BUDAPEST (Reuters) – The CEO of Hungarian pharmaceutical company Richter reiterated 2024 guidance on Tuesday after it reported higher third-quarter revenue and profit.
Gabor Orban said pharma revenue and clean EBIT (earnings before interest and taxes) were, however, expected to come in closer to the lower end of the company’s previous full-year guidance of 2.15 billion to 2.25 billion euros and 725 million to 750 million euros, respectively.
For the first nine months, revenue rose 5.7% from the same period of 2023 to 636.42 billion forints ($1.65 billion), while clean EBIT was up 31.7% to 190.2 billion forints from 144.4 billion.
The company saw double-digit revenue growth in all segments in the third quarter, Orban told a briefing.
He said lower income from anti-psychotic drug Vrylar (Cariprazine) was offset by a milestone payment from Abbvie after an agreement in October for the discovery and development of novel targets for neuropsychiatric conditions.
According to the deal Richter received an upfront payment of 25 million dollars.
($1 = 385.4900 forints)
(Reporting by Anita Komuves; Editing by Kirsten Donovan)
