Johannesburg - South Africa's No 2 drug maker Adcock Ingram Holdings
[JSE:AIP] posted a 10% fall half-year earnings on Tuesday, hit by the loss of
high-margin drugs, and said it would continue seeking acquisitions in emerging
markets.
Adcock, the nation's top over-the-counter drugs maker, said
diluted headline earnings per share totalled 198.4 cents in the six months to
end-March, compared with 220.7c a year earlier.
The company said sales increased 5% to R2.25bn.
Adcock has been struggling in recent months after losing
three drugs that contribute as much as R200m sales due to safety reasons while
the weaker rand and lower consumer demand added to the headwinds.
But the Midrand-based company has been teaming up with
global pharmaceuticals companies such as Merck & Co to co-distribute their
products in Africa.
Adcock said it would continue looking for acquisition
opportunities in emerging markets, particularly Africa and India.