Baltic Export, Latvia, Markets and Companies, Medicine

Non-audited financial results indicate that the group’s turnover in 2014 was EUR 88.4 million, which is by EUR 30 million or 25% less when compared to 2013.

At the same time, the company concluded last year with EUR 2.3 million in losses, compared to EUR 13.5 million in net profit in 2013.

In 2014, the company's products was exported to 60 countries worldwide, worth a total of EUR 83 million which is EUR 29.3 million or 26% less than in 2013.

Grindeks points out that the geopolitical situation in Russia and Ukraine is the key factor affecting performance indicators. Most of the company's financial losses are related to the dramatic decline in the value of Russian ruble – consequently, foregone earnings of the company makes at least EUR 6.2 million.

Grindeks is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Grindeks group consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 13 countries.