Bulgaria’s Sopharma doubles net profit without downside in H1, sales up 35%

SOFIA (Bulgaria), August 4 (SeeNews) – Bulgarian pharmaceutical manufacturer Sopharma [BUL:SFA] said standalone net profit rose to 23.6 million levs ($12.3 million) in the first half of 2022, up from just over 12 million levs a year earlier.

Sopharma’s total revenue rose 35% annually to 116.9 million leva in the January-June period, boosted by double-digit gains in both exports and domestic sales, the company said in an interim report on Monday.

The drugmaker’s domestic sales rose 35.8% to 45.7 million leva, while sales in Europe rose 46% to 17.4 million leva. Sales to other countries increased by 1.7% to about 8.3 million leva.

Sopharma’s operating expenses rose about 23% year-on-year to 89.7 million leva in the period, driven by higher expenses for materials and salaries, although expenses for leased services fell by 8.6%.

As of June 30, Sopharma employed 1,720 people compared to 1,860 a year earlier.

The assets of the company’s two subsidiaries in Ukraine have so far been unaffected by the ongoing Russian invasion. However, depending on the course of the war and its impact on the activities of the units, it may be necessary to revise the value of these investments in the future, says Sopharma.

Shares of Sopharma closed 2.28% higher at 4.48 leva on the Bulgarian stock exchange on Wednesday.

(1 euro = 1.95583 levs)

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