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

dicines (Neovir, Segidrin, Fenasid and Penkrofton) used in oncology, gynecology, treatment of immunodeficiencies and tuberculosis.

Financial Review

The growth in consolidated revenue from operations in 2012, as noted above, amounted to $1.8 million, up 27% from 2011. Sales by volume in the Russian Federation increased 6%, while in Ukraine they grew 3.2 times and 1.9 times in Estonia. Together with income from fulfilling R&D contracts financed by the Russian Ministry of Industry and Trade, the Company's revenue totaled $12.7 million.

Consolidated gross profit for 2012 amounted to $4.7 million, up 26% or $1 million from 2011. Meanwhile the gross margin remained almost unchanged at 55%.

In total for 2012 the Company posted a total of $88,000 of comprehensive income in total, versus a loss of $1.2million the previous year.

Pharmsynthez's commercial and management expenses grew 21% from the previous year and amounted to $4.8 million mainly due to salary expenses growth. Furthermore, the Company boosted its operational effectiveness by reducing the share of management expenses in revenue from 36% to 34%.

For 2012 the Company posted a $0.4 million loss on EBITDA versus a $0.4 million profit last year. The main reason for the decline in this indicator was reduced Government co-financing on R&D carried out under contracts with Russia's Ministry of Industry and Trade. In 2012 R&D expenditures significantly exceeded the amount of government co-financing as a result of the company's plans for independent development going forward.

The effect of other operating income in 2012 was minimal compared to 2011, when the Company posted $0.9 million in income from the revaluation of a land plot. Meanwhile, other operating expenses significantly increased to $0.9 million, and their main components, according to the rules for
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SOURCE Pharmsynthez
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