Romanian drug producer Biofarm estimates 17% higher turnover in 2023

Biofarm (BVB: BIO), one of the biggest drug manufacturers in Romania, estimates a turnover of RON 325 million (EUR 66 mln) for this year, representing a 17% increase compared to last year.

The estimated EBITDA for this year is RON 105 million (EUR 21 mln), 16% more than last year. Biofarm also estimates a 6% higher profit for this year compared to last year.

"In 2022, the pharmaceutical market faced significant challenges due to rising energy and raw material prices as well as a lack of products to treat cold and flu symptoms. Even under these conditions, we have performed very well and managed to secure the necessary stocks and contribute to covering the shortage of cold and flu products through efficient management of production and distribution. For 2023, we aim to strengthen our position in the market, and we have set ourselves targets of constant growth in turnover at an accelerated pace as a result of portfolio development through line extensions or new product launches," said Cătălin Vicol, Biofarm CEO.

Given the long-term direction, the company considers its new product development centre to be of particular importance and will play a vital role in the implementation of plans for the coming years.

Biofarm has invested more than EUR 44 million so far in one of the most modern drug factories in Romania, which covers an area of more than 10,000 sqm and has four production streams, specializing in tablets, film-coated tablets, dragees, soft capsules, solutions, and syrups. This state-of-the-art plant is a key element in achieving the company's strategic objectives, which include portfolio development through line extensions and new product launches.

Biofarm's shares are trading on the Bucharest Stock Exchange, and the company's market capitalization is currently EUR 130 mln.

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