On “Grindeks” results in the first half of 2020

“Grindeks” turnover increases by 37%, profit by 67% in the first half of 2020

Today, on 27 August, the JSC “Grindeks” submitted the non-audited consolidated financial statements of the first half of 2020 to Nasdaq Riga. Non-audited financial results indicate that Group’s turnover in the first half of 2020 reached 94,5 million euro, which is by 25,6 million euro or 37% more than first half of 2019. In the first half of the 2020 the Group’s profit to shareholders of the parent company was 12,8 million euro, which is by 5,2 million euro or 67% more than in the first half of 2019. 

In the first half of 2020, the Group exported its production to 77 countries worldwide for a total of 88.9 million euro, which is by 24.6 million euro or 38% more than in the first half of 2019.

JSC “Grindeks” Chairman of the Board Ph.D. Juris Hmelnickis: “The financial results for the first six months of this year are the best during the “Grindeks” Group’s existence. An ambitious increase in turnover and profit has been achieved. Although the first half of the year was spent in difficult circumstances and under the influence of Covid-19, it brought together employees and encouraged them to overcome any difficulties. In particular, the work of “Grindek’s” subsidiary “Kalceks”, which is delighted with excellent success in the EU countries on the 100-year anniversary of the company, is to be noted. I am convinced that this year is a turning point for the “Grindeks” Group and decisions taken constitute a conviction for continued growth over the years to come. We view the future with confidence.”

“Grindeks” Group’s sales volume of the final dosage forms in the first half of 2020 was 87,6 million euro and has increased by 24,6, million euro or 39% in comparison to the first half of 2019.

In the first half of 2020 sales in Russia, other CIS countries and Georgia reached 42,8 million euro, which is by 4,4 million euro or 11% more than in the first half of 2019. Compared to the first half of 2019, first half of the 2020 biggest increase in sales volume has been reached in Ukraine (43%), Georgia (19%), Kazakhstan (15%) and Russia (6%).

Group’s sales volume of the final dosage forms in the EU countries, Great Britain and Norway in the first half of 2020 reached 41,5 million euro, which is by 18,1 million euro or 77% more than in first half of 2019. In comparison to the first half of 2019, the first half of 2020 sales volumes also increased in Belgium (720 times), in Spain (82 times), in Denmark (7 times), the Netherlands (3 times), in Great Britain (84%), in Latvia (49%) and Estonia (21%). The high sales results in Belgium and Spain have been achieved thanks to the intensive work of “Grindeks” subsidiary JSC “Kalceks”, and business development in EU countries.

In the first half of 2020 sales volume of active pharmaceutical ingredients reached 6,5 million euro, which is by 1,5 million euro or 29% more than in the first half of 2019. The largest export countries of “Grindeks” active pharmaceutical ingredients during the reporting period were the EU countries, the USA, Japan and Canada.

In the first half of 2020 the subsidiary company of “Grindeks” JSC “Kalceks”, which specializes in medicines for the hospital segment, achieved a rapid increase in sales, achieved by increasing the number of export countries and by introducing new products. JSC “Kalceks” product sales in the first half of 2020 reached 24,9 million euro, which is by 19,8 million euro or 5 times more than in the first half of 2019. In the first half of 2020 JSC “Kalceks” medications were exported to 48 countries, main sales markets were Spain, Belgium, Israel, Italy and Denmark.

About “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 anti-diabetes medicines. A range of products covers a combination of original products Mildronate® (meldonium*) and Ftorafur®, generics and active pharmaceutical ingredients.

In 2019, products of the company were exported to 84 countries. The most important export markets of "Grindeks" are the EU countries, Russia and other CIS countries, the USA, Canada and Japan.

Further information:

Laila Klavina

Head of the Communications Department, JSC “Grindeks”

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

Fax: (+371) 67083505

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