08.04.2020
Petrovax looked back at 2019 financials and made a forward-looking statement

Petrovax has shown a steady progress. The past year has turned out to be most important for the company both in terms of economic indices and the new development strategy adopted by Petrovax.

For Petrovax, 2019 was marked by a significant growth in revenue that went up 22.1 % year-on-year to reach 9.8 billion RUB. Longidaza® (+75%, Grippol® plus (+9%), and Polyoxidonium® (+8%) were among the medicinal products with the highest sales growth rates in rubles.

In line with its sustained growth strategy, the company has significantly increased sales in Russia and grown its market share abroad. As of 2019, exports accounted for 12.3 % of Petrovax’s total sales, with export supplies exceeding 1.2 billion RUB. Drug exports grew by 27.7 % in value terms. The company’s geographic footprint embraces 12 countries, with major export flows coming to the CIS, Slovakia, and Iran.

Before the 2019-2020 epidemic season, the company supplied 8 million shots of influenza prevention vaccine Grippol® plus for the Russian commercial market and for exports to Belarus, Kazakhstan, Kyrgyzstan, and Uzbekistan, including for the national immunization programs.

— We are pleased with the 2019 results and thank our team for awesome work. Our top performance records facilitate investment in broadening the product portfolio, provide for an increase in production capacity to develop both proprietary projects and license partnerships as well as for significant investment in R&D projects.
Mikhail Tsyferov, Petrovax President

 

Key events in 2019

In 2019, the company successfully launched Velson® (melatotin). The product helps one fall asleep as soon as possible and improves quality of sleep. In July 2019, Petrovax started shipping Velson® across Russia. The company plans exporting the product to the CIS.

When developing its R&D business, Petrovax invests in new studies: the company presented globally a state-of-the-art study on the role of azoximer bromide adjuvant as an ingredient of Grippol® family vaccines, specifically, on the molecule’s effect on the humoral and cell-mediated immunity.

Within the framework of international projects, pneumococcal vaccine Prevenar® 13 continued to be shipped for the National Immunization Schedule of the Russian Federation. Over 6 years, the vaccine supplies exceeded 22 million shots.

In 2019, the company was issued a license and a Russian GMP certificate for the new production line. This provides for an increase in production of APIs (2.5x), suppositories (4x), and tablets (7x).

Petrovax has also confirmed conformity of its manufacturing processes and Quality Management System with the EU GMP standards. The Certificate of Conformity was issued following an audit performed by the State Institute for Medicines Quality Control (SUKL, Slovakia). The company received its first EU GMP certificate in 2012. Besides, the first batches of Polyoxidonium® were shipped to Slovakia in accordance with the compulsory drug labeling requirements applicable in the EU.

Last year, Petrovax was rebranded. The state-of-the-art style of Petrovax’s logo reflects the company’s new strategy aimed at product portfolio expansion and intensive international integration. The brand has become simper and easier to understand while preserving its individual touch and consistency. The basic elements of the artwork demonstrate that the company has a robust business model based on a unique history. At the same time, Petrovax keeps up with the times and makes use of state-of-the-art technologies. 

— We plan to develop our commercial product portfolio drawing on new launches. In 2020, three product launches areplanned. We purposefully broaden the range of clinical trials of our medicinal products to enter new disease areas, including international markets. Retail product exports are the main growth driver for Petrovax. We aim at a further share growth in the existing markets as well as expansion into the EU states. We have been operating successfully in Slovakia and plan an active export development with the neighboring countries such as Czech Republic etc.
Mikhail Tsyferov

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