Genomma Plummets After Cutting Sales Forecast: Mexico City Mover

Genomma Lab Internacional SAB (LABB), a Mexican producer of over-the-counter drugs, fell the most in seven months after trimming its forecast for revenue growth.

The stock tumbled 6.1 percent to 26.01 pesos at the close in Mexico City, the steepest intraday decline since Feb. 24. The benchmark IPC index of 35 Mexican stocks slid 1.1 percent.

Genomma Lab reduced its 2012 sales growth forecast to 20 percent, compared with a previously projected range of 23 percent to 26 percent, according to an e-mailed statement today. The Mexico City-based company said it had delays introducing over-the-counter and personal care products through a client in the U.S., prompting it to pare estimates.

Today’s decline wiped out Genomma’s advance this year, putting it down 3.6 percent in 2012. The IPC has climbed 9.2 percent in the period.

To contact the reporters on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net; Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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