On “Grindeks” results in the first nine months of 2019

“Grindeks” profit in the first nine months of 2019 increases by 17% and reaches 8.9 million euro

Today, on November 28, JSC “Grindeks” submitted the non-audited consolidated financial statements of the first nine months of 2019 to Nasdaq Riga. Non-audited financial results indicate that in the first nine months of 2019 the Group’s profit, attributable to shareholders of the parent company, has reached 8.9 million euro. The profit has increased by 1.3 million euro or 17% in comparison to the first nine months of 2018. The turnover of the first nine months of 2019 was 106.6 million euro, and it has increased by 4.1 million euro or 4% in comparison to the first nine months of 2018.

JSC “Grindeks” Chairman of the Board Juris Bundulis: “In the first nine months of 2019 we have increased our productivity, improved the Group’s net profit margin and reached 8.9 million euro profit. This gives a positive effect for further development of the company, which I consider as a proof to our internal strength. As of intense competition in the pharmaceutical industry, improvement of company’s internal environment will continue to play a key role in our sustainable business model, to ensure new, complex solutions to meet our patients needs and achieve excellent business results.”

In the first nine months of 2019, the Group’s production was exported to 75 countries worldwide, a total of 99.6 million euro, which is by 4.3 million euro or 5% more than in the first nine months of 2018.

“Grindeks” sales volume of the final dosage forms in the first nine months of 2019 was 98.0 million euro and it has increased by 2.2 million euro in comparison to the first nine months of 2018. In the first nine months of 2019, the sales amount in Russia, the other CIS countries and Georgia reached 61.4 million euro, which is by 0.4 million euro or 1% more than in the first nine months of 2018. In comparison to the first nine months of 2018, in the first nine months of 2019 the biggest increase in sales volume has been reached in Turkmenistan (51%), Belarus (28%) and Georgia (23%).

Sales volume of the final dosage forms in the EU countries in the first nine months of 2019 reached 34.0 million euro which is by 1.7 million euro or 5% more than in the first nine months of 2018. In comparison to the first nine months of 2018, in the first nine months of 2019 sales volume in France and Sweden has doubled and in the Czech Republic has increased for 38%.

Sales volume of active pharmaceutical ingredients in the first nine months of 2019 reached 6.5 million euro which is by 0.8 million euro or 14% more than in the first nine months of 2018. During this reporting period “Grindeks” mostly exported its active pharmaceutical ingredients to the EU countries, Japan, Canada and Australia. The most required active pharmaceutical ingredients of “Grindeks” in the first nine months of 2019 were dexmedetomidine, xylazine and oxytocin.

About JSC “Grindeks”

“Grindeks” is an international pharmaceutical company focused on research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” has four subsidiary companies in Latvia, Estonia, and Slovakia as well as representative offices in 11 countries.

“Grindeks” specializes in the heart and cardiovascular, CNS, anti-cancer and gastroenterological medication therapeutic groups. A range of products covers a combination of original products Mildronate® (meldonium*) and Ftorafur®, generics, food supplements and active pharmaceutical ingredients.

In 2018, products of the company were exported to 87 countries with export comprising 93% of the total turnover. The most significant “Grindeks” markets include the EU countries, Russia and the other CIS countries, the U.S., Canada, Japan and Vietnam.

To increase production capacity and develop infrastructure, the company has accomplished many significant investment projects, investing nearly 105 million euros over the last 15 years.

*Notice: meldonium is included in the list of substances prohibited in sport.

Further information:

Laila Klavina

Head of the Communications Department, JSC “Grindeks”

Phones: (+371) 67083370, (+371) 29256012

Fax: (+371) 67083505

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