April 27 (SeeNews) - Romanian drug manufacturer Biofarm [BSE:BIO] said that its net profit increased 17.5% on the year to 70.9 million lei ($15.85 million/14.35 million euro) in 2022.
Biofarm’s income from sales rose to 276.99 million lei in 2022 from 239.04 million lei a year earlier, the company said in an audited financial statement filed with the Bucharest Stock Exchange on Wednesday.
Biofarm’s results came on the heels of sustained efforts to maintain investments at a competitive level and improve its brand portfolio.
Operating expenses rose to 207.26 million lei in 2022 from 171.89 million lei in the previous year.
Total assets increased by an annual 11.4% to 466.54 million lei in 2022, while total debts inched up by 0.56% to 86.48 million lei.
During 2022, Biofarm launched 17 new products. Over-the-counter drugs generated 61% of the company’s turnover, while food supplements and prescription drugs accounted for 35% and 4%, respectively. The development of new products is seen as one of the company’s future growth engines.
Founded in 1921, Biofarm was listed on the Bucharest Stock Exchange in 2005. 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 0.9% lower at 0.664 lei on the Bucharest bourse as at 1028 CET on Thursday.
(1 euro=4.9401 lei)