Turnover of “Grindeks” reaches 102.4 million euro in the first nine months of 2018; profit – 7.6 million euro
Today, on 29 November, the JSC “Grindeks” submitted the non-audited consolidated financial statements for the first nine months of 2018 to “Nasdaq Riga”. Non-audited financial results indicate the turnover of the Group in the first nine months of 2018 was 102.4 million euro and has increased by 6.6 million euro or 7% in comparison to the first nine months of 2017. In the first nine months of 2018, the Group’s net profit, attributable to shareholders of the parent company, was 7.6 million euro and has increased by 1.1 million euro or 17% compared to the first nine months of 2017. In the first nine months of 2018, the Group’s production was exported to 82 countries worldwide, a total of 95.3 million euro which is by 6.5 million euro or 7% more than in the first nine months of 2017.
The Chairman of the Council of JSC “Grindeks” Kirovs Lipmans: “The achieved results confirm that a stable growth in the pharmaceutical business can be achieved through a well-considered strategy and increase of export volumes. We are strengthening our market positions thanks to the success of the Group companies in the international arena”.
Sales volume of the final dosage forms in the first nine months of 2018 was 95.8 million euro and has increased by 6.1million euro or 7% in comparison to the first nine months of 2017. In the first nine months of 2018, the sales amount in Russia, the other CIS countries and Georgia reached 61.1 million euro, which is by 2.1 million euro or 4% more than in the first nine months of 2017. In comparison to the first nine months of 2017, in the first nine months of 2018 the biggest increase in sales volume has been reached in Uzbekistan (29%), Kirgizstan (24%), Kazakhstan (18%), Armenia (14%), Azerbaijan and Belarus (9%), Ukraine (7%).
Sales volume of the final dosage forms in the EU countries in the first nine months of 2018 reached 32.4 million euro which is by 4.3 million euro or 15% more than in the first nine months of 2017. Sales volume in the first nine months of 2018, compared with the first nine months of 2017, has increased by 4.1 times in Poland, by 2.2 times in Czech Republic and Croatia, by 89% in Finland, by 84% in Denmark and Sweden, by 58% in Finland and by 43% in Spain.
In the first nine months of 2018, sales of the active pharmaceutical ingredients reached 5.7 million euro, which is by 0.45 million euro or 9% more than in the first nine months of 2017. During this reporting period “Grindeks” mostly exported its active pharmaceutical ingredients to the EU countries, Japan, the U.S and Australia. The most required active pharmaceutical ingredients of “Grindeks” in the first nine months of 2018 were dexmedetomidine, zopiclone, pimobendan, oxytocin, medetomidine, tegafur (ftorafur), atipamezole, detomidine.
The Chairman of the Board of JSC “Grindeks” Juris Bundulis: “The results of the "Grindeks" Group in the nine months of 2018 show a steady increase in sales of both final dosage forms and active pharmaceutical ingredients. Effective marketing and sales activities, as well as focusing on complex solutions to meet patient needs, will help ensure continued growth.”
About “Grindeks”
“Grindeks” is an international pharmaceutical company focused on research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” has four subsidiary companies in Latvia, Estonia, and Slovakia as well as representative offices in 11 countries.
“Grindeks” specializes in the heart and cardiovascular, CNS, anti-cancer and gastroenterological medication therapeutic groups. A range of products covers a combination of original products Mildronate® (meldonium*) and Ftorafur®, generics, food supplements and active pharmaceutical ingredients.
In 2017, products of the company were exported to 77 countries with export comprising 92.5% of the total turnover. The key markets include the EU countries, Russia and the other CIS countries, the U.S., Canada, Japan and Vietnam.
To increase production capacity and develop infrastructure, the company has accomplished many significant investment projects, investing around 100 million euros over the last 15 years.
*Notice: meldonium is included in the list of substances prohibited in sport.
Further information:
Laila Klavina
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
laila.klavina@grindeks.lv
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