Stada Arzneimittel sees substantial FY hit from currency fluctuations; Q2 earnings drop 21%

German pharma company Stada Arzneimittel (SAZ: Xetra) reported a 21% drop in second-quarter 2015 earnings and said full year income and earnings will take a substantial hit from currency fluctuations.

The company reported earnings per share of 0.88 euros compared with 1.11 euros a year ago. Adjusted net income dropped 6% to 85.0 million euros ($93.2 million). Adjusted earnings fell 9% to 189.2 million euros versus a year earlier.

Hartmut Retzlaff, chairman of Stada Arzneimittel, said: “The framework conditions in the market region CIS/Eastern Europe continue to present a tremendous challenge. It is all the more pleasing that sales in Russia in the first half of 2015 in local currency were approximately at the same level of the corresponding period of the previous year and that the sales trend there stabilized considerably compared to the first quarter of 2015.”