Contents

Executive summary4

Market overview5

Pharmaceutical sales rise y/y in EUR, RON terms in Q4/2014, driving upwards FY performance5

Pharma market value is expected to maintain positive annual performance in 20157

Sanofi tops pharma companies ranking in 20148

Pharmaceutical imports, exports decline in Jan-Oct 20148

Production of medicines shrinks 1.8% y/y in 201410

Pharmaceutical retail market value advances 1.7% y/y in 2014, to continue rising this year-study10

Producers11

Antibiotice Iasi reports slightly higher sales, profit in 201411

Zentiva reports double-digit y/y hike of revenues in 2014, profit, driven by rising exports, higher production capacity11

Gedeon Richter's sales in Romania down y/y in 201412

Biofarm's sales, profit advance y/y in 201412

Distribution & Retail13

Distributor Polisano targets to increase number of supplied pharmacies by 1,000 by yearend13

Farmaceutica Remedia transfers distribution operations to different company13

Distributor ADM Farm files for insolvency in December 201413

Dona pharmacy chain returns to profit in 2014, eyes acquisitions14

Sensiblu launches new pharmacy brand targeting low income customers14

Ropharma's sales rise 1.7% y/y in 201414



Table 1 Pharma quarterly sales in 2011-2014 (RON bn, EUR bn, y/y, PPP)6

Table 2 Main import countries for pharmaceuticals in Jan-Oct 20149

Table 3 Main export destinations for pharmaceuticals in Jan-Oct 20149

Table 4 Pharmaceutical production in 2011-2014 (monthly, y/y)10

Table 5 Antibiotice SA- Selected financials in 2013-2014 (RON)11

Table 6 Zentiva SA- Selected financials in 2013-2014 (RON)12

Table 7 Biofarm SA- Selected financials in 2013-2014 (RON)12

Table 8 Farmaceutica Remedia SA- Selected financials in 2013-2014 (RON)13

Table 9 Ropharma S.A.- Selected financials in 2013-2014 (RON, y/y)14



Figure 1 Structure of pharma sales in value terms in Q4/2014 vs Q4/2013 (% in total)5

Figure 2 Pharma quarterly sales in 2006-2014 (EUR mn, PPP)6

Figure 3 Structure of pharma sales in value terms in Q4/2014 vs Q4/2013 (% in total)6

Figure 4 Pharmaceutical sales value in 2005-2014 (annual, RON mn, y/y)7

Figure 5 Pharmaceutical sales in 2005-2014 (annual, EUR mn, y/y)7

Figure 6 Top 10 pharma companies by revenues in 2014 (RON mn)8

Figure 7 Pharmaceutical market demand in 2007-2017f (annual, $mn)8

Figure 8 Pharmaceutical products foreign trade in 2003-2014 (monthly, EURmn)9

Figure 9 Pharmaceutical product manufacturing-Foreign trade in 2007-2017f ($mn)9

Figure 10 Pharmaceutical manufacturing index in 2010-2014 (monthly, 2010=100, unadjusted)10