Actavis not affected by economic events in Iceland

ActavisThe operations of generic pharmaceutical company Actavis will not be affected by the financial crisis in Iceland, the company reports.

Actavis, which has its headquarters in Reykjavik, is a leading generic pharmaceuticals manufacturer with operations in 40 countries and 11,000 employees.

The statement, released on the company’s website, says that “only 1% of Actavis’ revenues are generated in Iceland” and that it is “not exposed to the Icelandic banks in regards to funding or normal banking facilities”.

The Icelandic government recently nationalised all the country’s major banks with the Icelandic krona seeing a sharp drop in value.

Actavis states that its banking operations are with international banks that are not exposed to the current events in Iceland and that its books are in euros.

“The global financial crisis does not impact our normal course of business, and we will remain focused on providing quality products to our customers,” the statement says.