A&D Pharma, the largest Romanian pharmaceutical company, has lost 58% of its capitalisation since the beginning of the year, due the decline experienced by the capital markets, after it reported a turnover increase for the first three months of the year. A&D Pharma shares, which are traded in the form of GDRs (global depositary receipts) on the London Stock Exchange, ended Wednesday's session at a price of 6.5 euros, a level at which the capitalisation reached 216.6 million euros. At the beginning of this year, the group's shares were traded at 15.5 euros per share, at which time the market value stood at 516 million euros, so the loss in terms of capitalisation is worth almost 300 million euros. The significant decline seen by A&D Pharma shares over the last few months overlapped with a dramatic decline in liquidity, with the average value of transactions that involved these shares down to fewer than 10,000 euros, from an average of 200,000 euros registered when they were listed in October 2006. The group published its first-three-month results on Wednesday, according to which A&D Pharma posted a 126.7 million-euro turnover during this period, a 32% increase on the first quarter of 2007.
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