Grindeks Group closes 2021 with record high turnover of EUR 231.1 million

Grindeks Group closes 2021 with record high turnover of EUR 231.1 million


The consolidated, provisional financial data of Grindeks Group indicate that the Group has closed 2021 with a record high turnover and profit. In this period, the turnover of Grindeks amounted to EUR 231.1 million, which is EUR 44.0 million or 24% more than in 2020. In 2021, the Group’s profit was EUR 41.0 million, which is EUR 22.1 million or 2 times more than in 2020.

In 2021, the largest sales volume was accounted for by cardiovascular and central nervous system medicines. Sales growth was also strong in the hospital segment medicine, provided by the subsidiary of Grindeks – Kalceks company.

In 2021 the products of the Group were exported to 103 countries for the total amount of 218.7 million euros.

Dr. chem. Juris Hmelnickis, Chairman of the Board of Grindeks: “2021 has been a year of change for Grindeks Group, showing that an excellent team can achieve great things. Expanding the range of medicines, understanding patient needs, exploring new markets, taking the course of green thinking and many more important initiatives are the unstoppable driving force for growth. Over the past year, I have seen that challenges can be overcome through constant transformation, where every team member is aware of his or her important role in achieving common ideas and goals. The turnover of EUR 231.1 million is the highest ever for Grindeks, and I would like to thank the team – all the professionals – for the achievements, as well as our partners, healthcare professionals and patients for their continued trust in us!”

The Group sales of finished pharmaceutical products in 2021 totalled EUR 219.5 million, which is an increase of EUR 45.9 million or 26% compared to 2020.

Sales of final dosage forms in the EU and other countries reached EUR 117.5 million in 2021, an increase of EUR 31.6 million or 37% compared to 2020. Compared to 2020, the sales in 2021 increased 29 times in Portugal, 18 times in Brazil, 9 times in the Netherlands, 4 times in the United Arab Emirates and Bulgaria, 3 times in Poland and Norway, and 2 times in Australia and the Czech Republic.

Sales in Russia, other CIS countries and Georgia in 2021 amounted to EUR 102.0 million, which is an increase of EUR 14.3 million or 16% compared to 2020. Compared to 2020, sales in 2021 increased by 57% in Ukraine, 40% in Belarus, 34% in Georgia, 33% in Moldova, 23% in Azerbaijan and Uzbekistan.

The product portfolio of Grindeks includes advanced cardiovascular, central nervous system, oncology and diabetes medicines, while its subsidiary Kalceks offers medicines for the hospital segment. There are currently 64 new JSC Grindeks and 42 new JSC Kalceks medicines in development. In 2021 the registration procedure of 10 new Grindeks generic products was started.

Kalceks has also started decentralized registration procedure of 9 new generic products in EU countries, including first 4 antibiotic product registration for hospital segment. Due to the company’s long experience in the development, manufacture and registration of forms of sterile products, the development of the first ophthalmological products has been launched.

The production of active pharmaceutical ingredients is also very important for Grindeks and is one of the Group’s competitive advantages. The company currently produces 25 active pharmaceutical ingredients. This segment increases its independence from raw material producers, which is why the company is developing 36 new active pharmaceutical ingredients. Most of export of active pharmaceutical ingredients produced by Grindeks are made to the European Union, Japan, the USA and Australia.

In 2021, Kalceks achieved outstanding results. Sales grew rapidly, increasing both the number of export countries and the number of products with 7 new generic products. Product portfolio in 2021 contained 35 medicines. Kalceks products generated sales of EUR 66.7 million in 2021, which is an increase of EUR 26.0 million or 64% compared to 2020. Kalceks products were exported to 77 countries in 2021, the main ones being the Netherlands, Mexico, the UK, the Czech Republic and Poland.

Kirovs Lipmans, Chairman of the Council of Grindeks: “Despite various obstacles posed by the pandemic, last year Grindeks focused on its priorities – new products and global expansion. I am truly pleased with the achievements of the Grindeks Group in 2021. The excellent results – turnover of EUR 231.1 million and profit of EUR 41 million – clearly demonstrate competitiveness of Grindeks in the global arena. This is the basis for successful development projects.”

In 2021, Grindeks paid special attention to improving production infrastructure and installing new production facilities, including the current modernisation of the final dosage form laboratory.

In order to continue the gradual and steady growth of the Group in the long term, the Grindeks Innovation Centre will be built in Riga, Asotes street 12, in several stages. In 2021, a design contract was signed and site improvement works were carried out. The Innovation Centre will provide complicated production processes for active pharmaceutical ingredients, state-of-the-art technological equipment, as well as automated and energy-efficient solutions. It will be the largest pharmaceutical innovation centre in the Baltic region.

About Grindeks Group

Grindeks is an international pharmaceutical group, and its main activities are research, development, production and sale of original products, generic medicines and active pharmaceutical ingredients.

Grindeks Group consists of JSC Grindeks and its companies: JSC Kalceks in Latvia, JSC Tallinn Pharmaceutical Plant in Estonia, HBM Pharma s.r.o. in Slovakia, LLC Grindeks Rus in Russia and LLC Namu Apsaimniekosanas projekti in Latvia. Representation offices have been opened in 10 countries.

The main therapeutic groups of Grindeks are cardiovascular, central nervous system, anti-cancer and diabetes drugs. Kalceks specializes in medicines for the hospital segment.

The product range consists of the original products Mildronate® (meldonium) and Ftorafur® (tegafur), generic medicines as well as active pharmaceutical ingredients.
In 2021 the Group exported its products to 103 countries. Major markets for Grindeks are the European Union countries, Russian and other CIS countries, Australia, United Arab Emirates and Israel.

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