By Stuart Condie
SYDNEY – Australian Pharmaceutical Industries Ltd. raised its annual profit forecast due to a stronger-than-expected performance of its distribution business and stores outside of locked city centers.
The API said Monday it expects underlying earnings before interest and taxes for the 12 months to August of around A $ 70 million ($ 51.2 million). He previously guided between A $ 66 million and A $ 68 million.
“API achieved better business performance thanks to our suburban and regional Priceline pharmacies as well as online. We also recorded high volumes thanks to our pharmacy distribution activity that we had not anticipated, ”said Richard Vincent, Managing Director and Managing Director of API.
API, which has received competing takeover proposals from retail conglomerate Wesfarmers Ltd. and pharmaceutical distributor Sigma Healthcare Ltd., announced that it will release its 2021 results on October 28.
The company has acknowledged a class action lawsuit filed against it in an Australian court. He said he denied the complainant’s allegations and would vigorously defend the action.
The API did not detail the allegations and said it would be inappropriate to comment on a case in court. Local media have reported that franchisees are suing Priceline over what they say are unfair franchise deals.
Write to Stuart Condie at [email protected]