PHARMSTANDARD announces the results of sales for 9 months 2010

28.10.2010


Moscow, 28 October 2010 – OJSC Pharmstandard (LSE: PHST IL, RTS: PHST RU), announces unaudited consolidated sales results according to IFRS for 9 months 2010

 

Key Business Developments - 3rd Quarter 2010:

·        Over the first 9 months of 2010, Pharmstandard has been the best performing TOP-10 corporation in the Russian retail pharmaceutical sector, realizing a market share of 5% over the period.1

·        Arbidol® remains the best performing trademark, with a share of 5.4% of total Russian retail sales, which represents an increase of 21.5% compared to the same period of 2009. 1  

·        The purchase of 100% of shares in CJSC “Vindexpharm”, the owner of Acypol®, was completed.

·        5 new products were launched including: Pentalgin® (without codeine), Corvalol® (50 ml), Acipol® (capsules), Formetin® (850 mg and 1000 mg tablets), Phosphogliv® forte (capsules) N 50.

·        A co-operation agreement between the State Corporation “ROSTEKHNOLOGII” and Pharmstandard was completed. This agreement confirms that “ROSTEKHNOLOGII”  
         will facilitate implementation of Pharmstandard projects related to the (re)equipping and servicing of high-tech medical facilities to medical institutions within the Russian Federation.

·        The production facilities of JSC Pharmstandard-Leksredstva, JSC Pharmstandard-Ufavita and Pharmstandard-Tomskhimpharm were inspected and appraised, 
         satisfying the requirements of ISO 9001-2008 in R&D and manufacturing of medicinal products.

·        Within the framework of the biotechnology project “GENERIUM”:   

          As of 30 September 2010, investments in NauchTekhStroy Plus Ltd. amounted to RUR 630 million, of which RUR 150 million contributed to the equity capital of NauchTekhStroy Plus Ltd.  
          This investment included the construction of a R&D complex specializing in the development and introduction of bioengineering and diagnostic testing for pharmaceutical products.  
          
          Pharmstandard met all conditions of the Coagil VII (MNN Eptacog Alpha) delivery contract to the amount of RUR 1,112 million (excluding VAT) under the 7 nosologies program. 

Sales Results 3rd Quarter 2010 *

According to the unaudited statements, the Company’s revenue for 3 rd quarter 2010 increased by 78.9%, amounting to RUR 8,010 million and representing an increase of RUR 3,534 million 
compared to the same period in 2009.  

Pharmaceutical sales accounted for 98.3% of total revenue of the company with medical equipment representing 1.7%.    

·        Pharmaceutical products (including third parties products) grew by 82.4% or RUR 3,556 million, over the quarter, totaling RUR 7,871 million by quarter end.

·        Organic sales in pharmaceutical products (without third parties products) grew by 51.5% or RUR 1,943 million; totaling RUR 5,716 million by the end of the quarter.  



OTC (organic sales of the Company)2

Driven mainly by Arbidol®, Codelaс®, Complivit® and Amixin®, revenue from OTC reached RUR 4,991 million in this period, having increased by RUR 1,751 million or 54.1% over the same period of 2009. 

Arbidol® sales in this quarter were particularly impressive, increasing by 103.8% or RUR 1,138 million and totaling RUR 2,233 million. This impressive growth was principally stimulated 
by growing demand for products for prophylaxis and cold treatments.   

RX Prescription products (organic sales of the Company)2

Prescription product sales reached RUR 647 million in the quarter, representing an increase of RUR 130 million or 25.1% compared to the same period in 2009, which was primarily driven by 
Octolipen®, Azitrox®, Combilipen®, Phosphogliv® and Biosulin®. 

Phosphogliv® recorded solid growth figures, increasing by 41.5% or RUR 44 million and totaling RUR 151 million compared to the RUR 107 million of the same period in 2009.

However, Octolipen® showed the most dynamic growth, increasing sales by 363.2% to RUR 27 million compared to RUR 6 million in the same period of 2009.   

Vital and Essential Pharmaceuticals (VEP) 

VEP List product sales amounted to RUR 4,472 million or 55.8% of the Company’s total sales over the quarter.    

Third Parties Products (TPP)  

Third party product sales increased by 298% or RUR 1,614 million, reaching RUR 2,155 million. The best performing brands in this area being Prezista®, Coagil VII, Mildronate®, IRS®19 and Imudon®.

                                                                          
Medical equipment

Medical equipment sales declined over the period, amounting to RUR 139 million, a decrease of 14% compared to the RUR 162 million achieved in the same period of 2009.

