Solvay's income falls 15% in 1st-half 2007
Net income for the first half of the year at Belgian drugmaker Solvay fell 15% to 413.0 million euros ($564.6 million). The decline was due to non-operating item charges of 34.0 million euros and a 50.5% increase, to 146.0 million euros, in tax charges with respect to the year-earlier period.
Sales for the half year were 4.81 billion euros, up 1%, with the contribution from pharmaceuticals falling 16% to 205.0 million euros. The firm said that the unfavorable impact of the value of the US dollar, expiration of marketing rights for Pantoloc (pantoprazole), as well as pressure on prices in Europe, were responsible for the decline.
Despite the earnings drop, the firm said that higher sales and its cost cutting plan, which aims to save 300.0 million euros by 2010, will allow it to meet full-year targets.
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