May 8, 2020 / 4:46 AM / 17 days ago

BRIEF-Hungary's Richter Q1 net profit HUF 29 bln, above forecast

May 8 (Reuters) - Richter Gedeon Vegyeszeti Gyar Nyrt:

* Q1 NET PROFIT HUF 29 BILLION VERSUS HUF 23.4 BILLION IN SURVEY BY FINANCIAL NEWS WEBSITE PORTFOLIO.HU

* Q1 REVENUE HUF 141.4 BILLION VERSUS HUF 137.4 BILLION ESTIMATE IN PORTFOLIO.HU SURVEY

* Q1 OPERATING PROFIT MARGIN 17.8% VERSUS 14.1% A YEAR AGO

* Q1 ROYALTY INCOME FROM VRAYLAR ANTI-PSYCHOTIC EUR 43.8 MILLION VERSUS EUR 24 MILLION A YEAR AGO

* EXCHANGE RATE CHANGES BOOSTED TOTAL REVENUE BY HUF 8.2 BILLION IN Q1

* CORONAVIRUS PANDEMIC HAS EASED TIGHTNESS OF LABOUR MARKET IN HUNGARY, BUT SECURING THE NECESSARY HEADCOUNT REMAINS A CHALLENGE

* IT IS FACED WITH LONGER LEAD TIMES AND INCREASED RISKS WHEN IT COMES TO ENSURING THECONTINUOUS AVAILABILITY OF STARTING MATERIALS, PROTECTIVE GEAR AND OTHER SUPPLIES

* MEASURES AIMED AT ENSURING SOCIAL DISTANCING HAVE TEMPORARILY CONTRIBUTED TO LOWER PRODUCTIVITY AT ITS MANUFACTURING SITES

* IN MARCH IT EXPERIENCED HIGHER DEMAND FOR GENERIC THERAPIES ADDRESSING CHRONIC CONDITIONS AS PEOPLE WERE PREPARING FOR THE INTRODUCTION OF QUARANTINE MEASURES

* IT HAS REDIRECTED IN-PERSON SALES ACTIVITIES TO ONLINE CHANNELS IN PRACTICALLY ALL MARKETS DUE TO PANDEMIC

* A STRONG BALANCE SHEET WITHOUT ANY DEBT TO DATE, TOGETHER WITH A SUSTAINED POSITIVE CASH-FLOW ENSURES THAT IT IS IN A GOOD FINANCIAL POSITION DURING THE CRISIS

* IT EXPECTS TO REMAIN RESILIENT IN THE AFTERMATH OF THE CRISIS WHEN THE ANTICIPATED ECONOMIC SLOWDOWN OCCURS

* AMID THE CURRENT VOLATILE ENVIRONMENT IT MAINTAINS A TIGHT CREDIT POLICY AND CLOSE CUSTOMER CREDIT MONITORING

* NO DISRUPTION TO THE USUAL PAYMENT PROCEDURES HAD OCCURRED EITHER IN THE REPORTED PERIOD OR IN THE PERIOD FOLLOWING THE END OF THE QUARTER AND THE PUBLICATION OF QUARTERLY REPORT Further company coverage: (Reporting by Gergely Szakacs)

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