The 10th of Ramadan Pharmaceutical Industries and Diagnostic Reagents Company (Rameda) acquired a product that belongs to the family of anticoagulant drugs this week that is expected to contribute EGP 30m in revenues.
The company said that it will benefit from the growth factors that characterise the pharmaceutical product, as it recorded a compound annual growth in sales at the market level by 87% between 2018 and 2021.
Furthermore, Rameda expects that the annual revenues of the new product will reach about EGP 30m, with the growth of its contribution to operating profits before interest, taxes, depreciation, and amortisation expected to reach about EGP 14m.
The company explained that after the completion of the acquisition, Rameda will have used 60% of the proceeds of the offering so far.
Rameda’s profits increased by 139.2% during the first quarter (1Q) of this year to reach EGP 71.77m, compared to a net profit of EGP 30m during the same period in 2021.
Revenues also increased by 26.7% to EGP 343.1m, compared to EGP 270.8m, supported by the strong revenues achieved by the company’s growing portfolio of antibiotic preparations — specifically Rametax, Rameceftrax, as well as strong revenues achieved by Colona, which topped the list of the best-selling products during 1Q of this year.
Earlier, Rameda signed a partnership agreement with the International Finance Corporation (IFC) with the aim of supporting the company’s strategy to harmonise its operations and activities in Egypt with the best standards and practices of environmental sustainability and improve production efficiency rates.