Richter expects 5% decline in revenue

Pharma

Image by gedeonrichter.com

Hungarian drugmaker Gedeon Richter foresees a 5% drop in its revenue this year, calculated in euros, CEO Erik Bogsch said this morning at a press conference during which the company presented its Q4 earnings report, according to reports.

(Photo: richter.hu)

According to Bogsch, the company projects a decline in sales in Ukraine and other CIS countries, as well as in Eastern Europe and the United States, however, he expects higher turnover in Western Europe, China and Latin America, according to Hungarian news agency MTI.

Calculated in rubles, Richter’s revenue in Russia could edge up, despite the weakening of the currency, which is expected to have a significant impact on Richter’s results, Bogsch said. He added that last yearʼs results were excellent, helped by higher turnover, lower costs, narrower financial losses and a low base, MTI reported.

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