The combined profit of the major Bulgarian pharmaceutical companies has seen a strong increase of 26% in the first quarter of 2010.

Thus, the combined profit of the six Bulgarian pharmaceutical producers listed on the Sofia Stock Exchange – Sopharma AD, Medica AD, Bulgarian Rose – Sevtopolis AD, Momina Krepost AD, Unifarm AD, and Septona – has reached BGN 14.3 M for January-March 2010, according to data cited by the Pari Daily.

The combined Q1 turnover of the six companies went up by 14% reaching BGN 154.2 M. According company managers cited by the Pari Daily, the strong performance comes mostly from exports to other Balkan countries, Russia, and Ukraine.

The Bulgarian pharmaceutical giant Sopharma is responsible for the overwhelming share of the combined turnover. Its sales in the first quarter amounted to BGN 138.6 M, a 22% increase compared to the same period of 2009. Its profit increased by 31% year-on-year, reaching BGN 12.7 M, with the revenue from exports to Ukraine growing 2.5 times, and to Turkey – twofold. Its export to Central Asia and the Caucasus grew by 9%, to the USA – by 23%, and to Singapore – by 5%.

Sopharma’s total exports amounted to BGN 31.8 M, and its turnover from the Bulgarian market was BGN 104.25 M.

The other larger Bulgarian pharmaceutical producer, Bulgarian Rose – Sevtopolis – saw its sales income go up by 34% in the first quarter reaching BGN 4 M.

Medica AD has seen its income from sales decline by 13% down to BGN 3.16 M in the same period, while the sales of Momina Krepost AD are down by 9%, and amount to BGN 1 M.

Company reports have attributed the worse results to pressure on part of the clients to delay payments for pharmaceutical deliveries for the second quarter of the year.

According to analysts, the Bulgarian pharmaceutical sector offers good returns, which makes the shares of the pharmaceutical companies attractive for investors on the Bulgarian Stock Exchange.

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