Binnopharm Group 2021 revenue up 19.3% to RUB 25.5 bn
25.04.2022
Binnopharm Group (part of Sistema Group), one of Russia’s largest pharmaceutical manufacturers, announces its audited consolidated financial results prepared in accordance with the International Financial Reporting Standards (IFRS) for the full year ended 31 December 2021*.
In 12M 2021, revenue climbed 19.3% y-o-y to RUB 25.5 bn on the back of higher sales in the pharmaceutical market’s retail, hospital, and export segments.
Hospital segment sales surged 27% y-o-y, while the retail segment saw a 20% y-o-y increase that represented a 3x gain on the growth rate in 2021**. The key growth drivers were Binnopharm Group products for better quality of life, such as venotonic Angiorus, synbiotic Maxilac, antimicrobial and anti-inflammatory ointment Oflomelid, antispasmodic Neobutin and others.
Binnopharm Group made strides in the export market as well, growing the sales by 15% y-o-y. At the end of 2021, the Company announced the start of an international expansion campaign and the opening of official representative offices across the CIS in Kazakhstan, Belarus, Azerbaijan, Moldova, Armenia and Uzbekistan. This will create an overseas framework for promoting Binnopharm Group products and strengthen the Company’s presence abroad.
“In 2021, Binnopharm Group's OIBDA soared by 48.7% to RUB 8.1 bn. The impressive OIBDA increase resulted from revenue growth, significantly optimised administrative and selling expenses, and product portfolio harmonisation,” said Binnopharm Group's CEO Rustem Muratov. “Our strategy is working, as demonstrated by the strong financial performance, and we are going to continue leveraging our many competitive strengths to carve out ever bigger shares in high-potential market segments.”
* Financial performance is presented based on Binnopharm Group pro forma results obtained through technical consolidation of Alium (along with subsidiaries, including Binnopharm) and Sintez (including the Biocom subsidiary) financial results into a 100% interest starting 1 January 2020.
** According to analytics provider AlphaRM, in 2021 the market’s commercial segment grew by 6% y-o-y.
In 12M 2021, revenue climbed 19.3% y-o-y to RUB 25.5 bn on the back of higher sales in the pharmaceutical market’s retail, hospital, and export segments.
Hospital segment sales surged 27% y-o-y, while the retail segment saw a 20% y-o-y increase that represented a 3x gain on the growth rate in 2021**. The key growth drivers were Binnopharm Group products for better quality of life, such as venotonic Angiorus, synbiotic Maxilac, antimicrobial and anti-inflammatory ointment Oflomelid, antispasmodic Neobutin and others.
Binnopharm Group made strides in the export market as well, growing the sales by 15% y-o-y. At the end of 2021, the Company announced the start of an international expansion campaign and the opening of official representative offices across the CIS in Kazakhstan, Belarus, Azerbaijan, Moldova, Armenia and Uzbekistan. This will create an overseas framework for promoting Binnopharm Group products and strengthen the Company’s presence abroad.
“In 2021, Binnopharm Group's OIBDA soared by 48.7% to RUB 8.1 bn. The impressive OIBDA increase resulted from revenue growth, significantly optimised administrative and selling expenses, and product portfolio harmonisation,” said Binnopharm Group's CEO Rustem Muratov. “Our strategy is working, as demonstrated by the strong financial performance, and we are going to continue leveraging our many competitive strengths to carve out ever bigger shares in high-potential market segments.”
* Financial performance is presented based on Binnopharm Group pro forma results obtained through technical consolidation of Alium (along with subsidiaries, including Binnopharm) and Sintez (including the Biocom subsidiary) financial results into a 100% interest starting 1 January 2020.
** According to analytics provider AlphaRM, in 2021 the market’s commercial segment grew by 6% y-o-y.
