March 15 (Bloomberg) -- CFR Pharmaceuticals SA, Chile’s largest drug developer, fell the most in five months after reporting fourth-quarter earnings that were below some analysts’ expectations.
CFR retreated 1.8 percent to 125.01 pesos at the close of trading in Santiago, its steepest decline since Sept. 21. The country’s benchmark Ipsa index lost 0.9 percent.
The pharmaceuticals producer, which has operations in 18 countries including Thailand and Vietnam, said in a statement yesterday that earnings before interest, tax, depreciation and amortization rose 38 percent to $35.8 million. According to calculations by Banco de Chile, Ebitda was $25.7 million, below the bank’s projection of $27.6 million.
“The lower Ebitda was due to higher sales and management costs related to merger and acquisitions activity,” according to the Banco de Chile report. “We can’t rule out downward pressure on the stock.”
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