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Announcement About Convening of the Extraordinary General Meeting of Shareholders of Joint Stock Company Olainfarm

on April 7, 2021

Management Board of the Joint Stock Company Olainfarm, unitary registration number: 40003007246, registered  address: Rupnicu iela 5, Olaine, LV-2114, announces that on March 22nd, 2021, request to convene an extraordinary general meeting of shareholders with following agenda – 1) Internal auditing of JSC Olainfarm; 2) Other issues, has been received from shareholder OLFIM OÜ, registration number: 14601045, registered  address: Harju maakond, Kuusalu vald, Pudisoo küla, Männimäe, 74626, Estonia, representing 7.79% of the share capital of Joint Stock Company Olainfarm.

Management Board of Joint Stock Company Olainfarm based on the shareholder’s request hereby convenes and announces that Extraordinary General Meeting of shareholders of Joint Stock Company Olainfarm will be held on June 18th, 2021, at 11:00 at the  premises of JSC Olainfarm in Olaine, Rupnicu iela 5, observing the national epidemiological safety measures to limit the spread of Covid-19 infection.

For the purpose not to hold separate meetings of shareholders in a short period of time, the Management Board has decided to supplement the Agenda of the Extraordinary General Meeting of shareholders with the issues to be considered at the Annual Meeting of shareholders: 1) Approval of Annual Report for year 2020; 2) Distribution of profit; 3) Election of the Auditing committee and determination of remuneration for Auditing committee; 4) Election of certified auditor for the audit of the Annual Report for 2021, 2022, 2023 and determination of remuneration.

Agenda:

  1. Internal auditing of JSC Olainfarm.
  2. Other issues.
  3. Report of the Management Board, Council and conclusion of certified auditor.
  4. Approval of Annual Report for year 2020.
  5. Distribution of profit.
  6. Election of the Auditing committee and determination of remuneration for Auditing committee.
  7. Election of certified auditor for the audit of the Annual Report for 2021, 2022, 2023 and determination of remuneration.

Registration of the shareholders will take place on the day of the meeting, i.e. June 18th, 2021,  – from  10:00  until 10:45 on the venue.

The total number of shares and the total number of the voting shares of JSC Olainfarm is 14 085 078.

Date of the record for participation of the shareholders in the Extraordinary General Meeting of shareholders is June 10th, 2021. Only those who are the shareholders at the date of record have the right to participate in the Extraordinary General Meeting of shareholders on June 18th, 2021, with the  number of shares held by them at the date of record as well as to vote in writing before the Extraordinary General Meeting of shareholders.

Shareholders may participate in the Extraordinary General Meeting of shareholders as well as to vote in writing before the Extraordinary General Meeting of shareholders either in person or with a legal representative or represented through a power of attorney:

  • Upon registration the shareholders must present either the passport or other identity document;
  • Upon registration the representatives of the shareholders must present the passport or  other identity document, submit a written power of attorney issued by the represented shareholder (the  form of the power of attorney is available at JSC Olainfarm website  http://www.olainfarm.com, website of the system of Central Storage of Regulated Information https://csri.investinfo.lv and at website   of JSC  NASDAQ Riga http://www.nasdaqbaltic.com) or the legal representative has to present a document confirming the authorization.
  • The shareholder has the right to vote in writing by filling in the voting form before the Extraordinary General Meeting of shareholders, which will be available at least 14 days before the Extraordinary General Meeting of shareholders at JSC Olainfarm website  http://www.olainfarm.com, website of the system of Central Storage of Regulated Information https://csri.investinfo.lv and at website   of JSC  NASDAQ Riga http://www.nasdaqbaltic.com.

Please send the completed voting form electronically to the e-mail address of JSC Olainfarm which will be announced 14 days before Extraordinary General Meeting of shareholders at JSC Olainfarm website  http://www.olainfarm.com, website of the system of Central Storage of Regulated Information https://csri.investinfo.lv and at website   of JSC  NASDAQ Riga http://www.nasdaqbaltic.com, if it is signed with a valid secure electronic signature or to the postal address of JSC Olainfarm Rupnicu street 5, Olaine, Olaines novads, LV-2114, if it is signed and notarized in paper form.
All votes received by the JSC Olainfarm till June 17th, 2021 will be taken into account in the Vote.

