Farmexim expects 35m-euro sales from OTC drugs

Farmexim drug distributor, one of the main players on the market, expects OTC drug sales to generate 20% of its turnover by yearend, from 13-14% in 2008. “At this moment, prescription drugs account for most of the turnover, about 84% of the total sales in the first half of 2009. OTC drugs account for the rest of 16% and we want them to reach the 20% level,” says Ovidiu Buluc, Farmexim’s majority shareholder. For 2009, the company estimates turnover worth as much as 725m RON (172m euros), up 20% from last year, meaning sales of 145m RON (35m euros) from OTC drugs, at an average exchange rate of 4.2 RON. In the first half of this year, Farmexim generated turnover worth 354m RON (83.9m euros), 22% higher from the same period of last year and operating income worth 16m RON (3.7m euros). Considering the current market situation, the company halted investments budgeted for this year aimed at the expansion of the central warehouse of Bucharest by another 2,000 square metres.