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Russia's Pharmstandard H1 profit rises 47 pct
Russian drug maker Pharmstandard said on Tuesday its first-half net profit grew 47 percent to 2.6 billion roubles ($82 million) after sales were boosted by a government tender.
Pharmstandard supplied the state with 2.5 billion roubles worth of cancer drug Velcade, which it distributes on behalf of Janssen-Cilag AB, a unit of Johnson & Johnson (JNJ.N).
The tender boosted Pharmstandard's pharmaceutical sales and total revenue, which jumped 73 percent and 62 percent respectively, but depressed core profitability.
It said operating profit rose 49 percent to 3.5 billion roubles, but operating margin slipped to 35 percent from 38 percent a year ago.
Pharmstandard (PHST.RTS) held an initial public offering in May 2007 raising $880 million through the sale of 43 percent of its equity and becoming the first firm in the sector to float.
The company, which has five plants in Russia, also develops and sells medical equipment and disposable medical products.
($1 = 31.83 roubles)