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Profit of “Grindeks” in the first quarter of 2011 - 1.5 million lats

Today, on 27 May, the financial statement of the JSC “Grindeks” (Latvia) on the first quarter of the year 2011 submitted to “NASDAQ OMX Riga” indicates that the net profit of the Group of “Grindeks” (hereinafter - the Group) was 1.5 million lats in the reporting period, which is by 0.1 million lats or 7.1% more in comparison with the first three months of 2010. In its turn, the Group's turnover during the first quarter of 2011 amounted to 14 million lats, which is by 0.55 million lats or 4.1% more than in the first quarter of 2010.

In the first three months of 2011, the gross profit margin of the Group was 57.9%, whereas, the net profit margin comprised 10.7%. Products of the Group, manufactured during the reporting period, were exported to 41 countries worldwide for the total amount of 13.2 million lats.

In the first quarter of 2011 the sales volume of the final dosage forms of  “Grindeks” amounted to 12.45 million lats, which is by 0.17 million lats or 1.4% more than in the same reporting period of 2010. In the first quarter of 2011, the amount of “Grindeks” final dosage forms' export to the main markets - Russia, other CIS countries and Georgia - remained at the level of the last year's first quarter and was 10.4 million lats. In its turn, the turnover of the final dosage forms in the Baltic States and other European countries reached 2.05 million lats, which is by 0.32 million lats or 18.5% more than in the first quarter of 2010.

In the first three months of 2011 the active pharmaceutical ingredients' sales volume reached 1.55 million lats, which is by 0.38 million lats or 32.5% more than in the first quarter of 2010. The main export markets for active pharmaceutical ingredients of “Grindeks” are Germany, Japan and the Netherlands. Along with the most demanded active pharmaceutical ingredients - detomidine, medetomidine, atipamezole etc. - the most significant increase in demand observed for the active pharmaceutical ingredient - ursodeoxycholic acid (UDCA), which was introduced into manufacturing in 2009.

“Grindeks” Member of the Board, Finance and Administrative Director Vadims Rabša: “In the pharmaceutical market the competition is fierce, and there are no reasons to believe that it could decrease. Our results confirm that we are able to use our advantages and we are ready for challenges to achieve a positive growth in business indicators. In our traditional markets - Russia and other CIS countries - the demand for our ready made medications is stable. But in the new markets of Eastern Europe and the Balkans, as well as of the Baltic countries a long-term positive trend and dynamic growth have been already observed. Business of active pharmaceutical ingredients takes a larger and larger role, and it indicates two strategic priorities set before - business diversification and targeted direction towards vertically integrated solutions. It enhances the competence and is an important prerequisite for competitiveness!”

On “Grindeks”

“Grindeks” is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. “Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups.

The Group consists of four subsidiary companies in Latvia, Estonia and Russia, as well representative offices in ten countries. Products of the company are exported to 50 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany and the Netherlands. JSC “Grindeks” shares are listed in the Official List of “NASDAQ OMX Riga”.

Further information on the company -

Further information:
Laila Klavina
Head of the Communications Department
JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505


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