UPDATE 2-Richter lifts sales forecast on strong Q2 results

* Net profit up 112 pct to 6 bln forints, beats Reuters poll

* Changes 2009 sales forecast to flat from previous decline

* Lifts revenue targets on Russia, U.S. exports

* Analysts say most of good news already priced in stock

(Updates with analyst comment, stock)

By Balazs Koranyi

BUDAPEST, Aug 4 (Reuters) - Hungarian drug maker Richter Gedeon GDRB.BU lifted its full-year sales forecast on stronger-than-expected Russian and U.S. sales after beating market expectations on its second-quarter earnings.

Richter's consolidated net profit rose 112 percent to 6.17 billion forints ($33.24 million) from 2.92 billion a year earlier, well above the average forecast of 5.1 billion forints in a recent Reuters survey of analysts.

The figures prompted Chief Executive Erik Bogsch to predict that 2009 revenue would be flat after forecasting a decline three months ago.

"We are now more optimistic... based on the first-half performance, our two key export markets, Russia and the U.S., performed above expectations," Bogsch told a news conference.

"There's a very high base for the second half, so second half-figures could even be negative, but that won't erase a good first half."

Analysts said the figures would warrant positive market reaction but as the stock had recently rallied, much of the good news was already priced in.

"We expect a positive market reaction but at these price levels, a lot of this is already priced in the stock," brokerage Cashline said. "And this stock is especially sensitive to changes in the global environment."

At 1014 GMT, Richter shares traded down 0.4 percent at 37,750 forint while the BUX .BUX index was down 1.5 percent. The stock has gained 32 percent over the past three months.

Brokerage BudaCash said: "We will likely revise upward our 2009 and 2010 forecasts in light of the much better than expected figures but ... in our opinion, the current stock price does not justify aggressive buying, despite the strong results."

RUSSIA, UKRAINE IMPROVE

In the second quarter, sales in Russia, the company's biggest export market, grew by 40 percent in euros as pharmacies and wholesales began to fill up their depleted stocks.

"The rouble stabilised, oil prices rebounded and confidence returned," CEO Bogsch said. "This lent more stability to the market."

The company now expects full-year exports to Russia to fall by up to 5 percent after predicting a drop of up to 10 percent in May.

Second-quarter sales in the United States rose by 56 percent on strong sales of several generic contraceptive products and a profit sharing agreement with a major partner.

Bogsch said full-year sales in the U.S., the company's fastest growing market, would rise by 5 to 10 percent this year, in line with an earlier prediction.

In Ukraine, sales are now seen down between 30 and 40 percent after earlier expectations for a 50 percent decline.

In the company's home market of Hungary, 2009 sales are expected to be flat, in line with the May target. (Reporting by Balazs Koranyi; editing by John Stonestreet, Mariam Karouny and Karen Foster)