"We are a turnaround story, but we have now moved from the recovery phase into a trajectory of steady growth," stated Lavipharm's CEO, Mr. Tilemachos Lavidas, during the company's annual general meeting of shareholders.
As he pointed out, "During the period 2021-2024, we doubled our sales to €60 million, and the distribution of dividends after 18 years is a sign that we have returned. We continue even stronger and aim to double our sales again to €120 million by 2029."
According to Deputy CEO Panayiotis Yannouleas, "The doubling of turnover will be achieved through the launch of new products, both prescription and non-prescription, in the Greek market, as well as through the maximum utilization of strategic partnerships with Tikun Olam in the pharmaceutical cannabis sector and with INOVA, which will distribute Lavipharm-produced antiseptic in 60 countries."
Mr. Yannouleas highlighted the increase in production to €120 million worth of transdermal medications from €45 million previously, following investments at the Peania factory. There is now the capacity for the production line to be utilized by foreign companies wishing to produce pharmaceuticals in Greece.
He also did not exclude the possibility of acquiring other drugs, as was the case with Lonarid, Lonangal, and Flagyl. It is noted that out of the €60 million in sales in 2024, €24 million came from abroad, mainly from the sale of Catapresan in Italy.
€43 million for drug acquisitions
CFO Vasilis Baloumis emphasized that the investment program for 2022-2025, totaling €60 million, is being completed this year. Investments of €52 million have been implemented, and €8 million are ongoing this year. Of these, €4 million will be used for facility investments, and the other €4 million for research and development.
Of the €52 million investments completed, €43 million was allocated to pharmaceutical acquisitions, €3.4 million to R&D, and €5.7 million to the Peania factory.
Lavipharm has been running for the past six years at two to three times the growth rate of the market, which has allowed it to double its market share from 0.5% to 1%.
In 2024, EBITDA profits amounted to €10.4 million, increased by 14%, and comparable net profits reached €2.7 million from €1.9 million in 2023.
The company will distribute dividends from the profits of 2024 and previous years totaling €3.3 million, or €0.02 per share. The ex-dividend date will be July 17, and the payment will commence on July 24.
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