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In October, the pharmaceutical group's preliminary consolidated revenue grew 57% on year to EUR 20 mln.

Olainfarm representatives noted especially steep sales increase in Russia, Belarus and Tajikistan. During the ten-month period, Olainfarm products were sold in 54 countries of the world.

Sales growth was recorded in eight of the company's key markets. Revenue grew 165% in Russia, 8% in Latvia, 25% in Belarus, 4% in Kazakhstan, 187% in Tajikistan, 261% in Georgia, 20% in Poland and 2,999% in the Netherlands. Meanwhile, revenue declined 5% in Ukraine and 8% in Uzbekistan.

During the second half of this year rapid increase in sales to Russia is related to implementation of new regulatory requirements. Starting from January next year all packages of medical products must be traceable at every supply chain stage therefore each package must contain a unique serial number. The largest distributors of Olainfarm have purchased additional inventory of pharmaceuticals and plan to sell it during the next year, thus Olainfarm expects drop in sales to Russia in December this year and during the first quarter 2020, the company informed.

In the ten months of 2019, contribution of the main sales markets of Olainfarm Group increased to 79% of the total revenue – Russia had the largest share of 33%, Latvia – 27%, Belarus – 12% and Ukraine – 8%.

The group’s other major sales markets include Kazakhstan, Uzbekistan, the Netherlands, Germany, Tajikistan and Lithuania.

The most rapid sales growth during this ten-month period was achieved in the Netherlands, where sales grew by 214%  compared to the last year, and in Uzbekistan where sales grew by 39%.. Sales in Russia improved by 30%, in Latvia by 12%, in Belarus and in Kazakhstan by 11%, in Germany by 4% and in Tajikistan by 34%. 

Meanwhile, sales declined 1 percent in Ukraine and 21% in Lithuania.

The company's representatives also indicated that in the ten months of 2019, Olainfarm met 93% of the annual unconsolidated sales target and 89% of the consolidated sales target planned for this year. The company's unconsolidated sales for this year are planned at EUR 99 mln and consolidated sales at EUR 133 mln.

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange.