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Press Release

In 2018 “Grindeks” forecasts at least 10% increase in turnover

Posted on: 17 Jan 18

Joint Stock Company “Grindeks” informs, it is expecting to reach at least 10% increase in turnover in 2018, comparing with the results of 2017. In 2018, “Grindeks” will strategically focus on complex solutions to meet the needs of patients. The turnover growth this year will be reached by raising export volume to the EU countries, Russia and other CIS countries, the U.S.,  Canada, Japan and Vietnam, and, also, entering new markets. The strategic markets for business development in 2018 will be the European Union and Southeast Asia countries.

In addition to entering new markets “Grindeks” also is planning to make significant investments in development. Kirovs Lipmans, the Chairman of the Council of JSC “Grindeks”, remarked: “The major factor to boost production is increase in demand. This raises the issue of necessary production capacity; therefore, this year we will invest at least 7 million euro in our manufacturing facilities in Latvia, Estonia and Slovakia.”

Detailed information on ”Grindeks” results of the last year will be submitted to “Nasdaq Riga” on 28 February 2018 when non-audited interim financial statement for the 12-month period of 2017 will be published in accordance with the financial calendar of this year.

About “Grindeks”

“Grindeks” is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” consists of five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 12 countries.

“Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur®. Currently “Grindeks” produces 23 active pharmaceutical ingredients.

In 2016 the company’s products were exported to 71 countries and it comprised 91% of the total turnover. The key markets include the EU countries, Russia and other CIS countries, the U.S., Canada, Japan and Vietnam.

To increase production capacity and develop infrastructure, the company has accomplished many significant investment projects, investing over 90 million euro over the last 15 years.

         Further information:
         Laila Klavina
         Head of the Communications Department, JSC “Grindeks”
         Phones: (+371) 67083370, (+371) 29256012
         Fax: (+371) 67083505


Last updated on: 17/01/2018

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