December 23, 2018, Ras Al Khaimah (UAE) - Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its results for the third quarter of 2018.
The company reported Q3 year-to-date sales of AED 719 million and a net loss of AED 29m. Following the temporary suspension on the export of Julphar’s products to Saudi Arabia, the company’s management has worked extensively with Health Authorities to address their recommendations and implement corrective measures.
Jerome Carle, General Manager of Julphar, said: “Q3 2018 has been a challenging quarter for Julphar. While we saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term performance.
“We also saw good growth in key areas of our portfolio especially in Diabetes and Cardiovascular. Our subsidiaries, led by GCC and Egypt, are also delivering solid performances locally.
Earlier, Julphar announced its future entry into the oncology market through a partnership with Russia’s leading biotechnology company, BIOCAD.
“We are focused on investing in key growth areas in Specialty Care,” added Carle.
“To that end, we forged new partnerships to launch game-changing products in different therapeutic areas. Moving forward, we aim to transform the company through strategic changes designed to enable better focus, flexibility and long-term performance.
“We continue to roll-out our cost-saving programs, which will position our business well to maximize cash flow generation. As we move forward, we have to ensure we are well equipped to respond to the constantly evolving marketplace while generating long-term value for shareholders.”