Reported Earnings • May 05
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: Ft1,271 (down from Ft1,307 in FY 2024). Revenue: Ft929.0b (up 8.3% from FY 2024). Net income: Ft232.3b (down 2.9% from FY 2024). Profit margin: 25% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Products in clinical trials Phase I: 1 Phase II: 2 Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Group Head of Controlling, CFO & Director Laszlo Kovacs was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 09
Dividend of Ft656 announced Shareholders will receive a dividend of Ft656. Ex-date: 3rd June 2026 Payment date: 11th June 2026 Dividend yield will be 5.3%, which is higher than the industry average of 2.4%. Sustainability & Growth The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Apr 08
Gedeon Richter PLC announces Annual dividend, payable on June 11, 2026 Gedeon Richter PLC announced Annual dividend of HUF 656.0000 per share payable on June 11, 2026, ex-date on June 03, 2026 and record date on June 04, 2026. Price Target Changed • Mar 11
Price target increased by 7.8% to Ft13,038 Up from Ft12,093, the current price target is an average from 7 analysts. New target price is 11% above last closing price of Ft11,700. Stock is up 14% over the past year. The company is forecast to post earnings per share of Ft1,467 for next year compared to Ft1,271 last year. Buy Or Sell Opportunity • Mar 09
Now 20% undervalued Over the last 90 days, the stock has risen 18% to Ft11,390. The fair value is estimated to be Ft14,313, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 3.7% per annum over the same time period. Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: Ft1,271 (down from Ft1,307 in FY 2024). Revenue: Ft929.0b (up 8.3% from FY 2024). Net income: Ft232.3b (down 2.9% from FY 2024). Profit margin: 25% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Announcement • Nov 28
SIA Emteko Holding agreed to acquire Gedeon Richter UA V.A.T from Gedeon Richter PLC (BUSE:RICHTER). SIA Emteko Holding agreed to acquire Gedeon Richter UA V.A.T from Gedeon Richter PLC (BUSE:RICHTER) on November 27, 2025.
The transaction has received approval from Antimonopoly Committee of Ukraine. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: Ft237 (vs Ft203 in 3Q 2024) Third quarter 2025 results: EPS: Ft237 (up from Ft203 in 3Q 2024). Revenue: Ft214.7b (flat on 3Q 2024). Net income: Ft43.3b (up 17% from 3Q 2024). Profit margin: 20% (up from 17% in 3Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: Ft283 (vs Ft383 in 2Q 2024) Second quarter 2025 results: EPS: Ft283 (down from Ft383 in 2Q 2024). Revenue: Ft241.5b (up 12% from 2Q 2024). Net income: Ft51.8b (down 26% from 2Q 2024). Profit margin: 22% (down from 32% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Announcement • Jul 02
Gedeon Richter plc Receives European Commission Approval for Junod®? and Yaxwer®?, its Biosimilar Denosumab Products for Bone Disease and Osteoporosis Gedeon Richter plc announced that the European Commission (EC) granted marketing authorization for Junod®? and Yaxwer®?, its biosimilar denosumab products. The EC decision follows the positive opinion adopted on 25 April 2025 by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA). This approval marks a significant milestone as Richter's monoclonal antibody biosimilars receive EC authorization. Junod®? andYaxwer®? are approved for all indications of the reference medicines Prolia®? and Xgeva®? (Amgen), including the treatment of osteoporosis in postmenopausal women, prevention of skeletal-related events in patients with bone metastases from solid tumors, and treatment of unresectable giant cell tumor of bone. The EC approval is based on a comprehensive development program demonstrating biosimilarity to the reference products in terms of quality, safety, and efficacy. Upcoming Dividend • May 27
Upcoming dividend of Ft509 per share Eligible shareholders must have bought the stock before 03 June 2025. Payment date: 12 June 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Hungarian dividend payers (6.4%). Higher than average of industry peers (2.8%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: Ft373 (vs Ft373 in 1Q 2024) First quarter 2025 results: EPS: Ft373 (in line with 1Q 2024). Revenue: Ft224.0b (up 10% from 1Q 2024). Net income: Ft68.1b (flat on 1Q 2024). Profit margin: 30% (down from 34% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • May 14
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. (BUSE:RICHTER) acquired unknown majority stake of GRANATA BIO Corp. Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. (BUSE:RICHTER) acquired unknown majority stake of GRANATA BIO Corp on May 13, 2025. As part of the transaction, Richter will become a major investor in Granata Bio and gain a seat on Granata Bio’s Board of Directors.
