South Africa’s Adcock Says To Fall Into 9-month Loss – Yahoo News

REUTERS/Siphiwe Sibeko JOHANNESBURG (Reuters) – South Africa’s No.2 drugmaker Adcock Ingram will post a loss in the first nine-months of its fiscal year, it said on Tuesday, a sign a turnaround plan led by top investor Bidvest is yet to gain traction. Adcock is lagging behind rivals as it grapples with slowing sales, over-reliance on a heavily regulated home market and poor distribution network. Industrial conglomerate Bidvest, which owns about 34 percent of Adcock, has been pushing through changes after blocking a $1.2 billion takeover bid of Adcock from Chile’s CFR Pharmaceuticals earlier this year. “The effects of the corrective action are unlikely to yield significant improvement in the short term,” Adcock said in a trading statement.

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