Bulgaria's Huvepharma Grows Profit Slightly in 2018, Buys Factories in France, Italy

Bulgaria's Huvepharma Grows Profit Slightly in 2018, Buys Factories in France, Italy

Bulgarian drug maker Huvepharma said that its non-consolidated net profit edged up to 118.6 million levs ($68.4 million/60.6 million euro) in 2018 from 118.2 million levs the year before. Last year, Huvepharma acquired French companies Qualian and Laboratoire Meriel, as well as Qualian Portugal Unipessoal and Qualian Italy, the Bulgarian company said in its 2018 financial statement. The acquisitions include two new factories in France and one in Italy, Huvepharma said. Huvepharma generated sales of 528.5 million levs last year, up from 490.3 million levs in 2017. Other operating revenue more than halved, to 10.7 million levs from 22.2 million levs. Cost of goods sold increased to 308.4 million levs from 281.5 million levs in 2017, while selling and distribution costs grew to 41.7 million levs from 39.2 million levs. Administrative expenses rose to 39.0 million levs from 36.5 million levs. Huvepharma's assets increased to 833.7 million levs at the end of 2018 from 695.6 million levs a year earlier, following a rise in claims from related persons. The company develops both human and animal health products.

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