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Press Release

On “Grindeks” results in 2017

Posted on: 28 Feb 18

Today, on 28 February, the JSC “Grindeks” submitted the non-audited consolidated financial statements of 2017 to “Nasdaq Riga”. Non-audited financial results indicate that in 2017 turnover of the Group was 132.4 million euro and has increased by 27 million euro or 26% in comparison to 2016. In 2017, the Group’s net profit, attributable to shareholders of the parent company, was 10.3 million euro and has increased by 0.8 million euro or 8% compared to 2016. Gross profit margin in 2017 was 57%, while net profit margin was 8%. In 2017, the Group’s production was exported to 77 countries worldwide, a total of 122.4 million euro which is by 27.2 million euro or 28% more than in 2016.

At the end of the reporting period the amount of accounts receivable (debtors) was 63.7 million euro, which is by 22.4 million euro more than accounts payable (liabilities) that were 41.3 million euro. The amount of current assets at the end of reporting period was 92.2 million euro, which is by 67.1 million euro more than amount of current liabilities which was 25.1 million euro.

The Chairman of the Board of JSC “Grindeks” Juris Bundulis: “The dynamic increase approves “Grindeks” is now on a wisely chosen and stable course of strategic development, based on strengthening existing positions in the current markets as well as successful expansion into new regions. In 2018, additionally to our traditional markets we are motivated to proceed with business development in the EU countries, where the turnover of nearly 20 million euro in 2017 was already achieved, and as before, we will continue entering Southeast Asia markets.”  

Sales volume of the final dosage forms of “Grindeks” in 2017 was 124.2 million euro and has increased by 27.2 million euro or 28% in comparison to 2016. In 2017, the sales amount in Russia, the other CIS countries and Georgia reached 81.1 million euro, which is by 23 million euro or 39% more than in 2016. In comparison to 2016, the biggest increase in sales volume has been reached in Tajikistan (69%), Russia (53%), Ukraine (40%), Armenia (35%), Azerbaijan (34%) and Kirgizstan (34%).  

In 2017, the sales volume in the Baltic States and other countries reached 43.1 million euro which is by 4.2 million euro or 11% more than in 2016. In 2017, the sales volume compared to 2016 in Slovakia has increased by 4.3 times, Australia by 3.6 times, Albania by 93%, France by 90%, Spain by 63%, Sweden by 60%. In 2017, the sales volume in Latvia reached 7.4 million euro and has increased by 0.1 million euro or 2% in comparison to 2016. Increase in sales has been reached also in the other Baltic States – in Lithuania by 13% and Estonia by 6%.

In 2017, sales of the active pharmaceutical ingredients reached 6.9 million euro, which is by 0.6 million euro or 9% more than in 2016. During the reporting period the majority of “Grindeks” active pharmaceutical ingredients were exported to the EU countries, Canada, Australia and Japan. The most required active pharmaceutical ingredients of “Grindeks” in 2017 were zopiclone, oxytocin, pimobendan, medetomidin, ftorafur (tegafur) and xylazine.

The Chairman of the Council of JSC “Grindeks” Kirovs Lipmans: “From the perspective of company’s shareholders “Grindeks” showed a great performance in 2017. Especially, a notable growth of Group’s value, improvements in overall cash flow and remarkably reduced accounts receivable have to be highlighted. We are expecting stable growth to proceed in 2018 with at least 10% rise in turnover, while to meet the growing demand we will invest at least 7 million euro to raise production capacity in Group’s manufacturing facilities in Latvia, Estonia and Slovakia. In the name of the company’s council and shareholders I am thankful to “Grindeks” team for last year’s performance.”

About “Grindeks”

“Grindeks” is an international pharmaceutical company focused on research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” has 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, anti-cancer and gastroenterological medication therapeutic groups. A range of products covers a combination of original products Mildronate® (meldonium*) and Ftorafur®, generics, food supplements and active pharmaceutical ingredients.

In 2017 products of the company were exported to 77 countries with export comprising 92.5% of the total turnover. The key markets include the EU countries, Russia and the 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 around 100 million euros over the last 15 years.

*Notice: meldonium is included in the list of substances prohibited in sport.


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


Last updated on: 28/02/2018

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