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Egis says Russia removes 11 of its drugs from state subsidies

Egis Nyrt, eastern Europe's fifth-biggest drugmaker, said Russia removed 11 of the company's drugs from its state reimbursement list. The products removed brought about $4 million in sales during the fiscal year ended September 30, Egis said in a statement to the Budapest Stock Exchange (BÉT) after the market close in Budapest yesterday. Egis, based in Budapest, still has 27 products on the list, the statement said. Reimbursements contributed $5 million to Egis's revenue in the three months ended June 30, according to Egis's financial statement. Egis's shares have fallen 10.8% since yesterday, when the Hungarian government unveiled a draft law that will impose new duties on drugmakers. The shares fell 2.9% to Ft 27,000 yesterday. The Budapest-based company has outperformed Hungary's benchmark BUX index by 42% over the past 12 months. (Bloomberg)