pharmstandard - russischer pharmariese

ich bin hier seit einiger zeit investiert. sonst noch jemand? zu diesem spannenden wert gibts nie infos, ein bisschen wie als ob man in den kgb investiert...ich hab aber schon einiges dran verdient...

ist noch wer dabei?  

diese aktie meine ich natürlich:

http://www.finanzen.ch/aktien/Pharmstandard-Oktyabr_OAO-Aktie

weiss nich wie man das richtig im forum zuordnet :) mach ma bitte einer  

50% runter schon seit beginn märz, ich stocke auf!  

wenigstens mal ein paar Zahlen ?

Haben die im letzten Quartal Gewinn gemacht ?

Warum in 3 Wochen fast 50 % minus ? Das muss doch Gründe haben ?  

Bitte Infos Sebarings!
Generell Vermisse ich bei russischen Werten die Transparenz.  

Langfristig mind 500 Prozent.
Wenn die drecks Amis sich verpissen dann steigt es mehre hundert Prozent.Pharmstandard hat hunderte verschiedene Medikamente auf den rusischen Markt und wachsen jedes Jahr.Bis jetzt haben die nie Verluste gemacht.  

war überrascht dass hier überhaupt jemand liest :)...
tja infos is sone sache, der letzte annual report online ist der aus 2013: http://pharmstd.com/page_10.html

aber wie im letzten post gesacht hat pharmstandard den russischen markt (gross) im griff und noch keine schlechten ergebnisse geliefert....runter gings in der letzten zeit wegen den sanktionen...glaube aber nich dass das langfristig eine gefahr sein wird denn wie gesacht is phrmstd in russland selber aktiv...

kuckt euch ma den kursverlauf der letzten monate an, auf einen absacker kam immer der rebound, der wert is sehr volatil...wird aber nich untergehn...

also wie gesacht is die nachrichtenlage dürftig, schwierig an aktuelle infos zu kommen...interessant is aber dass sich phrmstd in einer restrukturierungsphase befindet die aber bald als abgeschlossen erwartet wird, ende letzten jahres stand auch ein wechsel an der spitze an: http://www.stockmarketwire.com/article/4933804/...ts-interim-CEO.html

ein paar wenige infos sind auf http://pharmstd.ru/ zu finden  

kann man hier lange suchen, da geb ich euch recht :)...is mehr sone KGB aktie...aber der KGB verliert auch nie!  

meiner Watchliste - war mir aber bislang zu teuer - jetzt kommen endlich Kaufkurse - habe leider keine liquiden Mittel im Moment - bin voll in Biotech Werten investiert, die laufen z.t. wie verrückt.  

abhält hier einzusteigen ist die Entwicklung bei der Anzahl der Shares.

Hier bei Ariva stehen (Stand 2013) 37,8 Mio

Bei WO stehen aktuell 151 Mio.

Oder hat das was mit den GDR`s zu tun ?  

Die Frage ist 500 Prozent für wen. In der Vergangenheit wurden mehrfach von den Hauptanteilseignern erhebliche Werte so abgeschöpft, dass bei den normalen Aktionären nichts ankam. Das steht auch deutlich z.b. im Pharmstandard Portrait von Uralsib Capital:

"Inefficient use of cash. Instead of distributing accumulated cash among the shareholders, Pharmstandard either conducts share buybacks for a limited number of shareholders or provides loans to affiliated parties, neither of which add value to shareholders."

Hier mal am Beispiel der Bever Übernahme und des Verkaufs der OTC-Sparte 2013:

http://www.rmg.ru/en/get-analytics-file/item/2037?time=1423503532

http://www.bloomberg.com/news/articles/2013-07-09/...ice-moscow-mover

Eigentümer von Bever war damals übrigens das Pharmstandard-Aufsichtsratmitglied Alexander Shuster, der so zweitgrösster Aktionär bei Pharmstandard wurde.

Ich habe jetzt dennoch eine kleine Postion gekauft, die aber bei der ersten nennenswerten Gegenrallye wieder rausfliegt.  

Bald geht der Kurs wieder an die 10 Euro.
Wir ich mibekommen hatte gibts fuer 2014 eine Dividende.
Wenn die Zahlen auch noch Top sind,dann IST der Weg nach oven auf.
DAs IST jetzt wircklich die Chance in der Krise sehr guenstig EIN Top Wert zu kaufen.
Lassen wir und positiv ueberraschen.
 

habe soeben 1000 stück gekauft. Hatte die Aktie schon  mal bei 6,40 gekauft und bei 11,30 wieder verkauft. Hoffe, dass sie wieder auf 10 € + X steigt.  

