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GSK sees revenue falling 10% in Hungary this year

Telco

Revenue of the Hungarian unit of drugmaker GlaxoSmithKline (GSK) is expected to drop 10% this year, and growth is not expected in 2012 either, managing director Gyorgy Leitner said at a press conference on Tuesday.

The company’s turnover of prescription drugs is set to fall 6% this year, Mr Leitner said.

The unit expects to pay HUF 2.2bn in a special pharmaceutical sector tax this year and HUF 3.2bn next year, he said.

To counter additional tax burdens, the unit is striving to make cost cuts across the board, and it was forced to make layoffs this year, Mr Leitner said.

GlaxoSmithKline has three units in Hungary, one that makes vaccines in a plant near Budapest and two that sell drugs and hygiene products.

The unit had revenue of HUF 42.6bn in 2010, down from HUF 46bn in 2009, according to public records. After-tax profit fell to HUF 635m from HUF 1.53bn.

Domestic sales came to HUF 28.6bn in 2010, edging down from HUF 29bn in 2009.

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