Fagron NV (FAGR.BR) Thursday said that its third-quarter revenues rose 6.4 percent, helped mainly by growth in the EMEA region. While reaffirming its annual revenue outlook, the company also announced a share buyback program.
The Belgian pharmaceutical compounding company reported revenues of 228.2 million euros in the third quarter, higher than 214.5 million euros in the same period last year. On a Constant Exchange Rate or CER basis, the revenue growth was 10.3 percent in the three-month period.
According to Fagron, EMEA region contributed the most to the revenue growth with 86.28 million euros in the third quarter, up 17.3 percent from 73.56 million euros reported in the year-ago quarter.
The company also reaffirmed its fiscal 2025 revenue outlook of between 930 million euros and 950 million euros and also expect slightly improved profit compared to last year.
Fagron said that on October 16, it will begin the repurchase of upto 200,000 Fagron shares as part of its long-term incentive scheme. The program will cost around 4 million euros, based on the closing price of October 8.
The company said that the share buyback program will conclude on December 31, 2025, or earlier, if the maximum authorized number of repurchased shares is achieved before that date.
On the Brussels Stock Exchange, FAGR.BR ended Wednesday's trading at 20.25 euros, up 2.6 percent.
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