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Home Industry News Pliva sees net loss of $34 million

Pliva sees net loss of $34 million

11th November 2005

Croatian pharmaceutical company Pliva has announced losses for the first nine months of 2005, despite rising revenues.

The company said that its revenues during the period had grown by 16 per cent to $943 million, but made a loss of $34 million.

However, Pliva’s earnings before interest and tax doubled to ?55 million during the third quarter of 2005, thanks to earnings from operations rising by 15 per cent to $48 million.

“The fiscal year 2005 has been an overall challenging year for Pliva reflecting continued consolidation and restructuring,” the company said in a statement. “Pliva also expects a challenging fourth quarter with continued consolidation in manufacturing and restructuring of sales and marketing organisations in some key markets.”

The firm had been extracting itself from proprietary drug ventures within the US. It had divested itself from the drug Sanctura earlier in the year, and said that the move had marginally improved sales costs for the company between July and September.

It is currently pursuing a deal with Legacy Pharma to let go of its Antabuse and Vivactilc franchise, and has sold VoSpire to DAVA Pharmacuticals for an immediate payment of $32 million. The firm wishes to focus on generics in the future.

It said that it expects sales growth of ten per cent for the full year.

track© Adfero Ltd

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