This document provides an analysis of the financial statements of pharmaceutical companies in Pakistan. It introduces the pharmaceutical industry in Pakistan, noting that 80% of domestic drug demand is met by local production. It then focuses on GlaxoSmithKline Pakistan Limited, the largest pharmaceutical company in Pakistan, which was formed through the merger of three companies in 2002. The document also provides some key facts about GSK, and outlines various methods of financial statement analysis including horizontal analysis, vertical analysis, cash flows, and ratios. It concludes by discussing the different perspectives of various stakeholders in analyzing company financials.