RICHTER GEDEON - Q3 Disappoints, FY25 Guidance Cut, TP Cut
Richter posted disappointing Q3/25 results today morning. The Companymissed analysts’ estimates on all lines and maybe in all business units. Revenues missed
by 7% and came in at HUF 214bn (-1% YoY, -11% QoQ), while the net profit fell short of
expectations by 22%, reaching only HUF 43bn (+17% YoY, -16% YoY). Innovative
business units, including CNS and WHC, continued to perform well thanks to the eyecatching growth of Vraylar and Ryeqo, however, they also missed our cEBIT forecast by
only a small margin, while the performance of the BIO and GM segments were
disappointing. Higher-than-expected FX loss also contributed to the weak set of results. In
line with our expectation, the management slightly cut its full-year revenue guidance to
‘close to EUR 2.3bn’ from the range of between EUR 2.3-2.4bn or ‘around +10%’, while
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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