Reig Jofre increases his earnings to double digits. The Spanish pharmaceutical company closed the 2020 financial year with a profit of $6.9 million (€5.7 million), which represents an increase of 15% compared to 2019, as reported by the group in a statement sent to the National Securities Market Commission (CNMV ).
The Catalan pharmaceutical company increased its turnover by 15%, to $278 million (€230 million). This result is driven by the purchase of the osteoarticular business, despite the decline in prescription products. The rest of Europe grew by 8% and the group of other world markets grew by an outstanding 44%, consolidating the international expansion strategy of the pharma.
The Pharma Tech division (48% of sales) achieved a 12% growth thanks to the manufacture of essential medicines linked to the Covid-19 crisis, mainly sedatives, analgesics, and muscle relaxants, and the good evolution of sales to international scale. Some ranges of oral antibiotics have regressed, as fewer infections have occurred from distancing measures.
Read more on the subject and find the latest financial headlines with our companion app Born2Invest.
Reig Jofre increases its investments in technology and capacity expansion to (€11.8 million)
The specialty products division grew 28% thanks to the osteoarticular therapeutic area, which contributed $35 million (€29 million) of revenue for the year.
The rest of the division, focused on dermatology and women’s health, presented a 2% decrease in revenues, due to the reduction in medical visits for patients that had a negative impact on the number of new prescriptions. The consumer healthcare area grew 7% in sales. The health crisis has driven the growth of OTC disinfection ranges (alcohols or chlorhexidines), and certain ranges of Forte Pharma brand food supplements aimed at strengthening the immune system, vitamins, probiotics and jellies. This has offset the effect on other ranges, such as weight control, which fell back in 2020.
Investments in technology and capacity expansion made in 2020 amounted to $14.3 million (€11.8 million). Of this amount, $6.67 million (€5.5 million) corresponds to the final tranche of investment in the Barcelona plant , which will begin operations in the second quarter of 2022. Likewise, $4.7 million (€3.9 million) have been allocated to research projects and development (R&D). The figure for other operating expenses decreased by 6%, mainly due to the impact that in 2019 the extraordinary costs of $2.8 million (€2.3 million) associated with the purchase of the new business and the capital increase carried out simultaneously.
Biosearch Life grows in the year of Covid-19
The biotechnology company tripled its net profit in 2020, up to $1.8 million (€1.5 million) compared to the $614 billion (€507 billion) registered in 2019, as reported by the company this Friday. The biotech focused on providing innovative solutions achieved revenues of $31.2 million (€25.8 million) in 2020, which represents an increase of 13.3% compared to 2019.
The group increased its gross operating profit (ebitda) by 48.3%, up to $4.1 million (€3.4 million). Biosearch Life increased sales in all business lines. The divisions with the highest sales were extracts, with a double-digit growth of 30%, followed by probiotics, with an increase of 18.7%. The liquids division’s turnover rose 0.8%. “Throughout 2020 we have been able to recover the ground lost in 2019 and improve in all the company’s business areas in an extremely demanding year as a result of the pandemic and the socio-economic crisis,” explained José María Roset, CEO of Biosearch Life.
Biosearch Life increased its sales by 62.5% to the United States and 57.7% to the Asian market
Europe remained the main destination for Biosearch Life products, with 72.4% of sales. Spain accounts for 19.8% of the company’s total sales and has a weight of 27.3% on the European market. Europe was the main destination for lipids, with 51.6%. For its part, the United States continues to be a constantly growing market for the company and increased its weight by 62.5% in 2020 , reaching a 7.8% share of the total. The start-up of a second distributor for this market is now fully operational and is reflected in the results of the last year.
The Asian market also maintains a growing evolution, with an increase of 57.7% compared to 2019. This market accounted for 16.9% of the company’s total sales. Sales of the probiotics division increased 107.1% driven by the strategy with a new collaboration and supply agreement. The group maintains a good balance sheet and liquidity with a cash position at the end of 2020 of more than five million euros . The company’s net debt is zero.Biosearch Life closed 2020 with the application for four new patents as a result of its research, development and innovation strategy.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ KuCoin Affiliate Program Review]
This week, we answer the two questions on everyone’s lips — What do SJWs and e/accs have in common? And...
BIPV Boom: By 2032, Building Integrated Photovoltaics Will Be Worth Over $143B
The next moves by the European Commission and the trend toward a real estate stock composed of Zero Emission Buildings...
French Fintech Company Qonto Launches SME Financing in Italy
Qonto is expanding its financial solutions for SMEs and professionals in Europe, launching the option for companies in Italy to...
Trusters and Leone Investments Finally Receive Approval Under EU Regulation
After almost a month under the new EU Regulation, two platforms, including the historic Trusters launched in 2018 and the...
Coinbase Wallet Has a New Feature: Send Crypto via Web Link
The exciting part is actually in the small print: This is because Coinbase covers the fees for transactions via stablecoin...