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Pharmsynthez Reports Full Year 2012 Results in line US GAAP Financial Reporting
Date:7/17/2013

ST. PETERSBURG, Russia, July 17, 2013 /PRNewswire/ --

OJSC Pharmsynthez (Leningrad region, MICEX: LIFE) ("Pharmsynthez" or "the Company"), the leading Russian biopharmaceutical company that specializes in the development, manufacture and distribution of pharmaceuticals, has today published its consolidated audited results for the full year period ending 31 December 2012, in line with US GAAP. The results were compiled by leading global auditor, Ernst & Young.

Highlights

  • Consolidated sales of $8.5million (2011: $6.7 mln.)
  • Revenue of $12.7million in 2012 inclusive of Government co-financing of R&D
  • Consolidated gross profit $4.7million (2011: $3.7million)
  • Stable gross margin at 55%
  • EBITDA loss of $0.4million (2011: $0.4million) due to the strategic goal to increase R&D expenditures, exceeding the amount of Government co-financing
  • Virexxa Phase II clinical trial planned to begin in the US and EU in the third quarter of 2013
  • Myeloxen Phase IIa clinical research ongoing with results expected in the fourth quarter
  • Pulmoxen Phase I trial to begin during the third quarter

Dmitry Genkin, Chairman of Pharmsynthez, commented, "These positive operating indicators, including the growth in revenue, were achieved mainly thanks to the successive realization of plans to expand into the pharmaceutical markets of the Former Soviet Union and wider international markets. This has been key strategic objective of the Board and we are confident this will help deliver further growth and value for shareholders."

Notes to Editors

Pharmsynthez is a leading Russian pharmaceutical company focused on research, manufacture and distribution of active pharmaceutical ingredients (APIs), including those intended for import substitution.  Pharmsynthez also produces me
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SOURCE Pharmsynthez
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