Concorde Securities - Chemical Works of Gedeon Richter Plc (RICHTER) Record quarterly operating results driven by Vraylar again

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Concorde Securities

Attila Vago

Record quarterly operating results driven by Vraylar again

 Richter Gedeon (Richter) posted reported EBIT of HUF 32.8 bn for Q4/20 compared to HUF 12.2bn in Q4/19, implying a reported EBIT margin of 21.8% (+306 bps YoY). When adjusted for one-off items, clean EBIT amounted to HUF 33 bn (+67.5% YoY), on our estimate, significantly ahead of the consensus estimate and our forecast of HUF 28.3 bn, respectively, mainly driven by lower than expected OpEx.
 Clean EBIT margin came in at 22% vs. 14.2% in the same period last year and the consensus estimate of 19.3%. Vraylar accounted for 71% of clean EBIT in Q4/20 vs.89% in Q4/19 on our calculation. Clean EBIT margin w/o Vraylar stood at 9.9% in Q4/20, up from 9.0% in Q3/20 and 2.0% in Q4/19 on our estimate.

01/03/2021 7 EN

Underlying

Chemical Works of Gedeon Richter Plc

Chemical Works of Richter Gedeon is a multinational pharmaceutical company that is engaged in the research, development, production and marketing and trade of pharmaceutical products. Co.'s activities are divided into two major business segments: Pharmaceutical, including research, development and manufacturing of pharmaceutical products; and Wholesale and Retail including wholesale and retail trade through the distribution chain as well as marketing of its products. Co. is primarily engaged in production of gynecological, cardiovascular and gastroenterological products, antibiotics, antimicotics, OTC and medicines for treatment of the central nervous system.

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HU0000123096 Budapest Stock Exchange Hungary

Provider

Concorde Securities

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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Analysts

Attila Vago

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Record quarterly operating results driven by Vraylar again

Record Q clean EBIT overshadowed by one-offs

Positive financial impact was underestimated in Q1

2025 guidance matches our estimates

OMV resilient despite macro strain, Petrochemicals remain weak

Upgraded guidance creates more room for payout

Record Q clean EBIT overshadowed by one-offs

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