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Petrovax: 2019 financial results
Last year Petrovax, a pharmaceutical company, achieved great progress, demonstrating excellent performance and adopting a new development strategy.

In 2019, Petrovax’s revenue went up by a massive 22.1% year-on-year and amounted to 9,8 billion RUB. Longidaza® (+75%), Grippol® Plus (+9%), and Polyoxidonium® (+8%) enjoyed the highest sales growth rates in RUB.

A continuous growth strategy led the company to significantly increase sales in Russia and to expand its market share abroad. In 2019, exports accounted for 12,3% of global sales, amounting to more than 1.2 billion RUB, a 27,7% increase. The company now exports to 12 countries, mostly to the CIS, Slovakia and Iran.

In preparation for the 2019-2020 flu season, Petrovax supplied 8 mln doses of Grippol® Plus flu vaccine to the Russian market and for export to Belarus, Kazakhstan, Kyrgyzstan and Uzbekistan, in part to meet national immunization program requirements.

Mikhail Tsyferov, Petrovax President stated: «We are pleased with our annual performance and thankful to the team for their excellent work. Our success enables us to actively invest into broadening our product portfolio, ramping up our production capacity for our own products and licensing partnerships, and to allocate significant resources to R&D.»

2019 key events:
In 2019, Petrovax brought to market Velson® (melatonin), a medicine that helps in falling asleep and enjoying a better quality sleep. The drug was launched in Russia in July, and there are export plans to distribute it in neighboring countries.

Petrovax invests in R&D and new research. The company presented a study to an international audience on the role of azoximer bromide adjuvant, a component of the Grippol® Plus vaccine, and specifically on the effect of the molecule on humoral and cellular immunity.

Petrovax continues to supply Prevenar® 13 pneumococcal vaccine to meet the needs of Russia’s National Vaccination Calendar. Over the past six years, the company has produced more than 22 million dozes of the vaccine under an international agreement.

In 2019 Petrovax received a license and a Russian GMP certificate to build a new production line, which will increase the manufacturing of APIs (x2,5), suppositories (x4) and pills (x7).

Petrovax has also confirmed that its manufacturing and Quality Management System are EU GMP compliant. Slovakia’s State Institute of Drug Control (SUKL) conducted an audit and issued a compliance certificate. Petrovax was issued its first EU GMP compliance certificate in 2012. The first batches of Polyoxidonium® labeled in line with the EU mandatory rules for pharmaceuticals were shipped to Slovakia.

Last year Petrovax changed its brand to reflect the company’s new strategy of expanding its product portfolio and actively seeking international opportunities. The new brand, while maintaining continuity and distinctiveness, has gained in purity and clarity. It reflects the company’s sustainable business model grounded in its singular history, the use of state-of-the-art technologies and staying on the leading edge of developments.

 «We plan to expand our portfolio by introducing new products, with three to be launched this year. We actively seek to broaden our clinical trials pipeline to repurpose our medicines, including on the international markets. Export is Petrovax’s main growth driver; we plan to increase our share of the existing markets and strengthen our presence in the countries of the EU. We have been successful in Slovakia and are looking to expand into the neighboring countries, e.g. the Czech Republic», — said Mikhail Tsyferov.