BUDAPEST--Hungarian pharmaceuticals maker Richter Gedeon Nyrt. (RICHTER.BU) posted a larger-than-expected net profit for the first quarter as it substantially cut back sales and marketing costs after taking a massive hit in the previous quarter from the Russian ruble's tumble, figures published Wednesday showed.

Consolidated net profit was 15.04 billion Hungarian forints ($55.3 million) in the first quarter, up 61% from HUF9.34 billion in the same period of 2014, and a swing from a HUF4.19 billion net loss in the previous quarter.

Earnings per share rose to HUF81 from HUF50 a year earlier.

The company, Hungary's largest drug exporter, also beat analysts' expectations in a Portfolio poll for a net profit of HUF11.5 billion.

As a result of lower sales and marketing costs, as well as a reduction in research and development expenditure, operating profit increased 37% to HUF13.85 billion in the January-March period.

Richter, whose product portfolio covers gynaecology, the central nervous system, and cardiovascular therapeutic areas, generates about 91% of its revenue abroad. Russian sales accounted for 24% of its overall revenue last year.

Results received a boost from rising gynecological and related product sales, increasing sales in core European Union countries, the U.S. and China, and also from the devaluation of the Hungarian currency as well as the euro against the dollar over the period. The gross margin, a key indicator of profitability, was 63.3%, higher than expectations for around 61% and also up from 62.5% a year earlier.

Still, the devaluation of the Russian ruble against the forint and declining sales in Ukraine continued to depress revenue, the company said.

First-quarter revenue fell 0.7% to HUF87.68 billion from a year earlier. Analysts had expected a 2.3% decline.

Financial operations, which were a major drag on the results with a HUF15.47 billion net loss in the previous quarter because of the Russian ruble's fall, showed some recovery. Net gain on financial operation was HUF2.26 billion in the first quarter, a swing also from a net financial loss of HUF1.15 billion a year earlier.

Chief Executive Erik Bogsch is scheduled to give details about the earnings at a 0700 GMT briefing Wednesday.

Richter shares ended up 0.1% at HUF4,475 on Tuesday on the Budapest Stock Exchange while the benchmark BUX index closed 0.2% higher.

Write to Margit Feher at margit.feher@wsj.com; Twitter: @margitfeher

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