Last year, Pharmathen Group's turnover exceeded €317 million, up 16%, while EBITDA was up €15.8 million compared to 2022, at €68.31 million, mainly due to the increase in sales volume and the improvement in gross profit margin according to BnB Daily.

Pharmathen, which is among Europe's leading producers of compounded generic drugs and developers of innovative pharmaceutical technologies with over 800 employees, ended last year's financial year with a net profit of 23.78 million. 

During 2023, Pharmathen prioritized the acquisition of new customers and the development of new products. Partnerships with leading marketing partners were secured, paving the way for the future launch of next-generation products. A notable event of the year, he says, is the successful launch of new LAI products in the European Union and the US.

It also continued drug development, which had been initiated in previous years, and began developing new generic drugs, applying its prior research and specialist expertise. The development of these products is expected to be completed within the next two to three years. Expenditures for the development stage of these projects within fiscal 2023 amounted to 39.7 million, up from 38.7 million in 2022.

The most notable event of the previous year was Pharmathen's acquisition of 98.33% of CBL Patras, a high-tech, vertically integrated peptide manufacturing company that had received approval from the US Food and Drug Administration (FDA).

According to management, "The acquisition of CBL Patras confirms Pharmathen's commitment to innovation and dedication to long-term growth, further strengthening its position in the global therapeutic peptides market, currently valued at €38 billion and expected to reach €100 billion by 2033. The acquisition is expected to create significant synergies, both commercial and research, for both companies, accelerating the group's growth and further expanding the products and services we offer to our customers." 

The acquisition price amounted to €103.7 million and was financed with a combination of equity and a loan provided by a Greek bank. An amount of €45 million was paid in cash at the date of the acquisition, an amount of €27.3 million was paid by way of a share contribution; and €33.7 million relates to a consideration to be repaid one year after the acquisition and was recognised at present value in the transaction in the amount of €31.4 million.

As stated in the financial statements, although management expects a difficult year due to currency fluctuations and rising raw material costs due to inflationary pressures, it remains "committed to achieving a continued increase in both net income and EBITDA". It further adds "the company remains committed to its Research and Development programme for new products. We will also continue to implement our capital expenditure plan to expand the capacity of our facilities to support our growth trajectory and further unlock production cost efficiencies."

Finally, the company expects "continued growth in our workforce throughout the year. In 2023, we successfully expanded our team by 70 employees. These additions were critical to support increased capacity for new products and ensure continued regulatory compliance," it says.

The company develops an average of 10 generic products each year and exports to over 90 countries and approximately 250 customers, with exports accounting for approximately 95% of sales.