The biotech company Uriach was not affected by the COVID-19 pandemic and has already started to outline some of its strategic lines for the coming months. The pre-crisis objective remains unchanged: to achieve a turnover of $337 million (€300 million) by 2022 through organic growth as well as through strategic acquisitions. Beyond this goal, the company is working on maintaining the pace of investment and further promoting its line of products containing Cannabidiol (CBD).
The company has invested $9 million (€8 million) in 2019, a figure that “we hope to keep stable this year”, as Oriol Segarra, CEO of Uriach, explained. The executive clarified that this figure does not take into account the acquisition operations that the company has carried out in the last financial year. Among Uriach’s latest purchases are two Italian companies specializing in food supplements, Progine and Ar Fitofarma. In 2015, the Spanish company took over the Laborest laboratory.
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Uriach hopes to increase sales of its cannabis product by 40% by 2020
Another one of Uriach’s strategic lines concerns CBD products. One of the highlights of 2019 was the launch of Cannabix, a topical cream containing Cannabidiol, a phytocannabinoid extracted from the Cannabis plant, as its main ingredient. The company is the first to launch a product of these characteristics on the Spanish market. Cannabix has been in the market for a little over a year and has already exceeded all sales forecasts, with more than $1.13 million (€1 million) in turnover and forecast growth of 40% in 2020, according to Segarra.
Segarra stated that “we are planning to extend this line with new products soon; we want to have a larger size and perhaps the new launches will have to do with solid products or capsules.” There are few labs that are working with CBD. One of the examples is Cannabiben, from Mayla, which has been sold in Spanish pharmacies since the beginning of the year.
Uriach closed the 2019 financial year with a turnover of $256 million (€228 million), 16% more than the previous year. The gross operating profit (Ebitda) reached $51.7 million (€46 million). In recent years, the company has more than doubled its global turnover and has maintained growth of over 15% for the seventh consecutive year.
The self-care area accounts for almost two thirds of Uriach’s total turnover, which in 2019 reached $158 million (€141 million), 24% more than the previous year. The Spanish and Italian markets are the ones that have the most weight in this activity, although at a relative level the markets in Greece, Romania and the rest of the world are growing faster. This is covered through licensing, distribution or other agreements, with different models of approach to the market, among them, the sale in the ecommerce channel in China with an own store in Tmall.
The B2B business, the company’s other major business area, closed 2019 with a turnover of $98 million (€87 million), growing by 6% over the previous year. This area focuses on the commercialization of molecules derived from own research, active principles and generics developed by Uriach through license and distribution agreements. Its main focus of growth is the success of the antihistamine Rupatadine.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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