Bulgarian Sopharma reiterates 2010 sales forecast

Bulgarian Sopharma reiterates 2010 sales forecast

Bulgarian pharmaceuticals maker Sopharma sticks to its outlook for a growth of 12% to 15% in sales to between BGN 230 million and BGN 236 million for the full 2010, CEO Ognian Donev said on Thursday during the groundbreaking ceremony for its new plant in Sofia.

The company booked a turnover of almost BGN 205 million and a net profit of BGN 33.5 million in 2009.

So far, Sopharma's results have been in line its management's expectations thanks to a rebound in exports. The drug maker witnessed a 19% annual rise in sales to BGN 153 million in the January-September period, as well as an increase of 17% in net profit to BGN 36 million.

The new plant, worth BGN 70 million, is expected to be completed in the middle of 2012 and to employ 420. Sopharma will finance the facility's construction with own funds and bank loans.

The solid dosage form factory will have an annual capacity of four billion tablets and its output will feature over 100 pharmaceutical products, which will be offered in 28 countries.

Among the company's new markets are Turkey, Serbia Bosnia and Herzegovina, but the manufacturer is also keen to set foot in Finland and China.

Sopharma is currently building another plant near Belgrade, valued at EUR 8 million, which will create 170 jobs. The company is also in the process of upgrading its Ukrainian factory.

Meanwhile, Donev told newswire SeeNews that the best-case scenario for the company's planned Warsaw listing was March 2011. In case of delay, the IPO will be launched in the summer, he said in an interview.