Pharmaceutical producer Pliva reports 72% y/y EBIT drop in Jan-Sep.

Pharmaceutical producer Pliva reports 72% y/y EBIT drop in Jan-Sep. The largest pharmaceutical producer in the region, Pliva, announced that its EBIT slumped by 72.3% y/y to USD 62.3mn on revenue decline of 12.2% to USD 797mn. The decline was expected given the exit of the company from the proprietary market and focusing on generics production launched last year. This reduced the revenues as the company no more received revenues from royalties on proprietary drugs. The sales of the company, however, increased by 3.8% y/y to USD 762.6mn, as generics drugs sale soared by 15.7% to USD 667.3mn. The largest growth was registered on the US market - of 42.7% y/y to USD 198.3mn, in Spain – of 22.6% to USD 20.7mn, in UK – of 26.2% to USD 23.4mn, in Russia - of 18.7% y/y to USD 56.5mn, and in Poland - of 16.4% to USD 73.9mn. A drop in generics sales was registered only in Croatia , by 6% y/y to USD 94.8mn, and in Italy , by 54.9% to USD 7.6mn. In addition, the planned changes to be discussed at the forthcoming general meeting of the company were said to include the possibility for capital increase to not more than HRK 929.6mn in the next five years.