API's Proposal to Merge with Sigma Could Deliver Synergies
We reduce our fair value estimate for narrow-moat Australian Pharmaceutical Industries, or API, to AUD 1.80 per share from AUD 1.95 following its weaker-than-expected fiscal 2018 result. Underlying net profit after tax of AUD 54.7 million, 0.9% up on the previous year, was 2% below our forecast. The miss was mostly top-line-driven, with group revenue of AUD 4.0 billion, falling 0.9% from last year. The revenue reduction was largely attributable to weaker demand for hepatitis C medicines, with re...Australian Pharmaceutical Industry is a service provider to the pharmacy industry. Co. operates two segments, Australia and New Zealand. The Australia segment is engaged in the distribution of pharmaceutical, medical, health, beauty and lifestyle products to pharmacies, the purchase and sale of various health, beauty and lifestyle products within the retail industry and provider of retail services to pharmacies. The New Zealand segment is engaged as a manufacturer and owner of rights of pharmaceutical medicines and consumer toiletries.
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