Shareholders have the following rights:

  • shareholders that represents at least 1/20 of the share capital of the JSC Olainfarm have the right within 7 days after the announcement is published to request the Management Board of JSC Olainfarm to include additional issues in the agenda. Shareholders who request inclusion of additional issues in the agenda of the Extraordinary General Meeting of shareholders must submit to the Management Board of JSC Olainfarm draft decisions on the issues to be included in the agenda upon their request or  explanations on issues, which are not subject to decisions;
  • within 7 days after the publishing of this announcement, submit draft decisions on issues of agenda.  Shareholders have the right to submit draft decisions on the issues included in the agenda of the Extraordinary General Meeting of shareholders during the meeting, if all draft resolutions already submitted to the Extraordinary General Meeting of shareholders have been reviewed and rejected;
  • the shareholder should submit request at least 7 days before the Extraordinary General Meeting of shareholders, the Management Board shall at least 3 days before the Extraordinary General Meeting of shareholders provide the requested information about the issues included in the agenda;
  • A shareholder who has voted before the Extraordinary General Meeting may ask the JSC Olainfarm to confirm the receipt of vote. The JSC Olainfarm shall send a confirmation to the shareholder immediately upon receipt of the shareholder`s vote.

Shareholders may see the draft resolutions of the Extraordinary General Meeting of shareholders from June 04th, 2021, on the webpage of JSC Olainfarm http://www.olainfarm.com, webpage of the system of Official Central Storage System of Regulated Information http://csri.investinfo.lv and the webpage of JSC „NASDAQ Riga” http://www.nasdaqbaltic.com, but on the day of the Extraordinary General Meeting – at the venue.

The form of the power of attorney is available at webpage of JSC Olainfarm http://www.olainfarm.com, webpage of the system of Official Central Storage System of Regulated Information http://csri.investinfo.lv and the webpage of JSC „NASDAQ Riga” http://www.nasdaqbaltic.com.

Shareholders are advised to be responsible and to respect the national epidemiological safety measures to limit the spread of Covid-19 infection, as well as to read the information published on the website of JSC Olainfarm www.olainfarm.com about the safety measures which will be applied during the Extraordinary General Meeting of shareholders to limit the spread of the Covid-19 infection.

JSC Olainfarm informs that upon remaining into force of State prohibition on gather in person or upon entry into force other restrictions which does not allow the conduct of the Extraordinary General Meeting of shareholders by gather in person, JSC Olainfarm and its shareholders are obliged to act in accordance with applicable laws and regulations.

In Olaine, on April 6th, 2021

Management Board of Joint Stock Company Olainfarm

 

Additional information:
Jānis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com

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Announcement About Convening of the Extraordinary General Meeting of Shareholders of Joint Stock Company Olainfarm

“Olainfarm” Mentālās veselības sarunu sērija aicina stiprināt emocionālo veselību

on March 29, 2021

“Olainfarm” aicina piedalīties Mentālās veselības sarunās – bezmaksas tiešsaistes pasākumos martā, aprīlī un maijā, kuru laikā Latvijā zināmi eksperti – ārsti atklāti runās par dažādiem psihoemocionālās veselības aspektiem. Sarunu sērijas ietvaros pieredzējušie ārsti-psihoterapeiti un neirologi atbildēs uz skatītāju jautājumiem un sniegs praktiskus ieteikumus emocionālās labsajūtas veicināšanai, kas ir īpaši aktuāli ilgstošās pandēmijas un noteikto ierobežojumu apstākļos. Pirmā sērija ar ārsti-psihoterapeiti Guntu Andžāni par izdegšanas riskiem jau trešdien, 31. martā, plkst 14.00.

““Olainfarm” grupas misija ir cilvēku veselības un dzīves kvalitātes uzlabošana, tāpēc šajā mums visiem sarežģītājā laikā mēs vēlamies iesaistīties dialogā par mentālo veselību un citām aktuālām veselības tēmām sabiedrībā. Priecāsimies redzēt ikvienu skatītāju lokā, lai kopā stiprinātu sabiedrības veselību,” aicina Jerūns Veitess, “Olainfarm” valdes priekšsēdētājs.

Sarunu sērijā paredzētas četras tiešsaistes tikšanās, kurus varēs vērot portāla Delfi.lv tiešraižu sadaļā, kā arī “Olainfarm” Facebook lapā. Sarunas vadīs žurnāliste Sandra Kropa.

Sarunu laikā kopā ar ekspertiem tiks meklētas atbildes uz jautājumiem par kādu no aktuālajām tēmām – kā atjaunot iekšējos resursus un smelties spēku, kā iemācīties tikt galā ar emociju haosu un kā rūpēties par sava miega veselību.

