In the first nine months of 2020, the largest sales volume of the Olainfarm Group was in Latvia, reaching 28,738 thousand euros, which is 232 thousand euros or 1% more than in the same period last year. According to the company, Latvia’s sales account for 32% of the group’s total revenue.
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In the first nine months of this year, Olainfarm’s revenue amounted to 88,893 thousand euros, which is a 10% decrease compared to the level of revenue a year ago. Gross profit margin in 2020 is 59.2%, which is a 1.9 percent decrease compared to the nine-month period of 2019.
“The Covid-19 pandemic and the constraints it has brought have brought a variety of challenges, but we understand how to overcome them and are committed to achieving our growth plans as outlined in the company’s five-year strategy. As a long-term investment, we have established a subsidiary in Russia, which provides even more accurate insight into the medical industry and allows us to explore the market, adapting our offer to relevant and current customer needs. I am pleased to say that the new business model has been introduced in Russia and our team is operating at full capacity, ”said Elena Bušberga, Member of the Board and CEO of JSC Olainfarm.
The Group’s financial position in the company in the 3rd quarter of 2020 is described as stable. At the end of September 2020, the successful operation of Olainfarm allowed to accumulate cash worth EUR 29,991 thousand. “This is an important precondition for reducing uncertainty in sales markets, as well as ensuring the supply of raw materials while maintaining stable operations. The accumulated funds provide an opportunity to continue financing investments in fixed assets, as well as to invest in research – clinical trials, ”the company said in a statement.
In the first nine months of 2020, four Phase 1 clinical trials (pharmacokinetics and bioavailability) were completed, while one Phase 1 clinical trial was postponed to the first half of 2021, taking into account the Covid-19 pandemic and the European Medicines Agency 2020. Guidelines for the conduct of clinical trials issued on 20 March. In 2020, four Phase 3 clinical trials are being planned. Due to the limitations and risks associated with the implementation of the Covid-19 pandemic in clinical trials, the implementation of Phase 3 clinical trials (clinical part) is planned to start in 2021.
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