Stada suffers €97m collateral damage as Serbian state fails to pay its own wholesaler

The likelihood that Serbian pharmaceutical wholesalers will default on their debts has led German wholesaler Stada, which has a leading position in the market, to book a one-off pre-tax special impairment of €97 million for the third quarter. In particular, Stada is owed money by the country's largest wholesaler, Velefarm, which is majority owned by the state and just under 20% owned by Stada itself.