Q2 2024 Richter Gedeon Vegyeszeti Gyar Nyrt Earnings Call Transcript
Key Points
- Chemical Works of Gedeon Richter PLC (FRA:RIG2) reported a 14% increase in revenues for the first half of 2024, aligning with their guidance of low to mid-teens growth.
- The company achieved a 21% increase in clean EBIT, indicating strong operational performance.
- Women's health segment showed strong growth, driven by high-margin products and efficiency improvements.
- The company is expanding its R&D capabilities, particularly in women's health, aiming to fill gaps in the global R&D pipeline.
- CSR efforts are focused on improving access to healthcare for marginalized groups in Africa and Europe, enhancing the company's social impact.
- The company faced supply chain issues with its fertility brand Bemfola, impacting its market performance.
- There were significant inventory impairments, which the company acknowledges were largely within their control.
- The women's health segment's strong performance included one-off impacts from Mexican tenders and Chinese pre-shipments, which may not be sustainable.
- The cash conversion cycle has deteriorated, indicating inefficiencies in working capital management.
- The company anticipates increased R&D spending, which could pressure margins in the short term.
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István Hamecz and the Head of Group Controlling, László Kovács. Before we start the presentation the usual technical details and disclaimer, we will be using presentation slides for this conference call which we published this morning and it's downloadable on our website gedeonrichter.com.
After the formal presentation there's going to be a Q&A session where you will be able to ask questions either using the chat function or the raise your hand functionality of Microsoft Teams.
And finally, two comments or disclaimers that first of all, there is a cautionary statement in our presentation about potential forward-looking statements. And secondly, this presentation or this call is being recorded. With that, I would like to hand it over to Gábor, who will walk you through the details of the period. Thank you.
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