May 12 (SeeNews) - Romanian drug manufacturer Biofarm [BSE:BIO] expects to boost its turnover by 17% this year, to 325 million lei ($71.9 million/65.9 million), it said.
The company’s estimated earnings before interest, taxes, depreciation and amortisation (EBITDA) are seen to reach 105 million lei in 2023, 16% higher than last year, Biofarm said in a press release on Thursday.
“For 2023, we aim to strengthen our position in the market and we target constant growth in turnover at an accelerated pace based on portfolio development through line extensions or new product launches,” Catalin Vicol, Biofarm CEO, said.
The company sees its new product development centre as central to the implementation of future plans, with new products being a key growth pillar.
Biofarm has invested more than 44 million euro ($48 million) so far in a modern drug factory which spans over 10,000 sq m and is specialised in tablets, film-coated tablets, dragees, soft capsules, solutions and syrups. The production facility has a key role in achieving the company’s growth targets.
In 2022, Biofarm booked a net profit of 70.9 million lei, up 17.5% on the year, according to earlier disclosed information.
Biofarm was listed on the Bucharest Stock Exchange in 2005. According to its latest annual report, the company owns two drug factories in Bucharest as well as a product testing and development unit, while its portfolio tallies over 100 products covering therapeutic areas in the consumer healthcare division.
Biofarm shares traded 1.54% higher on the Bucharest bourse at 0.66 lei as at 1353 CET on Friday.
(1 euro=4.9324 lei)