Serbian Drug Maker Hemofarm Likely to Post 100 Mln Euro in 2009 Net Profit - Media

Hemofarm raised its consolidated net profit to 3.4 billion dinars ($50.9 million/35.4 million euro) last year from 3.2 billion dinars in 2007, data from Serbia’s business registry showed. Its consolidated 2008 operating revenue rose to 21.5 billion dinars from 18.1 billion dinars n 2007. 

The company, owned by Germany’s STADA, is likely to close 2009 with 25% higher exports and 7.0% higher output, Belgrade-based broadcaster b92 (www.b92.net) quoted the company's managing board chairman Miodrag Babic as saying. He did not elaborate.

Hemofarm, which employs about 3,200, has opened a 9.0 million euro upgraded factory for the production of physiological solution in Vrsac, in the northern province of Vojvodina, Babic said. The upgrade has increased the factory's capacity about 2.5 times to 65 million bottles per year.

The drug maker has invested 24 million euro through 2009 towards production expansion and technical production upgrades. Hemofarm, which exports the bulk of its output to Russia, launched exports to the U.S. earlier this year, Babic said.

Hemofarm will take part in a prequalification tender for the sale of Serbia’s largest drug maker Galenika, b92 reported earlier. The government in Belgrade called the tender on December 15.

German generic drugs producer STADA completed the acquisition of Vrsac-based Hemofarm for 494 million euro in September 2006. Hemofarm is also present in Serbia’s western neighbour Bosnia.

(1 euro=95.9658 Serbian dinars)