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Pharmstandard reports IFRS-based results prior to IPO

RBC, 06.12.2006, Moscow 10:57:19. One of the most secretive companies on the Russian pharmaceutical market Pharmstandard posted on Tuesday its financial performance under international standards. According to the RBC Daily newspaper, this is a preparatory step for the company's IPO, scheduled for 2007.

On the basis of Pharmstandard's financial data analysts were able to give a preliminary estimate of the company's capitalization, which amounts to $600m-$1.1bn. The company reported in the statement that its sales had surged 44.1 percent to RUR5.685bn (approx. USD217m) in 2005 compared to 2004. Pharmstandard explained the sales increase by the purchase of the Tyumen medical equipment and instruments factory. The company's net profit also rose 21 percent to RUR1.019bn (approx. 39m). In the first half of 2006 its net revenue soared 114 percent to RUR646.9m (approx. 24.71m).

Analysts characterized Pharmstandard's financial performance as positive compared to other Russian pharmaceutical manufacturers.

The company is one of the ten largest pharmaceutical manufacturers in Russia. It incorporates five factories and produces more than 240 medicines, including complivit, pentalgin, and arbidol, among others.

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