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Pharmaceuticals

GLAXO GlaxoSmithKline Pakistan Limited

Latest results: FY2025 · Dec 2025 Q2 FY2026 · Apr – Jun 2026

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Last close · 16 Oct 2026

Rs 312.45 +0.19%

Annual · FY2006 – FY2025

GlaxoSmithKline Pakistan Limited (GLAXO) balance sheet

At the end of FY2025 (Jan – Dec 2025) GlaxoSmithKline Pakistan Limited had total assets of Rs 50.7 bn, up 12.5% on FY2024. Current assets of Rs 35.2 bn covered current liabilities of Rs 15.1 bn 2.32 times. Total debt was Rs 368.1 mn, leaving net cash of Rs 8.2 bn. Shareholders' equity was Rs 33.7 bn (Rs 105.74 per share), 66.4% of total assets.

GLAXO balance sheet (annual) (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Assets
Cash & short-term investments 8.6 6.5 3.6 4.8 8.7
Trade receivables 2.8 0.6 1.0 1.6 1.3
Inventories 13.5 13.1 12.9 11.3 7.0
Other current assets 0.0 0.0 0.1 0.1 0.2
Total current assets 35.2 30.7 25.3 23.5 19.0
Property, plant & equipment 14.4 13.3 11.7 11.0 10.4
Intangible assets 1.0 1.0 1.0 1.0 1.0
Long-term investments — — — — —
Other non-current assets 0.1 0.1 0.1 0.0 0.0
Total non-current assets 15.5 14.4 12.8 12.0 11.5
Total assets 50.7 45.1 38.1 35.5 30.5
Liabilities
Trade payables 4.6 4.5 6.5 1.7 1.9
Short-term borrowings & current portion of debt 0.0 0.0 0.0 0.0 0.0
Total current liabilities 15.1 14.9 14.6 12.9 8.3
Long-term debt 0.3 0.1 0.1 0.0 0.0
Other non-current liabilities 0.6 0.6 0.6 0.6 0.3
Total non-current liabilities 1.9 1.8 1.9 1.6 1.1
Total liabilities 17.0 16.8 16.5 14.5 9.5
Equity
Share capital 3.2 3.2 3.2 3.2 3.2
Reserves & retained earnings 30.5 25.1 18.5 17.9 17.8
Equity attributable to shareholders 33.7 28.3 21.7 21.1 21.0
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Total equity 33.7 28.3 21.7 21.1 21.0
Total liabilities & equity 50.7 45.1 38.1 35.5 30.5
Key figures
Total debt 0.4 0.2 0.2 0.1 0.1
Net debt / (net cash) (8.2) (6.3) (3.5) (4.7) (8.7)
Shares outstanding mn 318.5 318.5 318.5 318.5 318.5
Common equity 33.7 28.3 21.7 21.1 21.0
Book value per share (Rs) Rs 105.74 88.79 68.06 66.11 65.90
GLAXO balance sheet — year-on-year change (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Assets
Cash & short-term investments +31.9% +80.4% -24.1% -45.5% +44.1%
Trade receivables +406.7% -46.0% -35.1% +20.4% +9.3%
Inventories +3.1% +1.1% +14.2% +60.7% +13.0%
Other current assets +37.9% -57.3% -57.7% -40.2% -19.0%
Total current assets +14.5% +21.1% +7.8% +23.9% +26.7%
Property, plant & equipment +8.8% +13.3% +6.4% +5.7% +4.7%
Intangible assets 0.0% 0.0% 0.0% -3.6% 0.0%
Long-term investments — — — — —
Other non-current assets 0.0% 0.0% +82.2% +25.0% 0.0%
Total non-current assets +8.2% +12.2% +6.2% +4.8% +3.4%
Total assets +12.5% +18.2% +7.3% +16.7% +16.8%
Liabilities
Trade payables +1.4% -30.0% +291.9% -13.5% -25.3%
Short-term borrowings & current portion of debt +18.2% -22.4% +117.8% -21.0% -33.8%
Total current liabilities +1.3% +2.5% +12.8% +55.0% +12.5%
Long-term debt +129.9% +25.6% +155.4% +38.9% +320.5%
Other non-current liabilities -3.8% +7.2% +2.8% +93.3% -41.2%
Total non-current liabilities +1.6% -2.3% +19.6% +38.8% -4.5%
Total liabilities +1.4% +2.0% +13.6% +53.0% +10.2%
Equity
Share capital 0.0% 0.0% 0.0% 0.0% 0.0%
Reserves & retained earnings +21.5% +35.7% +3.5% +0.4% +24.5%
Equity attributable to shareholders +19.1% +30.5% +3.0% +0.3% +20.1%
Non-controlling interest — — — — —
Total equity +19.1% +30.5% +3.0% +0.3% +20.1%
Total liabilities & equity +12.5% +18.2% +7.3% +16.7% +16.8%
Key figures
Total debt +112.0% +14.3% +145.4% +15.5% +36.3%
Net debt / (net cash) — — — — —
Shares outstanding — — — — —
Common equity +19.1% +30.5% +3.0% +0.3% +20.1%
Book value per share (Rs) +19.1% +30.5% +3.0% +0.3% +20.1%

