JSC Farmak reported 2020 financial results. The financial statements were audited by Deloitte & Touche USC LLC.
According to the consolidated financial statements prepared according to international standards, Farmak’s sales revenue and net profit in 2020 reached UAH 7.5 billion and UAH 1.1 billion respectively.
The Company’s capital investment in 2020 amounted to UAH 1.3 billion, which is 78% more than in 2019. The main investment projects of 2020 include the launch of a new workshop for sterile medicinal products and construction commencement of R&D centre which will develop modern complex medicinal products.
In addition, the Company’s funds were used to modernize and upgrade existing sites and production units, to bring manufacturing facilities in line with FDA (US Food and Drug Administration) requirements, to develop and implement energy saving projects, to develop laboratory facilities, to implement IT projects on business process automation etc.
The R&D expenses in 2020 amounted to almost UAH 448 million.
“Farmak has spent a record UAH 1.3 billion on manufacturing facilities modernization, while capital investment in Ukraine decreased by almost 40% in 2020. The lion’s share of these funds has been invested to the construction and equipping of a new manufacturing facility for sterile medicinal products, where we will manufacture essential medicines that save the lives of both Ukrainians and people around the world,” said Volodymyr Kostiuk, Chief Executive Officer of JSC Farmak.
Farmak exports its products to 28 countries around the world, including the EU, Central and South America, the CIS, the Middle East, Asia etc. Since the beginning of the pandemic, there has been a sharp increase in the demand for medicinal products that are used in the complex therapy of COVID-19 patients. Thus, a large number of Farmak products have been exported to Israel, Great Britain, Sweden, France, Germany, Poland, Australia, New Zealand, Mexico and Singapore, as well as delivered for WHO (World Health Organization) use during 2020.
Last year Farmak managed to avoid the reduction of employees, and even increased their number to 2,761, despite the pandemic and economic difficulties in the country.
Farmak is the only pharmaceutical company to be included in the ranking of the largest taxpayers last year*.
The amount of taxes paid in 2020 is UAH 712.1 million.
*According to the Rating “Top 200 largest companies in Ukraine in terms of tax payments in 2020”
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