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Advance purchases in Russia lift Richter profit

Hungarian drug maker Gedeon Richter’s third-quarter net income nearly doubled to HUF 19.4 billion from HUF 9.8 billion in the same period a year earlier as revenue climbed on purchases pushed forward by business partners in Russia, the companys consolidated IFRS report published early Tuesday shows.

Richters sales increased 25.5% to HUF 78.5 billion in Q3 from the same period a year earlier. The rise was nearly the same as the HUF 16.3 billion climb in sales in Russia in Q1-Q3. There sales were boosted by purchases made before regulatory changes took effect on September 1, 2010. Third-quarter net income was well over the HUF 13.9 billion estimate by analysts in a poll by

Basic earnings per share came to HUF 1,042.

Cost of sales inched down 2.3% to HUF 51.4 billion, but sales and marketing expenses were up 6.4% at HUF 15.2 billion and administration and general expenses rose one-third to HUF 5.0 billion. R&D costs were up 73.0% at HUF 7.5 billion.

Operating profit jumped 147.2% to HUF 22.9 billion.

Richter booked a HUF 3.1 billion financial loss for the period, compared to a HUF 690 million gain in Q3 2009.

Pre-tax profit was up 95.8% at HUF 19.8 billion.

Richters consolidated net income for Q1-Q3 came to HUF 57.4 billion, up 52.9% from the same period a year earlier. Comprehensive income — which includes unrealised losses and gains attributable to shareholders of the parent company climbed 67.6% to HUF 59.7 billion.

Basic earnings per share came to HUF 3,085.

Sales in Q1-Q3 increased 9.4% to HUF 215.7 billion.

Domestic sales were up 7.0% at HUF 24.6 billion. Richters market share reached 5.6% during the period, putting the company in fourth place. Richters share of the prescription drug market alone was 7.2%.

Sales in other EU countries slipped 0.7% to HUF 46.6 billion and US sales were down 12.8% at HUF 21.1 billion. Sales in the CIS rose 35.8% to HUF 84.1 billion as Russian sales climbed 36.3% to HUF 61.1 billion on the back of pre-purchases.

Costs of sales fell 2.2% to HUF 83.5 billion, lifting gross profit 18.3% to HUF 132.2 billion.

Sales and marketing expenses were up 6.1% at HUF 43.7 billion and administration and general costs rose 8.3% to HFU 14.2 billion. The latter were lifted by advisory costs related to Richters acquisition of Swiss peer PregLem, Richter said. R&D costs climbed 37.4% to HUF 24.7 billion, mainly because of ongoing clinical trials with Forest Laboratories, Richter said.

Net financial income rose to HUF 6.8 billion from HUF 2.9 billion.

Pre-tax profit rose 46.0% to HUF 58.4 billion.

CAPEX fell 6.7% to HUF 12.8 billion. Investments in Hungary came to HUF 4.5 billion.

Richter had total assets of HUF 480.1 billion on September 30, 2010, up 11.7% from the end of 2009. Net assets were up 12.0% at HUF 424.3 billion. Non-current liabilities came to just HUF 1.3 billion and Richters stock of cash and cash equivalents reached HUF 111.5 billion.

Richter made two acquisitions in the autumn, agreeing to pay CHF 445 million for PregLem, including CHF 150 million in cash and a further CHF 295 million based on performance, and paying €236.5 million for the oral contraceptive portfolio of German peer Grunenthal. Richter said earlier that it borrowed to pay part of the Grunenthal purchase price to avoid depleting its stock of cash.


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