Petrovax Pharm's revenue increased by 43% in 2024

Moscow, March 12, 2025 — Petrovax Pharm, a Russian biopharmaceutical company, announced its financial and operational results for 2024. The company recorded its revenue of RUB 15.7 billion, which is 43% more vs. 2023. The corporate product portfolio has tripled (from 6 to 20 products) since 2019. Financial indicators show the sustainable growth and success of the business strategy the company has chosen. Import substitution projects contribute to the national drug safety. Mikhail Tsyferov, President and owner of Petrovax Pharm, disclosed the relevant data.

In 2024, the company has maintained its focus on developing three key business areas: biotech, retail and vaccine portfolio. Petrovax Pharm strengthened its position in therapeutics for orphan diseases and cancers, expanded its portfolio of drugs and indications to provide access to advanced therapies for socially important diseases, as well as increased exports.

The biotech division showed milestone achievements last year. In November, the immuno-oncology drug Areima^® was authorized for its unique indication in treating nasopharyngeal, as well as in esophageal cancer. In 2024, Petrovax completed its full localization project for Fabagal^®, a drug used to treat Fabry disease. This was the first successful experiment in Russia developed to transfer the cell line-based substance production for an orphan drug. N.F. The project was carried out in collaboration with the Gamaleya Research Institute. 50 Russian patients are already receiving Fabagal^®. Petrovax began supplying the Russian-made drug in February.

The key growth drivers in 2024 included: vaccines (Grippol^® plus, Grippol^® Quadrivalent, Prevenar^® 13) that showed sales growth by 69 %* in rubles and retail drugs with sales growth figures surged by 25 %* in rubles (Longidaza^® (+31 %*), ArtNeo^® (+47 %*) and VitaFerr^® (+101 %*) demonstrated the highest growth; exports increased by +61 %*).

The retail division’s platform is based on the original drugs Polyoxidonium^® and Longidaza^®. The prospects for their use are constantly expanding. In 2024, the medical community took great interest in two new studies. The Long-CoV-III-21 study showed that Longidaza^® contributed to a significant improvement in the quality of life of patients with long-term pulmonary sequelae of COVID-19. The ADAM study^[1] demonstrated that the use of Longidaza^® in combination with alpha blockers significantly improved the condition of patients with prostate adenoma as compared to monotherapy.

In 2024, the company expanded its retail portfolio by launching Reflamaid^®, a drug for urinary tract infections, and Venarel^®, a vitamin complex for women’s health. Authorization of seven more products is expected in 2025.

The company supplies its retail portfolio products and Grippol^® family vaccines both for the Russian market and abroad. The export turnover reached RUB 2.3 billion last year. Currently, Petrovax supplies its 11 brands to 11 EU and EAEU countries. The first deliveries to Moldova started in 2024.

The company is actively fostering international partnerships with leading global pharmaceutical manufacturers for the transfer of technology related to the production of socially important drugs, including Pfizer, Abbott, ISU ABXIS and Adimmune. Partnerships with Asian pharmaceutical companies from China and South Korea have been expanding in recent years. These efforts make it possible for Russian patients to have access to the most advanced vital drugs, despite external restrictions in place.

Reference information

Petrovax Pharm is a Russian company of novel biopharmaceutical practices, actively investing in scientific research and development. Its portfolio includes original drugs, biosimilars, branded generics and dietary supplements. Petrovax has set up its development strategy aiming to provide patients with highly-sought vaccines and drugs used to prevent and treat infectious, oncological and orphan diseases. The full-cycle production complex has enough capacity to manufacture more than 160 million doses of drugs per year. The complex is compliant with GMP standards in force in the EAEU and the EU. The company is one of the largest Russian exporters of original medicines and vaccines to the EAEU and the EU countries.

^*Versus 2023