Aicinām pievienoties “Olainfarm” Mentālās veselības sarunu pavasara sērijām:

  • 31. martā, plkst. 14.00 “Pandēmijas nogurums – kā tikt galā ar izdegšanas sindromu” ar ārsti psihoterapeiti Dr. Guntu Andžāni
  • 14. aprīlī “Emociju pārvaldīšana – kā kļūt par emociju diriģentu?” ar ārstu psihoterapeitu Dr. Artūru Miksonu
  • 28. aprīlī “Sevis stiprināšana – kur smelties iekšējo jaudu mentālajai veselībai?” ar ārstu psihoterapeitu Dr. Artūru Miksonu
  • 12. maijā “Koronasomnija – cīņa ar miega traucējumiem” ar neiroloģi Dr. Sandru Vestermani

Plašākai informācijai par pasākumu laiku un saturu aicinām sekot līdzi “Olainfarm” Facebook lapā:  https://www.facebook.com/JSCOlainFarm/

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“Olainfarm” Mentālās veselības sarunu sērija aicina stiprināt emocionālo veselību

Olainfarm Group lays a strong foundation for sustainable development

on March 2, 2021
  • Olainfarm Group’s profit in 2020 reached EUR 9.5 million and the parent company closed the year 2020 with 11.5 million EUR profit
  • The Management Board will propose to approve a dividend payout of EUR 0.17 per share in the annual report of 2020, which is a total of EUR 2 394 463
  • Significant investments are planned for research and development, as well as the acquisition of products and modernization and digitalization

“Covid-19 is having a significant impact on the global healthcare and pharmaceutical industries. Our values ​​and care for the society remain unchanged in this difficult time, we strive to improve people’s health and quality of life. In accordance with the Olainfarm Group’s five-year strategy “Forward”, in 2020 an unprecedented transformation of the Group was initiated with the goal of making internal processes more effective for sustainable growth. Despite the challenges caused by Covid-19 we have managed to build a strong foundation. Moving towards strengthening and expansion characterizes Olainfarm Group’s approach for the year 2021 and beyond. This will be based on significant investments in research and development, in particular – by fostering the development and acquisition of FDFs,” says Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.

The year 2020 in a sign of transformation

In 2020, the Group’s revenue reached EUR 122 million, which is 11% less than in the previous year. The parent company’s revenue in 2020 was EUR 92 million, ensuring the fulfilment of previously forecasted revenues. Turnover in all of the Group’s main markets, except Russia, increased compared to 2019. The Group’s largest market in 2020 was Latvia showing consistency in operations, providing a 1% increase compared to 2019.  Despite the global impact of the Covid-19 crisis, Olainfarm Group was able to ensure a continuous supply of goods in all of the Group’s operating markets throughout the year. In 2020, a number of strategically important activities were carried out, affecting the financial results of Olainfarm Group’s strategy.

JSC Olainfarm expanded its marketing team and renewed its business model in Ukraine where the existing legal structure served as a basis for changing the business model. The revenue in Ukraine has increased by EUR 746 thousand when compared to 2019, and the overall share of Ukraine in the Group’s revenue reached 9.4%.

The Group’s financial results for 2020 were affected by several events in the Russian pharmaceutical market. In 2020, JSC Olainfarm established a subsidiary in Russia as a long-term investment, which has been providing JSC Olainfarm product promotion activities in the Russian pharmaceutical market since September of last year. It ensures an even more accurate insight into the Russian pharmaceutical market, adjusting JSC Olainfarm supply according to customer demand. A survey carried out in the Russian pharmaceutical market confirms the effectiveness of JSC Olainfarm foreign market strategy – the recognition of the JSC Olainfarm brand has increased, thus providing a solid base for further development.

In 2020, a new medicine verification and traceability system was introduced in Russia, changing the usual delivery schedules. The Russian ruble depreciated against the euro by 32%, which had an impact on the sales and net profit of Olainfarm Group.

At the end of 2019, additional emergency deliveries of EUR 6 million were made to Russia for consumption in 2020. This reduced sales in Russia in 2020 compared to 2019.

Consolidated EBITDA in 2020 is EUR 25 million, which is a 17% decrease compared to the year 2019. EBITDA is affected by both sales revenue in certain markets and changes in operating models that result in a different cost structure than historically common.

