Healthy profit growth at Richter Gedeon

Richter Gedeon of Hungary has reported a 37.3% climb in net profits to12.04 billion forint ($42.6 million) for the six months ended June 30, while sales increased 30.3% to 44.71 billion forint. Domestic turnover rose 28.4% to 12.29 billion forint, and the company noted that exports reached $111.1 million, a rise of 20.9%.

Richter said that the rise in domestic revenues is partly the result of stockpiling by wholesalers and pharmacies ahead of 6.3% price increases as of July 1. The company added that the recently-signed pricing agreement with the Hungarian government "has also made possible that new products should come to the market in the coming months." These are expected to include antidepressants, anti-inflammatory fungicide products and hormone supplements.

In the Commonwealth of Independent States, Richter's sales amounted to $43.4 million, a 29.9% rise driven by a 52% increase in revenues from oral contraceptives. In Russia alone, sales amounted to $32.4 million, according to a Reuters report.