OREANDA-NEWS. On 07 July 2008 OJSC "VEROPHARM" [RTS:VRPH, MICEX:VFRM] announced its unaudited financial results for the 1st Quarter 2008 in accordance with the International Financial Reporting Standards (IFRS).

SALES

Consolidated sales in Q1 2008 grew by 43,9% and reached USD 34,7 mln. in comparison with USD 24,1 mln. in Q1 2007.

In Q1 2008 sales of Veropharm’s finished goods were up by 40,4% in comparison with Q1 2007 USD and amounted USD 33,3 mln. [1]

Rx drugs sales amounted to USD 20,7 mln. in Q1 2008, a 66% increase in comparison with Q1 2007. The Rx drugs sales accounted for 62% of total sales.[2]

In Q1 2008 traditional drugs sales stood at USD 2,9 mln., which represents 36% decrease as compared to Q1 2007, and made up 9% of total sales.

Adhesive bandages sales came to USD 6,7 mln. in Q1 2008, a 53% increase as compared to Q1 2007. The share of adhesive bandages in total sales was 20%.

OTC drugs sales amounted to USD 3,0 mln. in Q1 2008, a 24% increase in comparison with Q1 2007. The share of OTC drugs makes 9% sales of the Company.

Veropharm sales as part of Federal Reimbursement Program (FRP) came to USD 0,9 mln. in Q1 2008, accounting for 2,6% of the Company’s total sales. By the results of Q1 2007, FRP sales were USD 1,0 mln., or 4,2% of the Company’s total sales.[2]

PROFIT

In Q1 2008 the gross profit of Veropharm increased by 41,8% and reached USD 21,8 mln. compared to USD 15,4 mln in Q1 2007.

In Q1 2008 EBITDA increased by 29,6% as compared to Q1 2007 and reached USD 9,2 mln.

The Q1 2008 net profit grew by 14,9% to USD 6,3  mln. compared to USD 5,5 mln. in Q1 2007.

DEBT

As of the end of Q1 2008 the debt of OJSC "Veropharm" amounted to USD 17,8 mln that represents less than 20% of Company’s net assets.

[1] - according to management accounts

[2] – % as percentage of finished goods sales.