We previously estimated that for every 1ppt the HUF appreciates against currencies relevant to Richter, the margin is hit by 25bp (see Gedeon Richter: Negative case priced in, 28 March 2023). Further, margins will be impacted by wage inflation, high energy prices and intensified promotional activities and R&D in the coming quarters. However, increasing Vraylar royalties should support margins, as will the change in mix post the sale of the Romanian wholesale and retail business. Updated expectations: Richter has increased FY 23 guidance to 15-20% constant currency growth of revenue and earnings, from 10% previously. However, the outlook for H2 23 is weaker than H1 23 due to FX boosting sales in H2 22. We increase our revenue forecasts, given the steady underlying growth and higher Vraylar sales, to yield revenue growth of 15.7% in constant currency YoY for FY23e.