November 2 (SeeNews) - Romanian drug maker Biofarm [BSE:BIO] inaugurated a new production and testing facility in Bucharest, following a 35 million euro ($40.6 million) investment, the company said on Tuesday.
With a usable area of over 10.000 sq m and an annual production flow three times higher than in the existing plant, the new Biofarm factory will ensure the manufacturing of a complex portfolio of pharmaceutical products, Biofarm said in a press release.
The new factory will have four production streams – coated tablets/tablets/drops, soft capsules, solutions, and syrups.
"The new production unit is one of the most important investments in the pharmaceutical industry of the last 30 years, being the result of a sustainable investment plan. On a very competitive market we are one of the most important local producers, and the completion of this unit will give us the opportunity to increase production capacity, but also research and development," Biofarm general manager Catalin Vicol said.
Biofarm's net profit increased to 54.54 million lei ($13 million/11 million euro) last year, compared to 50.88 million lei in 2019. The company's sales rose to 218 million lei last year, from 202.75 million lei in 2019.
The drug maker, founded in 1921, was listed on the Bucharest Stock Exchange, BVB, at the end of November 2005. The company's product portfolio covers 65 therapeutic areas. Currently, Biofarm exports to countries such as Azerbaijan, Russia, Georgia, Kurdistan/Iraq, Kyrgyzstan, Malta, Moldova, Hungary, and Ukraine.
Romanian investment funds SIF Muntenia and SIF Crisana own shareholding interest of 51.57% and 36.74% in Biofarm, respectively. The remainder is in free float on the BVB.
Biofarm's shares traded 2.48% lower at 0.63 lei as at 1200 CET on Tuesday on the BVB.
(1 euro = 4.9487 Romanian lei)