Veropharm Announces Financial Results for 9M 2010 (Unaudited)
OREANDA-NEWS. December 7, 2010. OJSC "VEROPHARM" [RTS:VRPH, MICEX:VFRM] announces its unaudited financial results for the first nine months of 2010 year in accordance with the International Financial Reporting Standards (IFRS).
Sales
Consolidated sales in 9M 2010 grew by 22.4% and reached RUR 3,934.0 million in comparison with RUR 3,215.3 million in 9M 2009.
The share of Rx drugs in 9M 2010 increased to 70% of total sales. The share of adhesive bandages decreased to 16% as compared to 20% the same period in year before. The share of OTC drugs increased to 13% as compared to 11% in 9M 2009. Portfolio of traditional drug sales as before demonstrate tendency for a decrease of share in sales — the decrease from 3% to 1%.
Veropharm sales as part of the Federal Reimbursement Program (FRP) came to RUR 129.0 million for 9M 2010, accounting for 3.3% of the Company’s total finished goods sales. By the results of 9M 2009, FRP sales were RUR 45.8 million, or 1.5% of the Company’s total finished goods sales.
Sales within the
Profit
In 9M 2010 the Gross Profit of Veropharm increased by 27.8% and reached RUR 2,728.5 million compared to RUR 2,135.2 million in 9M 2009. Gross margin increased to 69.4% as compared to 66.4% in 9M 2009.
The increase of the Gross Margin materialized in the following product segments: OTC drugs — from 64.7% to 75.1%, adhesive bandages — from 49.8% to 59.5%, the traditional products — from 21.3% to 53.5%.The gross margin decreased in the segment Rx drugs — from 73.7% to 70.8%.
In 9M 2010 EBITDA increased by 17.1% as compared to 9M 2009 and reached RUR 1,139.8 million which makes 29.0% of Company’s total sales.
In 9M 2010 Net Profit grew to RUR 833.6 million, a 14.1% increase in comparison with 9M 2009 and makes 21.2% of Company’s total sales.
Debt
As of the end of 9M 2010 the debt of OJSC “Veropharm” amounted to RUR 821.3 million that represents less than 20% of Company’s net assets.
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