Strategy “Forward 2020-2025”

One of the most important events of 2020 was the approval of JSC Olainfarm strategy “Forward”, outlining a clear vision for the Group’s future operations. The strategy intends on placing more emphasis on the development of the core business, supplementing and developing JSC Olainfarm’s product portfolio by both using internal expertise and acquiring new products.

In 2020, JSC Olainfarm received the Russian Certificate of Good Manufacturing Practice (GMP), which confirms the company’s efforts for maintaining the quality system and complying with the Russian market, including the requirements for production and quality control of medicines.

Although the overall impact of Covid-19 on Olainfarm Group is small, some of the ongoing product development projects have been postponed to 2021. As proposed by the European Medicines Agency, clinical trials during Covid-19 are not recommended. Therefore, the amount of Olainfarm Group’s capital investments in 2020 was EUR 9.2 million, not reaching the levels forecasted. It should be emphasized that some of the projects are implemented with the co-financing of the European Union (EU).

During the reporting year, Olainfarm proved itself as a reliable partner in the implementation of significant capital investments. In 2020 the modernization of the Cold Station and distribution infrastructure took place, in which more than EUR 2.7 million were invested, including co-financing from the European Cohesion Fund in the amount of EUR 700 thousand. The implementation of this project ensures JSC Olainfarm contribution to the green economy and climate neutrality programs, with the projected savings of 1486.563 MWh/year and the reduction of greenhouse gas – CO2 emissions by 235.645 t/year.

In 2020, the Group’s cash flow from operational activities was EUR 28.5 million, which has allowed it to significantly improve the Group’s financial stability by both securing loan repayments and paying EUR 4.5 million in dividends to shareholders. Olainfarm’s dividend policy states that JSC Olainfarm annually strives to pay shareholders a dividend of at least 20% from the previous year’s audited profit.

Forecast for 2021

For 2021, JSC Olainfarm as a parent company forecasted revenue of EUR 101 million. JSC Olainfarm consolidated revenue is planned at EUR 140 million, which is an increase of 14% if compared to 2020, in line with the five-year strategy reaching double-digit growth YoY.

“Strengthening research and development areas is a strategic priority for 2021. We focus on two main directions, firstly, R&D of new products, as well as the acquisition of already developed products, and secondly, investments in the modernization and digitization of technology and production equipment. In 2020, we concentrated our resources on the implementation of the strategy and have been able to significantly improve the marketing approach in the company’s foreign markets. This will allow us to provide effective and targeted product promotion activities, expand the range of products in existing markets and achieve the projected revenue this year,” emphasizes Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.

The overall R&D costs are forecasted to be as much as 10% of JSC Olainfarm parent company’s revenue in 2021, which is in line with the goals set within the new strategy. Investments of EUR 10.2 million are planned for these areas and will be directed to creating a new work environment and purchasing equipment, as well as continuing investments in order to position the existing product portfolio in new foreign markets. It is projected that not all R&D investments will be capitalized, so part of the research activities will have an impact on 2021 earnings.

In 2021, operating investments for Olainfarm Group are planned at EUR 13.8 million. In addition to investments in technology and modernization of the manufacturing facilities, the Group’s priorities are to promote digitization and automation projects. In 2021, it is planned to introduce digital solutions for the improvement of customer service, as well as modernize and digitize core business processes. First and foremost, it is essential to introduce the laboratory information management system which will take several years to implement and will ensure not only improvements in the efficiency of internal processes but also compliance with the growing regulatory requirements.

The company plans to close the year 2021 with a profit of EUR 6.5 million, but the consolidated profit of the Group in 2021 is forecasted in the amount of EUR 8.6 million. JSC Olainfarm plans to achieve indicators forecasted in the strategy in 2025.

About Olainfarm Group

JSC Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The business strategy “FORWARD” highlights the company’s main vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.

 

With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company JSC Olainfarm, food supplement & medical device producer Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain Latvijas Aptieka and healthcare & diagnostics centres DiaMed & OlainMed.

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Olainfarm Group lays a strong foundation for sustainable development

JSC Olainfarm renews Cold Station for a more sustainable and greener manufacturing

on February 23, 2021

“For a greener today” is the slogan with which JSC Olainfarm launches the renewed Cold Station and its engineering system in order to contribute to the reduction of the greenhouse gas emissions. More than EUR 2.7 million have been invested in the modernisation of the Cold Station and its infrastructure, including co-financing from the European Cohesion Fund in the amount of EUR 700 thousand. 

