GSK vs Abbott vs Highnoon vs Searle: Pharma Stocks 2026
On 2 November 2026 prices, GSK Pakistan scores best on our scorecard: it has the lowest P/E (9.2x) and the highest dividend yield (6.0%). Abbott is close behind, with profit up 25% and the most net cash. Highnoon earns the highest ROE but its profit was flat, and Searle's P/E is 64x after a loss-making quarter.
Key takeaways
- GSK Pakistan scores 12 on our six-measure scorecard (lower is better), Abbott 13, Highnoon 17 and Searle 18.
- GSK trades at 9.2 times trailing earnings and paid Rs 19 a share in the last twelve months, a 6.0% yield.
- Abbott's nine-month profit rose 25% to Rs 6.68 billion, and it holds the most cash after debt of the four.
- Highnoon earns 34% on its book value, the highest of the four, but its nine-month profit grew only 1%.
- Searle lost Rs 1.77 billion in April to June 2026, so its trailing P/E is 64x, even though July to September profit rose 31%.
PSX retail investor
M Zubair is a retail investor on the Pakistan Stock Exchange. He writes SeekhKar's guides to explain the basics of investing, such as reading annual reports, P/E ratios, dividends and valuation, in simple language for new PSX investors. Everything here is for learning, not investment advice.
GSK vs Abbott vs Highnoon vs Searle: Valuation at a Glance
GlaxoSmithKline Pakistan (GLAXO), Abbott Laboratories Pakistan (ABOT), Highnoon Laboratories (HINOON) and The Searle Company (SEARL) are four of the largest listed pharma companies in Pakistan and all four are in the KSE-100. Prices are PSX closing prices on 2 November 2026.
GSK, Abbott and Highnoon end their financial year on 31 December, so their latest results cover the nine months to 30 September 2026 (9M 2026). Searle ends its year on 30 June, so its latest result is the quarter to 30 September 2026 (Q1 FY27). To compare like with like, earnings are trailing twelve months (TTM) to 30 September 2026 for all four: 9M 2026 EPS plus October to December 2025 for the December companies, and FY26 EPS minus Q1 FY26 plus Q1 FY27 for Searle.
| Metric | GLAXO | ABOT | HINOON | SEARL |
|---|---|---|---|---|
| Share price, 2 Nov 2026 | Rs 317.97 | Rs 958.42 | Rs 923.35 | Rs 74.19 |
| Market capitalisation | Rs 101 bn | Rs 94 bn | Rs 49 bn | Rs 44 bn |
| EPS, TTM | Rs 34.49 | Rs 94.84 | Rs 78.55 | Rs 1.16 |
| P/E, TTM | 9.2x | 10.1x | 11.8x | 64.0x |
| Book value per share, 30 Jun 2026 | Rs 108.12 | Rs 327.85 | Rs 230.23 | Rs 56.83 |
| P/B | 2.94x | 2.92x | 4.01x | 1.31x |
| ROE (TTM EPS ÷ book value) | 31.9% | 28.9% | 34.1% | 2.0% |
| Dividends, last 12 months | Rs 19.00 | Rs 40.00 | Rs 50.00 | Rs 1.00 |
| Dividend yield | 6.0% | 4.2% | 5.4% | 1.3% |
| EPS growth, latest period | +15.4% | +24.6% | +1.2% | +26.6% |
| Net debt ÷ equity, 30 Jun 2026 | −0.23x | −0.28x | −0.19x | 0.17x |
EPS growth is 9M 2026 against 9M 2025, and Q1 FY27 against Q1 FY26 for Searle. A negative net debt figure means the company holds more cash than debt. GSK's and Abbott's book values and debt are from S&P Global data; Highnoon's are from its half-year accounts (unconsolidated, like its EPS) and Searle's from its Q1 FY27 accounts (consolidated).
Which Pharma Stock Is Cheapest?
On earnings, GSK; on book value, Searle. GSK trades at 9.2 times its trailing earnings, Abbott at 10.1 and Highnoon at 11.8. All three earn 29% to 34% on their book value and hold more cash than debt, which is why the market pays about three to four times book for them.
Searle is the odd one out. It trades at only 1.3 times book, but its trailing earnings are just Rs 1.16 a share because it lost Rs 1.77 billion (Rs 3.14 a share) in April to June 2026. Its July to September profit of Rs 1.95 a share is already more than its whole TTM EPS, so its P/E will fall quickly if the next quarters look like the last one. It is also the only one of the four with net debt.