 

Moscow, April 30, 2015 - Pharmstandard JSC (LSE: PHST IL, RTS: PHST RU) (hereinafter referred to as Pharmstandard and/or the Company) announces 2014 audited financial results according to the IFRS.

Key Financial Indicators of 2014:

Consolidated revenue amounted to RUB 41,223 m (-28%);

Gross profitability amounted to 44.2% as compared to 42.9% in 2013;

EBITDA[1] of the Company amounted to RUB 14,873 m, with EBITDA margin reaching 36.1% vs 29.2% in 2013;

Net income amounted RUB 11,095 m, with the net income margin growth by 6%, up to 26.9%;

Net cash[2] of the Group grew by 11% and amounted RUB 10,877 m.

2014 Financial Results

Company revenue

According to the results of 2014, Pharmstandard consolidated revenue amounted to RUB 41,223 m. A decrease of RUB 15,833 m vs 2013 was driven by the spin-off of the Group's branded OTC business into a newly founded standalone legal entity OTCPharm PJSC and the decrease in TPP segment sales.

Pharmaceutical sales in 2014 decreased by 40.3% down to RUB 32,772 m vs RUB 54,859 m for the similar period in 2013.

The revenue structure underwent significant changes in 2014: the share of pharmaceutical sales in the total revenue of the Company for 2014 accounted for 79% (vs 98% in 2013).

Pharmaceutical products

The structure of pharmaceutical sales of the Company was as follows: organic sales accounted for 38%, TPPs for 58%, and APIs for 4%.

Organic sales of pharmaceutical products amounted to RUB 13,748 m in 2014 with the decrease by 44% vs RUB 24,408 m in 2013. The decrease was driven by the spin-off of the OTC business into a separate legal entity OTCPharm PJSC. In the structure of organic sales, 44% accounted for by OTC products and 56% by Rx products.

Organic prescription product (Rx) sales in 2014 grew by RUB 155 m (+2% YoY) to reach RUB 6.931 m. The key growth drivers were Phosphoglive (+17.3%), Octolipen (+21.8%), and Artrozan (+23.4%).

Organic over-the-counter (ОТС) product sales in 2014 went down to RUB 5,548 m and demonstrated a 66% YoY decline resulting from the transfer of the majority of the OTC product portfolio to OTCPharm PJSC. Thermopsol, Andripal, Ferrohematogen, and Validol were the growth leaders in Pharmstandard Group's product portfolio.

Pharmstandard revenue in 2014 in the TPP segment sales amounted to RUB 19,025 m showing a decrease by RUB 11,426 m (‑or 38% YoY) vs RUB 30,451 m in 2013. The decline in sales was associated with the expiration of Velcade and Mabthera patent protection and the launch of alternative generics TPP sales were performed within the scope of governmental procurements under auctions and commercial sales. Velcade and Mabthera sales were performed within the scope of governmental procurements. TPP commercial segment sales in 2014 decreased by 4% vs 2013 and amounted to RUB 6,831 m. The decline in sales was mainly associated with the decrease in Reduxin sales by RUB 1,158 m.

Sales of other products and APIs grew in 2014 by RUB 95 m (+8% YoY vs 2013) to reach RUB 1,269 m in 2014 vs RUB 1,174 m in 2013.

Sale of finished product and raw material balances attributable to OTCPharm PJSC. In 2014, finished product and raw material balances were sold to OTCPharm PJSC as part of the spin-off of the Group's branded OTC business. Total revenue under these transactions amounted to RUB 3,998 m

Contract manufacturing

2014 contract manufacturing revenue reached RUB 1,504 m and added up RUB 1,393 m vs 2013. The revenue growth in contact manufacturing is attributable to toll material manufacturing, including for OTCPharm PJSC.

Agency fees

In 2014, agency fee income rose to RUB 1,829 m (+76% YoY vs 2013). The increase in agency fee income primarily relates to the distribution agency contracts for OTCPharm PJSC's products.

Medical equipment

The volume of medical equipment sales increased by RUB 72 m (+7% YoY) to reach RUB 1,120 m vs RUB 1,048 m in 2013.

