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Richter raises guidance

Hungarian drugmaker Richter on Tuesday slightly raised its projection for revenue growth this year to 3%, calculated in Euro. Speaking after the company published its third-quarter earnings report, CEO Erik Bogsch said sales growth in Russia, Ukraine and Poland is now seen to be better than expected. Sales are now expected to fall no more than 15% in Hungary this year, as opposed to the earlier projected 15-20%, he added. Richter's Euro-term revenue rose 3.6% in Q1-Q3 from the same period a year earlier, the earnings report showed. Bogsch said a strategic agreement the company recently signed with the government offered stability and predictability for the drug subsidy system and the state's holding in the company.