 

Pharmstandard revenue structure in the 3rd quarter 2010 
(including third parties products)

SALES IN 3Q 2010

3Q 2010 (RUR mln)

% of total sales

3Q 2009(RUR mln)

% of total sales

Growth in 3Q 2010/3Q 2009(RUR mln)

Growth in 3Q 2010/3Q 2009 (%)

Pharmaceuticals

7,871.1

98.3%

4,314.8

96.4%

3,556.3

82.4%

Produced by Pharmstandard

5,637.9

70.4%

3,756.6

83.9%

1,881.4

50.1%

OTC

4,990.6

62.3%

3,239.1

72.4%

1,751.5

54.1%

Branded

4,365.2

54.5%

2,669.3

59.6%

1,696.0

63.5%

Non-branded

625.4

7.8%

569.9

12.7%

55.5

9.7%

Rx

647.3

8.1%

517.4

11.6%

129.9

25.1%

Branded

546.4

6.8%

440.1

9.8%

106.3

24.2%

Non-branded

100.9

1.3%

77.3

1.7%

23.6

30.5%

Third parties products

2,155.2

26.9%

541.5

12.1%

1,613.6

298.0%

Coagil VII

321.4

4.0%

0.0

0.0%

321.4

-

Prezista®

942.5

11.8%

0.0

0.0%

942.5

-

Mildronate®

224.6

2.8%

131.0

2.9%

93.7

71.5%

IRS®-19, Imudon®

174.5

2.2%

283.6

6.3%

-109.0

-38.5%

Other Third partiesproducts

492.1

6.1%

127.0

2.8%

365.0

287.4%

Other sales

78.1

1.0%

16.7

0.4%

61.3

367.0%

Medical equipment sales

139.2

1.7%

161.9

3.6%

-22.7

-14.0%

Total sales of Pharmstandard

8,010.3

100.0%

4,476.7

100.0%

3,533.6

78.9%

 



Organic structure of Pharmstandard revenue in the 3rd Quarter 2010
(without third parties products)

SALES IN 3Q 2010 WITHOUT TPP

3Q 2010 (RUR mln)

% of total sales

3Q 2009(RUR mln)

% of total sales

Growth in 3Q 2010/3Q 2009(RUR mln)

Growth in 3Q 2010/3Q 2009 (%)

Pharmaceuticals

5,716.0

97.6%

3,773.3

95.9%

1,942.7

51.5%

Produced by Pharmstandard

5,637.9

96.3%

3,756.6

95.5%

1,881.4

50.1%

OTC

4,990.6

85.2%

3,239.1

82.3%

1,751.5

54.1%

Branded

4,365.2

74.6%

2,669.3

67.8%

1,696.0

63.5%

Non-branded

625.4

10.7%

< P ALIGN="right">569.9

 

14.5%

55.5

9.7%

Rx

647.3

11.1%

517.4

13.1%

129.9

25.1%

Branded

546.4

9.3%

440.1

11.2%

106.3

24.2%

Non-branded

100.9

1.7%

77.3

2.0%

23.6

30.5%

Other sales

78.1

1.3%

16.7

0.4%

61.3

367.0%

Medical equipment sales

139.2

2.4%

161.9

4.1%

-22.7

-14.0%

Total sales of Pharmstandard

5,855.2

100.0%

3,935.2

100.0%

1,920.0

48.8%

 

 

Sales results – 9 months of 2010*

According to the unaudited statements, the Company’s revenue for 9 months of 2010 increased by 34.5%, amounting to RUR 19,553 million,  which represents an increase of RUR 5,015 million 
on the RUR 14,538 million for the same period of 2009.  

Pharmaceutical sales accounted for 98% of total revenue, with medical equipment contributing 2%.     

·        Pharmaceutical products (including third parties products) grew by 35.9% or RUR 5,060 million; totaling RUR 19,164 million. 

·        Organic growth in pharmaceutical products (without third parties products) equaled 27.6% or RUR 2,824 million; amounting to RUR 13,052 million.  

           

OTC (organic sales of the Company)2

OTC sales revenue reached RUR 10,666 million for the period, representing an increase of RUR 2,004 million or 23.1% on the same period of 2009.  

RX prescription products (organic sales of the Company)2

Primarily driven by Combilipen®, Phosphogliv®, Biosulin®, Octolipen®, Rastan®, hydrochloride cocarboxylase and Picamilon®, RX product sales reached RUR 2,235 million by the end of the period. 
This was an increase of RUR 728 million or 48.3% on the RUR 1,507 million recorded at the same period in 2009.   
Growth in Rastan®, which is delivered under the state 7 nosologies program, was particularly impressive, increasing by 240.9% or RUR 223 million and reaching total sales of RUR 315 million.

                                                                             
Vital and Essential Pharmaceuticals (VEP) 

VEP List product sales equaled RUR 10,955 million, having increased by RUR 4,460 million or by 68.7% since the same period in 2009. These sales contributed 56.0% to the Company’s total sales for the period.  

Third Parties Products (TPP)  

Being led by brands such as;  Velcade®, Coagil VII, Mildronate®, Pulmozym®, IRS®19 and Imudon®, third parties products sales increased by 57.7% or by RUR 2,236 million, reaching RUR 6,111 million.   

Medical equipment

Medical equipment sales over the period amounted to RUR 390 million, having decreased by 10.4% compared to the same period of 2009.

 

Pharmstandard revenue structure for 9 months 2010 
(including third parties products).

