Hungary's Richter posts higher Q1 profit but cuts sales forecast

Business News

May 9, 2008, 12:15 GMT

Budapest - Hungarian pharmaceutical manufacturer Richter Gedeon on Friday said its unconsolidated net profit in the first quarter grew by 41.7 per cent year-on-year to 10.18 billion forints (62.25 million dollars) but cut its US and domestic sales forecasts. The result was slightly higher than analyst expectations and came as a result of foreign sales. Domestic sales fell by 14.3 per cent to 7.17 billion forints due to a tougher regulatory environment. Operating profit grew 5.9 per cent to 8.69 billion forints. However, chief executive Erik Bogsch said that the domestic sales forecast would fall from the earlier decline of five per cent to a possible decline of up to ten per cent. He said that US sales would also fall slightly, but that other regions remained strong and that sales in Russia and the CIS would grow by 15 per cent in dollar terms. Richter in November said it would merge with Poland's Polpharma in a deal that creates the largest drug manufacturer in the region. Bogsch said he expected Poland's competition office to approve the deal in the second quarter.

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