Hungary's Richter CEO reiterates 2024 guidance after strong third quarter (updated)

Richter Gedeon Vegyeszeti Gyar Nyrt

12/11/2024 10:13

(Updates with data, quotes, background)
       BUDAPEST, Nov 12 (Reuters) - The CEO of Hungarian
pharmaceutical company Richter  GDRB.BU  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
 ABBV.N  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)
 ((KOMUVES.Anita@thomsonreuters.com;))