Pharmstandard, a leading Russian pharmaceutical company, saw first half net profit decrease 26.7 percent year-on-year to 3.074 billion rubles ($96.1 million) to IFRS, the company said in a statement on Wednesday.
The company’s first half net profit was below a consensus forecast of analysts polled by RIA Novosti of 3.37 billion rubles ($105.2 million). Revenue fell 13.3 percent in January-June 2012 to 16.167 billion rubles with EBITDA decreasing 24.6 percent to 4.126 billion rubles compared with the same period last year.
Pharmstandard’s organic sales of pharmaceutical products went down 14.1 percent in the reporting period to 15.8 billion rubles.
“It’s worth noting that a 24.4 percent decrease in organic sales in the first quarter of 2012 caused by the absence of pandemics and, therefore, a reduced consumption of anti-viral and immuno-modulating products, gave way to a 24.5 percent growth in organic sales in the second quarter,” the company said.