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07.08.2007

Egis sees 9-10 pct sales growth in key Russian market this year - CFO

Hungarian drug-maker Egis is expecting 9-10 pct sales growth in its Russian market, confirmed CFO Laszlo Marosffy after third quarter results showed strong performance in the CIS and Russia.

'Strong growth has returned to the Russia market and we will be able to recover some of our position lost over the last two years,' said Marosffy.

He said that growth in the CIS excluding Russia will amount to 12-15 pct. In the smaller western European segment the company sees sales nearly doubling.

Despite rising volumes in the domestic market, sales are expected to slow by 2-5 pct due to regulated price cuts.

The company posted net sales of 24.3 bln forints in the third quarter of its fiscal year, over half of which came from exports to the CIS and Russia.


Source:  forbes.com

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