Baltic Export, Latvia, Markets and Companies, Medicine

In 2015, the group’s net profit, attributable to shareholders of the parent company, was EUR 1 million as opposed to a net loss of EUR 2.5 million in 2014. Gross profit margin in 2015 was 44.3% while net profit margin was 1.3%. In 2015, the group’s products were exported to 70 countries worldwide for a total of EUR 74.2 million, which is by EUR 8.7 million or 10.5% less than in 2014.

Sales of the final dosage forms in 2015 stood at EUR 74.7 million, decreasing by EUR 4.3 million or 5.4% in comparison to 2014. In 2015, sales in Russia, other CIS countries and Georgia reached EUR 41.3 million or by EUR 19.2 million or 31.8% less than in 2014. The biggest sales increases year-on-year were observed for Georgia (25%) and Turkmenistan (37%).

Thanks to the business diversification strategy and the development of the company’s activities in new markets, sales in the Baltic States and other countries reached EUR 33.4 million last year, which is a rise by EUR 14.9 million or 1.8 times from 2014. Sales in the Netherlands increased 14.1 times year-on-year, in Norway 3.3 times, in Vietnam 2.2 times and in Poland 1.8 times. In 2015, Grindex started the export of the final dosage forms to France where the sales reached EUR 0.5 million, and Canada where sales reached EUR 0.3 million. In 2015, Latvian sales in reached EUR 6.6 million, growing by EUR 1.9 million or 41.6% from 2014.

In 2015, Grindex complemented its range of products and introduced the final dosage form (capsule) of Ursodeoxycholic acid (UDCA) and started its export to Russia and Georgia. Thereby Grindex widened its offer in the gastrointestinal tract and metabolism drug therapeutic group. Grindex has also widened its range of food supplements and introduced two new products – the latest generation lactic acid bacteria and bifidobacteria complex Lactobex® Strong and Herbastress® night. Both products are distributed in the Baltics.

In 2015, sales of the active pharmaceutical ingredients reached EUR 7.2 million, which is by EUR 1.8 million or 20.3% less than in 2014. The main markets of Grindex active pharmaceutical ingredients are the EU countries, U.S., Canada and Japan.

“The global economic and political situation is still uncertain and often hard to predict. In 2015, to lower the risks in our current markets we decidedly used our potential in other ones.  Grindex already exports its products to 70 countries. In 2016, we will strategically focus on the growth of our activities in the European Union and Southeast Asia, where we hope to increase the sales volume by 30%. New products are under development and a number of registration procedures in many countries over the world have been started, which is going to strengthen Grindex positions,” said Juris Bundulis, Board Chairman of Grindex.

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 as well as representative offices in 13 countries.

Grindex exports its products to 70 countries, and export comprises 90% of the total turnover. The key markets include the EU countries, Russia and other CIS countries, the U.S., Canada, Japan and Vietnam.

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