Moscow, 11 February, 2010 – JSC Pharmstandard (LSE: PHST LI, RTS: PHST RU) announces its unaudited 2009 sales results. The total revenue of the Company for the year increased by 68.1% and achieved RUR 24,095 million (or US$797[1] million).
Highlights:
· Pharmstandard won the government tenders in 2009 under 7 nosologies program (part of FRP) for oncology diseases treatment preparations. Pharmstandard acts as a distributor of Velcade® (bortezomib), original prescription product of Janssen-Cilag, and supplied Velcade® for the total amount of RUR 3, 661.9 mln
· Pharmstandard won the government tenders in December 2009 to supply products in year 2010 under FRP program for the total amount of RUR 2,627.1 mln for the following products –Dornaza alfa, Rastan (Somatropin), Coagil IV (IV blood factor).
· Pharmstandard signs an agreement with Pharmapark on marketing and exclusive sales of Altevir® (gepatology). Starting from April 2009, sales of Altevir® achieved RUR 32.2 mln;
· The efficacy of Arbidol® for prevention and treatment of “swine influenza” (À / H1N1/ «California 04/2009» strain) has been proven by major Russian virology scientific centres;
· Pharmstandard and ZAO “Apteki 36.6” signed an agreement on direct collaboration, sales achieved RUR 257.7mln from 2q 2009. Pharmstandard delivers its products directly to Pharmacy Chain 36.6.
· Pharmstandard-Leksredstva (Kursk) confirmed EU GMP standards for syrop production line and the total amount of EU GMP production lines increased to 6 (tablets – 2 lines, capsules, aerosols, sprays, sachets).
Sales
Pharmstandard’s sales for the full year of 2009 increased by 68.1% to RUR 24,095.5 mln, which represents the increase of RUR 9,759.6 mln in comparison with RUR 14,335.9 mln reported in the full year of 2008. Pharmaceutical products and medical equipment sales contributed 97.1 % and 2.9% of total sales respectively.
The Company’s sales of pharmaceutical products achieved RUR 23,406.8 mln for the full year of 2009 and increased by 76.5% compared to prior-year period.
The sales of OTC products (excluding 3rd parties products) were RUR 14,840.7 mln in the year of 2009 and grew by 43.0% in comparison with prior-year period. Arbidol®, Pentalgin®, Codelac®, Complivit®, Amixin®, Flucostat® and Afobazol® generated key sales growth in OTC segment.
The Company’s revenue from prescription (Rx) products (excluding 3rd parties products) amounted to RUR 2,338.1 mln and increased by 71.7% compared with the same period of 2008. The prescription products sales were driven by an increase in leading brands sales, such as Phosphogliv®, Biosulin®, Combilipen® (launched in 2008), Cyclodol®, Pikamilon® and Azitrox®.
The Company’s revenue from the 3rd parties products amounted to RUR 6,156.4 mln and increased by 325.6% compared with the year 2008. The 3rd parties products sales were driven by Velcade® (Jansen-Cilag), Mildronat® (Grindex) and IRS19® and Imudon® (Solvay) products.
By Company’s view, the consumption of pharmaceutical products in Russia moved to old-fashioned and traditional drugs, because of the changes in the disposable income of population in Russia. Pharmstandard’s sales of pharmaceutical products were driven not only by top-line products but also by non-branded generics (bulk products). OTC non-branded generics sales grew by 39.5% to RUR 2,130.8 mln, Rx non-branded generics sales grew by 84.4% to RUR 315.7 mln in the year of 2009.
The Company’s revenue from its medical equipment business totaled RUR 688.7 mln for the year 2009, which represents a 36.0% decline in comparison with the same period of 2008.
Pharmstandard launched 7 new products in year 2009. New products contribution was RUR 82.6 million for year 2009.
Sales structure – full year 2008-2009, RUR mln.
|
|
2009 (mln RUR) |
2008 (mln RUR) |
Difference (mln RUR) |
Difference (%) |
|
Pharmaceutical products |
23 406,8 |
13 260,2 |
10 146,6 |
76,5% |
|
OTC products |
14 840,7 |
10 380,8 |
4 459,9 |
43,0% |
|
Branded |
12 709,9 |
8 852,9 |
3 857,0 |
43,6% |
|
Non-branded |
2 130,8 |
1 527,9 |
602,9 |
39,5% |
|
Prescription products |
2 338,1 |
1 361,9 |
976,2 |
71,7% |
|
Branded |
2 022,4 |
1 190,6 |
831,7 |
69,9% |
|
Non-branded |
315,7 |
171,3 |
144,5 |
84,4% |
|
3rd parties collaboration products |
6156,4 |
1 446,6 |
4 709,7 |
325,6% |
|
Velcade (Janssen-Cilag) |
3 661,9 |
- |
3 661,9 |
- |
|
Mildronat (Grindex) |
1 194,3 |
1 149,1 |
45,2 |
3,9% |
|
IRS-19® & Imudon®(Solvay) |
645,6 |
17,4 |
628,2 |
3607,2% |
|
Others 3rd parties collaboration products
Other sales |
654,5
71,6 |
280,1
70,9 |
374,4
0,8 |
133,7
1,1% |
|
Medical equipment and disposables |
688,7 |
1 075,7 |
-386,9 |
-36,0% |
|
Total sales |
24 095,5 |
14 335,9 |
9 759,6 |
68,1% |
Conference Call
Pharmstandard is pleased to invite the investment community to a sales results conference call with the management of the company followed by a Q&A session.
Thursday, February 11, 2010
09:00 New York
14:00 London
17:00 Moscow
To join the conference please register on-line in advance using the link below:
https://eventreg1.conferencing.com/webportal3/reg.html?Acc=916302&Conf=171353
or dial:
International Call-in Number: +44 (0)20 7162 0025
US Toll Number : +1 334 323 6201
*We recommend that participants start dialling in 5-10 minutes prior to ensure a timely start to the conference call.
Conference call presentation will be available on February 11, 2010 on Company’s web-site:
https://www.pharmstd.ru/investors_en/investor/p2/
Pharmstandard will be represented by:
Igor Krylov, CEO
Elena Arkhangelskaya, CFO
Ilya Krylov, IR
The conference call replay will be available through February 14, 2010.
International Replay Number: +44 (0)20 7031 4064
US Toll Replay Number: +1 954 334 0342
Replay Access Code: 857924
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