March 28 (SeeNews) - Romanian drug maker Biofarm [BSE:BIO] said on Monday that it targets a 15% rise in earnings before interest, taxes, depreciation and amortisation (EBITDA) to 82 million lei ($18.2 million/ 16.6 million euro) this year and plans to expand on new markets.
Biofarm also aims to increase its turnover by 16% to 239 million lei in 2022, it said in a press release.
The pharma company plans to increase sales of existing products from its portfolio, to launch new products and expand into new markets this year.
"We ended the year 2021 with very good results and we are confident that the investments budgeted for this year will contribute to an increase of sales. Cutting-edge equipment enables us to increase production and expand into new markets. We have strong premises for meeting the objectives, despite the challenges created by the increase in production costs caused by the estimated cost variations for the supply of raw materials, utilities,"Biofarm general manager Catain Vicol said.
"Even in this context, I am confident that, at the end of the year, we will strengthen our market share and continue to be one of the leading players in the local pharmaceutical industry in the Consumer Healthcare (CHC) category."
Currently, Biofarm is the largest Romanian manufacturer of soft gelatin capsules, among the top three Romanian manufacturers of solutions and suspensions for oral administration and one of the largest manufacturers of tablets and drops in Romania.
The drug maker, founded in 1921, was listed on the Bucharest Stock Exchange, BVB, in 2005. Its products are currently reaching 12 countries around the world.
In November, Biofarm inaugurated a new production and testing facility in Bucharest, following a 35 million euro ($38.5 million) investment.
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 3.05% lower at 0.7 lei as at 1032 CET on Monday on the BVB.
(1 euro = 4.9489 Romanian lei)