“We estimate that turnover will be 5 percent below that initially announced,” according to a declaration for Business Standard by Stephen Stead, Chairman of the company’s Board of Directors. At the beginning of the year, Stead estimated that LaborMed would end the year 2008 with turnover of €40 million, compared to €28 million in 2007. “We are expecting business to grow by 25 percent in 2009 compared to this year, as a result of the branding process we are carrying out for ten products in our portfolio and the launching of another 17-20 new products,” added Stead. The generic drug producer had a 1.5 percent market share at the end of 2007, and 7 percent of the generic drug market.
Advent paid €123 million for LaborMed at the end of 2007, changing the mangement team this year, increasing the promotion team, and beginning operations to improve the portfolio, especially branding.
The pharmaceutical market is worth €1.8 billion. Labormed’s competitors include Antibiotice, Terapia Ranbaxy and Zentiva.
