Biofarm (stock symbol BIO), one of Romania's leading drug manufacturers, recorded a net profit of 69.9 million lei in the first nine months of the year, up 6% compared to the same period last year. Turnover increased by 10% to 229 million lei, compared to 209 million lei in 2022. EBITDA reached 81.6 million lei.
"The results achieved in the first nine months of 2023 confirm our long-term development strategy. Even though the CHC market as a whole is experiencing a decrease in consumption, Biofarm manages to record growth in consumption and thus we are strengthening our position in CHC by protecting the top brands in our portfolio and by maintaining investments at a competitive level in CHC categories with high business potential. We will continue to focus on developing new solutions for patients' health, to meet their needs and to honour the company's mission of doing good for those around us through continuous improvement," said Cătălin Vicol, Biofarm CEO.
In the first nine months of 2023, Biofarm ranked 2nd in the Consumer Healthcare (CHC) segment in terms of units sold. In value terms, the company strengthened its sales to end consumers, recording an increase of more than 15% compared to the first nine months of 2022, based on the purchase price in pharmacies.
The therapeutic areas with the highest absolute growth in value in the first nine months of the year in which Biofarm is active were cold & flu, pain, magnesium-based supplements, digestion, and nasal decongestants. Biofarm brands associated with these therapeutic areas have seen increases in value market share.
The continuous development of new products, constantly adapted to the needs of consumers in continuous diversification, is one of Biofarm's pillars of growth. The company is also the volume market leader in the reference categories of 8 of its brands: Bixtonim, Colebil, Triferment, Sennalax, Extravalerianic, Carmol solution, Carbocit and Nervocalmin. This balanced mix of long-lasting brands and innovation is a strong differentiator for Biofarm's portfolio, positioning the company among the most relevant players in the CHC category.
Biofarm has invested more than 44 million euros so far in one of the most modern drug factories in Romania, which covers an impressive area of more than 10,000 square meters and has four production streams, specializing in tablets, film-coated tablets, dragees, soft capsules, solutions and syrups. This state-of-the-art plant is a key element in achieving the company's strategic objectives, which include portfolio development through line extensions, new product launches and expansion into foreign markets.
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