BASF to raise excipient prices
excipients in a move that represents the wider market that has seen
big cost increases for raw materials, energy and transportation
that has affected all excipient manufacturers.
Pharmaceutical excipients represent a large part of BASF's fine chemicals business and the decrease in earnings (before interest, tax and special items) to 1 million euros ($1.18 million) from €15 million a year hit BASF hard as it struggled with low market prices for important products.
BASF, the world's biggest chemicals company by sales, said it was increasing the prices of all drug excipients globally by at least 10 per cent.
In addition, as part of its cost saving strategy, BASF also streamlined operations last year, at its Ludwigshafen plant, a move expected to reduce costs by €480 million per year.
The fine chemicals unit had sales of €432 million in the third quarter to September, down from €444 million a year earlier.