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Richter Falls Most in Seven Weeks on Forest Labs: Budapest Mover

Gedeon Richter Nyrt., Hungary’s biggest drugmaker, fell the most in seven weeks after a loss reported by its U.S. drug development partner Forest Laboratories Inc. (FRX) exceeded analyst estimates.

Richter’s shares slid 1.7 percent to 37,100 forint by the close in Budapest, the steepest decline since Nov. 27. Forest slipped as much as 3.7 percent and traded 0.1 percent lower at $37.55 by 11:21 a.m. in New York.

Forest’s loss in the quarter ended Dec. 31 was 21 cents a share excluding one-time items, the New York-based drugmaker said in a statement today. That compares with an 8-cent loss that was the average of 23 analyst estimates compiled by Bloomberg.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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