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Pharmstandard

October 24, 2013

Pharmstandard OJSC reports 9M/3Q2013 sales results

Moscow, October 24, 2013 – Pharmstandard OJSC (LSE: PHST IL, RTS: PHST RU) (further “Pharmstandard” or the “Company” announces its unaudited 9M/3Q2013 sales results. 

9M/3Q2013 sales data includes numbers for Pharmapark LLC, Biomed named after I.I. Mechnikov OJSC and LEKKO CJSC acquired in 2012 (further “New Companies”).

As of January 1, 2013 100% of “Pharmstandard-Medtechnika” LLC sales are included into the Company’s revenue. Previously they were accounted in proportion to Company’s share in its capital.

Key sales highlights.

· 9M2013 organic pharmaceutical sales reached RUR16 463m demonstrating RUR2 661m or +19.3% y/y growth, compared to RUR13 802m last year

· Pharmaceutical products and medical equipment accounted for 97.6% and 2.4% of the Company’s total 9M2013 sales, respectively

· 3Q2013 organic pharmaceutical sales reached RUR6 914m demonstrating RUR883m or +14.6% y/y growth, compared to RUR6 031m in 3Q2012

· 9M2013 third party products sales (further “TPP”) reached RUR10 678m, falling -32.6% or RUR5 163m y/y vs RUR15 842m in 3Q2012

· Pharmstandard 9M2013 total sales reached RUR28 567m (-7.6%/-RUR2 335m)

3Q2013 key highlights and developments

Over-the-counter spin-off.

On September 27, 2013 Pharmstandard held an EGM to decide on the reorganization of the Company by spin-off of a new public joint-stock company (“Reorganization”) and to elect the Board of Directors of the company formed in the result of spin-off.

Taken together, the attending shareholders who took part in the EGM through a collective meeting with attendance by the shareholders to discuss the agenda issues and to make a resolution on the issues put to vote, owned 33 366 951 votes or 88.2896% of the Company’s voting shares.

The Reorganization was approved by 94.9010% of the shares owned by the voters and the Board of Directors was elected. The full name of the newly created company was defined as Public Joint Stock Company “OTCPharm” (“OTCPharm”).

Shareholders who voted negatively or did not vote regarding reorganization of the Company are entitled to demand Buyout of all or some of their ordinary registered shares in the Company in the procedure stipulated by the laws of the Russian Federation.

More details on the Reorganization are available on our web-site: http://pharmstd.com/page_51.html

Bever Pharmaceutical PTE LTD acquisition.

On August 17, 2013 Pharmstandard held an EGM which approved the acquisition of Bever Pharmaceutical Pte Ltd (“Transaction”).

The Company's strategic rationale for the Transaction includes securing a long-term fixed-cost supply of critical active pharmaceutical ingredients for two flagship OTC brands Arbidol® and Aphobazolum® as well as significantly increasing the Company's profitability.

Bever is now a part of Pharmstandard Group and will be included into OTCPharm perimeter of operations.

Cellthera Pharm LLC

Cellthera Pharm LLC – a new Pharmstandard subsidiary was registered on August 28, 2013 where Pharmstandard holds 75% share in capital. Cellthera Pharm will focus on “individual medicine” - production of personalized therapeutics for the treatment of articular cartilage defects in human tissue through a three-dimensional matrix of autologous transplantation of cartilage cells and immunotherapy of cancer and infectious diseases - renal cell carcinoma (RCC ).

Organic sales overview.

9M2013 organic pharmaceutical salesamounted to RUR16 463m (+19.3%) vs RUR13 802m in 9M2012 with 72% accounted for by OTC products and 28% by Rx products.

9M2013 Organic prescription product (Rx) salesin 9M2013 grew by RUR899m (+24.7%) to reach RUR4 543m. Key growth drivers were Altevir®, Therpincodum® and Phosphogliv®.

Organic over-the-counter (ÎÒÑ) product sales in 9M2013 went up to RUR11 920m (+17.3%). 9M2013 Arbidol® sales demonstrated 20% growth vs 9M2012 reaching RUR3 038m in sales. Aphobazolum demonstrated significant sales results as well : +39%/RUR228m reaching RUR819m in 9M2013 sales.

9M2013 OTCPharmfuture portfolio sales reached RUR10 177m demonstrating 19% growth y/y vs RUR8 544m.

