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Consolidated sales of Gedeon Richter amounted to HUF 636.4 billion (EUR 1.5 billion) in the first nine months, up 5.7 percent year-on-year, the pharmaceutical company announced on the website of the Budapest Stock Exchange (BSE) on Tuesday.
The company posted a 42.2 percent increase in profit after tax to HUF 175.9 billion (EUR 429 million) in the first three quarters.
The report underlined that profit after tax increased thanks to improved operating profitability and the absence of foreign exchange losses.
CEO Gábor Orbán noted in the report that the financial results continue to reflect strong momentum. Double-digit revenue growth was achieved in all areas, with an even stronger increase in profitability.
Foreign exchange gains for the first nine months amounted to HUF 1.8 billion (EUR 4.3 million), a significant improvement on the large losses of a year ago.
Pharmaceutical revenues grew by 15 percent to HUF 214 billion (EUR 523 million) in the third quarter of 2024, bringing first-quarter pharmaceutical revenues to HUF 627 billion (EUR 1.5 billion), up 14.5 percent year-on-year, achieving double-digit revenue growth. Currency-adjusted revenue growth was 12 percent.
According to the report, the new research and development (R&D) and licensing agreement with AbbVie to develop new targets for the potential treatment of neuropsychiatric disorders is another significant strategic move this year.
The company said that they had not changed their previous forecast, and that for the full year both pharmaceutical revenues and adjusted EBIT (earnings before interest and taxes) would be closer to the lower end of the unchanged forecast range (EUR 2.15-2.25 billion and EUR 725-750 million).
Adjusted EBIT in the pharma segment rose 18 percent to HUF 209 billion (EUR 511 million) in the first three quarters of 2024. Excluding currency effects, adjusted EBIT amounted to HUF 205 billion (EUR 501 million).
The main drivers of the improved profitability in the first three quarters were the neuropsychiatry and gynecology businesses, while losses in the biotechnology business also narrowed, and the general medicines business made a stable contribution to the results.
Richter shares are traded in the premium category of the BSE. Last year, the highest price was HUF 11,260 (EUR 27.5) and the lowest was HUF 8,500 (EUR 20.7), with the share price gaining HUF 130 (EUR 0.31) on Monday, up 1.2 percent to HUF 11,000 (EUR 26.9), and turnover of HUF 680.7 million (EUR 1.6 million).
Gedeon Richter, headquartered in Budapest, Hungary, is a major pharmaceutical company in Central and Eastern Europe, with an expanding direct presence in Western Europe, China, Latin America, and Australia. The product portfolio of Richter covers many important therapeutic areas, including Women’s Healthcare, Central Nervous System (CNS), and Cardiovascular areas. Having the largest R&D unit in Central and Eastern Europe, Richter’s original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the Women’s Healthcare field worldwide.
Via MTI; Featured image via Hungary Today