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12 Nov, 2008 04:44

Veropharm 9M 2008 Net Profit up 61%

Veropharm 9M 2008 Net Profit up 61%

Russian pharmaceutical producer, Veropharm, has posted a 9M 2008 Net profit of $26.4 million under IFRS.

The bottom line result is up 60.8% on the same figure for 2007, with EBITDA coming in at $39.4 million, also up 60.8%, on the back of Sales of $128 million, up 39%.  The company pointed to a strong performance within the Russian federation, accounting to 96% of its Sales.  Prescription drugs increased to account for 64% of sales over the first nine months of the year, with traditional drugs declining to 8%, and Over The Counter medicines and Bandages remaining unchanged at 9% and 19% respectively.

For 3Q 2008, the company posted a Net Profit of $7 million, with EBITDA up 44% year on year to $10.8 million, on the back of Revenue of $41.5 million, up 27% on the 2007 result.

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