The magazine announced them as the first Bulgarian billionaires, each of them has $ 2.1 billion.
Kiril Domuschiev: We achieve all this thanks to the success and professionalism of our colleagues in the USA, Bulgaria, Belgium and around the world.
1. Brothers Kiril and Georgi Domuschievi entered the ranking of Forbes magazine as billionaires. The publication estimates that each of them has $ 2.1 billion, and their fortune comes from equal shares in Advance Properties plus income from past sales and dividends.
And while traditionally Georgi Domuschiev, who does not like to appear in front of the media, does not comment, his brother Kiril Domuschiev was extremely concise. In his Facebook profile, he wrote: “We achieve all this thanks to the success and professionalism of our colleagues in the United States, Bulgaria, Belgium and around the world,” giving a link to the material of “Forbes”.
In fact, the Domuschievs were the first Bulgarian businessmen included in the American edition of the magazine
for people with
condition from above
$ 1 billion
The other Bulgarian ranked among the billionaires is Vlad Tenev, but he has lived in the United States for a long time and is doing business there through the Robinhood stock trading platform.
Over the years for Bulgaria, Forbes has failed to make a real ranking of the rich. The magazine, which is published in Bulgaria, tries in 2012 to rank the most influential Bulgarians. The first such ranking is headed by former Prime Minister Boyko Borissov, and the second – by banker Tsvetan Vassilev. This caused a lot of smiles and reproaches, the discussion at one point became quite heated and after another edition the ranking was stopped in 2014.
2. They are part of a business valued at $ 41 billion
The curious thing in the Forbes article about the Domuschievs is that the magazine points out as the main source of their condition the business with medicines for animals, which is concentrated in the company Huvepharma. The pandemic and the purchase of more pets, the problem of animal-borne diseases and antibiotic resistance are boosting the livestock health sector to $ 20 billion in annual sales, the paper said.
According to a study by Global Market Insights, one of the world’s largest market research agencies,
this business will
double and will
will reach 41 billion
dollars by 2025
The reason – the growing government programs, combined with investment in research and development for numerous animal diseases, which will increase the demand for medicines for animals.
The industry is divided into drugs, vaccines and medicated feed additives. In 2018, the valuation of this business is over 17 billion annual sales. Animal drugs play a crucial role in protecting animal health, maintaining animal welfare and minimizing the risk of parasitic zoonoses. In addition, antiparasitic animal drugs effectively remove parasites and are safe compared to other drugs on the market. In addition, these drugs are easy to administer and have greater stability than others. Therefore, the above factors will have a significant positive impact on the growth of the industry.
The Agency pays special attention to the fact that
raising pets
pets in the pandemic
will encourage development
on the market of medicines
for animals, which can extend their life. And medicines for them have higher gross margins than farm animals.
Global Market Insights divides products into those that are taken orally and those that are injected. The latter have a major share, estimated at $ 13 billion in 2018, and now sales are likely to exceed 15 billion. Technologically advanced devices in veterinary clinics are also proving to be growth-friendly. For Europe, growth is expected to be driven by rising pet health costs, combined with strong support from major players in the industry.
3. Huvepharma is the sixth in the world for animal products, it has factories in Bulgaria, Italy and the USA
The main company in the Domuschiev brothers’ portfolio is Huvepharma. Forbes defines it as the sixth largest livestock company in the world. There is a vaccine plant in Lincoln, Nebraska, another plant in northwestern Italy and Biovet in Peshtera. Huvepharma is a major producer of veterinary drugs, vaccines and animal feed additives, with revenues of $ 658 million in 2020, up 21% from 2018, according to Forbes.
The Domuschievs set foot in the United States in 2005, when Huvepharma opened an office there. In 2007, the company acquired one of Meriel’s Missouri plant for veterinary products. In 2013, the acquisition of enzyme production by Enzyvia follows. The following year, Huvepharma entered the vaccine market with production facilities and intellectual property. Two years later, he acquired three plants from Zoetis in North Carolina, Colorado and Arkansas.
A new deal is coming – in 2018 two companies were bought – Agrilabs and Tex Animal Health and the products to them. This investment expands operations with a complex in Lincoln, Nebraska, and vaccine production facilities. In 2019, the US Department of Agriculture licensed Huvepharma for an experimental vaccine against African swine fever. Nuverharma Ins is one of its largest subsidiaries
the largest
Bulgarian
investment
in the USA
It provides nearly 40% of Huvepharma’s global revenue and manages assets of more than $ 200 million.
In Italy, the plant was purchased by the global concern Sanofi in 2015. The purpose of this transaction is to expand the positions in the field of chemical synthesis in order to develop intermediate and final products and active substances for human and animal medicine.
In general, Huvepharma’s business covers more than 100 countries, the company has subsidiaries and offices in Bulgaria, Belgium, Poland, USA, China, Taiwan, Thailand, Russia, India, Brazil, Turkey, Mexico, Japan, South Africa and Canada.
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