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Grindex expects 2018 turnover to grow at least 10% y-o-y

BC, Riga, 18.01.2018.Print version
Latvian pharmaceutical company Grindex expects its 2018 turnover to grow at least 10% compared to 2017, the company said in a statement submitted to the Nasdaq Riga stock exchange, cites LETA.

The turnover growth this year is to be achieved by raising exports to the EU member states, Russia and other CIS countries, the U.S., Canada, Japan and Vietnam, and also by entering new markets. The strategic markets for business development in 2018 will be the EU and Southeast Asia, Grindex representatives said.


In addition to entering new markets, Grindex is planning to make significant investments in development.


"The major factor to boost production is an increase in demand. This raises the issue of necessary production capacity; therefore, this year we will invest at least EUR 7 million in our manufacturing facilities in Latvia, Estonia and Slovakia," said Kirovs Lipmans, the council chairman of Grindex.


 In 2018, Grindex will strategically focus on complex solutions to meet the needs of patients.


The Grindex group reported EUR 95.864 million in turnover for the first nine months of 2017, which was a 32.4% increase against the nine-month period in 2016, and the group profit was up 0.5% to EUR 6.457 million.


Grindex is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients.


Grindex group comprises the parent company, Grindex, and five subsidiaries in Latvia, Estonia, Russia and Slovakia.


Grindex is quoted on the Main List of the Nasdaq Riga stock exchange.


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