Pharmathen posts rise in drug profits

Pharmaceuticals firm Pharmathen saw turnover rise 2% in 2021, to €232.4 million, from €227.2 million, mainly through higher sales volume.

Profits before tax, interest and asset depreciation rose 4.2%, to €63.2 million and net after-tax profit 16% to €38 million.

Last year also saw the sale of the company to Swiss private equity firm Partners Group for €1.6 billion.

Pharmathen specializes in cutting edge research and the production of generic drugs, about 10 new ones every year, which it sells to some 300 clients in 90 countries.

It also specializes in Long Acting Injectables (LAIs).

Pharmathen has two production units, east of Athens and in the northeaster region of Thrace and will invest 200 million to create, by 2025, a new production hub in Attica to further develop LAIs and eye product technologies.

The new hub will add 150 jobs to the existing 1,200.