During first six months of 2007 JSC Grindeks successfully continues to increase product manufacturing and revenues

Net turnover of the Joint Stock Company Grindeks in the first six months of
2007 amounted to 25.93 million lats, which is by 25% more than during
comparable period in 2006. 

Company's gross profit for the first half of 2007 reached 13.9 million lats and
has grown by 21.4% as compared to the same period in 2006.Net profit of the
Company for the first half of the year 2007 amounted to 3.48 million lats,
which is 13.4% net profit margin. 

Revenue from final dosage form medicines sales during first six months of the
year 2007 comprised 23.44 million lats, growing by 23% as compared with the
corresponding period in 2006. 

Grindeks is actively continuing to search for new markets for its medicines. In

May 2007 the Company has concluded agreement on registration of its top brand
product Mildronate in the People's Republic of China. 

Chairman of the Board of JSC Grindeks Jānis Romanovskis informs: “This is a
significant investment in future development of Grindeks, taking into account
market size of pharmaceutical products as well as rapid increase of purchase
capacity in China.” 

Grindeks is successfully continuing development of active pharmaceutical
ingredient segment of its business selling both in existing and new markets.
Export of active pharmaceutical substances during first half of the year 2007
represented increase of 44% as compared with the respective period of 2006. The
Mutual Recognition Procedure in Europe of already second active pharmaceutical
ingredient Detomidine has been accomplished in the first half of this year. 

During the reporting period the Company has successfully realized the biggest
investment project of ERDF in Latvia, creating the new Analytical Scaling
Laboratory - the only laboratory of this kind in the Baltic States up to now,
certified accordingly to the requirements of Good Laboratory Practise. 

Grindeks share price in the first six months of 2007 in Riga Stock Exchange
fluctuated in the range from Ls 6.99 to Ls 9.05 per share in February, reaching
historical maximum of the share price. Grindeks earnings per share for the
first half of the year 2007 were Ls 0.36 or 0.52 euros. 

JSC Grindeks is the leading pharmaceutical company in the Baltic States,
specializing in the manufacturing of heart and cardiovascular medications; CNS
drugs and anti-cancer agents. Its concern consists of four subsidiary companies
in Latvia, Estonia and Russia and seven representative offices. Production is
being exported to 40 countries. Main markets - Baltic States, Russia, and CIS
countries, Japan, USA. Grindeks shares are listed in the Official list of Riga
Stock Exchange.


Additional information:
Laura Userovska
Assistant to the Chairman of the Board
JSC "Grindeks"
Phone: 7083252
laura.userovska@grindeks.lv