Nine-month sales growth in Russia offset Stada's decline in Serbia

Stada, one of the largest Germany-based wholesalers, increased its sales by 3% to €1.2 billion in the first nine months of this year. The company attributed its modest performance mainly to liquidity problems of its subsidiaries in Serbia, one of its most important individual markets. These problems resulted from hospitals' non-payments and/or delayed payments to wholesalers.