Company based in Riga, Latvia
JSC Grindex (branded as Grindex), or simply Grindeks, is an internationally operating Latvian pharmaceutical company with headquarters in Riga, Latvia. Its portfolio consists of original products, generics, and active pharmaceutical ingredients. It mostly focuses on cardiovascular, central nervous system, anti-cancer, and diabetes medicines. Grindex is the leading pharmaceutical manufacturer in the Baltic States. In 2021, Grindex exported products to more than 90 countries.
Grindex Group consists of JSC Grindex and its four subsidiaries — JSC Kalceks (Latvia), HBM Pharma Ltd. (Slovakia), JSC Tallinn Pharmaceutical Plant (Estonia) and "Namu apsaimniekošanas projekti" Ltd. (Latvia).
Corporate governance and management.
Supervisory Council.
The supervisory Council of Grindeks consists of five members.
The chairman of the council is Kirovs Lipmans, who has taken the position of Grindeks since 2003.
Other members of the Council of Grindeks include Anna Lipmane, Filips Lipmans, Arkadiy Vertkin, and Janis Naglis.
Board.
Grindeks Board consists of three Board members — chairman of the Board Ph.D. Juris Hmelnickis, Chief Financial Officer Janis Romanovskis, and Commercial director Andrejs Liberts.
Structure.
Offices.
In 2021 "Grindeks" have 10 offices abroad — Lithuania, Estonia, Belarus, Ukraine, Azerbaijan, Georgia, Uzbekistan, Moldova, Kazakhstan, Kyrgyzstan.
Shareholders.
Major shareholders — Liplat Holding, Ltd. owns 96.78% of "Grindeks" Group.
Products.
Grindeks' product portfolio consists of:
"Grindeks" specializes in therapeutic groups of medicines for the cardiovascular system, the central nervous system and anticancer medicines. In 2009, under the auspices of the Institute of Organic Synthesis of Latvia, independent researchers discovered a new cardioprotective substance GX-EG, which turned out to be 40 times more active than mildronate produced and exported by "Grindeks". The company has acquired the rights to conduct further research on GX-EG and will begin phase 1 clinical trials in 2020.
Branded and generic medications.
Generic.
Grindeks manufactures over 60 final dosage form (FDF) pharmaceutical products and exports these to over 90 countries worldwide. The portfolio contains both original and generic FDF products. Grindeks' FDFs range from solid form products, solutions for injections to ointments and syrups.
Corporate social responsibility.
Corporate social responsibility is an important element of Grindeks development. Additionally, to the annual business objectives, Grindeks has set a target to improve the company's activity in the corporate social responsibility area.
The company has defined, that three key priorities of corporate social responsibility are:
Financial results.
2020.
In 2020 the Grindeks Group achieved historically the sharpest increase in turnover and profit. Turnover of the Grindeks Group reached 187.0 million euros. It is which is 45.6 million euros or 32% more than in 2019. Profit amounted to 19.0 million euro, which is 5.6 million euros or 42% more than in 2019.
The sales volume of the Group's final dosage forms in 2020 was 173.6 million euros and has increased compared to 2019 by 41.5 million euros or by 31%.
In 2020 the sales volume of the active pharmaceutical ingredients amounted to 12.5 million euro, which is 3.9 million euros or 46% more than in 2019
In 2020 the Grindeks Group has strengthened its positions in the global pharmaceutical market and exported its products to 93 countries for the total amount of 176.1 million euros.
2021.
The consolidated, provisional financial data of Grindeks Group shows that in the first half of 2021 the Group has reached record high turnover and profit. In this period the turnover of Grindeks Group reached 115,6 million euros, which is 21,1 million euros or 22% more than in the first half of 2020. The profit of the Group in the first half of 2021 amounted to 19,8 million euros, which are 7 million euros or 55% more than in the first half of 2020.
Grindeks Group's record-high profit and turnover have been achieved due to a significant increase in demand for the cardiovascular, central nervous system, and hospital segment medicines produced by the Group, as well as the hospital segment offered by JSC Grindeks subsidiary company JSC Kalceks.
During the first half of 2021, the Group exported its products to 91 countries for a total amount of 109,6 million euros.
References.
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