Richter expecting decline in revenue for 2014

Pharma

Pharmaceutical producer Gedeon Richter expects a decline in revenue, calculated in euros, for 2014, CEO Erik Bogsch said on Wednesday, after the company published fourth-quarter earnings. Bogsch did not estimate the scale of the fall, but said exchange rate changes could affect the projection.

Richter projects stagnating revenue in Hungary and a similar outlook for new European Union member states. The company sees sales in Russia, its biggest export market, climbing as high as 5%, calculated in rubles. Sales in Ukraine are set to fall, while sales in other countries in the CIS region will rise 5% to 10%, calculated in US dollars.

Sales to the EU-28 are expected to climb 10% to 15%. US sales, calculated in dollars, are seen falling.

Richter expects Chinese sales to rise 12% to €40 million. In 2013, sales in this country accounted for 3% of the pharm’s total revenue.

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