Rebate and clawback hurt pharmaceutical companies

Increasingly higher sums returned to state coffers from rebate and clawback are raising huge hurdles in the operation of pharmaceutical companies in Greece, Hellas List said in a report released on Tuesday.

The report, based on the financial results released by 30 companies in the pharmaceutical/cosmetics sector, showed that total liabilities grew 9.0 pct to 924 million euros, while equity capital rose 3.0 pct to 538 million euros. The figures do not cover the whole sector, as the release of 2015 balance sheets has not been completed yet, but they are indicative of the serious problems accumulated on the current operation of the pharmaceutical sector.

Accumulated turnover grew 4.3 pct to 1.182 billion euros. The report includes enterprises with productive activity in Greece and not multinational subsidiaries. The report said that turnover of 119 productive enterprises in the sector fell to 2.134 billion euros in 2014 from 2.184 billion in 2013, a decline of 2.3 pct.

Net pre-tax earnings grew 21.4 pct to 77.7 million euros in 2015 from 64 million in 2014.

Vianex -a member of D.Giannakopoulos group of companies- topped the list of the Greek pharmaceutical industry with annual turnover of more than 210 million euros and net profits of more than 9.0 million euros, from 4.3 million in 2014.

Famar -a member of Marinopoulos Group of companies- reported sales of 124.6 million euros and profits of 9.5 million euros.

Pharmathen recorded an annual turnover of 200 million euros and profits of 20.89 million euros in 2015.
Elpen reported a turnover of around 120 million euros, up 5.12 pct from 2014, and stable profits of 4.9 million euros.

Boehringer Ingelheim, the only multinational company with its own production line in Greece, Demo, Unipharma, Genepharm were also among the top 10 of pharmaceutical companies.