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Loss of high margin drugs hits Adcock

May 29 2012 08:07 Reuters

Company Data

ADCOCK INGRAM HOLDINGS LIMITED [JSE:AIP]

Last traded 53.92
Change -0.08
% Change 0.00
Cumulative volume 119483
Market cap 9.47bn

Last Updated: 24/07/2014 at 02:23. Prices are delayed by 15 minutes. Source: McGregor BFA

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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.

 
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