Cost of sales (COS)

In 2014, COS decreased by RUB 9,578 m (-29% YoY vs 2013) and amounted to RUB 23,007 m as compared to RUB 32,585 m in 2013. The decline in COS in absolute terms is attributed to a general decline in sales.

As a result of a downturn in sales, the COS structure has changed as follows:

1) Cost of raw materials in absolute terms declined from RUB 6,516 m in 2013 to RUB 6,150 m in 2014 (-5.6% YoY). The cost reduction is referred to the branded OTC business spin-off into the structure of OTCPharm PJSC.

2) TPP Costs decreased by RUB 9,592 m in absolute terms - from RUB 23,163 m in 2013 to RUB 13,571 m in 2014 as a result of a decline in TPP sales.

3) Manufacturing overheads increased from RUB 1,575 m in 2013 to RUB 2,040 m in 2014 driven by a substantial increase of contract manufacturing services.

4) Depreciation and amortization decreased from RUB 789 m in 2013 to RUB 747 m in 2014.

5) Direct Labour Costs declined from RUB 542 m in 2013 to RUB 499 in 2014 (‑7.9% YoY) due to manufacturing cutback.


Organic pharmaceutical products

In 2014, organic COS in absolute terms decreased by RUB 990 m vs 2013 and amounted to RUB 7,651 m amid a 27.3% YoY reduction in total organic sales.

This organic COS decline was primarily driven by:

1) a ‑16% YoY reduction in Raw Materials costs from RUB 5,796 m in 2013 to RUB 4,888 m in 2014;

2) a -24% YoY reduction in Direct Labour Costs from RUB 532 m in 2013 to RUB 403 m in 2014 due to manufacturing cutbacks.

Third party products

TPP COS decreased by RUB 9,592 m from RUB 23,163 m in 2013 to RUB 13,571 m in 2014 (-41% YoY) due to the overall downturn in TPP sales (-38% YoY), not least because of the expiration of Velcade and Mabthera patent protection and the decline in Rebif and Reduxin sales.

Contract manufacturing

In 2014, COGS in contract manufacturing grew by RUB 1,008 m vs 2013 reaching RUB 1,083 m mainly driven by the concluded contracts for product manufacturing for OTCPharm PJSC.

Medical equipment

COGS in medical equipment segment slightly decreased compared to 2013 (-1% YoY) and reached RUB 702 m amid a 6.9% YoY increase in the segment sales.

Gross profit

As of 2014, the Company's gross profit declined by -25.6% YoY down to RUB 18,216 m from RUB 24,472 m in 2013. This YoY decline in gross profit is primarily attributed to a 27.7% decline in sales. Gross profit margin increased to 44.2% in 2014 vs 42.9% in 2013. Profit margin growth was influenced by the structural changes in sales and increased profitability in TPP segment.


In 2014, Pharmstandard Group's gross profit (net of OTCPharm product sales) rose to RUB 14,853 m vs RUB 14,767 m in 2013 (approximately, +1% YoY). Group's gross profit margin also increased to 42.8% in 2014 from 34.3% in 2013. Profit margin growth was driven by increased profitability in TPP segment (due to changes in sales mix) and increased share of high margin contract manufacturing and agency fee income in the Company's revenue structure.

Selling and distribution costs (S&D)

Selling and distribution costs (S&D) include expenses mainly related to product advertising and promotion.

In absolute terms selling and distribution costs showed a 33.3% YoY decline (-RUB 2,060 m) from RUB 6,194 m in 2013 to RUB 4,134 m in 2014. S&D costs include direct costs attributed to OTCPharm products, which amounted to RUB 1,182 m in 2014.

The decrease in sales, following the spin-off of OTCPharm PJSC, impacted S&D costs attributable to advertising and promotion which went down from RUB 3,537 m in 2013 to RUB 1,573 m in 2014 (-55.5% YoY), given that direct costs attributable to OTCPharm product advertising and promotion account for the major share of 2014 S&D costs.

Other commercial expenses (transportation and insurance, quality control and finished product certification, communications, travel, rental, stationary and office supplies, etc.) decreased from RUB 1,086 m in 2013 to RUB 1,057 m in 2014 (‑2.7% YoY).

