Pharmstandard posts 1H 2009 Net Profit of 2.59 billion Roubles

The leading Russian pharmaceutical company, Pharmstandard has posted a 1H 2009 Net Profit of 2.59 billion Roubles under IFRS.

The bottom line is up 47% from the 1H 2008 Net Result of 1.76 billion Roubles, with EBITDA up 51% year on year to 3.9 billion Roubles, as Revenues rose 62% to 10.1 billion Roubles.

The company largely attributed its better than expected results to the governmental tender for Velcade supply held in 2Q 2009, which boosted pharmaceutical products sales for Pharmstandard by 73% in 1H 2009 year on year.