Baltic Export, Good for Business, Industry, Latvia, Markets and Companies, Medicine

International Internet Magazine. Baltic States news & analytics Wednesday, 20.03.2019, 18:01

Grindex pharmaceutical company raises sales 7% in nine months

BC, Riga, 30.11.2018.Print version
Latvia’s Grindex concern in the first nine months of this year generated EUR 102.4 mln in sales, up 7 % y-o-y, while the group’s unaudited profit increased 17 % to EUR 7.6 mln, according to the unaudited consolidated financial statement submitted to the Nasdaq Riga stock exchange.

In January-September 2018, Grindex exported EUR 95.3 mln worth of products to 82 countries of the world, up 7 % y-o-y.

Sales of final dosage forms also rose 7 % y-o-y to EUR 95.8 mln in the nine months of 2018.

In the first nine months of 2018, sales in Russia, other CIS countries and Georgia reached EUR 61.1 mln, which is by EUR 2.1 mln 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 EU countries in the first nine months of 2018 reached EUR 32.4 mln which is by EUR 4.3 mln 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 the 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 EUR 5.7 mln, which is by EUR 0.45 mln or 9% more than in the first nine months of 2017. During this reporting period Grindex mostly exported its active pharmaceutical ingredients to EU countries, Japan, the US and Australia.

“The results of the Grindex 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,” said Grindex chairman Kirovs Lipmans.

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

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






Search site