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Sindan posts 23.6m-euro sales in Q2

Sindan posts 23.6m-euro sales in Q2
14.08.2006, 19:00 337

Romanian oncology drug maker Sindan Pharma, which Iceland's Actavia company acquired in March, in the second quarter of this year posted sales worth 23.6 million euros. As shown in the company's quarterly report, the trend was driven by the company's significant sales of Paclitaxel and Epirubicin drugs. Approximately 22 million euros of the total sales volume were derived from the Romanian market. Actavis bought the Romanian producer of oncology drugs in a deal worth 147.5 million euros. According to the Icelandic company's officials, in the wake of Sindan acquisition, Actavis' revenues will reach 1.36 billion euros this year, with a 20% EBITDA rate. For 2007, the company targets 1.6 billion euros. Sindan's revenues are put at 80 million euros this year, with an EBITDA rate of 22%. For 2007, the company expects to overshoot the 100m-euro mark. Sindan is one of Romania's major makers of oncology drugs and one of the
most dynamic at the same time. Thus, the company saw its revenues double from 2002 through 2005. The company's portfolio includes 31 drugs. According to the Cegedim market research firm, Sindan ranked 15th among Romania's pharmaceutical companies at the end of last year, with 1.9% of the market. Sindan holds 44 percent of the segment of oncology drugs, according to its own estimates. At the same time, the company's products are exported to Japan, Poland, Slovakia, Hungary, Bulgaria and the UK. Sindan plant was set up in 1991, on the structure of the research and production unit of Bucharest Oncology Institute.