Restructuring At Hungary's Biogal
Plans to restructure Hungarian pharmaceutical company Biogal with the aim of improving efficiency have been announced by Israeli company Teva, which has a 90.5% stake in the firm. Teva is planning to distribute its own products through Biogal's markets, and Biogal will serve as a base for Teva's European expansion. Around 30 Teva products are registered in Hungary, according to MTI Econews.
In 1995, Biogal reported net sales growth of 1.5% to 10.6 billion forint ($69.7 million), 72.2% of which came from packaged pharmaceuticals, 2.3% from nutritional products, and 9.5% from other products. Operating profits were 570 million forint, while a net loss of 79 million forint was posted, compared to net profits in 1994 of 564 million forint.
Biogal currently has a 7.1% share of the Hungarian pharmaceuticals market, ranking it third among Hungarian pharmaceutical manufacturers.
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