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Antibiotice makes 4-5m euros net income in H1

Antibiotice makes 4-5m euros net income in H1
16.08.2006, 19:35 7

Drug producer Antibiotice Iasi in the first half of this year derived net income standing at 15.8m RON (4.5m euros), up 20% compared with the same period of last year.
The company's turnover went up 15% during the same period, reaching 86.9m RON (24.6m euros). Antibiotice representatives could not be contacted for further details.
At the end of H1, Antibiotice held a portfolio of 135 drugs for human use and 20 drugs for veterinary use. The company sells 90.94% of its output on the domestic market, with exports accounting for the rest.
After the first six months of this year, Antibiotice is the ninth player in the ranking of its respective industry, holding 3.3% of the market, according to the data released by the company. At the end of last year, the company had a share of 3.25% of the domestic pharmaceutical market.
For this year, the company plans to reach a share of 3.5% of the domestic drug market.
The company has budgeted turnover worth above 63m euros for 2006, an increase of 22% against 2005, when it reported turnover worth 45.2m euros. The producer's gross income target for this year stands at 8.5m euros, up 24.4% compared with 2005.
In terms of its development policy for this year, the company is mainly relying on rising exports, through registration and sale of new products internationally and through investments meant to boost competitiveness, with medium and long-term effects on the turnover.
This year's investments mainly target the modernisation of the injectable product facility, particularly for the production of injectable cephalosporins and the building of a wastewater purifying station and of a waste incinerator.
The majority shareholder in the company is AVAS, with a stake of 53%. Other significant shareholders are Broadhurst investment fund and SIF Oltenia.
Antibiotice is going to be put up for sale at the end of this month, with the process due for completion this autumn. Antibiotice was set up in 1955, and its current market value is put at 180m euros, around 40 times higher than the assessment of 1998-1999, when privatisation was first proposed.
Antibiotice is one of Romania's major drug manufacturers and at the end of last year ranked ninth on the market, according to the data provided by Cegedim market research company. At the same time, the company is the only drug maker still owned by the state. Buying Antibiotice might be the last chance for foreign players to enter the domestic market, since the already tough competition makes organic development quite difficult.
The Romanian pharmaceutical market in the first quarter of this year was worth 350 million euros, 15 percent higher from the corresponding period of last year. Most players say the market will grow by approximately 15% in 2006 compared with 2005.

Antibiotice Iasi
After the first 6 months of this year ranks ninth among the players in the industry, with 3.3% of the market
Its H1 net income was 20% higher than in H1 last year
Its turnover went up by 15% in the same period, to 86.9m RON (24.6m euros)
This year plans to reach a 3.5% share of the domestic drug market
Has budgeted turnover worth above 63m euros for this year, 22% bigger year-on-year

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