In the second quarter of this year, Gedeon RichterPlc. achieved a profit after tax of HUF 30.0 billion, 61.1% below the same period last year, in line with analysts' expectations, the pharmaceutical company announced on the website of the Budapest Stock Exchange (BSE) on Friday.
Total revenue for the quarter was HUF 203.78 billion, up 5.6% year-on-year.
The company posted a profit after tax of HUF 69.04 billion in the first half of this year, down 40.0% year-on-year, with sales revenue of HUF 413.43 billion, an increase of 14.5%.
The company’s CEO, Gábor Orbán added that “in the first half of 2023 higher than expected Vraylar royalty revenues and solid demand across markets and business units boosted our sales figures. While underlying profitability remained solid as reflected also in cash generation, headline earnings numbers were hit by a number of one-off factors in this period.
The sale of the wholesale and retail arm in Romania dented topline in Q2 but left operating profits unaffected. The proceeds of the sale were greater than book value and this, along with hedge operations, offset a big part of the revaluation losses coming from continued negative foreign currency trends. Recent additions to our WHC portfolio add up to significant future revenue and earnings potential and will contribute to securing a leading position in European Women’s Healthcare.“
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