In January JSC Olainfarm passed a regular post-supervisory audit in the field of environmental management in order to receive ISO 14001 environmental management standard certification. Thus, in accordance with the JSC Olainfarm strategy “Forward 2020-2025”, the company is promoting the efficient use of energy resources and taking care of the reduction of the environmental impact of its economic activities. The implementation of this project ensures JSC Olainfarm contribution to the green economy and climate neutrality programs, with the projected savings of 1486,563 MWh/year and the reduction of greenhouse gas -CO2 emissions by 235,645 t/year.

“As a responsible company, JSC Olainfarm regularly monitors the environmental impact of its business operations. Efficient energy management and modern technologies are a few ways to increase the company’s energy efficiency. This will allow us to use energy resources more rationally, reduce the consumption per unit, increase the company’s competitiveness and diminish greenhouse gas emissions. Sustainable company development is the basis of our strategy “Forward”. Meaning – care for the people and the environment, which is more relevant today than ever. To prove that we are on the right track, we have been able to successfully pass the regular follow-up audit in order to receive the environmental management standard certification. All thanks to the JSC Olainfarm team and partners,” says Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.

The reconstruction of the Cold Station and its engineering systems was done within the span of 18 months, with the start of the project implementation in the 2nd quarter of 2019. Within the framework of which the reconstruction of the manufacturing premises, Cold Station and external cooling networks was performed to increase energy efficiency and improve the technical condition. At the end of 2020, the operations of the Cold Station were tested and currently, the Cold Station is fully operating. Cold energy with a temperature of up to negative 15 °C is used.

Jānis Vitenbergs, Minister of Economics of Latvia: “Today, more than ever there is an ongoing global debate about tackling climate change and moving towards a so-called climate neutrality. Therefore it is essential for companies to think about implementing effective energy efficiency measures and reducing the consumption of the necessary resources. Today’s technology offers a lot of opportunities to be more effective, productive and competitive while also reducing the environmental impact of a business. JSC Olainfarm is setting an excellent example by ensuring that future energy and climate goals are met.”

Dana Heiberga, the director of Central Finance and Contracting Agency Environment and Energy efficiency department: “It is a pleasure that JSC Olainfarm as one of the most recognizable and successful companies in Latvia, not only in the pharmaceutical sector but also in the manufacturing is setting an example by improving the management of energy resources for the company manufacturing processes. Implementation of this project, by successfully using the co-financing from the funds allocated by the European Union, will allow JSC Olainfarm to reduce emissions generated in the production process, which meets the objectives of the climate policy in both Latvia and the European Union as a whole.”

About the JSC Olainfarm environmental policy

The company has developed an environmental and climate-friendly energy policy. The environmental policy of JSC Olainfarm is based on the environmental management system developed in accordance with the requirements of the standard ISO 14001:2015 Environmental management systems requirements. Since November 1, 2016, the environmental management system has been supplemented by a continuous energy consumption assessment process in accordance with the Energy Efficiency Law and the Cabinet of Ministers 26.07.2016 regulations No.487 Regulations on Enterprise Energy Audit.

About Olainfarm Group

JSC Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The Group’s business strategy “FORWARD” highlights the

company’s main vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.
With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company JSC Olainfarm, food supplement & medical device provider Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain Latvijas Aptieka and healthcare & diagnostics centres DiaMed & OlainMed.

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JSC Olainfarm renews Cold Station for a more sustainable and greener manufacturing

Information expressed in the public domain by the Repharm Group is deceptive and contradictory

on February 19, 2021

Today, on February 19, information has arrived in the public domain that the company from Repharm Group will acquire the shares of JSC “Olainfarm” directly and indirectly owned by Anna Emilija Maligina.

The Chairman of the Management Board of JSC Olainfarm Jeroen Weites points out that  Signe Baldere – Sildedze, the legal representative of Anna Emilija Maligina, has informed the Board of JSC Olainfarm that the information in the public domain is false and the deal entered with SIA Farma Fund (previous name Zdorovie Europe) is not valid. Consequently, there is no basis for Repharm group to make such a statement.

In accordance with the requirements of the Financial Instruments Market Law, JSC Olainfarm has not received a notification from shareholder on the acquisition of a qualifying holding. This gives a basis for the Board of JSC Olainfarm to deduce that the information expressed in the public domain by the Repharm Group is deceptive and contradictory. Repharm Group distributes information that shares of A. E. Maligina will be acquired in 2023, and in parallel provides information that leads to deceptive conclusions that the deal has already taken place.

