Egis reduces forecast for eastern Europe

Hungarian drugmaker Egis has reduced its forecast growth for sales in Russia and the Commonwealth of Independent States, together with  eastern Europe. Sales in Russia are now set to rise by between 5% and  10% and from 8% to 10% in the CIS region, down from previous estimates  of 10% and 15%, respectively. Sales in the Ukraine are expected to fall  by 30% to 40% in dollar terms. East European growth is predicted to be  5% in euros versus 12%, but the Polish sales forecast remains at 20%. A  reduction in state subsidies for drug products may cut the Hungarian  revenue increase to between zero and 2%. Egis' turnover in the three  months to March 2009 was up 11% to 26.8 billion forints ($128.1  million), with net profits soaring 68% to 5.1 billion forints.