Guidance reiterated after a strong Q2 performance
Summary: Richter posted its Q2/24 results today morning. The Company beat analysts’expectations across the board, slightly up in terms of revenues and gross profit, while the
clean EBIT and net profit exceeded market expectations by 10% and 13%, respectively,
despite a one-off impairment on inventories of HUF 7.6bn distorted the results. In EUR
terms, Richter reached record quarterly sales of EUR 553mn. Favorable FX rates and lower
taxation (Company noted that this is M&A-related and the globe tax base could be reduced
by select items) provided some tailwind during Q2 as net profit totaled HUF 70bn. The
management fully reiterated its 2024 guidance. They continue to guide revenues to finish
this year in the range of between EUR 2.15-2.25bn, while EBIT is seen in the range of
between EUR 725-750mn.
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.
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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