Such information in the public domain can significantly affect the price of JSC Olainfarm shares in the market as well as it may infringe the rights of other shareholders of JSC Olainfarm and cause damage to the reputation of the Latvian capital market. The Board of JSC Olainfarm will address the request to the  Financial and Capital Market Commission to assess whether the statement of Repharm Group does not violates the requirements of the Financial Instruments Market Law.

Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The Group’s business strategy “FORWARD” highlights the main company’s vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025.

With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company Olainfarm, food supplements & medical devices provider Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain Latvijas aptieka and healthcare & diagnostics centres Diamed & Olainmed.

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Information expressed in the public domain by the Repharm Group is deceptive and contradictory

Olainfarm Group invites to participate in voting for the Annual Prize in Medicine 2020

on January 27, 2021

This year, the most celebrated event of the Latvian healthcare sector, the Annual Prize in Medicine, will take place the 11th time, and the ceremony will be broadcast on TV3 on 27 March. Olainfarm Group and The Latvian Medical Association (LMA) calls for the public to honour the medical professionals and cast a vote for the best medics of the year in Latvia. The voting will take place online at www.arstubiedriba.lv/gadabalvamedicina  from 25 January to 1 March.

“Our medics form one of the cornerstones of the healthcare system and, consequently, are at the foundations of public and individual health. A number of surveys suggest that genuine gratitude is a strong motivator. We are happy to be a part of such an important event and proudly praise the input of our doctors, nurses and other healthcare specialists. Their wellbeing is of utmost importance during the Covid-19 pandemic. Therefore, I call upon everyone to contribute their “Thank you” by casting a vote and thus expressing the well-deserved appreciation to your favourite specialists,” says Gundars Bērziņš, Chairperson of the Supervisory Council of the JSC Olainfarm.

This year, the Annual Prize in Medicine will be awarded in 14 nominations. Members of the general public can vote for his/her candidate in nine nominations: General Practitioner of the Year; Specialist of the Year; Dentist of the Year; Physician Assistant of the Year; Pharmacist of the Year, Nurse of the Year, Midwife of the Year, Functional Specialist of the Year and Hospital of the Year.

Following the tradition, the Annual Prize in Medicine will be awarded also in the nominations Junior Doctor of the Year, Personality of the Year in Medicine, Event of the Year in Medicine and Annual Prize for Lifetime Achievement in Medicine. The winners in these nominations are chosen by an LMA expert vote.  The winners in the nominations Professor of the Year are determined by the vote of medical students of Rīga Stradiņš University and the University of Latvia.

The Annual Prize in Medicine is organised by LMA in collaboration with the Ministry of Healthcare of Latvia, Latvian Junior Doctors Association and Latvian Nurses Association with the participation of the University of Latvia and Rīga Stradiņš University. The general sponsors of the event are the pharmaceutical companies JSC Olainfarm and Grindeks, other supporters include the pharmaceutical company Silvanols, medical companies Veselības centrs 4, MFD Veselības grupa and Centrālā Laboratorija.

About the Annual Prize in Medicine

The Prize was first awarded in 2008, and has gained prominence ever since. Today, it is the most prestigious award in healthcare in Latvia with an increasing public involvement in honouring the best Latvian medics – propositions for the nomination candidates are received even from abroad. Due to the economic crisis of 2008/2009, the Prize was not awarded in 2010, but the tradition was renewed in 2012. Last year, almost nine thousand people took part in the vote, and the Prize was awarded in 14 nominations. The author of the Prize figurine is the metal sculptor Armands Jēkabsons.

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Olainfarm Group invites to participate in voting for the Annual Prize in Medicine 2020

JSC Olainfarm donates funds to the Children’s Hospital Foundation for the purchase of new mattresses

on January 14, 2021

At the end of last year JSC Olainfarm donated 15 thousand euros to the Children’s Hospital Foundation that operates to support Children’s Clinical University Hospital, to take care of the health of children in Latvia and mitigating the consequences of Covid-19. The funds were used to purchase six anti-bedsore mattresses for the department, which currently also cares for smaller patients hospitalized with the Covid-19 virus.

The gift is already being used and Arta Bārzdiņa, Head of the Clinic of Anesthesiology and Intensive Care at Children’s Clinical University Hospital emphasizes its significance: “Anti-bedsore mattresses are used in all wards of the hospital in cases when the child has to stay lying down or in a fixed position for a long time due to his/her health condition, also when suffering from Covid-19. They can reduce the risk of bedsores.”