Third Party Products sales overview.

For a better visibility we move TPP sales into a separate section splitting the revenue into 2 parts - government procurement and commercial sales.

Government procurement. 7 Nosologies Federal Program.

Historically the sales leader of this segment was Velcade® with 9M2012 total sales of RUR7 147m. The majority of 2013 auctions was moved to 4Q2013 bringing Velcade® share in Company’s sales to its minimum – RUR453m.

Total 9M2013 TPP sales excl. Velcade® demonstrate 14% growth (+RUR622m) reaching RUR10 225m.

For 4Q2013 the auctions are announced for Velcade®, Coagil®, Mabthera®, Pulmozyme® and Rastan® for the total amount of RUR20bn. This sum may be subject to change. Additional information on the auction is available in the 9M/3Q Conference-call presentation on our web-site.

Brand 

Category 

9M2013 

9M2012

Change

Sales,
RURm 

% of TPP
sales 

Sales,
RURm 

% of TPP
sales 

RURm 

Mabthera® 

Rx

1 260

12%

1 195

8%

65

5%

Coagil-VIII

Rx

658

6%

261

2%

397

152%

Revlimid

Rx

534

5%

273

2%

262

96%

Infibeta®

Rx

202

2%

-

 

202

 

Presista® 

Rx

1 522

14%

1 823

12%

-301

-17

Intellence® 

Rx

516

5%

589

4%

-73

-12%

Velcade® 

Rx

454

4%

7 147

45%

-6 693

-94%

Other TPPs 

Rx

253

2%

184

1%

69

38%

Total for the group 

Rx

5 400

51%

11 472

72%

-6 072

-53%

Total TPPs 

Rx

10 678

100%

15 842

100%

-5 496

-33%

Commercial segment

Commercial TPP sales reached RUR5 278 m (+21%) primarily driven by IRS-19®, Imudon®,Tamiflu and Atimos.

Brand 

Category

9M2013 

9M2012

Change

Sales,
RURm 

% of TPP
sales 

Sales,
RURm 

% of TPP
sales 

RURm 

Reduxin® 

OTC, Rx

1 477

14%

1 404

9%

74

5%

IRS-19®, Imudon® 

Rx

841

8%

286

2%

555

194%

Mildronate®

OTC

420

7%

474

6%

-12

-2%

Tamiflu

Rx

331

6%

84

1%

248

296%

Insivo®

Rx

98

1%

-

-

98

100%

Other TPPs 

OTC, Rx

1 877

55%

1 931

75%

-386

-3%

Total for the group 

OTC, Rx 

5 278

49%

4 370

28%

575

21%

Total TPPs 

OTC, Rx 

10 678

100%

15 842

100%

-5 496

-33%

Consolidated sales overview.

9M2013 pharmaceutical salesaccounted for RUR27 888 million, falling -7.8% y/y vs RUR30 262m, with organic sales accounting for 59.0%, TPP for 38.3% and API for 2.7% in thepharmaceutical sales mix.

9M2013 consolidated salesof the Group reached RUR28 567m demonstrating a decrease of RUR2 335m (-7.6%) with the main reason for decrease being the re-allocation of government procurement auctions to the 4Q2013.

9M2013 medical equipment salesamounted to RUR679m (+6.1%) y/y.

Pharmstandard OJSC sales structure, 9M2013

9M2013 SALES 

9M2013 (RURm) 

% of total sales 

9M2012 (RURm) 

% of total sales 

9M2013/ 9M2012 y/y growth (RURm) 

9M2013/ 9M2012 y/y growth (%) 

Pharmaceutical products 

27 888

97,6%

30 262

97,9%

-2 374

-7,8%

PHS production

16 463

57,6%

13 802

44,7%

2 661

19,3%

OTC 

11 920

41,7%

10 158

32,9%

1 762

17,3%

Branded 

998

5,0%

507

7,5%

491

7,5%

Non-branded 

1 923

6,7%

1 651

5,3%

271

16,4%

Rx 

4 543

15,9%

3 644

11,8%

899

24,7%

Branded 

3 922

13,7%

3 038

9,8%

883

29,1%

Non-branded 

621

2,2%

605

2,0%

16

2,6%

TPP

10 678

37,4%

15 842

51,3%

-5 163

-32,6%

Other sales – substances

747

2,6%

618

2,0%

129

20,8%

including New Companies

1 087

3,8%

341

1,1%

746

219,0%

Medical equipment 

679

2,4%

640

2,1%

39

6,1%

Pharmstandard Group total sales 

28 567

100,0%

30 902

100,0%

-2 335

-7,6%

Pharmstandard OJSC sales structure (excl.TPP), 9M2013

9M2013 SALES EXCL. TPP 

9M2013 (RURm) 

