Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents’ (Rameda) net profit after minority interest grew by 101.1% y-o-y to EGP 124.2m, yielding an NPM of 17.5% — up by 6 percentage points y-o-y in the first half (1H) of 2022.
Expansion in NPM was driven by growing operating profitability coupled with decreasing interest expenses throughout the period.
Consolidated revenues also grew by 32.3% to EGP 711.5m in 1H 2022 driven by strong growth among the group’s core products as well as its recent launches.
The group’s top-performing core products included Colona, Rametax, and Protofix, which was complemented by robust revenues generated by Recoxibright and Vaxato — Rameda’s largest acquisitions to date.
“I am pleased to report that we concluded the first half of the year on a strong note, as we delivered double-digit growth at Rameda’s top and bottom lines while booking margin expansions across the board,” commented CEO of Rameda Amr Morsy.
“Our performance for the period not only reflects the strength of our management and our robust operational capacities, but also our ability to leverage a deep understanding of the Egyptian market, as well as the markets we export to in order to identify attractive opportunities that allow us to generate solid results,” he added.
“Moreover, on the portfolio expansion front, I am pleased to announce that we completed two molecule acquisitions in the second quarter (2Q) of 2022, bringing the total number of newly added products to four in 1H 2022.”
“The acquisitions align with our unwavering focus on portfolio expansion through the purchase of existing products with an established market presence, the penetration of large and fast-growing areas in chronic indications, and the enhancement of our operating margins through the acquisition of profitable molecules,” Morsy explained.
“On this front, we acquired Apixaban — an anticoagulant sold under the name ‘Artixiban’ — in May 2022. According to IQVIA, its sales grow at a 2018-2021 CAGR of 87%. More recently, in June 2022, we acquired an anticonvulsant sold under the name ‘Lacovimp’, which is primarily used to treat partial-onset seizures. Growing at a 2019-2021 sales CAGR of 226%, Lacovimp is the fastest-growing product within the local market for its corresponding API, far exceeding the 54% 2019-2021 CAGR increase in overall market sales for the molecule during the same period.”
“Both products are available in two concentrations, I would also like to highlight that the period saw us launch Selestoc, a nutraceutical and immunity booster; and Molnupiravir Rameda, the third addition to our antiviral portfolio,” he added.
“I am optimistic about our performance for 2H 2022 and confident that we can carry our strong momentum throughout the coming months to deliver consistent growth as we have done time and time again in the face of external challenges. We look forward to leveraging our team’s deep market insight and technical know-how to expand our product offering while reaping the benefits from our recently enhanced and optimised portfolio to generate both short and long-term growth for Rameda,” Morsy concluded.