Belgium's Fagron posts Q3 organic revenue drop
BRUSSELS Oct 9 (Reuters) - Belgium's Fagron, which makes custom medicines for pharmacies and hospitals, said on Friday its revenue, adjusted for acquisitions, fell in the third quarter of 2015, as a change in U.S. reimbursement policies weighed on its results.
Removing the positive effect of acquisitions, revenue fell 3.8 percent in the third quarter from a year earlier, a sharp slowdown from the 8.5 percent growth in the first half of 2015.
Fagron said this was because of a change in reimbursement policies in the United States for non-sterile preparations. The group added that the weak Brazilian real also weighed on results.
The company, which changed its name from Arseus at the end of last year, said last week that it had been approached for a potential takeover.
On Friday it added that it had allowed some potential buyers to look into its books ahead of preparing a binding offer.
"All parties in the process are respected, credible and reputable international organisations," Fagron added.
Fagron reiterated the downgraded outlook it gave last week, expecting 2015 revenue of between 470 million and 480 million euros and core profit (REBITDA) of between 105 million and 115 million euros. (Reporting by Robert-Jan Bartunek; Editing by Anand Basu)
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