Pharmaniaga posts RM607m net loss for 2022, classified financially troubled

Pharmaniaga Bhd has posted a net loss of RM607.32 million for the financial year ended Dec 31, 2022, (FY2022) against a net profit of RM172.15 million in the previous year, with an RM552 million provision for “slow-moving stocks of Covid-19 vaccines” pushing the pharmaceutical company under the financially troubled PN17 category.

Revenue tumbled 27.1 percent to RM3.51 billion from RM4.82 billion as there was lower demand from the government for the purchase of Covid-19 vaccines.

“However, the group achieved...