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Richter Sales Outlook Worsens on Deepening Ukraine Crisis

Gedeon Richter Nyrt. plunged the most in almost three months as sales prospects at Hungary’s largest drugmaker deteriorated following tightened sanctions against Russia because of separatist battles in eastern Ukraine.

Richter expects total sales to drop as much as 7 percent in euro terms this year, compared with an earlier guidance for a 6 percent decline, Chief Executive Officer Erik Bogsch told reporters in Budapest today. Exports to Russia may fall as much as 10 percent in ruble terms and Ukraine sales may sink 35 percent in dollar terms. An expected 15 percent drop in Polish exports in zloty terms may also crimp revenue, he said.