Change against the previous fiscal year; shown when the earlier figure is positive.

GLAXO balance sheet — common size (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Assets
Cash & short-term investments 17.0% 14.5% 9.5% 13.4% 28.6%
Trade receivables 5.5% 1.2% 2.7% 4.5% 4.3%
Inventories 26.6% 29.0% 33.9% 31.8% 23.1%
Other current assets 0.1% 0.1% 0.1% 0.4% 0.7%
Total current assets 69.4% 68.1% 66.5% 66.1% 62.3%
Property, plant & equipment 28.5% 29.4% 30.7% 30.9% 34.2%
Intangible assets 1.9% 2.1% 2.5% 2.7% 3.3%
Long-term investments — — — — —
Other non-current assets 0.1% 0.1% 0.1% 0.1% 0.1%
Total non-current assets 30.6% 31.9% 33.5% 33.9% 37.7%
Total assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Trade payables 9.1% 10.1% 17.1% 4.7% 6.3%
Short-term borrowings & current portion of debt 0.1% 0.1% 0.1% 0.0% 0.1%
Total current liabilities 29.9% 33.1% 38.2% 36.3% 27.4%
Long-term debt 0.7% 0.3% 0.3% 0.1% 0.1%
Other non-current liabilities 1.2% 1.4% 1.6% 1.6% 1.0%
Total non-current liabilities 3.7% 4.1% 5.0% 4.4% 3.7%
Total liabilities 33.6% 37.2% 43.2% 40.8% 31.1%
Equity
Share capital 6.3% 7.1% 8.4% 9.0% 10.5%
Reserves & retained earnings 60.2% 55.7% 48.5% 50.3% 58.5%
Equity attributable to shareholders 66.4% 62.8% 56.8% 59.2% 68.9%
Non-controlling interest 0.0% 0.0% 0.0% 0.0% 0.0%
Total equity 66.4% 62.8% 56.8% 59.2% 68.9%
Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0%
Key figures
Total debt 0.7% 0.4% 0.4% 0.2% 0.2%
Net debt / (net cash) (16.2%) (14.1%) (9.1%) (13.2%) (28.5%)
Common equity 66.4% 62.8% 56.8% 59.2% 68.9%

Each line as a percentage of total assets.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 16 Oct 2026.

