Gedeon Richter sees downturn in sales and earnings

Hungary's largest drugmaker Gedeon Richter (RICHT: HB) today posted financial results, showing that consolidated sales at 323,875 million forint ($1.15 billion), EUR 1,020.9 million euros ($1.17 billion), declined in the first nine months 2018 by 10,278 million forint (-3.1%) and by 62.3 million euros (-5.8%) when compared with the same period 2017.

Gross profit in the first three quarters 2018 at 189,245 million forint (596.5 million euros) declined by 1.2% (down 3.9% in euro terms) when compared to the same period of the previous year. The gross margin increased by 110 basis points to 58.4% during the reported period. Basic earnings per share were 256 forint, up 6.7%.

Royalty proceeds resulting from sales of Vraylar (cariprazine) exceeded base period’s levels by 20.0 million euros or 61.9% ($26.6 million, 74.1%) and sales in China were 7.8 million euros, 14.7% above the levels recorded in the nine months to September 2017.