Sales at PGF up by 4.3% in H1 2010

2010-09-08

Polska Grupa Farmaceutyczna (PGF), the prominent Polish drug distributor, reported a 4.3% y-o-y increase in sales revenues in the first six months of the year, to just above PLN 2.8bn (€700m). Net profit (attributable to shareholders of the parent company) rose 50.8% y-o-y to PLN 33.6m (€8.4m). At the same time, PGF liabilities equalled PLN 460m (€115m).
In its half-yearly report, PGF pointed out that the sales result was ahead of market expectations, noting that revenues in both of its core segments, i.e. sales to pharmacies (56% of all sales) and hospitals (26% of all sales) and services for producers, showed positive growth in H1. The Central European Pharmaceutical Distribution (CEPD), the drug-retailing arm of PGF, is the receiver of 18% of all products sold.
PGF upheld its full-year financial targets, which envisage group revenues of PLN 6bn (€1.5bn), double-digit profit growth, and reduction of its debt below PLN 500m (€124m).