OREANDA-NEWS. December 4, 2012. The financial statements of the JSC “"Grindeks"” on the first nine months of 2012, submitted to “NASDAQ OMX Riga”, indicate that the Group’s turnover in the first nine months of 2012 amounted to 50.1 million lats, which is by 1.2 million lats or 2.5 % more than in the first nine months of 2011. Whereas, the net profit of the Group, related to the shareholders of the holding company, amounted to 5 million lats in the first nine months of 2012, which, in comparison with the first nine months of 2011, has decreased by 0.8 million lats or 13.8%. The indicators of the turnover and profit have been affected by the active pharmaceutical ingredients business, where a part of clients have reviewed the manufacturing plans and postponed the deliveries to the fourth quarter of the year. During the first nine months of 2012 the products manufactured by the Group were exported to 50 countries all over the world for the total amount of 47.4 million lats, which is by 1.3 million lats or 2.8 % more than in the first nine months of 2011.

The sales volume of the final dosage forms of “"Grindeks"” was 46.7 million lats in the first nine months of 2012 and has increased comparing to the same period of the previous year by 5 million lats or 12%. The main markets of the final dosage forms are Russia, other CIS countries, Georgia and the Baltic States. The sales amount in Russia, other CIS countries and Georgia reached 40.4 million lats in the first nine months of 2012, which is by 4.9 million lats or 13.8% more than in the respective period of 2011.Whereas, the sales amount of final dosage forms in the Baltic States and other European countries reached 6.3 million lats, which is by 0.2 million lats or 3.3% more than in the first nine months of 2011.

In the first nine months of 2012 the growth in demand of the final dosage forms is explainable by the effective marketing and sales activities. Overall, 20.57 million packages were sold, which compared to the first nine months 2011 is by 1.4 million or 7.3% packages more. The most demanded products of “"Grindeks"” in the first nine months of 2012 – the brand product Mildronate®, ointments – Capsicam®, Viprosal B®, central nervous system affecting medications – Somnols®, Cyclodol®, the original anti-cancer agent Ftorafur® and the natural product Apilak-"Grindeks". In particular, the remarkable sales increase was for product Somnols® by 29.8%.

In the first nine months of 2012 the sales of the active pharmaceutical ingredients reached 3.4 million lats, which is by 3.8 million lats or 52.8% less than in the first nine months of 2011. Part of the active pharmaceutical ingredient clients has reviewed their manufacturing plans for the year of 2012, postponing the deliveries to the fourth quarter of the year. The main export markets of active pharmaceutical ingredients of “"Grindeks"” are Germany, the Netherlands, Japan and the U.S. The most demanded pharmaceutical ingredients of “"Grindeks"” are: zopiclone, oxytocin, ftorafur (tegafurum), UDCA (ursodeoxycholic acid) as well as the veterinary products – detomidine, medetomidine. Overall “"Grindeks"” produces 22 active pharmaceutical ingredients.

“"Grindeks"” Member of the Board and Chief Finance and Administrative Officer Vadims Rabsha: “Nine-month operating results of “"Grindeks"” show a growing demand for the final dosage forms and sales growth of 12%. That was advanced by the effective marketing and sales organization, as well as the company’s permanent, long-term relationship with patients, clients and partners. Our strategy of diversifying the range of products and market operations is delivering positive results and growth in exports. The preliminary sales figures of active pharmaceutical ingredients for October and November show that also the results of this business will improve.”