Adcock slides to near three-year low

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Pharma REUTERS A pharmacist counts pills in a pharmacy.

Shares in Adcock Ingram (AIP) dropped more than 3% to a near three-year low on Tuesday after the pharmaceutical firm posted a drop in full year profit to the end of September.

Diluted headline earnings per share dropped 9.1% to 421.8 cents compared with the same period a year ago.

Adcock, which is South Africa's second-biggest drugs maker, latest results missed estimates with profit falling due to the loss of high-margin drugs and unfavourable currency swings.

At 2pm‚ the share price was down 3.20% to R53‚ the lowest level since January 2010. The share price values the company at R9.264 billion. - Reuters and I-Net Bridge

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