Veropharm posts FY 2008 Net Profit of $36.9 million

Russian drugmaker, Veropharm, has posted a FY 2008 Net Profit of $36.9 million under IFRS.

The bottom line is up 33% on the FY 2007 result with EBITDA up 24% to $52.5 million on the back of a 24% rise in sales to $172.9 million.

The company noted the increase in sales of prescription drugs to 66% of total sales, with sales of Bilumid increasing by 102%, Taytax by 97%, and Cerepro up 114%. Sales of Over the Counter drugs remained unchanged at 8% of sales.

Veropharm also noted a rise in debt to $24.5 million as at the end of December 2008, although adding that this did not exceed 20% of Net assets.