Annual Financial Report
“Grindeks” Group publishes audited consolidated financial statements for 2019
Profit of “Grindeks” Group reaches 13.4 million euros in 2019
Today, on 30 April, the JSC “Grindeks” submitted the audited consolidated financial statements and Non-financial statement for 2019 to Nasdaq Riga. Audited financial results indicate that the Group’s profit in 2019 attributable to shareholders of the parent company was 13.4 million euro. The Group’s turnover in 2019 was 141.4 million euro. In 2019, the Group’s products were exported to 84 countries worldwide, a total of 132.0 million euro.
Non-financial statement is prepared in accordance with the requirements of Section 56.3 of Financial Instruments Market Law of the Republic of Latvia, following the European Commission Guidelines on non-financial reports.
The Chairman of the Board of JSC “Grindeks” Ph. D. Juris Hmelnickis: “The last year was a success as we managed to reach 13.4 million euro in profit – this is a guarantee for the further development of the Group. In the recent years, the pharmaceutical industry has been changing, and now pharmaceutical businesses must operate in the environment where customers’ needs are becoming more specific. “Grindeks” Group’s potential to offer solutions tailored to customers’ needs is very high. Our strategic business development goals are: to be one step forward of the intense competition and to expand “Grindeks” activities both in company’s traditional markets and in European Union, South East Asia countries and the USA.”
Sales volume of the final dosage forms in 2019 was 132.2 million euro. In 2019, the sales amount in Russia, the other CIS countries and Georgia reached 77.9 million euro. In comparison to 2018, in 2019 the biggest increase in sales volume was reached in Belarus (20%), Georgia (18%), Moldova (13%) and Armenia (12%). Sales volume of the final dosage forms in the EU countries in 2019 reached 50.2 million euro. Sales volume in 2019, compared with 2018, increased by 3 times in France, by 2 times in Sweden and Czech Republic, by 52% in Hungary and by 46% in Great Britain.
In 2019, sales of the active pharmaceutical ingredients reached 8.6 million euro. During this reporting period “Grindeks” mostly exported its active pharmaceutical ingredients to the EU countries, Japan, Australia and Canada. The most required active pharmaceutical ingredients of “Grindeks” in 2019 were dexmedetomidine, xylazine and pimobendan.
“Grindeks” is an international pharmaceutical company focused on research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” has four subsidiary companies in Latvia, Estonia, and Slovakia as well as representative offices in 11 countries.
“Grindeks” specializes in the heart and cardiovascular, CNS, anti-cancer and gastroenterological medication therapeutic groups. A range of products covers a combination of original products Mildronate® (meldonium) and Ftorafur® (tegafur), generics, food supplements and active pharmaceutical ingredients.
In 2019, products of the company were exported to 84 countries. The most significant “Grindeks” markets include the EU countries, Russia and the other CIS countries, the USA, Canada and Japan.
Head of the Communications Department, JSC “Grindeks”
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