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. (BUSE:RICHTER) completed the acquisition of unknown majority stake of GRANATA BIO Corp on May 13, 2025. Declared Dividend • Apr 10
Dividend increased to Ft509 Dividend of Ft509 is 18% higher than last year. Ex-date: 3rd June 2025 Payment date: 12th June 2025 Dividend yield will be 4.8%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 09
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: Ft1,307 (up from Ft860 in FY 2023). Revenue: Ft857.5b (up 6.5% from FY 2023). Net income: Ft239.2b (up 51% from FY 2023). Profit margin: 28% (up from 20% in FY 2023). The increase in margin was primarily driven by higher revenue. Products in clinical trials Phase I: 1 Phase II: 1 Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • Apr 09
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. announces Annual dividend, payable on June 12, 2025 Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. announced Annual dividend of HUF 509.0000 per share payable on June 12, 2025, ex-date on June 03, 2025 and record date on June 04, 2025. Announcement • Dec 10
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt., Annual General Meeting, Apr 29, 2025 Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt., Annual General Meeting, Apr 29, 2025. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: Ft203 (vs Ft294 in 3Q 2023) Third quarter 2024 results: EPS: Ft203 (down from Ft294 in 3Q 2023). Revenue: Ft216.7b (up 15% from 3Q 2023). Net income: Ft37.1b (down 32% from 3Q 2023). Profit margin: 17% (down from 29% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: Ft383 (vs Ft155 in 2Q 2023) Second quarter 2024 results: EPS: Ft383 (up from Ft155 in 2Q 2023). Revenue: Ft216.3b (up 6.1% from 2Q 2023). Net income: Ft70.0b (up 144% from 2Q 2023). Profit margin: 32% (up from 14% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 29
Upcoming dividend of Ft423 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 13 June 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Hungarian dividend payers (7.7%). Higher than average of industry peers (2.3%). Board Change • May 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Peter Cserhati was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: Ft373 (vs Ft210 in 1Q 2023) First quarter 2024 results: EPS: Ft373 (up from Ft210 in 1Q 2023). Revenue: Ft203.4b (down 3.0% from 1Q 2023). Net income: Ft68.2b (up 74% from 1Q 2023). Profit margin: 34% (up from 19% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Declared Dividend • Apr 29
Dividend of Ft423 announced Shareholders will receive a dividend of Ft423. Ex-date: 5th June 2024 Payment date: 13th June 2024 Dividend yield will be 4.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (266% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Apr 11
High number of new directors Independent Director Peter Cserhati was the last director to join the board, commencing their role in 2023. Reported Earnings • Apr 07
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: Ft860 (down from Ft907 in FY 2022). Revenue: Ft805.2b (flat on FY 2022). Net income: Ft158.9b (down 6.0% from FY 2022). Profit margin: 20% (down from 21% in FY 2022). Products in clinical trials Phase I: 4 Phase II: 1 Phase III: 1 Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: Ft860 (up from Ft835 in FY 2022). Revenue: Ft805.2b (flat on FY 2022). Net income: Ft158.9b (up 2.1% from FY 2022). Profit margin: 20% (in line with FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: Ft294 (vs Ft442 in 3Q 2022) Third quarter 2023 results: EPS: Ft294 (down from Ft442 in 3Q 2022). Revenue: Ft188.5b (down 13% from 3Q 2022). Net income: Ft54.6b (down 34% from 3Q 2022). Profit margin: 29% (down from 38% in 3Q 2022). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Announcement • Nov 04
European Commission Approves the Commercialisation of RYEQO® for the Symptomatic Treatment of Endometriosis Gedeon Richter Plc. together with Sumitomo Pharma America Inc. and Sumitomo Pharma Switzerland, GmbH ('SMPS') announce that the European Commission ('EC') has granted approval of a Type II Variation application for RYEQO® (relugolix 40 mg, estradiol 1.0 mg, and norethisterone acetate 0.5 mg) for the symptomatic treatment of endometriosis in women with a history of previous medical or surgical treatment for their endometriosis. This decision followed a positive opinion from the Committee for Medicinal Products for Human Use ('CHMP') of the European Medicines Agency ('EMA') on 15 September 2023 and is applicable for all Member States in the European Union. RYEQO® was initially approved by the EMA in July 2021 for the treatment of moderate-to-severe symptoms of uterine fibroids in adult women of reproductive age. Announcement • Nov 03
