Russian pharmaceutical group Promomed will hold an initial public offering before the end of 2024. The company plans to raise around 10 billion rubles. Vedomosti writes about this citing sources close to the agreement.
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JSC Promomed is 100% owned by the founder and chairman of the board of directors, Peter Bely. The company’s portfolio includes more than 330 medicines in more than seven different therapeutic areas.
Promomed has not yet shared its results according to international financial reporting standards. The company published the latest data according to Russian accounting standards (RAS) for the nine months of 2023. The company’s revenue during this period decreased year-on-year by 28% to 9.52 billion rubles.
The company explained the results by the notable influence of the high sales of anti-Covid drugs during the nine months of 2022.
A representative of the holding company stated that the drivers of the company’s growth are the development and production of innovative medicines, a constant trend towards the supply of high-tech medicines to the population and the increasing need for biotechnological products.
Author:
Karina Pardaeva
Source: RB
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