Sigma Pharmaceuticals Ltd
(ASX:SIP) has warned it expects wholesale revenues to fall by around 10 to 15 per cent from February 2011.
Last month Sigma downgraded its earnings before interest and tax guidance to between $120 million to $130 million for the current financial year.
The latest profit guidance comes following news the pharmaceuticals company has lost the rights for wholesale distribution of prescription products from major supplier Pfizer Australia.
Sigma advises that from 31 January next year Pfizer will be expanding its current Pfizer Direct model so that all prescription products will be delivered by Pfizer direct to pharmacies.
Sigma says it will continue to distribute Pfizer’s over the counter and consumer products.
Sigma Pharmaceuticals recorded a net loss of $218.52 million in the first six months of 2010.
