Mixed Results For Major Latvian Drugmakers

Half-year financial figures from Latvia's two leading pharmaceutical companies, Grindeks and Olainfarm, have brought mixed results for the companies. The country's number one drugmaker Grindeks reported sales decreases of 6.5% year-on-year (y-o-y) to LVL29.8mn (US$60.6mn) in H109, while profits declined 32% to LVL3.4mn (US$6.9mn). Meanwhile Olainfarm's H109 results saw sales rise 6% y-o-y, with its rapid expansion in Commonwealth of Independent States (CIS) markets key to growth. BMI believes that with the outlook for Latvia's pharmaceutical sector appearing bleak in the short term, export performance will be crucial to the firms'

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