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Russia, Eastern Europe Growing on the Generics Scene

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Russia, Eastern Europe Growing on the Generics Scene April 17, 2008 Russia, Eastern Europe growing on the generics scene Amy Brown While dominance of the generics scene in terms of scale is set to remain in the hands of Teva, Novartis’s Sandoz and Mylan, and Indian firms have been making inroads for some time, companies emerging from Eastern Europe and Russia are increasingly moving up the rankings and featuring at the top of sales growth tables. EvaluatePharma’s Peer Group Analyzer shows that in terms of unbranded prescription sales growth over the next five years, Russian firms in particular are doing well at the top of the table, as spending on healthcare in the region grows (see table below). IMS recently reported that Russia was the fastest growing pharmaceutical market in the European region in 2007, expanding by 20%. Market WW Unbranded Generic Sales - ranked on growth rate Rank Compound Annual Sales in 2012 # Company Location Growth Rate 2007 2012 (US$m) (2007 to 2012) 1 Bioton Poland 51% 43 36 203 2 Veropharm Russia 32% 36 27 453 3 IMPAX Laboratories USA 24% 35 29 381 4 Mylan USA 21% 4 3 4,922 5 Pharmstandard Russia 21% 23 18 987 Glenmark 6 India 17% 25 19 823 Pharmaceuticals Czech 7 Zentiva 17% 18 15 1,354 Republic Sun Pharmaceutical 8 India 16% 19 16 1,243 Industries 9 Aurobindo Pharma India 15% 31 30 332 10 Matrix Laboratories India 15% 34 34 263 Top of the list is Poland’s Bioton, a small company which derives the majority of its sales from insulin and antibiotics. Recent acquisitions in Russia, China and Ukraine are set to help drive growth. Russia’s Veropharm, which listed in April 2006 and has a market cap of $561m, claims to be the country’s fifth biggest generics player, and is particularly dominant in cancer drugs. Its aggressive strategy for new launches is set to drive growth. Pharmstandard is perhaps Russia’s best known generics firm due to its dual London listing. It floated in May last year and the stock has advanced 67% since, giving it a market value of $2.51bn. The country’s third biggest drug maker counts anti-virals and nasal and throat preparations among its biggest products. Lastly, the Czech Republic’s Zentiva is growing strongly thanks mainly to a generic version of Pfizer’s Lipitor, which it has been selling in Russia since 2005 and Poland since 2006. Sales of the drug are set to reach $115m by 2012. A generic version of Merck & Co's hypertension pill Cozaar is also a key product for the company. League table In terms of the global generics league table, those on the up are also dominated by those from developing countries. Most notably at the top of the table, Slovenia’s Krka is forecast to make it into the top 10 by 2012. The company is by far the biggest listed company in the country, with a market cap of almost $5bn, and sales are forecast to grow 14% to $1.80bn by 2012. Citigroup analysts published a note today upgrading their forecasts, and recommendation to "buy", suggesting consensus for the company is likely to move a lot higher. Earlier this month the group forecast sales of €950m and net profit of €165m in 2008, well ahead of current consensus. WW Unbranded Generic CAGR (07 - Market Company Location Sales (US$m) 12) Rank 2007 2012 2007 2012 Teva Pharmaceutical Israel 6,737 10,206 9% 1 1 Industries Novartis Germany 6,429 9,921 9% 2 2 Mylan USA 1,899 4,922 21% 4 3 Actavis Iceland 1,935 3,562 13% 3 4 STADA Arzneimittel Germany 1,573 2,968 14% 6 5 Ranbaxy Laboratories India 1,517 2,746 13% 8 6 Barr Pharmaceuticals USA 1,896 2,600 7% 5 7 Hospira USA 1,513 2,143 7% 9 8 Apotex Canada 1,279 1,945 9% 11 9 Krka Slovenia 957 1,804 14% 13 10 Watson USA 1,409 1,681 4% 10 11 Pharmaceuticals Dr. Reddy's India 974 1,645 11% 12 12 Laboratories Cipla India 879 1,603 13% 15 13 Boehringer Ingelheim Germany 946 1,366 8% 14 14 Czech Zentiva 617 1,354 17% 18 15 Republic Rest of Market 8,294 12,154 Total Market 38,853 62,621 10% The highly fragmented but growing drug market in Russia and the surrounding region has not escaped the attention of international companies, and competition is set to heighten in the region. Further consolidation among domestic players is expected, as groups such Pharmstandard and Veropharm fight to maintain their share against international players. The Russian and Eastern European companies are not only growing sales strongly, but they also fare well in the profitability stakes. That means interest from outside the region is also set to continue, following significant forays such as Barr's $2.5bn purchase of Croatia’s Pliva in 2006, and Ranbaxy’s $324m acquisition of Romania’s Terapia the same year. Top 20 generic companies ranked by EBITDA in 2007 Location EBITDA - Normalised (%) 2007 2012 Bioton Poland 50.4% 31.6% APP Pharmaceuticals USA 48.1% 45.3% Glenmark Pharmaceuticals India 43.5% 34.1% Pharmstandard Russia 37.5% 35.9% Sun Pharmaceutical Industries India 36.3% 35.0% Barr Pharmaceuticals USA 35.2% 30.7% Biocon India 34.7% 30.3% KV Pharmaceutical USA 33.1% 27.9% Veropharm Russia 31.1% 36.2% Krka Slovenia 31.1% 35.1% Teva Pharmaceutical Industries Israel 31.0% 32.7% Sanitas Lithuania 29.2% 30.1% IMPAX Laboratories USA 27.8% 36.1% Gedeon Richter Hungary 27.7% 31.7% Taro Pharmaceutical Industries Israel 25.7% 19.1% Sopharma Bulgaria 24.9% 27.8% Hospira USA 24.4% 23.4% Hikma Pharmaceuticals Jordan 24.3% 28.3% Cipla India 24.2% 23.9% Jubilant Organosys India 22.8% 23.9% More from Evaluate Vantage Evaluate HQ 44-(0)20-7377-0800 Evaluate Americas +1-617-573-9450 Evaluate APAC +81-(0)80-1164-4754 © Copyright 2021 Evaluate Ltd..
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