Sopharma Downgrades Net Profit Predictions

Bulgarian drug maker Sopharma [BUL:3JR] said on Thursday that its consolidated net profit, excluding interest attributable to minority shareholders in the group’s subsidiaries, fell to 30.0 million levs ($17.4 million/15.3 million euro) in the first nine months of the year from 32.7 million levs in the same period of 2017.

The company’s sales revenue rose 19.6% year-on-year to 860.9 million levs in January-September, mainly due to the consolidation of Serbian drug trader Lekovit, Sopharma said in an interim financial statement.

Sopharma’s majority-owned unit Sopharma Trading acquired a 70% stake in Lekovit in August 2017.

Sopharma booked 65% of its total sales in Bulgaria, while 33% came from exports to Europe.

The drug maker booked total operating revenue of 872.0 million levs in the review period, up from 733.5 million levs in the comparable period of 2017.

Sopharma’s total operating expenses increased to 840.9 million levs from 692.7 million levs, on the back of higher cost of goods sold and salary expenses.

Sopharma has 10 production facilities and a portfolio of over 210 products.

As at 12:15 CET on Thursday, Sopharma shares traded 1.1% higher at 3.68 levs on the Bulgarian Stock Exchange.

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