Morningstar | Margin Pressure Starting to Sour Blackmores' China Growth Story
Blackmores has been the market leader for complementary medicines in Australia since 2003, following the demise of competitor Pan Pharmaceuticals that year. A combination of product innovation, category expansion, and increasing distribution scale has helped the company maintain this position and achieve strong profit growth. Key products include the performance multirange, eco krill oil, executive B stress formula, and pregnancy and breast-feeding gold. A growing acceptance of complementary medicines as a viable alternative to traditional medicines leaves the industry with growth potential in the years ahead. Although we view the primary geographic market of Australia as largely mature, offshore sales in Asia are increasing significantly. Blackmores' strong brand position stems from its heritage-brand status in Australia.Blackmores is engaged in the development, sales and marketing of health products for humans and animals including vitamins and herbal and mineral nutritional supplements. As of June 30 2016, Co. operated in Australia, New Zealand and Asia.
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