Our guide to P/E ratios by sector in Pakistan gives the usual ranges for other sectors and explains how a one-off loss, like Searle's, distorts a P/E.
Latest Results: 9M 2026 and Q1 FY27
| Company | Profit after tax, 2026 | 2025 | Change | EPS, 2026 | 2025 |
|---|---|---|---|---|---|
| GSK Pakistan (9M) | Rs 7.19 bn | Rs 6.23 bn | +15% | Rs 22.58 | Rs 19.57 |
| Abbott (9M) | Rs 6.68 bn | Rs 5.37 bn | +25% | Rs 68.28 | Rs 54.81 |
| Highnoon (9M) | Rs 2.71 bn | Rs 2.68 bn | +1% | Rs 51.22 | Rs 50.59 |
| Searle (Q1 FY27) | Rs 1.20 bn | Rs 0.91 bn | +31% | Rs 1.95 | Rs 1.54 |
- Abbott: sales rose 4% to Rs 58.66 billion, but gross profit rose 15% to Rs 22.21 billion, so most of the profit growth came from better margins.
- GSK Pakistan: nine-month profit rose 15% to Rs 7.19 billion, after a 74% jump in the same period of 2025.
- Highnoon: sales rose 6% to Rs 21.49 billion and gross profit 10%, but profit after tax was almost flat at Rs 2.71 billion.
- Searle: sales rose 15% to Rs 11.18 billion and gross profit 22% to Rs 6.40 billion. Other expenses rose 68% and tax 22%, so profit grew 31%.
Dividend History and Yield
| Company | Last 12 months | Yield | Yield after 15% tax | Payout of TTM EPS |
|---|---|---|---|---|
| GSK Pakistan | Rs 19.00 | 6.0% | 5.1% | 55% |
| Highnoon | Rs 50.00 | 5.4% | 4.6% | 64% |
| Abbott | Rs 40.00 | 4.2% | 3.5% | 42% |
| Searle | Rs 1.00 | 1.3% | 1.1% | 86% |
- GSK Pakistan pays twice a year: Rs 10 (April 2025) and Rs 5 (September 2025), then Rs 12 (April 2026) and Rs 7 (September 2026).
- Highnoon pays once a year and has raised it each year: Rs 30 (2024), Rs 40 (2025) and Rs 50 (April 2026).
- Abbott paid Rs 10 in April 2025 and Rs 40 in April 2026.
- Searle paid a Rs 1 final dividend for FY26 in October 2026. StockAnalysis records no earlier cash dividend since October 2021.
At 2 November prices, Rs 100,000 in GSK Pakistan would have earned about Rs 5,100 in the last year after the 15% tax for filers. The dividend calculator works this out for any stock and amount.
Scorecard: Best Pharma Stock on the PSX?
We ranked the four companies 1 (best) to 4 on six measures, with equal weight. A lower total is better.
| Company | P/E | P/B | Dividend yield | ROE | EPS growth | Debt | Total |
|---|---|---|---|---|---|---|---|
| GSK Pakistan | 1 | 3 | 1 | 2 | 3 | 2 | 12 |
| Abbott | 2 | 2 | 3 | 3 | 2 | 1 | 13 |
| Highnoon | 3 | 4 | 2 | 1 | 4 | 3 | 17 |
| Searle | 4 | 1 | 4 | 4 | 1 | 4 | 18 |
- Value and income: GSK Pakistan. The lowest P/E, the highest yield and a 32% ROE. The risk is slower growth: 15% this year after 74% last year.
- Growth with cash: Abbott. Profit up 25% and the most cash after debt. The risk is a lower yield (4.2%) from one dividend a year.
- Highest returns: Highnoon. A 34% ROE and a dividend that has risen each year. The risks are flat profit in 2026 and the highest price to book.
- Recovery case: Searle. The lowest price to book and the fastest growth last quarter. The risks are one large loss-making quarter, net debt and a small dividend.
Our pharmaceutical sector guide covers the other things to check, such as drug pricing, the rupee and raw material imports, and the KSE-100 comparisons page lists every sector we have compared. This comparison is educational and is not a recommendation to buy or sell any stock. Prices change daily, and we update these figures after each quarterly result.