October 27 (SeeNews) - Romanian pharmaceutical producer Terapia Ranbaxy’s sales fell by 25% on the year to $17 million (11.4 million euro) in the third quarter of 2009, its Indian parent company Ranbaxy said.
"[…] sales for the quarter at $17 million were down 25% due to disruption in trade arising out of new pricing regulations that affected the generics industry, and severe liquidity crunch in the trade channels," Ranbaxy said in a statement posted on its website on Monday.
Terapia Ranbaxy maintained its top position on the generics and over-the-counter segment with a market share of 12.9%, its parent company said.
Terapia Ranbaxy held 4.4% of the pharmaceuticals market in the year ending June 30, according to a survey of market researcher Cegedim Romania.
Ranbaxy acquired 96.7% of Terapia from U.S. private equity fund Advent International for $324 million in 2006.
"We see the news as negative for [listed Romanian drug makers] Biofarm and Antibiotice as we expect their sales over the third quarter to be affected as well," Raiffeisen Capital & Investment said in a note to investors.
($ = 0.6721 euro)