JSC Olainfarm continues to support state institutions in overcoming the Covid-19 crisis. “We care about the health of both our employees and society as a whole. Our corporate social responsibility activities are focused on the society – health, education and culture, therefore support for the healthcare sector, especially in this time of challenges caused by the pandemic, is a regular practice and one of the company’s priorities,” says Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.

During 2020 JSC Olainfarm has repeatedly engaged in assistance in combating the spread of Covid-19 virus and its consequences in Latvia, supporting both the information campaign of the Ministry of Health and the purchase of artificial lung ventilation devices for Stradins Hospital, as well as Covid-19 analysis equipment for the National Reference Laboratory of Riga East Hospital.

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JSC Olainfarm donates funds to the Children’s Hospital Foundation for the purchase of new mattresses

Olainfarm medicines reach patients in Russia according to new medication verification regulations

on December 12, 2020

Olainfarm medicines are successfully reaching patients in Russia. The first batch of serialised products were successfully shipped and accepted by wholesalers in October, now it has reached patients ensuring the continued availability of Olainfarm’s products in the market. The first medicines that have reached the patients, were serialized according to the new regulations, are cardiology products.

Olainfarm is committed to improving patient quality of life, including in one of the largest markets worldwide – Russia. We believe that the introduction of medication serialization and tracking regulations ensure better tracking of product circulation and protection of patients against counterfeit medication. Olainfarm worked hand in hand with international software suppliers, IT experts and Russian experts on the introduction of the medication verification system. At the moment, the process is complete – verified, approved and assessed as secure and reliable. First, high-quality heart disease drugs have been successfully introduced to the market and reached patients,” says Elena Bushberg, member of the Management Board of  JSC Olainfarm, CEO of Olainfarm, a part of Olainfarm Group of companies.

Additionally, as a long-term investment, Olainfarm has established a subsidiary in Russia, which allows it to get insights from the medical community and market research so that the efforts are relevant and current to customer needs. Olainfarm’s new subsidiary has put in place a strong digital communication, patient support programs discussing anxiety, and educational platforms for healthcare professionals reaching already 7000 subscribers since September 1st.

At the end of June this year, Olainfarm sent products worth EUR 8 million to cooperation partners in Russia, thus ensuring the continued availability of these medicines during the transition to new Russian medication verification and anti-counterfeiting regulations. Medicines are gradually being made available for sale, thus reducing supplies to Russia in the second half of this year.

Introduction of a special medication serialization and tracking system means huge investments for the manufacturer in preparing manufacturing lines. For this purpose, JSC Olainfarm ceremonially opened its new manufacturing complex a year ago in October. Investments in its construction and the purchase of equipment accounted for approximately EUR 3.6 million.

 

JSC Olainfarm is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC Olainfarm is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC Olainfarm are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company’s operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

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Olainfarm medicines reach patients in Russia according to new medication verification regulations

Olainfarm Group maintains its profit forecast, a short term decline in 9 month sales results

on December 2, 2020

In 2020, the Olainfarm Group continued its ongoing activity in major sales markets. The highest sales in nine months in 2020 was in Latvia, reaching 28 738 thousand EUR, which is 232 thousand EUR or 1% higher than the same period year ago. Latvia sales represent 32% in Group revenues. Sales in Russia for the nine months period in 2020 amount to 20 590 thousand EUR which is a decrease from 2019 due to extra one-off shipment at the end of 2019 for consumption in the first quarter 2020 amounting to 6 million EUR.

“Covid-19 pandemic and restrictions due to it have brought different challenges our way, but we understand how to tackle them, and are committed to reach our growth plans outlined in the company’s 5-year strategy. As a long-term investment, we have established a subsidiary in Russia, which allows us to get insights from the medical community and market research so that our efforts are relevant and current to customer needs. I am happy to announce that the new business model in Russia is in place and our team is operating fully,” said Elena Bushberg, Member of the Management Board, CEO of Olainfarm, a part of Olainfarm Group of companies.

During nine months of 2020, the Group’s sales reached EUR 88 893 thousand, which is 10% less than the same period of last year. Gross profit margin in 2020 is 59.2 %, which is 1.9 p.p. drop compared to 61,1 % reached the same period last year.

The Group’s EBITDA figure for nine months 2020 was EUR 18 130 thousand, which is 25 % or EUR 6 089 thousand EUR less than the result of the same period of 2019. EBITDA margin of the Group is 20.4 %. The forecasted full-year profit of the Group remains as reported in 6 month interim statements – EUR 11.2 million.

