Financial results for “Grindeks” show that in the first half of 2025 – the company’s final year of transformation – the Group has achieved significant profitability. From January to May, Grindeks recorded a profit of 13 million euros. These results confirm that the company’s strategic focus on developing stable and predictable export markets in Europe, North America, Asia, and Australia has been well-founded and successful.
Kirovs Lipmans, Chairman of the Council of “Grindeks”:
“2025 marks a milestone year in Grindeks’ development – not only are we concluding an ambitious transformation process, but we are also seeing tangible results from years of investment. Manufacturing is our foundation, and we are building it with a long-term vision in mind. Grindeks’ goal is clear – to be an international brand with strong roots in Latvia, delivering the highest-quality medicines to patients worldwide. We will continue to grow, invest, and develop the pharmaceutical industry in Latvia as a high value-added export sector.”
The results are driven by strong and consistent demand for cardiovascular, central nervous system, and oncology medicines provided by Grindeks, as well as hospital segment products delivered by its subsidiary Kalceks. All subsidiaries have launched active operations – offering Grindeks and Kalceks branded products, participating in tenders, and ensuring direct deliveries to pharmacies across European countries. Grindeks has evolved from a regional company into a global pharmaceutical group, with its product portfolio now available in all EU countries. The number of available products per country currently ranges from 16 to 56. The Group’s five-year goal is to expand the portfolio so that at least 100 products are available in each market.
To ensure availability and an efficient sales chain, the Grindeks Group has established subsidiaries in Europe, North America, Asia, and Australia. The Group’s production capacity is also ensured beyond Latvia – through manufacturing sites in Estonia (Tallinn Pharmaceutical Plant) and Slovakia (HBM Pharma), significantly strengthening the Group’s global operations and ability to adapt to market demand.
Export Markets and Subsidiaries
To support sustainable long-term growth, the Grindeks Group continues to expand its presence in new, high-potential export markets. Since 2022, a focused strategy has been implemented, establishing subsidiaries in Europe and beyond.
Today, Grindeks subsidiaries operate in Europe, North America, Asia, and Australia. This geographic diversification reduces risks and ensures that the Group’s products are accessible to patients worldwide – currently in more than 100 countries. This underlines the company’s commitment to becoming a global pharmaceutical enterprise with a sustainable and competitive offering.
Product Development and Innovation
To meet growing demand for high-quality medicines, Grindeks continues to make substantial investments in research and development. Currently, 122 new pharmaceutical products are in various stages of development, covering key therapeutic areas such as cardiovascular, central nervous system, diabetes, dermatology, and oncology. Over the past three years, 23 new products have been registered in the European Union via decentralized procedures.
Active pharmaceutical ingredient (API) production plays a vital role in the Group’s operations – providing a key competitive advantage and reducing reliance on external suppliers. Currently, 30 APIs are being produced, with 36 more in development. These new substances will further enhance vertical integration across the production chain.
