On “Grindeks” results in the first nine months of 2020

On “Grindeks” results in the first nine months of 2020

 “Grindeks” turnover increases by 29%, profit by 36% in the first nine months of 2020

Today, on 26 November, the JSC “Grindeks” submitted the non-audited consolidated financial statements of the first nine months of 2020 to Nasdaq Riga. Non-audited financial results indicate that Group’s turnover in the first nine months of 2020 reached 137,1 million euro, which is by 30,5 million euro or 29% more than first nine months of 2019. In the first nine months of the 2020 the Group’s profit to shareholders of the parent company was 12,1 million euro, which is by 3,2 million euro or 36% more than in the first nine months of 2019. 

In the first nine months of 2020, the Group exported its production to 88 countries worldwide for a total of 128,9 million euro, which is by 29,4 million euro or 29% more than in the first nine months of 2019.

JSC “Grindeks” Chairman of the Board Ph.D. Juris Hmelnickis: ““Grindeks” Group has worked forcefully and flexibly in the nine months of this year, therefore it has achieved an increase in profit and turnover that surpasses the average development rate of the pharmaceutical industry. The difficult global circumstances and the influence of Covid-19 have consolidated and motivated “Grindeks” team to reach excellent results. The activities of “Grindeks” subsidiary, “Kalceks”, deserve attention. The company is delighted by its 100-year anniversary with brilliant success in the European Union countries. Things achieved so far increase confidence in the future of the “Grindeks” Group.”

“Grindeks” Group’s sales volume of the final dosage forms in the first nine months of 2020 was 126,9 million euro and has increased by 28,7 million euro or 29% in comparison to the first nine months of 2019.

In the first nine months of 2020 sales in Russia, other CIS countries and Georgia reached 62,4 million euro, which is by 1,0 million euro or 2% more than in the first nine months of 2019. Compared to the first nine months of 2019, first nine months of the 2020 biggest increase in sales volume has been reached in Uzbekistan (30%), Georgia (23%), Azerbaijan (16%) and Ukraine (7%).

Group’s sales volume of the final dosage forms in the EU countries, Great Britain and Norway in the first nine months of 2020 reached 58,0 million euro, which is by 23,7 million euro or 69% more than in first nine months of 2019. In comparison to the first nine months of 2019, the first nine months of 2020 sales volumes also increased in Belgium (751 times), in Spain (82 times), in Spain (81 times), in Denmark and the Netherlands (6 times), in Finland (5 times), in Czech Republic by 50%, in Latvia (42%), in France by 28% and Estonia (23%). 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 nine months of 2020 sales volume of active pharmaceutical ingredients reached 9,5 million euro, which is by 3,1 million euro or 47% more than in the first nine months 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 nine months 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 nine months of 2020 reached 31,7 million euro, which is by 23,5 million euro or 3,9 times more than in the first nine months of 2019. In the first nine months of 2020 JSC “Kalceks” medications were exported to 55 countries, main sales markets were Spain, Belgium, Israel, Czech Republic and France.

JSC “Kalceks” has submitted seven new products this year, including Dexamethasone phosphate 4 mg/ml solutions for infusion/injection for registration in 21 European Union countries. According to the results of a study by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA), this medicine is indicated for the treatment of coronavirus disease caused by COVID-19 for patients who need oxygen therapy.

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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