Moscow, 14 February, 2008 – OJSC Pharmstandard (LSE: PHST LI, RTS: PHST RU), the leading domestic pharmaceutical company in Russia and the third largest pharmaceutical company operating in Russia overall, announces its unaudited IFRS sales results for 2007.
Sales
According to unaudited report Pharmstandard net sales achieved RUR11,401 million (or US$446 million[1]), which is RUR2,879 million more (or 34%) compared to RUR8,523 million (or US$313 million) in 2006. Pharmaceutical products sales contribute 86% to total Company revenue and virtually didn’t change since 2006. Pharmstandard revenue from medical equipment and disposables sales was 14% of total Company sales.
Pharmaceutical products revenue growth was 34% (or RUR2,478 million) and achieved RUR9,804 million (or US$384 million) compared to RUR7,326 million (or US$269 million) in 2006. Significant increase of leading brands sales and new products launches resulted in high revenue growth rate. In 2007 Company launched 10 new drugs – 5 ОТС and 5 Rx.
The Company’s revenue from OTC products sales achieved RUR8,235 million (or US$322 million) and increased 37% (or RUR2,204 million) compared to RUR6,032 million (or US$222 million) in 2006. Key sales growth from OTC products generated Arbidol®, Pentalgin®, Flucostat®, Terpincod®, Codelac®, Ingalipt® sales.
The Company’s revenue from Rx products sales achieved RUR1,491 million (or US$58 million) and increased 24% (or RUR293 million) compared to RUR1,199 million (or US$44 million) in 2006. Rx sales leaders were Phosphogliv®, Amixin®, Biosulin®, Rastan®.
The Company reported revenue from its medical equipment and disposables business of RUR1,597 million (or US$62 million) in 2007 compared to RUR1,196 million (or US$44 million) in 2006. Revenue growth was RUR401 million or 33%.
Pro-Forma[2]
The total sales of the Company for the year 2007 increased by 22% (or by RUR2,027 million) in comparison with RUR9,374 million for the same period of year 2006 on pro-forma basis and achieved RUR11,401 million (or US$446 million). The growth rate of pharmaceutical products sales was 20%, which RUR1,626 million more compared to year 2006 results on pro-forma basis. The main growth drivers were products acquired with Masterlek company in August 2006 such as Arbidol®, Amixin® and Flukostat®.
The sales structure for OJSC Pharmstandard, RUR mln
2007 2006 2006 Pro-Forma
SALES:
Pharmaceutical products 9 804 7 326 8 178
OTC products 8 235 6 032 6 722
Prescription products 1 491 1 199 1 331
Other sales 78 96 125
Medical equipment and disposables 1 597 1 196 1 196
Sale of goods 11 401 8 522 9 374
Market
According to Pharmexpert data Pharmstandard became #1 pharmaceutical company in 2007 on the commercial segment of the Russian pharmaceutical market with growth rate of 29%. The commercial segment grew by 16% in year 2007. Pharmstandard is the only one among domestic pharmaceutical companies which ranked in TOP10 market leaders.
The total sales of Pharmstandard increased by 22% on the overall market which strengthened company positions and allowed company to became #3 pharmaceutical company on the Russian market. The total growth of Russian pharmaceutical market in 2007 was 7% compared to the same period of year 2006 and achieved US$8,880 million in wholesalers prices.
Arbidol® became #1 product by sales value among overall products registered on the Russian pharmaceutical market. Total sales of Arbidol® increased by 39% in the year 2007.
Pharmstandard is the only pharmaceutical company at the Russian market which has 6 brands among top-20 best selling domestic brands in Russia such as Arbidol®, Pentalgin®, Terpincod®, Complivit®, Codelac® and Flucostat®.
[1] All USD figures based on average exchange rates for the relevant periods. These were USD / RUR 27.20 for 2006 and 25.57 in 2007.
[2] Pro Forma assumes inclusion of Masterlek as part of Pharmstandard as of 1 January 2006.
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