Apr 27, 2018

Farmak JSC increased its net profit by almost a quarter

The sales of Farmak pharmaceutical company increased by 19% in 2017, net profit by 22%. The company launched 21 new products onto the market.

Press release

Kyiv, April 27, 2018

The sales of Farmak pharmaceutical company increased by 19% in 2017, net profit by 22%. The company launched 21 new products onto the market.

Exports as a percentage of total sales increased by 23% compared to last year. The share of Exports in the Company’s total sales is 25.1%. Farmak was ranked third among all pharmaceutical companies present in Uzbekistan, and substantially increased its sales to Iraq, Vietnam and Poland.

Focusing on Europe, Farmak JSC continues to modernize and improve its production, develop the industry and take care of people. In 2017 investments in development and modernization came to 486 mln UAH. The key object of investments is the Solid Medicinal Products – 2 Project The new production site is based on German and Italian processing equipment. After it has been put into operation, our total manufacturing capacity of tableted medicinal products should double to 3 billion dosage units a year. The Company started construction and conceptual design of new production of liquid aseptic medicinal products. The implementation of 10 large-scale capital investment projects at various stages of implementation.

“Only successful professionals can build a successful company. Therefore, we make every effort to develop and encourage incentives for staff. As a result of inflationary developments and adhering to world tendencies, Farmak  increased salaries paid to employees on two occasions in the last year. The average salary of employees grew by 17% over 2017, with an inflation rate of 13.7%, and is almost three times higher than the average salary paid at industrial enterprises in Ukraine. Quality, innovations and people are the values of our Company and the main vectors of its development,” said Filya Zhebrovska, Chair of the Supervisory Board of Farmak JSC.

The results of 2017 show that Farmak increased sales revenue by 19% – to 6.09 bln UAH. EBITDA is 1.376 bln UAH. Net profit was 839 mln UAH (+ 22% compared to 2016). Tax payments made by Farmak JSC in 2017 came to 526.5 mln UAH Farmak JSC is the only pharmaceutical producer to enter the list of TOP-100 taxpayers in 2017

Last year Farmak JSC became the leader in the supply of medicines in Ukraine under the “Affordable medicines” program. Out of the 23 molecules covered by the program, 8 are present in Farmak’s portfolio. These are 26 finished medicinal products, 7 of which are fully reimbursed, and 19 are partially reimbursed.

“The company has increased its key performance indicators by following its chosen quality strategy, continuous modernization and implementation of innovations in production and management processes. Systemic work gives us the opportunity to produce high-quality medicinal products both for Ukraine and for export. We will continue to move in the direction of Europe. To achieve this, the company is constantly investing  in modernization, introducing innovative technologies in order not only to respond, but even to outperform the needs of the market,” emphasized  Volodymyr Kostiuk, acting Executive Director of Farmak JSC.

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