Polfa Warszawa satisfied with 2009 results despite 3% drop in sales

2010-02-18

Polfa Warszawa generated sales revenues of PLN 320m (€78.7m) and a net profit of PLN 33m (€8.1m) in 2009, CEO Krzysztof Berndt revealed in an interview with Dziennik Gazeta Prawna. He described the figures as “very good”, noting that the company has all but fulfilled its financial targets for 2009, despite the downturn.
Both numbers represent a drop of approx. 3% compared with 2008, compared with a forecast of flat results.
In the near future, Polfa aims to increase export sales, mainly on markets where it is already present, such as Russia, Georgia, Uzbekistan, Kyrgyzstan, and Tajikistan, to fend off growing competition from India; as well as to enter South Africa and introduce new products in China.
In 2009 exports accounted for about 20% of sales.
On the home front, Polfa Warszawa plans to retain its leading presence on the hospital market and to focus strongly on the field of ophthalmology, notably through development of new drugs.
Berndt also revealed that Polfa has hired an advisory firm to explore options for relocation of the company’s manufacturing base and headquarters to new locations. A final decision was likely to be taken by the company’s new owner.
In this connection, Berndt said that all the three bidders competing to buy the company from the state – Adamed, Polpharma and Perrigo of the US – had their unique strengths, and that the winner was likely be the one which came up with the best strategy for Polfa’s development as well as an attractive price.