Second-quarter net income of Hungarian pharmaceutical company Gedeon Richter climbed 173% year on year to 76.5 billion forints (EUR 193m), lifted by higher sales, improved margins and a net financial gain, an earnings report released ahead of the opening bell on Wednesday shows.
Revenue increased by 24% to 192.9 billion forints, outpacing the rise in cost of sales, which was up 23% at 82.9 billion forints. Gross profit rose by 25% to 110.0 billion forints, while operating profit increased by 43% to 52.0 billion forints as spending on sales and marketing and R+D rose a little over 25%.
Richter booked net financial income of 28.7 billion forints for the quarter, compared to a 6.2 billion forint loss in the base period. Earnings per share came to 411 forints for the quarter.