% of total sales 

9M2012 (RURm) 

% of total sales 

9M2013/ 9M2012 y/y growth (RURm)

9M2013/ 9M2012 y/y growth (%)

Pharmaceutical products

17 210

96,2%

14 420

95,8%

2 789

19,3%

PHS production

16 463

92,0%

13 802

91,6%

2 661

19,3%

OTC

11 920

6,6%

10 158

7,5%

1 762

7,3%

Branded

9 998

5,9%

8 507

6,5%

1 491

7,5%

Non-branded

1 923

0,7%

1 651

1,0%

271

6,4%

Rx

4 543

25,4%

3 644

24,2%

899

24,7%

Branded

3 922

21,9%

3 038

20,2%

883

29,1%

Non-branded

621

3,5%

605

4,0%

16

2,6%

Other sales – substances

747

4,2%

618

4,1%

129

20,8%

including New Companies

1 087

6,1%

341

2,3%

746

219,0%

Medical equipment

679

3,8%

640

4,2%

39

6,1%

Pharmstandard Group total sales

17 888

100,0%

15 060

100,0%

2 829

18,8%

Pharmstandard OJSC sales structure, 3Q2013

3Q2013 SALES

3Q2013 (RURm)

% of total sales

3Q2012 (RURm)

% of total sales

3Q2013/ 3Q2012 y/y growth (RURm)

3Q2013/ 3Q2012 y/y growth (%)

Pharmaceutical products

11 918

98%

14 157

98,2%

-2 239

-15,82%

PHS production

6 914

57%

6 031

41,1%

986

16,63%

OTC

5 285

44%

4 647

32,2%

638

13,72%

Branded

4 632

8%

4 010

7,8%

621

5,50%

Non-branded

653

5%

637

4,4%

16

2,53%

Rx

1 629

13%

1 384

9,6%

245

17,70%

Branded

1 398

12%

1 172

8,1%

226

19,26%

Non-branded

231

2%

212

1,5%

19

9,07%

TPP

4 768

39%

8 096

56,2%

-3 328

-41,11%

Other sales – substances

236

2%

348

2,4%

-113

-32,33%

including New Companies

437

3,6%

341

2,8%

96

28,26%

Medical equipment

214

2%

259

1,8%

-45

-17,27%

Pharmstandard Group total sales

12 132

100%

14 735

100,0%

-2 284

-17,67%

Pharmstandard OJSC sales structure (excl.TPP), 3Q2013

3Q2013 SALES (EXCL.TPP)

3Q2013 (RURm)

% of total sales

3Q2012 (RURm)

% of total sales

3Q2013/ 3Q2012 y/y growth (RURm)

3Q2013/ 3Q2012 y/y growth (%)

Pharmaceutical products

7 150

97,1%

6 380

96,1%

770

12,07%

PHS production

6 914

93,9%

6 031

90,8%

883

14,63%

OTC

5 285

71,8%

4 647

70,0%

638

13,72%

Branded

4 632

62,9%

4 010

60,4%

621

15,50%

Non-branded

653

8,9%

637

9,6%

16

2,53%

Rx

1 629

22,1%

1 384

20,8%

245

17,70%

Branded

1 398

19,0%

1 172

17,7%

226

19,26%

Non-branded

231

3,1%

212

3,2%

19

9,07%

Other sales – substances

236

3,2%

348

5,2%

-113

-32,33%

including New Companies

437

5,9%

341

5,1%

96

28,26%

Medical equipment

214

2,9%

259

3,9%

-45

-17,27%

Pharmstandard Group total sales

7 364

100,0%

6 639

100,0%

725

10,92%

OTCPharm business sales structure, 9M2013

In the light of the EGM approval of OTC spin-off into a separate legal entity OTCPharm PJSC we believe that it is useful to disclose OTCPharm 9M2013 sales structure and y/y dynamics of the 27 brands that will constitute OTCPharm business as per completion of the reorganization process.

