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Hungary's Richter cuts 2014 guidance on Ukraine crisis
May 7, 2014 / 7:50 AM / 4 years ago

Hungary's Richter cuts 2014 guidance on Ukraine crisis

BUDAPEST, May 7 (Reuters) - Hungarian drugmaker Richter cut its 2014 revenue and operating profit guidance on Wednesday due to the crisis in Ukraine, which is slashing revenues from that country and Russia, together accounting for nearly a third of turnover.

Richter expects its full-year revenues to fall by 6 percent from last year’s 1.18 billion euros ($1.64 billion) after it was forced to cut its revenue estimate for Russia to a 5 percent fall in rouble terms and a 35 percent fall in Ukraine sales in dollars.

Chief Executive Erik Bogsch also told a news conference that the company’s operating profit margin would fall to 11 percent of revenues this year from 12-13 percent forecast previously.

However, he said it was “very likely” that the U.S. Food and Drug Administration (FDA) would not require further clinical trials for anti-psychotic drug Cariprazine.

$1 = 0.7177 Euros Reporting by Gergely Szakacs; editing by Jason Neely

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