 7.7 billion showing a decline of 4% compared v. Syed Ahsan Ejaz - Secretary to same period last year; this reduction was mainly driven by the impact of tender phasing , supply issues and lower b) HR and Remuneration Committee intercompany sales in Q1-2021. Excluding this impact, the underlying trade business reflected a growth of 10.3% i. Maheen Rahman - Chairperson which is in line with market growth. ii. Mehmood Mandviwalla - Member iii. Dmytro Oliinyk - Member As mentioned, the total turnover also includes intercompany iv. Mark Dawson - Member sales to GlaxoSmithKline Consumer Healthcare Pakistan v. Erum Shakir Rahim - Member Limited on account of products manufactured by the vi. Farqaleet Iqbal - Secretary Company for which market authorization rights remain with GlaxoSmithKline Pakistan Limited. This year sales of Rs. c) Disclosure Committee 0.25 billion was recorded as intercompany sales compared i. Erum Shakir Rahim - Chairperson to Rs. 0.47 billion in the same period last year. The reduction ii. Abdul Samad* - Member is because the market authorization rights have now been iii. Dmytro Oliinyk - Member transferred to GlaxoSmithKline Consumer Healthcare iv. Mehar Ameer - Member except for a few SKUs like Actifed, Panadol CF, Panadol Forte and Eno. * Mr. Abdul Samad, has resigned from GSK Pakistan Limited as CFO and Executive Director w.e.f. 2 April 2021. GSK First Quarter Report 2021 5 The gross profit during Q1 2021 was recorded at Rs. 1.9 due to consistent trend of increased home remittances and billion reflecting a GP of 24.4% compared to 20.5% same loan disbursement from IMF. Expectations are that the rupee period last year. This significant improvement was delivered will remain stable for the foreseeable future. primarily due to a favourable trade sales mix, price increase impact coupled with our continuous cost efficiency initiatives Government has put in good macro-economic measures across the organization. to stabilize the economy during the COVID pandemic. However, economic growth will continue to be a challenge Selling, marketing and distribution expenses were recorded requiring strong continued initiatives by the government. at Rs. 0.7 billion, a decrease of 17%, due to lower promotional spend by utilization of digital HCP engagement and robust Company remains committed to driving strong growth by spend management. As per Customer feedback, doctors investing in core brands effectively improving turnover and in Pakistan prefer face to face interactions and our sales profit thus complementing returns to shareholders. teams are actively in the field. In the coming months, as the The amendments made to the Drug Pricing Policy whereby COVID wave 3 situation stabilizes, face to face interactions automatic annual CPI price mechanism now requires the with doctors will increase vs the current hybrid interactions formal approval of DRAP is also something that needs to be and we foresee expenses under this head to come back to closely gauged for impact and mitigation. We also believe it the normal baseline. is important to streamline any pricing anomalies, especially Administrative expenses were recorded at Rs. 0.37 billion for decades old products. which declined 21% compared to the same period last Remuneration Policy of GSK Pakistan Limited for Non- year. The decrease under this head is mainly due to one-off Executive Board Directors severance cost recorded in Q1,2020. Excluding this impact, underlying administrative expenses have increased as a The External Non-Executive Board Directors of result of inflation and COVID related safety precautions. GlaxoSmithKline Pakistan Limited are entitled to remuneration approved by the HR and Remunerations Committee, based Your Company posted a profit after tax of Rs 0.7 billion. on an appropriately developed market benchmark. This profit after tax increase of Rs 0.3 billion was mainly driven by one off cost incurred during the same period last Acknowledgment: year, effective expense management, Company’s strategic On behalf of the Board we would like to thank the entire planning including relocation of FTE’s towards key brands, GSK team for their outstanding contribution in ensuring un- portfolio simplification and investment on prioritized brands interrupted operations in such un-precedented times. We thus improving product contribution and supplementing also acknowledge the support of the many Third parties profit. we work with and without whom it would not have been As a result, Earnings per share for this quarter improved possible to continue our operations in such a challenging to Rs 2.28 as compared to Rs 1.34 in the corresponding environment. period last year. Outlook and Challenges It is globally accepted that the Covid pandemic is expected to prevail for the next few years, and
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