The former subsidiary of Sanofi, a specialist in the production of active pharmaceutical ingredients, has identified a problem on one of its sites and is revising its outlook for 2022 downwards.
A sharp drop in the title of around 20%! The reaction of investors is equal to the disappointment created by the downward revision of the annual objectives less than a month before the end of the financial year. EuroAPI explains that it has temporarily suspended production activities at its Budapest site following a routine internal assessment.
The group says it hasidentified certain deviations from good manufacturing practices, relating to the management of documentation” for some “records of production batches of certain prostaglandins manufactured in a dedicated unit at its Budapest site“. He then, as a precautionary measure, decided on November 30 “to suspend the release of batches and, secondly, to temporarily stop the production of prostaglandins“.
A major downgrade
Decisions that will have a negative impact on the company’s accounts, resulting in a downward revision of the annual objectives. Thus, EuroAPI now anticipates a turnover…