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2018 First Half Financial Results - Profits for Lavipharm

Paiania, September 28, 2018 – Lavipharm demonstrated a solid performance in the first half of 2018. Despite the significant increase of obligatory rebates and clawbacks that burdened the pharma industry, Lavipharm sustained its Turnover and profitability, both at a consolidated and at parent company levels.

More specifically, Consolidated Turnover rose to € 16.5 million from € 16.3 million in the first half of 2017. Gross Profit remained stable at € 8.7, while Operating Expenses declined to € 8.2 million from € 8.4 million in the corresponding period of 2017. Consolidated EBITDA amounted to € 2.7 million from € 3.0 million in the corresponding period last year, mainly due to increased rebate & clawback. Consolidated Profits before Tax amounted to € 1.2 million from € 15.4 million  and consolidated Profits after taxes and minority interests to € 495 thousand from € 14.4 million in the corresponding period last year. It is worth noting that if last year's extraordinary non-recurring profit of € 14.3 million, attributed to the ceasing of Lavipharm Corp.'s consolidation, is excluded, then consolidated results for the first half of 2018 show improved profitability.

Parent company's Lavipharm S.A. Turnover amounted to € 10.2 million from € 10.9 million in the previous year. Gross profit amounted to € 5.2 million from € 6.0 million in the first half of 2017, while Operating Expenses to € 3.9 million from € 4.6 million. EBITDA of parent Lavipharm S.A. appears to be slightly stronger than in the first half of 2017, reaching € 3.4 million from € 3.2 million. Lastly, parent company's results accounted to Profits before Tax of € 2.2 million and Profits after taxes of € 1.5 million, from Profits of € 1.7 million and € 1.2 million respectively in the same period last year.

Lavipharm, with a history of more than a hundred years, is today an integrated Group engaged in the research, development, production, marketing and sales, wholesaling and distribution of pharmaceutical, dermocosmetic and healthcare products in Greece, with a strong international activity.

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