The consolidated, preliminary financial data of the “Grindeks” group show that in the first half of 2021 the group achieved a record turnover and profit. During this period, the turnover of the “Grindeks” group reached 115.6 million euros, which is 21.1 million euros or 22% more than in the first half of 2020. In the first half of 2021, the group’s profit was 19.8 million euros, which is 7 million euros or 55% more than in the first half of 2020, reports “Grindeks”.
The record-breaking profit and turnover figures of the “Grindeks” Group have been achieved due to a significant increase in the demand for the Group’s cardiovascular, central nervous system and hospital segment drugs offered by JSC “Grindeks” subsidiary “Kalceks”. In the first half of 2021, the Group exported its products to 91 countries for a total amount of 109.6 million euros.
Chairman of the Board of JSC “Grindeks” Dr. chem. Juris Hmeļņickis points out in a press release that during this six months the company has developed rapidly in the global context, as the demand for “Grindeks” products has significantly increased. “Thanks to purposeful teamwork and successful cooperation with customers and partners, we have achieved a record turnover and profit. Thus, we have further strengthened the leading position of the Baltic pharmaceutical manufacturer. Over the past six months, we have continued to improve our efficiency, and we have achieved growth without increasing costs and the number of employees. I am absolutely convinced that we will achieve high financial results of the group in the coming months and years, as well as carry the name of “Grindeks” more and more in the world, ”says Khmelnytsky.
The Group’s sales of finished medicines in the first half of 2021 totaled 109.5 million euros and have increased compared to the first half of 2020 by 21.9 million euros or 25%.
Sales of finished medicines in the European Union and other countries in the first half of 2021 reached 59.6 million euros, which is 14.8 million euros or 33% more than in the first half of 2020. In the first half of 2021, compared to the first half of 2020, sales increased 66 times in Portugal, 12 times in the Netherlands, 5 times in Austria, 4 times in Poland, 79% in the United Kingdom, 68% in Hungary, 21% in Slovakia and 21% in the Czech Republic. by 15%.
Sales in Russia, other CIS countries and Georgia in the first half of 2021 amounted to 49.9 million euros, which is 7.2 million euros or 17% more than in the first half of 2020. Compared to the first half of 2020, in the first half of 2021, sales increased by 42% in Kyrgyzstan, 39% in Moldova, 35% in Azerbaijan and Georgia and 33% in Belarus.
Currently, 63 new “Grindeks” and 42 new “Kalceks” medicines are under development. “Grindeks” also produces 25 active pharmaceutical ingredients. This segment increases independence from raw material manufacturers, so the company develops 26 new active pharmaceutical ingredients. The availability of active pharmaceutical ingredients means the possibility to produce finished dosage forms more efficiently within the group. The largest exports of “Grindeks” active pharmaceutical ingredients are to the European Union countries, the USA, Japan and Canada.
JSC “Kalceks” investment is very important in the overall development and growth of the group. In the first six months of 2021, the sales volume of JSC “Kalceks” increased rapidly, increasing both the number of export countries and expanding the range of its products. In the first half of 2021, Kalceks products were sold in the amount of 36.3 million euros, which is 11.7 million euros or 48% more than in the first half of 2020. In the first half of 2021, Kalceks medicines were exported to 67 countries, the main ones being Mexico, the Netherlands, Great Britain, Portugal and Poland.
In the first half of this year, “Grindeks” has paid special attention to the improvement of production infrastructure, which also includes the purchase of new production equipment. Also, modernization works of a new laboratory for the production of finished dosage forms are currently underway.
During the first half of the year, a design contract for the new factory was signed and the territory was improved. The new plant will be built in Latvia, Riga, Asotes Street 12, in several stages and will include complex active pharmaceutical ingredients production processes and modern technological equipment. It will be the largest pharmaceutical plant in the Baltic region with automated and energy efficient solutions, the company reports.
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