Hungary's Egis Announces Results, Russia Expansion Plans

Hungarian drug manufacturer Egis, an affiliate of France's Servier, has announced expansion plans and reported its financial results for the 2003/04 year, October 1 through September 30. Net profit in the period totalled HUF6.46bn (US$34.13mn), on revenue of HUF66.1bn (US$349.43mn). According to the results, domestic sales of HUF27bn (US$142.67mn) indicate that the company has a 6.8% share of Hungary's drug market and is the country's third-largest manufacturer by revenue.

Much of Egis's expansion plans are to include the CIS countries, where sales rose 29% in the period, with growth of 33% reported for the eastern European region excluding the former Soviet Union. Exports totalled some US$183.3mn in 2003/04. The company has already announced plans to build a new manufacturing plant in Russia, and owns an 88% stake in local pharmaceuticals producer Serdix.