All reported line items 172
GLAXO balance sheet — all reported line items (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Cash & Cash Equivalents 8.6 6.5 3.6 4.8 7.1
Cash & Short Term Investments 8.6 6.5 3.6 4.8 8.7
Short-Term Investments - Total — — — 0.0 1.6
Loans & Receivables - Net - Short-Term 12.9 10.9 8.6 7.2 3.0
Loans & Receivables - Total 13.0 11.0 8.6 7.2 3.1
Trade Accounts & Trade Notes Receivable - Net 2.8 0.6 1.0 1.6 1.3
Trade Accounts & Trade Notes Receivable - Gross 3.1 0.9 1.4 1.9 1.6
Provision - Trade Accounts & Trade Notes Receivable 0.3 0.3 0.4 0.3 0.3
Loans - Short-Term 1.1 0.0 0.1 0.1 0.1
Income Tax - Receivables - Short-Term — — — — 0.0
Receivables - Other - Total 9.0 10.3 7.5 5.6 1.6
Accounts & Notes Receivable - Trade - Gross - Total 3.1 0.9 1.4 1.9 1.6
Provision - Doubtful Accounts 0.0 0.0 0.0 0.0 0.0
Inventories - Total 13.5 13.1 12.9 11.3 7.0
Inventories - Raw Materials 7.2 5.5 5.6 5.0 3.7
Inventories - Work in Progress 0.4 0.3 0.4 0.2 0.1
Inventories - Finished Goods 6.7 6.4 6.4 5.1 3.4
Inventories - Other - Total (0.8) 0.8 0.6 1.1 (0.2)
Provision - Doubtful Accounts - Total 0.0 0.0 0.0 0.0 0.0
Prepaid Expenses - Short-Term 0.2 0.2 0.2 0.1 0.0
Investments - Total — — — 0.0 1.6
Other Current Assets - Total 0.0 0.0 0.1 0.1 0.2
Property, Plant & Equipment - Net - Total 14.4 13.3 11.7 11.0 10.4
Property, Plant & Equipment - Gross - Total 23.7 21.6 19.2 17.8 17.0
Property, Plant & Equipment - Accumulated Depreciation & Impairment - Total 9.3 8.3 7.5 6.8 6.6
Other Current Assets 0.0 0.0 0.1 0.1 0.2
Other Assets - Total 0.1 0.1 0.1 0.2 0.2
Intangible Assets - Total - Net 1.0 1.0 1.0 1.0 1.0
Total Current Assets 35.2 30.7 25.3 23.5 19.0
Intangible Assets - excluding Goodwill - Net - Total — — — 0.0 0.0
Investments - Long-Term — — — — —
Investments - Available for Sale/Held to Maturity - Long-Term — — — — —
Goodwill/Cost in Excess of Assets Purchased - Net 1.0 1.0 1.0 1.0 1.0
Receivables & Loans - Long-Term 0.1 0.1 0.1 0.1 0.1
Loans - Long-Term 0.1 0.1 0.1 0.1 0.1
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total 14.4 13.3 11.7 11.0 10.4
Land & Buildings - Net — — — — —
Land/Improvements - Net — — — — —
Buildings - Net — — — — —
Plant, Machinery & Equipment - Net 7.0 6.6 7.9 7.5 6.0
Transportation Equipment - Net 1.3 1.0 1.1 0.7 0.6
Construction in Progress - Net 3.3 3.1 0.2 0.2 1.2
Property, Plant & Equipment - Under Capital Lease - Net 2.6 2.4 2.5 2.5 2.5
Right of Use Tangible Assets - Total - Net 0.3 0.2 0.2 0.0 0.0
Right of Use Tangible Assets - Capital/Finance Lease - Net 0.3 0.2 0.2 0.0 0.0
Property, Plant & Equipment - Other - Net 1.2 1.1 0.9 0.8 0.7
Property, Plant & Equipment - excluding Assets Leased Out - Gross 23.7 21.6 19.2 17.8 17.0
Land & Buildings - Gross — — — — —
Land/Improvements - Gross — — — — —
Buildings - Gross — — — — —
Plant, Machinery & Equipment - Gross 13.4 12.4 13.3 12.5 10.8
Transportation Equipment - Gross 2.1 1.6 1.6 1.1 1.1
Construction in Progress - Gross 3.3 3.1 0.2 0.2 1.2
Property, Plant & Equipment - Under Capital Lease - Gross 3.8 3.4 3.4 3.3 3.3
Right of Use Tangible Assets - Total - Gross 0.3 0.2 0.2 0.0 0.0
Total Assets 50.7 45.1 38.1 35.5 30.5
Right of Use Tangible Assets - Capital/Finance Lease - Gross 0.3 0.2 0.2 0.0 0.0
Property, Plant & Equipment - Other - Gross 2.9 2.5 2.1 1.8 1.7
Debt - Total 0.4 0.2 0.2 0.1 0.1
Short-Term Debt & Current Portion of Long-Term Debt 0.0 0.0 0.0 0.0 0.0
Property, Plant & Equipment - excluding Assets Leased Out - Accumulated Depreciation & Impairment - Total 9.3 8.3 7.5 6.8 6.6
