Alta dviguje TP na 68 EUR.

Krka: Strong 1H18 as Krka is on a good path to deliver or even surpass its 2018 guidance.

In 1H18 Krka sold more than 7 bn units which represents a 6% volume increase YoY. This translated into EUR 680.5m of sales, up by 3.9% YoY. Growth is broad based in terms of geographic and production segments. One exception is their biggest market, as Russia value sales are down 2% despite being up 12% in local currency. Consequently, Krka Group delivered EBITDA of 190.9m in 1H18, up by 7.7%, and profit of EUR 101.7m, up by 11% YoY. While 1Q18 results were a clear beat, 2Q18 added to that albeit with lower intensity. Cumulatively looking, Krka was ahead of our expectations regarding profit by roughly EUR 5.4m, therefore we have adjusted our guidance, especially since some of the CAPEX could move to 2019 and since management noted that without FX surprises, gross margins should be repeated in 2H. Main investment thesis warranted no change, albeit valsartan issue with competitors could be Krkas gain. Our target price is lifted to EUR 68 with buy recommendation still intact.

Kaj veliko ne nuca, ko pa prodajalci prodajajo malenkost nad povprasevanjem oz. celo trzno.

Povračilo v blagajno za vse farmacevtske družbe

Na naše dodatno vprašanje so v ZZZS potrdili, da ne nameravajo izvzeti generičnih proizvajalcev, ampak si želijo, da bi sodelovale vse družbe glede na tržni delež, ki ga imajo na našem trgu.

www.finance.si/89400...industrijo