Egis Q3 profit up 73% on record sales to Russia

Egis Nyrt, eastern Europe's fifth- biggest drugmaker, said net income surged 73% in the fiscal Q3, driven by record sales to Russia and other eastern European countries. Unconsolidated net income rose to Ft 4 billion ($19 million), or Ft 513 a share, in the three months ended June 30, from Ft 2.3 billion, or Ft 296, a year earlier, Egis, which is majority-owned by France's Les Laboratoires Servier, said in a stock exchange statement. The company was forecast to earn Ft 3.9. Budapest-based Egis competes with local peer Richter Gedeon Nyrt and Prague-based Zentiva NV in the market for generic copies of brand-name drugs. Demand for its medicine is surging in Russia, where rising income from oil exports has increased the amount of money available for health care. Q3 revenue jumped 30% to Ft 22 billion, with sales to Russia surging by 50% to $26.8 million, Egis' highest ever quarterly sales in the country. As much as $5 million, or 19%, of Russian revenue came from drugs sold on the country's reimbursement list, Egis said. Revenue from eastern Europe also rose to a quarterly record of $23.1 million, 24% higher than a year earlier. The drugmaker had a 6.4% market share in the quarter, it said in the statement. (Bloomberg)