Gedeon Richter Plc., Sumitomo Pharma America, Inc. and Sumitomo Pharma Switzerland, GmbH Receives European Commission grant for Commercialisation of RYEQO® Gedeon Richter Plc. together with Sumitomo Pharma America Inc. and Sumitomo Pharma Switzerland, GmbH ('SMPS') announce that the European Commission ('EC') has granted approval of a Type II Variation application for RYEQO® (relugolix 40 mg, estradiol 1.0 mg, and norethisterone acetate 0.5 mg) for the symptomatic treatment of endometriosis in women with a history of previous medical or surgical treatment for their endometriosis. This decision followed a positive opinion from the Committee for Medicinal Products for Human Use ('CHMP') of the European Medicines Agency ('EMA') on 15 September 2023 and is applicable for all Member States in the European Union. RYEQO® was initially approved by the EMA in July 2021 for the treatment of moderate-to-severe symptoms of uterine fibroids in adult women of reproductive age. Announcement • Sep 17
Gedeon Richter and Sumitomo Pharma Receives Positive Chmp Opinion for Ryeqo(R) for Treatment of Endometriosis Gedeon Richter Plc. ('Richter') together with Sumitomo Pharma America, Inc. ('SMPA') and Sumitomo Pharma Switzerland GmbH ('SMPS') announced that the Committee for Medicinal Products for Human Use ("CHMP") of the European Medicines Agency ("EMA") has adopted a positive opinion recommending the approval of a Type II Variation application for RYEQO(R) (relugolix 40 mg, estradiol 1.0 mg, and norethisterone acetate 0.5 mg) for the symptomatic treatment of endometriosis in women with a history of previous medical or surgical treatment for their endometriosis. The European Commission ("EC") will review the CHMP recommendation and a final decision on the Marketing Authorization Application is expected to be available in the coming months. The decision will be applicable to all member states of the European Economic Area. RYEQO(R) was initially approved by the EMA in July 2021 for the treatment of moderate-to-severe symptoms of uterine fibroids in adult women of reproductive age. This application is supported by two, 24-week, multi-national clinical studies (SPIRIT 1 and SPIRIT 2) in more than 1,200 women with moderate-to-severe pain associated with endometriosis, as well as the 80-week, open-label extension study to assess longer-term use of RYEQO(R) . Together, these data represent up to two years of efficacy and safety information with RYEQO(R). Approximately 10% of women of reproductive age have endometriosis. Many women with endometriosis-associated pain are not able to manage their pain symptoms with current treatment options, underscoring the high unmet need for this disease . Endometriosis is a disease in which tissue similar to the uterine lining is found outside the uterine cavity, commonly in the lower abdomen or pelvis, on ovaries, the bladder, and the colon. This endometrial-like tissue outside the uterus results in chronic inflammation and can cause scarring and adhesions. The symptoms associated with endometriosis include painful periods and chronic pelvic pain, painful ovulation, pain during or after sexual intercourse, heavy bleeding, fatigue, and infertility. Endometriosis can also impact general physical, mental, and social well-being. RYEQO(R) (relugolix 40 mg, estradiol 1.0 mg, andnorethisterone acetate 0.5 mg) is approved for the treatment of moderate to severe symptoms of uterine fibroids in adult women of reproductive age. RYEQO(R) contains relugolix, which reduces the amount of estrogen (and other hormones) produced by ovaries, estradiol (an estrogen) which may reduce the risk of bone loss, and norethisterone acetate (a progestin) which is necessary when women with a uterus (womb) take estrogen. New Risk • Aug 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: Ft155 (vs Ft411 in 2Q 2022) Second quarter 2023 results: EPS: Ft155 (down from Ft411 in 2Q 2022). Revenue: Ft203.8b (up 5.6% from 2Q 2022). Net income: Ft28.7b (down 62% from 2Q 2022). Profit margin: 14% (down from 40% in 2Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 31
Upcoming dividend of Ft390 per share at 4.5% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Hungarian dividend payers (7.3%). Higher than average of industry peers (2.5%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: Ft210 (vs Ft199 in 1Q 2022) First quarter 2023 results: EPS: Ft210 (up from Ft199 in 1Q 2022). Revenue: Ft209.7b (up 25% from 1Q 2022). Net income: Ft39.2b (up 5.8% from 1Q 2022). Profit margin: 19% (down from 22% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 06
