OREANDA-NEWS. On 02 June 2009 OJSC “VEROPHARM” [RTS:VRPH, MICEX:VFRM] announced its unaudited financial results for the 1st Quarter 2009 in accordance with the International Financial Reporting Standards (IFRS).

SALES

Consolidated sales in Q1 2009 decreased by 22.5% and reached USD 26.9 mln.

Rx drugs sales amounted to USD 17.0 mln. in Q1 2009, a 24% decrease in comparison with Q1 2008. The Rx drugs sales accounted for 63% of total sales.[1]

In Q1 2009 traditional drugs sales stood at USD 1,4 mln., which represents 51% decrease as compared to Q1 2008, and made up 5% of total sales.

Adhesive bandages sales came to USD 5.6 mln. in Q1 2009, a 16% decrease as compared to Q1 2008. The share of adhesive bandages in total sales was 21%.

OTC drugs sales amounted to USD 2.9 mln. in Q1 2008, a 2% decrease in comparison with Q1 2008. The share of OTC drugs makes 11% sales of the Company.

Veropharm sales as part of Federal Reimbursement Program (FRP) came to USD 0.5 mln. in Q1 2009, accounting for 2.0% of the Company’s total sales.[1]

PROFIT

In Q1 2009 the gross profit of Veropharm decreased by 20.3% and reached USD 17.4 mln.

In Q1 2009 EBITDA decreased by 38.5% as compared to Q1 2008 and reached USD 5.6 mln.

The Q1 2009 net profit decreased by 41.6% as compared to Q1 2008 and reached USD 3.7  mln.

DEBT

As of the end of Q1 2009 the debt of OJSC “Veropharm” amounted to USD 24.3 mln that represents less than 20% of Company’s net assets.