Report

Gedeon Richter Company News - 2Q 20 Conference Call Notes

FY 2020 guidance
The management updated its guidance, seeing now flat yoy revenues (in EUR terms) as a result of sales pressure in some markets (i.e. Russia, Romania, China), unfavourable FX (HUF appreciation against EUR, USD, RUB, RON), low doctor-patient contacts due to covid-19 restrictions, low level of inventories at wholesalers. Sales of Vraylar in the US are expected at USD 1.18 bn, which is fully based on the guidance of its US partner AbbVie. The detailed guidance is presented in the table below. At the same time, operating margin guidance was lifted by 1%p mainly as a result of lower SG&A and, to a minor extent, due to the Vraylar-related milestone payment of USD 25 mn received in 2Q 20.
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.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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