Today, on 31 May, the JSC “Grindeks” submitted the non-audited consolidated financial statements for the first three months of 2018 to “Nasdaq Riga”. Non-audited financial results indicate the turnover of the Group in the first three months of 2018 was 34.8 million euro and has increased by 2.9 million euro or 9% in comparison to the first three months of 2017. In the first three months of 2018, the Group’s net profit, attributable to shareholders of the parent company, was 3.2 million euro and has decreased by 1.3 million euro or 29% compared to the first three months of 2017. Gross profit margin in the first three months of 2018 was 55%, while net profit margin was 9%. In the first three months of 2018, the Group’s production was exported to 58 countries worldwide, a total of 32.3 million euro that is by 2.6 million euro or 9% more than in the first three months of 2017.
The Chairman of the Council of JSC “Grindeks” Kirovs Lipmans: “Innovations and constant product portfolio development, as well as permanent investments in sales and marketing have facilitated achievement of the objectives set by the Council of “Grindeks” in the first quarter of the year.”
Sales volume of the final dosage forms of “Grindeks” in the first three months of 2018 was 32.4 million euro and increased by 2.8 million euro or 9% in comparison to the first three months of 2017. In the first three months of 2018, the sales amount in Russia, other CIS countries and Georgia reached 21.4 million euro, which is by 0.9 million euro or 4% more than in the first three months of 2017. In comparison to the first three months of 2017, in the first quarter of 2018 the biggest increase in sales volume was reached in Uzbekistan (94%), Belarus (40%), Georgia (34%), Kirgizstan (20%), Armenia and Tajikistan (16%). Sales volume in the EU countries in the first three months of 2018 reached 10.7 million euro which is by 2 million euro or 23% more than in the first three months of 2017. Sales volume in the first three months of 2017, compared with the first three months of 2017, has increased by 6 times in Poland, by 94% in the Netherlands, by 81% in Slovakia, by 37% in Sweden, by 27% in Czech Republic and by 22% in Finland. In the first three months of 2018, the sales volume in Latvia reached 1.9 million euro and has increased by 0.3 million euro or 17% in comparison with the first three months of 2017.
In the first three months of 2018, sales of the active pharmaceutical ingredients reached 2 million euro, which is by 0.1 million euro or 5% more than in the first three months of 2017. During this reporting period “Grindeks” mostly exported its active pharmaceutical ingredients to the EU countries, Japan, Australia and the U.S. The most required active pharmaceutical ingredients of “Grindeks” in the first three months of 2018 were dexmedetomidine, tegafur (ftorafur), oxytocin, zopiclone, medetomidine, pimobendan, atipamezole, detomidine.
The Chairman of the Board of JSC “Grindeks” Juris Bundulis: “To reach the main targets for this year we focus increasingly on complex solutions to meet the needs of patients, expanding the range of generics and including the latest generation medicines in our portfolio. We are successful in continuing drug registrations in the markets of strategic significance – for instance, the final dosage form of UDCA (ursodeoxycholic acid) has been registered in 22 countries already. The competition is fierce and “Grindeks” will use all strengths to accomplish its goals.”
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 five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 12 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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