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: Ft802.8b (up 27% from FY 2021). Net income: Ft155.6b (up 11% from FY 2021). Profit margin: 19% (down from 22% in FY 2021). Products in clinical trials Phase III: 1 Revenue exceeded analyst estimates by 1.7%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Pharmaceuticals industry in Europe. Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from Ft754.1b to Ft731.3b. EPS estimate also fell from Ft1,043 per share to Ft906 per share. Net income forecast to shrink 24% next year vs 20% growth forecast for Pharmaceuticals industry in Europe . Consensus price target down from Ft10,971 to Ft10,554. Share price was steady at Ft7,625 over the past week. Announcement • Feb 09
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. (BUSE:RICHTER) acquired OC Distributors Ltd from Consilient Health for £32.5 million. Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. (BUSE:RICHTER) acquired OC Distributors Ltd from Consilient Health for £32.5 million on February 7, 2023. Geoffrey Burgess, Andrew Bab, Paul Rubin and Richard Ward of Debevoise & Plimpton LLP acted as legal advisor to Gedeon Richter.
Richter Gedeon Vegyészeti Gyár Nyilvánosan Muködo Rt. (BUSE:RICHTER) completed the acquisition of OC Distributors Ltd from Consilient Health on February 7, 2023. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 12 non-independent directors. Member of Executive Board & Director Istvan Hamecz was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 24
Price target increased to Ft10,113 Up from Ft9,434, the current price target is an average from 6 analysts. New target price is 37% above last closing price of Ft7,400. Stock is down 14% over the past year. The company is forecast to post earnings per share of Ft1,110 for next year compared to Ft751 last year. Price Target Changed • Aug 18
Price target increased to Ft9,495 Up from Ft8,863, the current price target is an average from 5 analysts. New target price is 18% above last closing price of Ft8,080. Stock is down 11% over the past year. The company is forecast to post earnings per share of Ft1,110 for next year compared to Ft751 last year. Reported Earnings • Aug 05
First quarter 2022 earnings released: EPS: Ft199 (vs Ft145 in 1Q 2021) First quarter 2022 results: EPS: Ft199 (up from Ft145 in 1Q 2021). Revenue: Ft168.1b (up 19% from 1Q 2021). Net income: Ft37.1b (up 38% from 1Q 2021). Profit margin: 22% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 3.3% growth forecast for the industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 05
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from Ft700.3b to Ft735.3b. EPS estimate increased from Ft794 to Ft991 per share. Net income forecast to grow 29% next year vs 4.6% growth forecast for Pharmaceuticals industry in Europe. Consensus price target up from Ft8,863 to Ft9,149. Share price rose 3.8% to Ft8,380 over the past week. Upcoming Dividend • Jun 01
Upcoming dividend of Ft225 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Hungarian dividend payers (5.5%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 16% share price gain to Ft7,665, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 20x in the Pharmaceuticals industry in Europe. Total returns to shareholders of 61% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 12 non-independent directors. Director Laszlo Szabo was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 08
Price target decreased to Ft9,013 Down from Ft9,711, the current price target is an average from 6 analysts. New target price is 31% above last closing price of Ft6,870. Stock is down 17% over the past year. The company is forecast to post earnings per share of Ft656 for next year compared to Ft751 last year. Reported Earnings • Mar 05
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: Ft751 (up from Ft563 in FY 2020). Revenue: Ft630.6b (up 11% from FY 2020). Net income: Ft139.6b (up 33% from FY 2020). Profit margin: 22% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Products in clinical trials Phase III: 1 Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 3.3%, compared to a 7.4% growth forecast for the pharmaceuticals industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 01
Price target decreased to Ft9,541 Down from Ft10,354, the current price target is an average from 7 analysts. New target price is 45% above last closing price of Ft6,585. Stock is down 23% over the past year. The company is forecast to post earnings per share of Ft620 for next year compared to Ft563 last year. 
