Egis Shares Drops Most in Month as Drugmaker’s Revenue Falls
Egis Nyrt. (EGIS), the Hungarian drugmaker owned by Laboratoires Servier, declined the most in a month after reporting late yesterday its fiscal first quarter revenue dropped.
The shares fell 4.3 percent to 16,750 forint by the end of trading in Budapest, the biggest drop on a closing basis since Jan. 5.
Egis’s sales in the October-December period totaled 30.4 billion forint ($138.9 million), falling 4.8 percent from a year earlier. Net profit rose 14 percent as a result of a foreign- exchange gain and lower costs, the company said in a statement on the website of the Budapest Stock Exchange after the market close.
The earnings release may put pressure on the stock today as “top line was missing consensus,” Gergely Palffy, an analyst at KBC Securities in Budapest, wrote in a research report today.
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