Land & Buildings - Accumulated Depreciation & Impairment — — — — —
Land/Improvements - Accumulated Depreciation & Impairment — — — — —
Buildings - Accumulated Depreciation & Impairment — — — — —
Current Portion of Long-Term Debt including Capitalized Leases 0.0 0.0 0.0 0.0 0.0
Plant, Machinery & Equipment - Accumulated Depreciation & Impairment 6.5 5.8 5.3 4.9 4.8
Transportation Equipment - Accumulated Depreciation & Impairment 0.8 0.6 0.5 0.4 0.5
Capitalized Leases - Current Portion 0.0 0.0 0.0 0.0 0.0
Short-Term Debt & Notes Payable — — — — —
Construction in Progress - Accumulated Depreciation & Impairment — — — — —
Debt - Long-Term - Total 0.3 0.1 0.1 0.0 0.0
Property, Plant & Equipment - Under Capital Lease - Accumulated Depreciation & Impairment 1.2 1.0 1.0 0.9 0.8
Property, Plant & Equipment - Other - Accumulated Depreciation & Impairment 1.7 1.4 1.2 1.0 1.0
Assets Held for Sale/Discontinued Operations - Long-Term — — — — 0.0
Capitalized Lease Obligations - Long-Term 0.3 0.1 0.1 0.0 0.0
Other Non-Current Assets - Total 0.1 0.1 0.1 0.0 0.0
Dividends Payable 0.2 0.1 0.1 2.0 0.1
Deferred Tax & Investment Tax Credits - Long-Term 0.9 1.1 1.2 1.0 0.8
Deferred Tax - Liability - Long-Term 0.9 1.1 1.2 1.0 0.8
Payables & Accrued Expenses 10.9 10.3 11.1 5.3 5.4
Trade Account Payables - Total 4.6 4.5 6.5 1.7 1.9
Other Non-Current Assets 0.1 0.1 0.1 0.0 0.0
Accrued Expenses 6.3 5.8 4.6 3.6 3.5
Licenses, Franchises, Copyrights, Property Rights, Prototypes, Contract Based, Models & Designs - Net — — — 0.0 0.0
Liabilities Held for Sale/Discontinued Operations - Long-term & Short-Term — — — — —
Total Liabilities 17.0 16.8 16.5 14.5 9.5
Shareholders' Equity - Attributable to Parent Shareholders - Total 33.7 28.3 21.7 21.1 21.0
Total Non-Current Assets 15.5 14.4 12.8 12.0 11.5
Common Equity Attributable to Parent Shareholders 33.7 28.3 21.7 21.1 21.0
Common Equity - Contributed 3.2 3.2 3.2 3.2 3.2
Common Stock - Issued & Paid 3.2 3.2 3.2 3.2 3.2
Equity - Non-Contributed - Reserves & Retained Earnings 30.5 25.1 18.5 17.9 17.8
Retained Earnings - Total 26.5 21.1 14.5 13.9 13.8
Trade Accounts Payable & Accruals - Short-Term 10.9 10.3 11.1 5.3 5.4
Comprehensive Income - Accumulated - Total — — — — —
Trade Accounts & Trade Notes Payable - Short-Term 4.6 4.5 6.5 1.7 1.9
Investments - Unrealized Gain/Loss — — — — —
Accrued Expenses - Short-Term 6.3 5.8 4.6 3.6 3.5
Foreign Currency Translation Adjustment - Accumulated — — — — —
Other Reserves/Equity - Total 4.0 4.0 4.0 4.0 4.0
Liabilities Held for Sale/Discontinued Operations - Short-Term — — — — —
Income Taxes - Payable - Short-Term 1.3 1.7 0.3 1.0 1.2
Dividends/Distributions Payable 0.2 0.1 0.1 2.0 0.1
Other Current Liabilities - Total 2.7 2.7 3.1 4.6 1.6
Common Equity - Total 33.7 28.3 21.7 21.1 21.0
Deferred Income - Short-Term 1.8 2.0 2.4 2.4 1.1
Common Stock - Additional Paid in Capital including Option Reserve — — — — —
Customer Advances - Short-Term — — — — —
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 33.7 28.3 21.7 21.1 21.0
Total Liabilities & Equity 50.7 45.1 38.1 35.5 30.5
Provisions - Short-Term 0.2 0.2 0.1 0.1 0.0
Other Current Liabilities 0.7 0.6 0.5 2.2 0.5
Total Current Liabilities 15.1 14.9 14.6 12.9 8.3
Other Non-Current Liabilities - Total 0.6 0.6 0.6 0.6 0.3
Provisions - Long-Term 0.6 0.6 0.6 0.6 0.3
Post Employment Benefits - Pension & Other - Long-Term 0.6 0.6 0.6 0.6 0.3
Total Non-Current Liabilities 1.9 1.8 1.9 1.6 1.1
Common Shares - Issued - Total mn 318.5 318.5 318.5 318.5 318.5
Common Shares - Outstanding - Total mn 318.5 318.5 318.5 318.5 318.5
