ADM Farm targets 150m-euro business in 2008

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ADM Farm, a leading distributor of pharmaceuticals on the domestic market, targets turnover worth 150 million euros this year, up 50 percent against 2007.
 
"To attain 2008 established objectives we have all necessary resources and we remain open to market opportunities", ADM Farm director general Dragos Pop was quoted as saying by Ziarul financiar daily.
 
He also said that "we ended 2007 as expected", with turnover worth 100 million euros.
 
Last year was difficult for players in the pharmaceutical industry, reports the newspaper, also showing that, the overall market growth stood at 11.2 percent, given the RON’s depreciation and changes in legislation, which both had an impact on the companies’ business in the sector.
 
Last years’ results were affected by the massive devaluation which occurred in the last quarter of the year correlated with medicines’ price freezing, underlined Pop, which led to a drop in distributors’ margins up to 1-2 percent or even their disappearance altogether.
 
"In this context, it is extremely difficult to forecast a result, although we plan to register a profit increase of at least 3 percent", pointed out ADM Farm representative.
 
Referring to last year growth, Pop maintained that the factors leading to a sustained development pace were investments into the sales force, as well as the widening of the product portfolio.
 
ADM Farm currently operates eight logistic centers, with an overall volume of almost 20,000 cubic meters. This year, the company plans to increase its storage capacity by 30 percent, mainly by expanding the central platform in Bucharest, as well as by opening new branches.
 
The investment budget exceeds 2 million euros in logistics at GDP standards.
 
ADM Farm holds a chain of 20 pharmacies and up to this year-end the number will rise to 30 units, mainly located in the Capital.
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