JSC “Grindeks” forecasts turnover in the amount of LVL 64 million this year


JSC “Grindeks” forecasts that the year 2008 will end successfully and the
turnover in the amount of LVL 64 million will be reached. Such a result will be
obtained due to successful business activity in Russia, the rest CIS states and
product sales in other world markets. 

In order to achieve the current turnover dynamics also in the future, Chairman
of the Council of JSC “Grindeks” Kirovs Lipmans emphasizes: “The market
strategy of “Grindeks” has justified itself, therefore we will concentrate our
activity on both, the existing markets and the new, prospective market
acquisition such as China and Turkey, as well as entering smaller South Asian
markets, for example, Vietnam also in the future.” 

Upon registering Mildronate® and implementation of business activity in China,
Kirovs Lipmans, who has just returned from a business visit in Beijing sees
further development opportunities of the company: “If everything will take
place as it is currently planned, a manufacturing joint company could be
established in the future, as well as registration of the second brand product
of “Grindeks” Ftorafur® started in China.” 

In order to maintain the previous development rates of the company within a
long term, “Grindeks” will annually invest 9-11% of the turnover in research
and development also in the future. Chairman of the Council remarks:
“Competition in the pharmacy sector is intense, therefore our strategy must be
aggressive and the plans - ambitious. Purposeful investments must be made in
research and technologies so that “Grindeks” duplicated and even triplicated
the turnover within the next five years - it must be thought about both,
development of new products and continuous improvement of infrastructure. That
is our perspective.” 

About “Grindeks” 

JSC “Grindeks” is the leading pharmaceutical company in the Baltic States. Its
main fields of action are: research, development and manufacturing of brand
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, with the original products Mildronate® and Ftorafur® and
more than 100 forms of effective and safe generics included therein. 

“Grindeks” concern consists of four subsidiary companies in Latvia, Estonia and
Russia, as well representatives and representative offices in fourteen
countries. Products of the company are exported to more than 40 countries and
its export comprises more than 96% of the total turnover. The main markets are:
the Baltic States, Russia and other CIS countries, Japan, USA. “Grindeks”
shares are listed in the Official List of Riga Stock Exchange. 

You are kindly invited to www.grindeks.lv to find out more about our company!   

Contacts:
Laila Kļaviņa
Head of the Communications Department
JSC “Grindeks”
Phones: +371 67083370, + 371 29256012
e-mail: laila.klavina@grindeks.lv