Richter stands by revenue guidance; China sales could reach €35 mln
Hungarian drugmaker Richter Gedeon is standing by its target for revenue growth of 3%, calculated in euros, this year, CEO Erik Bogsch said after the company published Q1 earnings on Thursday. Bogsch said sales in China could reach €30 million - €35 million for the full year. Richter's expanded marketing presence in China generated sales of €9.6 million in Q1, a manifold increase over the base period, the company's report shows. Richter projects a 10% increase in turnover in Ukraine this year, calculated in dollars, level with the projection made in February. It lowered the projection for revenue growth in Russia from 5%-10% to 5%, in rubles, but still sees revenue in the other CIS countries climbing 5%-10%. It knocked down its projection for revenue growth in new European Union member states in the region from 5% to 0%, but still sees sales growth in the EU-15 climbing 10%. Richter expects sales in the United States to fall 20-25% this year. In Hungary, sales are set to rise 0%-5%.
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