The largest pharma firm in Pakistan, GlaxoSmithKline Pakistan Limited started the year off on a high note - top line growth was 7 percent year-on-year while costs were kept very low, shooting up gross profit by 16 percent. The bottom line gain was an impressive 35 percent over last year.

GSK's margins have improved significantly. This is likely to have been achieved through product portfolio rationalization, a better sales mix, and synergies achieved through consolidation of manufacturing operations in previous quarters. Moreover, the company has enjoyed price adjustments on a few older products in the past as well, and there was a fresh round of price increases on drugs in 2016 as well. A handful of multinationals obtained a stay order from the Sindh High Court on price increases for certain medicines, including GSK. This would have improved the company's top line as well as its margins.

In the recent past, GSK has been growing its exports as well. Although they account for little in comparison to the domestic market, the recent depreciation of the Rupee would have helped on this front.

The consumer healthcare segment earns its take from solid brands like Horlicks, Sensodyne and Panadol and has accounted for almost 20 percent of the firm's revenues. GSK is close to spinning off this segment into a separate listed company called GlaxoSmithKline Consumer Healthcare Pakistan Limited.