Common Shares - Treasury - Total mn 0.0 0.0 0.0 0.0 0.0
Common Shares - Authorized - Issue Specific mn 500.0 500.0 500.0 500.0 500.0
Common Shares - Issued - Issue Specific mn 318.5 318.5 318.5 318.5 318.5
Common Shares - Outstanding - Issue Specific mn 318.5 318.5 318.5 318.5 318.5
Common Shares - Treasury - Issue Specific mn 0.0 0.0 0.0 0.0 0.0
Asset Allocation Factor - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Right of Use Tangible Assets - Total - Net - Supplemental 0.3 0.2 0.2 0.0 0.0
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental 0.3 0.2 0.2 0.0 0.0
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental 11.5 10.7 9.1 8.5 7.9
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Gross - Supplemental 20.0 18.1 15.8 14.5 13.8
Finance and Operating Lease Liabilities - Total - Supplemental 0.4 0.2 0.2 0.1 0.1
Debt including Finance and Operating Lease Liabilities - Supplemental 0.4 0.2 0.2 0.1 0.1
Net Debt (8.2) (6.3) (3.5) (4.7) (8.7)
Asset Accruals 41.0 37.5 33.5 29.8 22.3
Cash & Cash Equivalents - Total 8.6 6.5 3.6 4.8 7.1
Cash & Short Term Investments - Total 8.6 6.5 3.6 4.8 8.7
Debt - including Preferred Equity & Minority Interest - Total 0.4 0.2 0.2 0.1 0.1
Investments - Permanent — — — — —
Net Book Capital 25.5 21.9 18.2 16.4 12.3
Net Operating Assets 25.5 21.9 18.2 16.4 12.3
Provisions - Total 1.7 1.9 1.9 1.6 1.1
Shareholders Equity - Common 33.7 28.3 21.7 21.1 21.0
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Accumulated Depreciation - Supplemental 8.1 7.3 6.5 5.9 5.8
Tangible Total Equity 32.7 27.3 20.7 20.1 20.0
Tangible Book Value 32.7 27.3 20.7 20.1 20.0
Total Book Capital 34.0 28.5 21.8 21.1 21.0
Total Capital 34.0 28.5 21.8 21.1 21.0
Total Long Term Capital 35.5 30.1 23.6 22.6 22.1
Unearned Revenue - Total 1.8 2.0 2.4 2.4 1.1
Book Value excluding Other Equity 29.7 24.3 17.7 17.1 17.0
Assets Held for Sale/Discontinued Operations - Long-Term & Short-Term — — — — 0.0
Income Taxes - Payable - Long-Term & Short-Term 1.3 1.7 0.3 1.0 1.2
Contract Liabilities - Short-Term - Advance Consideration & Progress Billings in Excess of Unbilled Revenue 1.8 2.0 2.4 2.4 1.1
Accruals - Short-Term 11.4 9.3 7.2 5.8 3.6
Cash & Short Term Investments - Net of Debt 8.2 6.3 3.5 4.7 8.7
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments 0.0 0.0 0.0 0.0 0.0
Total Fixed Assets - Net 14.5 13.3 11.8 11.0 10.5
Working Capital 20.0 15.8 10.8 10.6 10.6
Interest Bearing Liabilities - Total 0.4 0.2 0.2 0.1 0.1
Working Capital - Non-Cash 11.4 9.3 7.2 5.8 1.9
Working Capital excluding Other Current Assets & Liabilities 22.7 18.4 13.8 15.1 12.0
Net Debt Including Preferred Equity & Minority Interest (8.2) (6.3) (3.5) (4.7) (8.7)
Other Short-Term & Long-Term Assets - Total 0.1 0.1 0.1 0.2 0.2
Other Short-Term & Long-Term Liabilities - Total 2.7 2.7 3.1 4.6 1.6
Total Current Assets excluding Total Inventories 21.7 17.6 12.4 12.2 11.9
Tangible Book Value excluding Other Equity 28.7 23.3 16.7 16.1 16.0
Total Debt Excluding Islamic 0.4 0.2 0.2 0.1 0.1
Trade Accounts & Trade Notes Receivable - Net - Total 2.8 0.6 1.0 1.6 1.3
Provision for Doubtful Accounts & Notes Receivable - Total 0.3 0.3 0.4 0.3 0.3
Current Liabilities excluding Current Debt - Total 15.1 14.9 14.5 12.9 8.3
Cash in Hand & with Banks - Total 8.6 6.5 3.6 4.8 7.1
Current Assets excluding Cash & Short Term Investments - Total 26.6 24.2 21.7 18.7 10.3
Cash, Short Term Investments & Accounts Receivable - Total 11.4 7.1 4.6 6.3 10.0

Every line the company reported, in the original order and wording, without regrouping or signs changed.