| OJSC «VEROPHARM» announces 2009 financial results13.05.2010 MAY 13, 2010, MOSCOW — OJSC «VEROPHARM» [RTS:VRPH, MICEX:VFRM] announces its audited financial results for the 2009 in accordance with the International Financial Reporting Standarts (IFRS). Sales- Sales in 2009 increased by 2% and reached RUR 4,395.2 mln in comparison with RUR 4,301.3 mln in 2008.
- The share of product segments in OJSC “Veropharm” sales:
- The share of Rx drugs sales in 2009 increased to 69% as compared to 66% in 2008;
- Adhesive bandages sales share slightly decreased and amounted 17% against 18% in 2008;
- The share of OTC drugs increased in 2009 to 12% as compared to 9% in 2008;
- Portfolio of traditional drug sales as before demonstrate tendency for a decrease of share in sales – the decrease from 7% to 2%.
- Veropharm sales as part of the Federal Reimbursement Program (FRP) came to RUR 53.2 million in 2009, accounting for 1.2% of the Company’s total finished goods sales.* By the results in 2008, FRP sales were RUR 105.6 million, or 2.4% of the Company’s total finished goods sales. Sales of Bilumid, Geptor and Paclitaxel through FRP accounted for 54% of the Veropharm total FRP sales in 2009.
Profit- In 2009 the gross profit of OJSC “Veropharm” increased by 4% and reached RUR 2,936.1 mln compared to RUR 2,836.5 mln in 2008.
- Gross margin in 2009 increased to 66.8% as compared to 65.9% in 2008.
- In 2009 EBITDA increased by 6% and reached RUR 1,389.0 mln which makes 31.6% of Company’s sales (an increase of 1.3% in comparison with 2008).
- The net profit increased by 20% to RUR 1,107.6 mln which makes 25.2% of Company’s sales (an increase of 3.7 % in comparison with 2008).
Sales structure and Gross profit OJSC “Veropharm”:| RUR mln | Segment sales | Segment profit |
|---|
| 2009 | 2008 | % growth | 2009 | 2008 | % growth |
|---|
| Pharmaceutical products | 3,630.2 | 3,533.8 | 3% | 2,483.1 | 2,372.3 | 5% | | Adhesive bandages | 765.0 | 767.5 | 0% | 453.0 | 464.2 | -2% |
|
| | Total | 4,395.2 | 4,301.3 | 2% | 2,936.1 | 2,836.5 | 4% |
|
Sales structure by segment OJSC “Veropharm”:| RUR mln | 2009 | 2008 | % growth |
|---|
| Pharmaceutical products | | | Prescription drugs | 3,013.4
| 2,822.1
| 7% | | Over-the-counter drugs | 526.8 | 386.6 | 36% | | Tradition drugs | 90.0 | 325.1 | -72% | | | 3,630.2 | 3,533.8 | 3% | | Adhesive bandages | 765.0 | 767.5 | 0% |
|
| | Total | 4 395,2 | 4 301,3 | 2% |
|
Facilities investments- In 2009 the modernization and production facilities’ upgrade of the Company’s core production assets amounted to RUR 79.0 mln.
Debt- As of the end of 2009 the debt of OJSC “Veropharm” amounted to RUR 981.5 mln that represents less than 20 % of net assets.
* — according to management accounts |
