Serbia’s Drugmaker Galenika Cuts Net Loss 58% to $65.8 Million

Galenika AD, Serbia’s state-run drugmaker, cut its net loss by more than half last year on reduced writedowns as its accumulated debt exceeded assets.

The Zemun, Serbia-based pharmaceutical company reported a 2012 net loss of 5.6 billion dinars ($65.8 million) from 13.5 billion dinars a year earlier, on revenue of 4.8 billion dinars, according to a regulatory filing to the Serbian Business Registers Agency.

Writedowns related to overdue claims fell almost 87 percent to 1.37 billion dinars, while liabilities at 24.26 billion dinars exceeded assets by 3.8 billion dinars.

Serbia’s government picked a unit of Canada’s Valeant Pharmaceuticals International Inc (VRX) as the only potential bidder for Galenika among five interested companies in a tender. Valeant Pharmaceuticals North America Llc has until April 30 to submit an offer.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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