Celesio Sees Difficult 2011; Eyes Acquisitions, Fresh Markets

German pharmaceutical retailer Celesio AG (CLS1.XE) said Wednesday it will speed up efforts to offset lost profits caused by government austerity measures in Europe by expanding into countries with less regulated pharmaceutical markets, notably by making acquisitions. The company in a statement said it expects public budgets to remain extremely tight in 2011 and 2012 in Europe, cutting into Celesio's growth prospects. It declined to give a precise earnings forecast for the current year or for 2012. Celesio said known government measures, particularly in the U.K. pharmacy business which is the company's second-largest region by revenue, are expected ...