BRAND

9M2012 (RURm)

% of total sales

9M2013 (RURm)

% of total sales

9M2013/ 9M2012 y/y growth (RURm)

9M2013/ 9M2012 y/y growth (%)

Amixin®

585, 7

6,9%

921, 7

9,1%

335, 9

57%

Arbidol®

2 540,1

29,7%

3 037, 6

29,8%

497, 5

20%

Asvitol®

60,6

0,7%

63,7

0,6%

3, 1

5%

Ascophenum-P®

97,4

1,1%

109,8

1,1%

12,4

13%

Aphobazolum®

591,0

6,9%

818,8

8,0%

227,8

39%

Acipol®

266,0

3,1%

409,6

4,0%

143,5

54%

Aerovit®

2,8

0,03%

2,6

0,025%

-0,2

-8%

Klarisens®

10,5

0,1%

8,5

0,1%

-2,1

-20%

Codelac®

371,0

4,3%

429,2

4,2%

58,2

16%

Complivit®

938,5

11,0%

1 085,9

10,7%

147,4

16%

Lactazar®

13,0

0,2%

15,8

0,2%

2,8

22%

Lactonorm®

 

0,0%

4,5

0,0%

4,5

n/a

Magnelis B6®

140,0

1,6%

210,9

2,1%

70,9

51%

Maxycold®

36,4

0,4%

76,1

0,7%

39,6

109%

Medira®

6,8

0,1%

0,6

0,01%

-6,2

-91%

Next®

30,2

0,4%

122,1

1,2%

91,8

304%

Neosmectin®

63,5

0,7%

71,3

0,7%

7,7

12%

Nitrocor®

25,8

0,3%

24,2

0,2%

-1,6

-6%

Noopept®

-

0,0%

81,5

0,8%

81,4

n/a

Pentalgin®

1 844,3

21,6%

1 618,3

15,9%

-226,0

-12%

Rinostop®

111,6

1,3%

132,3

1,3%

20,7

19%

Selmevit®

84,6

1,0%

103,5

1,0%

18,9

22%

Spasmol®

4,8

0,1%

2,9

0,03%

-1,8

-39%

Termicon®

136,7

1,6%

152,2

1,5%

15,6

11%

Flucostat®

561,6

6,6%

638,5

6,3%

76,9

14%

Ciklovita®

2,0

0,0%

9,2

0,1%

7,2

n/a

Cinocap®

19,1

0,2%

25,9

0,3%

6,8

35%

Total:

8 544,2

100,0%

10 177,2

100%

1 633,0

19%

Notice of 9M/3Q2013 sales results – announcement date

Moscow, October 24, 2013 – OJSC Pharmstandard (LSE: PHST LI, RTS: PHST RU) (“Pharmstandard”) will be announcing its 9M/3Q 2013 Sales Results on Thursday, October 24, 2013 at 17:00 PM Moscow time.

Pharmstandard takes pleasure to invite you to participate in 9M/3Q2013 Sales Results Conference Call followed by a Q&A session.

Conference Call will take place on

Thursday, October 24, 2013

09:00 New York

14:00 London

17:00 Moscow
International Call-in Number: +44 (0)20 7162 0025

US Call-in Number: +1 334 323 6201

Conference ID: 937861

Conference call participants can register in advance using the link below:

https://eventreg1.conferencing.com/webportal3/reg.html?Acc=682729&Conf=188680

We recommend that participants start dialing in 5-10 minutes prior to ensure a timely start to

the conference call.

Pharmstandard will be represented by:

Igor Krylov, CEO

Elena Arkhangelskaya, CFO

Irina Bakhturina, IR

Conference call presentation

will be available on Thursday, October 24, 2013 on Company's web-site:

http://pharmstd.com/

The conference call replay will be available through October 31, 2013

International Replay Number: +44 (0) 20 7031 4064

US Replay Number: +1 954 334 0342

Replay Access Code: 937861

Contacts:

Irina Bakhturina

Head of Investor Relations

OJSC Pharmstandard

Tel: +7 495 970 0030 ext 2824

E-mail:ir@pharmstd.ru


 

 

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