The Group’s financial position during nine months in 2020 is stable. The Group’s successful operations allowed it to accumulate EUR 29 991 thousand in cash at the end of September 2020. This is a significant precondition to limit the effect of uncertainty within the sales markets as well as allows to safeguard the supply of raw materials maintaining stable operations. Also accumulated cash allows continued financing for fixed asset investments as well as investments into research and development activities linked to completing clinical trials.

In nine months of 2020, four Phase 1 clinical trials (pharmacokinetics and bioavailability) were completed, while one Phase 1 clinical trial was deferred to H1 2021, taking into account the Covid-19 pandemic and following the guidelines issued by the European Medicines Agency in the implementation of clinical trials on 20 March 2020. Four Phase 3 clinical trials are scheduled in 2020. Within the limits and risks associated with the Covid-19 pandemic, the implementation of Phase 3 clinical trials (clinical part) is scheduled to start in 2021.

JSC “Olainfarm” is one of the largest companies in the Baltic States with more than 45 years of experience in the production of medicines and chemical pharmaceutical products. JSC “Olainfarm” is ranked as a TOP14 manufacturing company in Central and Eastern Europe. Currently, the products of JSC “Olainfarm” are exported to more than 50 countries, including Russia and other CIS countries, as well as countries of Europe, North America, Asia and Australia. The basic principle of the company’s operations is to produce sustainable healthcare products and services leveraging on manufacturing and commercial expertise.

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Olainfarm Group maintains its profit forecast, a short term decline in 9 month sales results

JSC Olainfarm donates funds to the National reference laboratory of Riga East Hospital for the purchase of Covid-19 analysis equipment

on November 23, 2020

This year, instead of corporate gifts, JSC Olainfarm chose to donate to partners and clients to limit and reduce the spread of  Covid-19 virus in Latvia. The company donated almost 18 thousand euros to the Support Fund of Riga East Clinical University Hospital. These funds were used for the purchase of equipment for the National reference microbiology laboratory, which is currently testing for Covid-19 virus using the next-generation sequencing method. 

Sequencing of the SARS-CoV-2 virus genome is a research method that can be used to determine the gene structure in genetic material, thus obtaining information about the development of the virus and tracking the spread of the Covid-19 pandemic. This method ensures the highest accuracy and quality standard of analyzes.

“The scale and speed at which Covid-19 pandemic spreads has caused an unprecedented situation, affecting the physical and mental well-being of the population. Our field of activity comes with responsibility towards our employees, partners and the Latvian society as a whole, therefore we use our knowledge, experience and the extensive cooperation network to look for solutions. The values and concerns for public health of Olainfarm remain the same – we are together and will continue our goal to improve people’s quality of life. Thank you to the doctors and laboratory staff of Riga East Clinical University Hospital! We are honoured to support the National reference microbiology laboratory with such important equipment to fight against the Covid-19 pandemic even more effective,” says Signe Baldere-Sildedze, Member of the Board of JSC Olainfarm.

Natalja Rešetņaka, Head of the Laboratory service of Riga East Clinical University Hospital: “The name of our hospital includes the words: Clinical University Hospital, while we are the main Covid-19 treatment hospital in the country, so it is very important to provide quality and prompt testing of patients and staff to help clinicians start the treatment quickly and efficiently. This is necessary for Covid-19 patients and anyone who needs the help of high-level professionals. It is a real pleasure to receive support for our work from the company Olainfarm.”

Professor Jeļena Storoženko, Head of the National reference microbiology laboratory: „I would like to thank you for this important gift to the laboratory. Thanks to the purchased equipment we will be able not only to continue testing Covid-19 but also to make a significant contribution to science by studying the nature of this virus.”

The funds donated by JSC Olainfarm have have been used to purchase equipment for a sequencing machine with the next-generation sequencing method from the German manufacturer Eppendorf. The equipment was delivered at the end of October and it is already set up for the work. A centrifuge concentrator and pipettes of various volumes have been purchased from the funds. The total amount of donation reaches almost 18 000 euros.

Management Board – Chairman of the Management Board Jeroen Weites and Board members Elena Bushberg, Zane Kotāne, Signe Baldere-Sildedze, Milana Beļeviča un Raimonds Terentjevs.

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JSC Olainfarm donates funds to the National reference laboratory of Riga East Hospital for the purchase of Covid-19 analysis equipment