SANTIAGO, Chile, Nov. 14, 2013 (GLOBE NEWSWIRE) -- CFR Pharmaceuticals S.A. "the Company" or "CFR", a leading multinational pharmaceutical company focused on branded specialty products, complex injectables and OTC products, today announced its consolidated results for the third quarter 2013.
- Revenues in the third quarter increased 33.5% to US$200.4 million compared to US$150.0 million in the third quarter of 2012
- On a local currency basis, revenues increased 46.4% in the third quarter of 2013, with an organic growth of 18.3%
- EBITDA increased 28.9% in 3Q 2013, to US$39.1 million. For the first nine months EBITDA increased 79.3%
- Profit attributable to equity holders of the parent increased 15.9% in 3Q 2013, to US$28.2 million, reaching US$79.9 million year-to-date, higher by 38.5%
- EBITDA adjusted for expenses relating to M&A increased 44.6% to US$43.8 million in 3Q 2013, or 21.9% of revenues
- We launched 135 products in the third quarter through our different segments, which will sustain future sales increase
Alejandro Weinstein, CFR's CEO said: "The strong growth we saw in our performance during this third quarter, and in the results for the first nine month of 2013, namely a 36% yoy growth in revenues and a 79% yoy growth in EBITDA, comes to prove that the positive results we have obtained since 4Q12 are conforming a trend that is set to continue". He added, "These positive results and the trend we are seeing are the outcome of one strong corporate strategy, carried out with local flavor, of executing everything we do as quickly and efficiently as possible. This has allowed us to capture the value from high local organic growth, expanding EBITDA margins, improving results from our Complex Therapeutics division; and successfully integrating Lafrancol into our operations".
"After implementing the short-term synergies in Lafrancol, with even better results than we anticipated, we are now moving ahead with the long-term initiatives". Mr. Weinstein concluded, "We are now ready and moving ahead with our inorganic growth plan, which we hope will materialize by acquiring Adcock Ingram in South Africa in the near future".
CFR Pharmaceuticals S.A. ("CFR Pharmaceuticals" or "CFR") is a multinational pharmaceutical corporation with a leading position in Latin America and operations in 15 countries in that region. It is the leading pharmaceutical company in Chile, Colombia and Peru, focusing on the research, development, production and sale of branded specialty pharmaceutical products, complex Injectables, and OTC products. CFR employs over 7,000 people including 2,000 sales representatives. CFR's growth strategy focuses on markets in the Americas, Europe and Asia with expansion plans into emerging markets with high growth potential.
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