Egis Q3 profit up 73% on record sales to Russia

Pharma

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)

ADVERTISEMENT

Business confidence edges up as consumer sentiment weakens Analysis

Business confidence edges up as consumer sentiment weakens

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.