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Richter’s Q2 net income drops 19.4% on narrowing margin

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Image by LaMography/Moni Lazar

Hungarian drugmaker Gedeon Richter saw its net income drop by 19.4% year-on-year to HUF 18.1 billion in the second quarter, on narrowing margins, an earnings report published early this morning shows.

Revenue edged up 1.7% to HUF 97.9 bln, but direct costs of sales jumped 13.7% to HUF 39.9 bln, causing gross profit to fall 5.2% to HUF 58.1 bln, Hungarian news agency MTI reported. Earnings per share were down 20.5% at HUF 97.

Richterʼs spending on sales and marketing rose 9.3% to HUF 28.0 bln during the period, while R&D costs were down 2.2% at HUF 9.9 bln, MTI added. Net financial income was down 12.7% at HUF 4.9 bln.

Richterʼs H1 net income dropped 19.2% year-on-year to HUF 30.3 bln. Revenue rose 1.8%, but the increase was outpaced by direct cost of sales, which climbed 12.4% to HUF 75.6 bln. Gross profit was down 4.3% at HUF 111.7 bln.

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