The company produced some 305 million boxes of medicines last year.Continue reading
In the first half of 2024, Gedeon Richter reported consolidated revenue of HUF 419.69B (EUR 1.05B), a 1.5 percent increase from the previous year, as announced on the Budapest Stock Exchange’s (BÉT) website.
The company’s profit after tax surged by 103.4 percent to HUF 138.2B (EUR 347.8M), largely driven by significant non-cash foreign exchange gains. The revenue growth was attributed to a 14.1 percent rise in sales revenue within the pharmaceutical segment, despite a decline in wholesale and retail sales following the sale of the Romanian business in May 2023.
Pharmaceutical sales accounted for nearly 99 percent of consolidated sales during this period.
The company’s CEO, Gábor Orbán highlighted that three out of four business divisions achieved strong double-digit growth, particularly the generics (General Medicines) segment, which saw substantial growth in the second quarter. Profitability improved across all businesses, aligning with their annual targets.
Gábor Orbán, CEO of Gedeon Richter. Photo: Hungary Today
Richter posted a foreign exchange gain of HUF 21B (EUR 52.8M) in the first half of 2024, contrasting the previous year’s loss of HUF 49B (EUR 123.3M), due to the weaker forint. Consequently, profit after tax more than doubled to HUF 138B (EUR 347.4M). The company maintained its forecast, anticipating double-digit growth in pharmaceuticals for the year, with expected pharma revenue between EUR 2.15-2.25B (EUR 5.4-5.5M).
Pharmaceuticals revenue for the first six months reached HUF 413.3B (EUR 1.04B), a 14.1 percent year-on-year increase, with growth observed in all major markets.
The women’s pharmaceuticals division achieved a notable volume increase, with total sales rising by 15.2 percent to HUF 149.5B (EUR 376.6M). Biotechnology revenues grew by 20 percent to HUF 26.5B (EUR 66.7M), while neuropsychiatry revenues increased by 22 percent to HUF 109.4B (EUR 275.6M).
One-off milestone revenues of HUF 2.6B (EUR 6.5M) were recorded in the first half of the year, compared to HUF 597M (EUR 1.5M) last year. Gedeon Richter shares, traded in the premium category of the BÉT, saw a price range between HUF 8,420 and HUF 10,380 (EUR 21-26.1) over the past year, closing at HUF 9,855 (EUR 24.8) on Monday, down 1.45 percent.
Via MTI; Featured Image: Facebook / Richter Gedeon Nyrt.