Richter Gedeon’s Q1-Q3 profit exceeds expectations

Telco

Hungarian pharmaceutical company Richter Gedeon’s profit from operations increased significantly, by 97.0%, in both forint and euro terms, a considerable increase which was the result of a substantial, one-off milestone payment received during the third quarter 2015, higher turnover and improving gross margins, together with lower S&M and R&D expenditures during the reported period, the company announced this morning.

Gross margin in the first nine months of 2015 increased to 61.4% from the 60.3% level reported for the same period of the previous year. The consolidated operating margin increased to 18.9% during the reported period from the 10.1% reported in the same period 2014.

Sales in the first nine months of 2015 increased by 4.9% both in forint and euro terms as compared to the same period in 2014. Sales have increased in every region, except Ukraine where sales dropped by 52.5%. Total international sales amounted to €808.8 mln in the first nine months to September 2015.

Cost of sales amounted to HUF 106.658 trillion (€345.4 mln) in the first three quarters of 2015, an increase of HUF 1.947 trillion (€6.5 mln) when compared to the same period in 2014.

Basic earnings per share totaled HUF 240 (€0.78) in the reported period, an increase of 54.8% (56.0% in euro terms), as compared to HUF 155 per share (€0.50 per share) recorded in the base period.

Richter’s share price closed at HUF 4,724 in yesterday’s trading amid increased turnover.

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