With a turnover estimated at 62 million euros this year according to the first quarter, the Greek pharmaceutical company Lavipharm, whose shares, after a ten-year monitoring regime, returned to the main market at the end of 2022, i.e. after the completion of an IPO worth 51.3 million euros. This assessment was given by the company’s leaders in the context of the information provided to the Association of Institutional Investors, recalling that the goal by 2026 is to achieve sales of 112.5 million euros.

This will be achieved through the implementation of its business plan, which consists of 4 pillars: promotion of a transdermal product (patch) for the administration of the active substance clonidine for the treatment of high blood pressure (Catapresan TTS), cooperation with the generic manufacturer Zentiva. for market promotion pharmaceutical products company, but also a strategic partnership with Tikun Europe, which runs a manufacturing plant medicinal cannabis in Corinth – to distribute products on the Greek market.

Finally, Lavipharm with routing attachments R&D plans to bring 6 new products to market. “One of them is the evolution of the fentanyl product, which has a lower production cost. It is expected to be launched in the markets of central and northern Europe,” said Vassilis Baloumis, CFO of the group, during the presentation. “Now that the fentanyl product is moving to the next stage, we are thinking about replacing equipment, creating other industries, this is a difficult task.” He noted that in Europe such products are produced by 4-5 manufacturers, saying that “we have a market share of 5.4%, and we are striving to reach 20%.”

Regarding transdermal clonidine (Catapresan TTS), the group says it will start production this year in Greece. Regarding the distribution of Tikun Europe’s medicinal cannabis products, management emphasizes that this is a five-year commercial agreement with the possibility of renewal. At the same time, it provides revenues of 15.7 million euros in 2021-2026 through its operation.

“The specific project will generate income that Lavipharm will use to invest in research and development, as well as to promote new products. To do this, we have taken over the distribution, and it has a significant profit margin,” says Mr. Balumi.