Today, on 26 November the financial statements of the JSC Grindeks on the first nine months of the year 2010 submitted to “NASDAQ OMX Riga” indicate that the net profit of the Group of Grindeks (hereinafter – the Group) was 5.2 million lats in the reporting period, which is three times higher than the results of the first nine months of 2009. In its turn, the Group’s turnover of the first nine months of 2010 was 46.9 million lats, which is by 8.35 million lats or 21.7% more than during the first nine months of 2009. The Group’s gross profit margin, in the first nine months of 2010, was 54.6%, whereas, net profit margin comprised 11.1%.

During the reporting period the Group’s production was exported to 51 countries worldwide, in total for 44.5 million lats, which is by 7.9 million lats or 21.6% more than in the same reporting period of the previous year.

Sales volume of the final dosage forms of «Grindeks» amounted to 40.9 million lats in the first nine months of 2010, which is by 6.15 million lats or 17.7% more compared with the results of the first nine months of the previous year. In the first nine months of 2010 amount of Grindeks final dosage forms` export to the main markets – Russia, other CIS countries as well as Georgia – comprised 35.7 million lats. In its turn, turnover of the final dosage forms to the Baltic and other European countries reached 5.2 million lats.

The main export markets for active pharmaceutical ingredients of Grindeks are Europe, Japan, the USA, Australia, Pakistan and India. In the first nine months of 2010 the active pharmaceutical ingredients` sales reached 6.0 million lats, which is by 2.2 million lats or 57.9% more than in the first nine months of 2009.

Grindeks Chairman of the Board Janis Romanovskis: “Operating results of Grindeks in the first nine months show positive growth in sales – steady growth is seen in sales of both the final dosage forms and active pharmaceutical ingredients. Results are achieved through marketing activities and sales promotion in key markets, strengthened strategy for the introduction and promotion of generics, as well as strict cost control. Also Grindeks future plans are connected with a targeted diversification of business – we will continue to introduce new products, enter into new markets, increase production capacity, as well as deliberately invest funds for future development.”

On Grindeks

Grindeks is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. Grindeks specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups.

The Group of Grindeks consists of four subsidiary companies in Latvia, Estonia and Russia, as well representatives and representative offices in fourteen countries. Products of the company are exported to more than 50 countries and its export comprises more than 96% of the total turnover. The main markets are: the Baltic States, Russia and other CIS countries, Japan and the USA. JSC Grindeks shares are listed on the Official List of “Nasdaq OMX Riga”.

Further information:
Ilze Kreicmane
Acting Head of the Communications Department, JSC Grindeks
Phones: (+371) 67083336, (+371) 26466681
Fax: (+371) 67083505