Today, on 27 May, financial statements of JSC Grindeks on the first quarter of 2010 submitted to “Nasdaq OMX Riga” indicated that the net profit of the Grindeks Group (hereinafter – the Group) was 1.4 million lats in the reference period. It has risen by 0.2 million lats or 16.7% in comparison with the first three months of 2009. While the Group’s turnover of the first quarter of 2010 was 13.45 million lats, which is by 0.7 million lats or 4.9% less than in the first quarter of 2009.

Today, on 27 May, financial statements of JSC Grindeks on the first quarter of 2010 submitted to “Nasdaq OMX Riga” indicated that the net profit of the Grindeks Group (hereinafter – the Group) was 1.4 million lats in the reference period. It has risen by 0.2 million lats or 16.7% in comparison with the first three months of 2009. While the Group’s turnover of the first quarter of 2010 was 13.45 million lats, which is by 0.7 million lats or 4.9% less than in the first quarter of 2009.

In the first three months of 2010 profit margin of Grindeks has improved. Gross profit margin is 52% in the first quarter of 2010, which relatively to the first quarter of 2009 was 50.3%, while net profit margin was 10.4%, which relatively to the first quarter of 2009 was 8.8%.
During the reporting period the Group’s production was exported to 39 countries worldwide, for 12.6 million lats in total.

Grindeks Group’s sales volume of the final dosage forms was 12.28 million lats in the first quarter of 2010, which in comparison with the previous year’s first quarter results, fell by 0.72 million lats or 5.5%. In the first quarter of 2010 export of Grindeks final dosage forms to the major markets – Russia and the other CIS countries and Georgia was 10.55 million lats, while the final dosage form sales volume to the Baltic states and other European countries amounted to 1.73 million lats.

Main export markets of Grindeks active pharmaceutical ingredients are Europe, Japan, USA, Australia, the Pakistan and India. In the first three months of 2010 export of active pharmaceutical ingredients reached 1.17 million lats, which is by 0.03 million lats or 2.6% more than in the first quarter of 2009.

Grindeks Chairman of the Board Janis Romanovskis: “Reacting to the overall situation in the pharmaceutical market, we have purposefully strengthened the marketing and sales activities, meanwhile reducing other costs and carrying out resource optimization. More and more we acquire new markets and extend our activities in the regions of Eastern Europe, the Balkans, and the Scandinavia. We have started to export final dosage forms to Romania, Slovakia, Albania, Kosovo, Sweden and Finland. There are series of new generic medicines in the Registration stage, which will increase our advantage even more. All this allows to look with confidence to the future and the reaching of business goals.”

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.

Group 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 40 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, USA. JSC Grindeks shares are listed in the Official List of “Nasdaq OMX Riga”.

Further information:
Laila Kļaviņa
Head of the Communications Department, JSC Grindeks
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
e-mail: laila.klavina@grindeks.lv