JSC “Grindeks” non-audited consolidated financial report about the results of
the first quarter of 2008, presented to Riga Stock Exchange, shows that the
Group of “Grindeks” has worked successfully during the first three months of
this year. Net profit in the accounting period amounted to 3.5 million lats,
twice exceeding the results of the first quarter of 2007. Turnover of the Group
amounted to 17 million lats, which is by 5.1 million lats or 43% more than
during the first three months of 2007.
Chairman of the Board of “Grindeks” Janis Romanovskis notes: “In the first
quarter of 2008 the most substantial part of the profit gave “Grindeks”
ready-made medications sales increase by 48%, which, on its turn, was
influenced by the fact that in February and March the Russian company
“Pharmstandard” purchased from our company a remarkable amount of products to
ensure safety stocks and to cope with the initial demand of the Russian
pharmaceutical distribution network.” Chairman Board of “Grindeks” forecasts
that sales increase will not preserve so high pace during the next quarters.
As earlier announced, in the beginning of 2008 “Grindeks” concluded a
collaboration agreement with “Pharmstandard”, one of the leading pharmaceutical
companies in Russia. According to the agreement, “Pharmstandard” has obtained
exclusive rights to distribute and promote “Grindeks” original product
Mildronate® in the Russian Federation since 1 February 2008.
Positive measures of profit were also obtained as the result of increase in
export of active pharmaceutical ingredients (API) that reached 1.2 million lats
in the first quarter of 2008, similar to the first three months of 2007.
Chairman of the Board of “Grindeks” Janis Romanovskis stressed that ftorafur,
zopiclone, oxytocin and rilmenidine and the new veterinary product detomidine
are the most marketable products among the active pharmaceutical ingredients of
“Grindeks” at the moment. Besides, “Grindeks” has gained 35% of the world
market by exporting zopiclone and oxytocin, but the sales of veterinary
substance detomidine in the EU countries already make 49% of the EU market.
In March JSC “Grindeks” has concluded a contract with one of America's most
distinguished Research Centers - Wake Forest University School of Medicine - on
supply of active pharmaceutical ingredient oxytocin for the project of new
anaesthetic scientific research. It is a big recognition to “Grindeks” product
quality, because the USA is one of the world's most particular countries about
quality demands.
Overview of JSC “Grindeks”
JSC “Grindeks” is the leading pharmaceutical company in the Baltic States. Its
main activity is research, development, production and sales of original
products, generics and active pharmaceutical ingredients. “Grindeks”
specializes in the heart and cardiovascular, CNS and anti-cancer medication
therapeutic groups.
A range of “Grindeks” products covers a successful combination of original
products and generics. It includes the original products Mildronate® and
Ftorafur® and more than 100 forms of effective and safe generics.
The Group of “Grindeks” consists of four subsidiary companies in Latvia,
Estonia and Russia. It has representatives and representative offices in
fourteen countries. Products of the company are exported to more than 40
countries and its export comprises more than 92% of the total turnover. The
main markets are the Baltic States, Russia and CIS countries, Japan, the USA.
JSC “Grindeks” shares are listed in the Official List of Riga Stock Exchange.
You are kindly invited to www.grindeks.lv to get to know more about our company!
Further information:
Solvita Ulmane
“Grindeks” Communications Department
E-mail: solvita.ulmane@grindeks.lv
Phones: (+371) 67083448
www.grindeks.lv
