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Romania Pharmaceutical Report - Q4, 2014

Romania Pharmaceutical Report - Q4, 2014

This report covers the market developments in Q4/2014, FY 2014 and the data available as of February 2015.

The pharmaceutical sales performed above market expectations and increased at double-digit annual pace in Q4/2014 in RON terms. Sales of prescription based medicines (partly or fully subsidized) advanced by 9.6% y/y to RON2.4bn (€530mn), while OTC drug sales surged by 19.5% y/y over the quarter. Sales through hospitals also increased by 13.8% y/y in Q4.

In full year 2014, the pharma market accelerated y/y growth compared to the marginal 0.3% y/y advance in 2013 (in local currency), mainly driven by the good performance in Q4. Nonetheless, even though the pharmaceutical sales value increased on an annual basis in 2014, the profitability of pharmaceutical companies deteriorated notably last year, according to market data.

In 2015, pharmaceutical sales are expected to grow by 3.5% y/y, propped by the demand for treatment in areas that are insufficiently covered. On the demand side, the prospects indeed look optimistic, yet the market’s future performance is also influenced by factors such as regulatory measures and public spending, which maintain a high degree of volatility.

Key points:
• Pharmaceutical sales rise y/y in EUR, RON terms in Q4/2014, driving upwards FY performance
• Pharma market value is expected to maintain positive annual performance in 2015
• Pharmaceutical imports, exports decline in Jan-Oct 2014
• Pharmaceutical retail market value advances 1.7% y/y in 2014, to continue rising this year-study
• Zentiva reports double-digit y/y hike of revenues in 2014, profit, driven by rising exports, higher production capacity
• Dona pharmacy chain returns to profit in 2014, eyes acquisitions
• Sensiblu launches new pharmacy brand targeting low income customers


Contents
Executive summary 4
Market overview 5
Pharmaceutical sales rise y/y in EUR, RON terms in Q4/2014, driving upwards FY performance 5
Pharma market value is expected to maintain positive annual performance in 2015 7
Sanofi tops pharma companies ranking in 2014 8
Pharmaceutical imports, exports decline in Jan-Oct 2014 8
Production of medicines shrinks 1.8% y/y in 2014 10
Pharmaceutical retail market value advances 1.7% y/y in 2014, to continue rising this year-study 10
Producers 11
Antibiotice Iasi reports slightly higher sales, profit in 2014 11
Zentiva reports double-digit y/y hike of revenues in 2014, profit, driven by rising exports, higher production capacity 11
Gedeon Richter’s sales in Romania down y/y in 2014 12
Biofarm’s sales, profit advance y/y in 2014 12
Distribution & Retail 13
Distributor Polisano targets to increase number of supplied pharmacies by 1,000 by yearend 13
Farmaceutica Remedia transfers distribution operations to different company 13
Distributor ADM Farm files for insolvency in December 2014 13
Dona pharmacy chain returns to profit in 2014, eyes acquisitions 14
Sensiblu launches new pharmacy brand targeting low income customers 14
Ropharma’s sales rise 1.7% y/y in 2014 14

Table 1 Pharma quarterly sales in 2011-2014 (RON bn, EUR bn, y/y, PPP) 6
Table 2 Main import countries for pharmaceuticals in Jan-Oct 2014 9
Table 3 Main export destinations for pharmaceuticals in Jan-Oct 2014 9
Table 4 Pharmaceutical production in 2011-2014 (monthly, y/y) 10
Table 5 Antibiotice SA- Selected financials in 2013-2014 (RON) 11
Table 6 Zentiva SA- Selected financials in 2013-2014 (RON) 12
Table 7 Biofarm SA- Selected financials in 2013-2014 (RON) 12
Table 8 Farmaceutica Remedia SA- Selected financials in 2013-2014 (RON) 13
Table 9 Ropharma S.A.- Selected financials in 2013-2014 (RON, y/y) 14

Figure 1 Structure of pharma sales in value terms in Q4/2014 vs Q4/2013 (% in total) 5
Figure 2 Pharma quarterly sales in 2006-2014 (EUR mn, PPP) 6
Figure 3 Structure of pharma sales in value terms in Q4/2014 vs Q4/2013 (% in total) 6
Figure 4 Pharmaceutical sales value in 2005-2014 (annual, RON mn, y/y) 7
Figure 5 Pharmaceutical sales in 2005-2014 (annual, EUR mn, y/y) 7
Figure 6 Top 10 pharma companies by revenues in 2014 (RON mn) 8
Figure 7 Pharmaceutical market demand in 2007-2017f (annual, $mn) 8
Figure 8 Pharmaceutical products foreign trade in 2003-2014 (monthly, €mn) 9
Figure 9 Pharmaceutical product manufacturing-Foreign trade in 2007-2017f ($mn) 9
Figure 10 Pharmaceutical manufacturing index in 2010-2014 (monthly, 2010=100, unadjusted) 10

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