RICHTER GEDEON - Q3 Disappoints, FY25 Guidance Cut, TP Cut

Richter posted disappointing Q3/25 results today morning. The Company missed 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...