company Description
Antibiotice is the most important Romanian producer of anti-infectious medicines of systemic use, being the largest Romanian producer of injectable cephalosporins in the country and the only Romanian company producing active substances obtained through biosynthesis. Moreover, the company is a leader in the production powders for hypodermic solutions and suspensions and the main producer of ointments, gels, creams, and suppositories in Romania.
Volume '000 (chart)
Comparable Companies
Biofarm, Zentiva
company Overview
Antibiotice (ATB) ranked 9th place amongst the top 10 pharma producers on the Romanian market, with a market share of 2.9% in Q208 (vs. 3% in Q108), according to Q208 Pharma&Hospital report of Cegedim. Currently, ATB is covering 12 therapeutic classes by its products. The novelty is that starting with May 2008, the company launched medicines within anti-diabetic therapeutic class, that has a significant growth potential as c30% of Romanians present a risk getting sick of hyperglycemic diabetes. However, the best performers in H108 are medicines within cardiovascular therapeutic class, whose sales went up 30%YOY, followed by medicines within anti-infectives for systemic use (up 9.03%YOY in sales). ATB managed to increase its sales through pharmacies from 87% in H108 (vs.83% in H107), while the weight of the sales through hospitals declined, following the overall market trend. The privatization process of the company is going to resume, according to company s representatives. The sales of medicines with prescription accounted for 82% of the H108 sales (kept constant vs H107), while the OTC sales represented 18%. However, company s sales and profitability will be further influenced by the increase in international prices of raw material, by the changes in regulations regarding the list with compensated medicines for population and some other regulations regarding the payments settlement between hospitals and pharma producers.
Main Shareholders
The main shareholder of the company is the Authority for State assets Recovery (AVAS) with a 53.0173% stake, while SIF Oltenia holds 10.0954% of the shares. Other shareholders hold 36.8873% of the company.
Results Overview
ATB posted H108 sales of RON 107.32 Mn (+5.27%YOY), representing 39.85% of the total estimated sales for 2008. 84% of H108 ATB sales (vs.90% in H107) came from the domestic market, while 16% from sales abroad. Thus, ATB recorded an increase of 72%YOY (in USD terms) of its exports up to USD 6.57 Mn, having the most important upward impact on H108 company s turnover. H108 net profit amounted to RON 16.65 Mn, down 19.66%YOY. management guided for FY08 net profit of RON 36.168 Mn (+11.43%YOY) implying a P/E(08E) of 16.48x.
| Listed | BVB/36 |
| Ticker | ATB |
| Code Reuters | ATBE.BX |
| Code Bloomerg | ATB RO |
| Code ISIN | ROATBIACNOR9 |
| Price 14 Aug 2008 (RON) | 1.31 |
| No. of shares issued | 469,503,942 |
| Mk cap | 615,050,164 |
| Minimum price YOY | 1.09 |
| Maximum price YOY | 2.05 |
| Free float | 0.50% |
| Change % (1M) | 6.50% |
| Change YTD | -36.10% |
| Change YOY | -31.41% |
| Average volume (last month) | 125,218 |
| Source: Bucharest Stock exchange |
INDICATORS (table)
FINANCIAL I NDICATORS (table)
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Tel. +40 21 313 0102, fax: +40 21 313 1595, e-mail: research@iebatrust.ro, web site: http://www.iebatrust.ro
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Antibiotice Aug 14 2008.pdf, 274 Kb
