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Russia's Pharmstandard 2009 profit nearly doubles
Russian drugmaker Pharmstandard (PHSTq.L) said on Thursday its net profit nearly doubled last year on higher sales of medicines, especially its popular Arbidol flu drug.
Net profit amounted to 6.85 billion roubles ($233.7 million) in 2009, against 3.50 billion roubles a year earlier, with sales of the Arbidol drug doubling to 5.50 billion roubles and sales of all pharmaceutical products rising by 77 percent.
The London-listed company confirmed earlier reports that sales jumped 68 percent last year to 24.10 billion roubles, 96 percent of which came from sales of pharmaceutical products [nLDE61B0CK].
Higher sales of Arbidol, whose efficacy for treatment of the H1N1 flu was confirmed by Russian scientific institutes, and bigger sales of other drugs increased the company's share in the Russian pharmaceutical market to 4.4 percent from 4.0 percent a year earlier.
Pharmstandard also said that its first quarter 2010 revenue increased by a fourth to 5.73 billion roubles year-on-year, with 98 percent of that in pharmaceutical products. ($1=29.31 ROUBLE)