Romania's Antibiotice grows net profit 58% in 2023

Total revenues rose by an annual 21% to 640.7 million lei last year, while revenues from contracts with customers saw a 24% jump to 600.7 million lei, Antibiotice said in a financial report filed with the Bucharest Stock Exchange.

Net profit surpassed the company's projections for 2023 by 93% as Antibiotice increased its sales in the hospital and retail segments and renegotiated partnerships with distributors in each segment in order to improve market share and profitability.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 30% on the year to 124.8 million lei in 2023.

Antibiotice's total assets increased by 16% to 1.139 billion lei last year. Total debts rose at a faster pace of 36% to 292.2 million lei.

The company invested 98.1 million lei last year, surpassing the planned investment budget of 77.8 million lei for 2023.

Established in 1955, Antibiotice produces 160 generic drugs for human use, veterinary drugs and Nystatin, an active ingredient. The company employs over 1,400 at its research centre and production facilities in Iasi. The two biggest shareholders in Antibiotice are Romania's health ministry with a stake of 53% and retail investment fund Infinity Capital Investments with 29.4%.

Antibiotice's shares traded 0.27% lower at 1.85 lei as at 1605 CET on Wednesday on the Bucharest bourse.

(1 euro=4.9754 lei)