HSBC analyst Raj Sinha raised the firm’s price target on Richter Gedeon to HUF 9,500 from HUF 8,900 and keeps a Hold rating on the shares. The firm notes that first half of 2023 revenue grew due to growth across all regions and stronger than expected Vraylar royalties, up 47% year-over-year. Vraylar royalties will support Richter’s margin while promotional activity and R&D spend increase, HSBC adds. Nonetheless, short-term headwinds leave the firm cautious.
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