SALES for 9m 2010

9m 2010 (RUR mln)

% of total sales

9m 2009(RUR mln)

% of total sales

Growth in 9m 2010/9m 2009(RUR mln)

G9m 2010/9m 2009 (%)

Pharmaceuticals

19,163.8

98.0%

14,103.5

97.0%

5,060.3

35.9%

Produced by Pharmstandard

12,901.2

66.0%

10,168.8

69.9%

2,732.3

26.9%

OTC

10,665.8

54.5%

8,661.4

59.6%

2,004.4

23.1%

Branded

9,030.5

46.2%

7,158.2

49.2%

1,872.3

26.2%

Non-branded

1,635.3

8.4%

1,503.2

10.3%

132.1

8.8%

Rx

2,235.4

11.4%

1,507.4

10.4%

728.0

48.3%

Branded

1,897.6

9.7%

1,323.5

9.1%

574.2

43.4%

Non-branded

337.8

1.7%

184.0

1.3%

153.8

83.6%

Third parties products

6,111.4

31.3%

3,875.2

26.7%

2,236.3

57.7%

Velcade®

1,649.6

8.4%

2,278.1

15.7%

-628.5

-27.6%

Coagil VII

1,112.0

5.7%

0.0

0.0%

1,112.0

-

Prezista®

942.5

4.8%

0.0

0.0%

942.5

-

Mildronate®

779.4

4.0%

804.6

5.5%

-25.2

-3.1%

Pulmozym®

610.2

3.1%

0.0

0.0%

610.2

-

IRS®-19, Imudon®

297.2

1.5%

480.5

3.3%

-183.3

-38.2%

Other Third partiesproducts

720.5

3.7%

312.0

2.1%

408.5

131.0%

Other sales

151.2

0.8%

59.5

0.4%

91.7

154.2%

Medical equipment sales

389.9

2.0%

435.2

3.0%

-45.3

-10.4%

Total sales of Pharmstandard

19,553.7

100.0%

14,538.6

100.0%

5,015.1

34.5%

 

 

Organic structure of Pharmstandard revenue for 9 months 2010
(without third parties products)

Sales for 9m 2010 WITHOUT TPP

9m 2010 (RUR mln)

% of total sales

9m 2009(RUR mln.)

% of total sales

Growth in 9m 2010/9m 2009(RUR mln)

Growth in 9m 2010/9m 2009 (%)

Pharmaceuticals

13,052.4

97.1%

10,228.3

95.9%

2,824.1

27.6%

Produced by Pharmstandard

12,901.2

96.0%

10,168.8

95.4%

2,732.3

26.9%

OTC

10 ,665.8

79.3%

8,661.4

81.2%

2,004.4

23.1%

Branded

9,030.5

67.2%

7,158.2

67.1%

1,872.3

26.2%

Non-branded

1,635.3

12.2%

1,503.2

14.1%

132.1

8.8%

Rx

2,235.4

16.6%

1,507.4

14.1%

728.0

48.3%

Branded

1,897.6

14.1%

1,323.5

12.4%

574.2

43.4%

Non-branded

337.8

2.5%

184.0

1.7%

153.8

83.6%

Other sales

151.2

1.1%

59.5

0.6%

91.7

154.2%

Medical equipment sales

389.9

2.9%

435.2

4.1%

-45.3

-10.4%

Total sales of Pharmstandard

13,442.3

100.0%

10,663.5

100.0%

2,778.8

26.1%


 

*Data on sales results are prepared on the basis of product shipment to distributors. 
¹According to Pharmexpert base.
² In view of Company’s revenue growth from sales of third parties products the Company’s management decided to isolate this direction in the total sales structure of the Company (beginning from 2010).  



Conference call with PHARMSTANDARD Management on sales results for 9 months 2010

Moscow, 28 October 2010 – OJSC Pharmstandard (LSE: PHST LI, RTS: PHST RU),is pleased to invite the investment community to a sales results conference call 
for the results of the period with the management of the Company followed by a Q&A session.

Thursday, 28 October 2010

09:00 New York

14:00 London

17:00 Moscow


Contact telephone number:
International Call-in Number:  +44 (0)20 7162 0025

USA Call-in Number: +1 334 323 6201
Conference call identification number: 878312

In order to save time, conference call participants can register in advance using the link below:

https://eventreg1.conferencing.com/webportal3/reg.html?Acc=916302&Conf=175079

We recommend that participants telephone 5-10 minutes prior to the beginning of the call to ensure a timely start.  

Pharmstandard will be represented by:

Igor Krylov, CEO

Elena Arkhangelskaya, CFO

The Conference call presentation will be available on Thursday, 28 October 2010 on Company’s web-site:

http://www.pharmstd.ru/investors/investor/p2/

The conference call replay will be available through 31 October 2010, inclusive, by:

International Replay Number: +44 (0) 20 7031 4064
USA Replay Number: +1 954 334 0342

Replay Access Code: 878312

Contacts:

Ilya Krylov       
Investor and Shareholder Manager 
OJSC Pharmstandard   
+7 495 970 0030  ext.2416 
Email: ir@pharmstd.ru 
www.pharmstd.ru

 

 


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Marina Shurkina


Head of Administrative Division Pharmstandard JSC

+7 (495) 970 0032
pr@pharmstd.ru

5B, Likhachyovsky Proezd, Dolgoprudny, Moscow Region, 141701, Russia

+7 (495) 970 0030/32

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