28.12.2011

DECEMBER 28, 2011, MOSCOW - OJSC "VEROPHARM" [RTS:VRPH, MICEX:VFRM] announces its unaudited financial results for the first nine months and the third quarter of 2011 in accordance with the International Financial Reporting Standards (IFRS).

Sales
  • RUR 4,534.1 million - sales of Veropharm's finished goods in the nine months of 2011, up 15.3% as compared to the nine months of 2010; [1]
  • RUR 4,381.7 million - sales in the domestic market was 3.4% of the total Company's sales for the nine months of 2011;
  • RUR 102.7 million - Veropharm sales as part of the Federal Reimbursement Program (FRP) accounted for 2.3% of the Company's sales during nine months of 2011.

Pharmaceutical products sales amounted to RUR 3,785.6 million in 9M 2011, a 14.9% increase in comparison with 9M 2010. Sales in the third quarter of 2011 compared to third quarter 2010 grew by 9.5% and amounted to RUR 1,189.9 million, including:

  • Rx drugs sales amounted to RUR 3,184.4 million in 9M 2011, a 15,4% increase in comparison with 9M 2010. The Rx drugs sales accounted for 70,2% of total finished goods sales.
  • In 9M 2011 traditional drug sales amounted to RUR 22.5 million and made up 0,5% of total finished goods sales.
  • OTC drugs sales amounted to RUR 578.7 million in 9M 2011, a 16,4% increase in comparison with 9M 2010. The share of OTC drugs sales accounted for 12,8% of total finished goods sales.

Non-pharmaceutical products (adhesive bandages and cosmetic products) sales came to RUR 748.5 million, a 17,2% increase in comparison with 9M 2010. The share of adhesive bandages and cosmetic products in total finished goods sales of the Company was 16,5%. 9.0% increase in comparison with 3Q 2010.

  • Core operating profit during  nine months of 2011 amounted to RUR 1,232.6 million, in the line with increase in revenues and up to 15.6%.
    Operating margin for the nine months increased by 0.3%.
  • EBITDA for the nine months of 2011 was RUR 1,338.1 million, a 15,5% increase in comparison with the same period in 2010.
    EBITDA margin  was up to  0.2%.
  • Net profit for the nine months of 2011 was  RUR 1,158.0 million, a 35.9% increase.
    Net profit margin increased by 17.9% compared to the nine months of 2010.
Debt

At the end of 9M 2011 Veropharm's debt came to RUR 979.1 million, that represents less than 20% of net assets.

Equity

The Veropharm general shareholders meeting has decided to allocate RUR 190 million of 2010 dividends.

[1] - % as percentage of finished goods sales

Press-release

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