General and administrative expenses (G&A)

General and administrative expenses (G&A) include administrative personnel payroll expenses, information and consultancy service fees, and other expenses. The Company's overall general and administrative expenses increased by RUB 370 m (+19.2% YoY) from RUB 1,930 m in 2013 up to RUB 2,300 m in 2014. As of 2014, G&A share in total sales reached 5.6% vs 3.4% in 2013.

This YoY growth was mainly driven by:

1) increase in payroll expenses from RUB 1,278 m in 2013 to RUB 1,404 m in 2014 (+9.8% YoY) resulting mainly from administrative personnel wage indexation in the Group's operating companies;

2) increase in information and consultancy costs from RUB 116 m in 2013 to RUB 306 m in 2014 (+164% YoY) associated with increased number of M&A transactions (including the acquisition of a stake in Biocad) and the resulting consultancy costs growth; as well as with SAP software deployment and maintenance.

Net other income[3]

In 2014, net other income and expense increased by RUB 2,794 m to reach RUB 2,146 m. This change in net other income was primarily associated with the FX difference gain of RUB 1,641 m generated due to the efficient liquidity management and decrease in fines and penalties assessed to RUB 130 m in 2014 as compared to RUB 411 m in 2013.

Financial income and expense

Financial income to a large extent consists of gains from short-term financial instruments, interest income from bank deposits and interest income from loans provided, including to related parties. In 2014, financial income grew by RUB 33 m (+12% YoY) and reached RUB 323 m vs RUB 290 m in 2013.

Financial expenses are mostly connected with interest payments under debt raised. In 2014, financial expenses grew by RUB 305 m reaching RUB 432 m vs RUB 127 m in 2013 (+241% YoY).

EBITDA

EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) equals to the amount of earnings before deduction of tax, interest, and D&A assessed. In 2014, EBITDA demonstrated a -11% YoY decline from RUB 16,652 m in 2013 to RUB 14,873 m in 2014, with EBITDA margin reaching 36.1% vs 29.2% in 2013. A 6.9% increase in EBITDA margin was driven by the decreased COGS and S&D share in revenues, and other income, specifically FX difference gain.

Income tax expense

Accrued income tax for 2014 was RUB 2,724 m vs RUB 3,942 m in 2013 with effective tax rate of 19.7% in 2014 vs 24.9% in 2013. Higher tax rate in 2013 mostly referred to tax effect recognition with respect to the Company's shares disposal in exchange to Bever acquisition.

Net income

The Company's net income decreased by ‑7% YoY from RUB 11,920 m in 2013 to RUB 11,095 m in 2014. Net income margin demonstrated a 6.0% growth and reached 26.9% in 2014 vs 20.9% in 2013.  

http://www.reuters.com/article/2015/04/30/...dName=rbssHealthcareNews

EBITDA umgerechnet bei ungefähr 266 Millionen Dollar, Marktkapitalisierung bei 187 Millionen. M.E. eine Perle  

Irgendwie kommt die Aktie nicht in Bewegung
Sind wirklich die Sanktionen an diesem Kursverlust schuld  

die allerdings von Großaktionär "Augment" schrittweise übernommen und privatisiert werden soll...
...das haarsträubende dabei ist allerdings, wenn ich das richtig sehe, dass "Augment" an "Bristley" für die Übernahme seiner 6,4% Anteile an Pharmstandard 22 $ USD zahlen wird, den freien GDR-Aktionären jedoch anschließend nur 5,50 $ USD je Aktie bieten wird.
Ich - für meinen Teil - werde meine Anteile definitiv nicht für 5,50 $ USD an "Augment" verkaufen!!!  

... müsste dann der Kurs nicht langsam steigen, stattdessen dümpelt er bei 4,5 Euro.....  

Wenn Du nicht verkaufst, hast Du totes Kapital. Nach Ablauf der Offerte wird wohl der Börsenhandel eingestellt.

Zitat aus der Pressemitteilung von Augment von Freitag:

Following completion of the Tender Offer, Augment expects that the listing of the GDRs on the London Stock Exchange may be required to be cancelled pursuant to the Listing Rules, including if as a result of the Tender Offer the Company no longer satisfies the free float requirements contained in the Listing Rules. Furthermore, following the Tender Offer, Augment may engage in discussions with the Company with a view to procure that the Company seeks the cancellation of the listing of the GDRs on the London Stock Exchange. Under the Listing Rules, the listing may be cancelled by giving at least 20 business days' notice of the intended cancellation through an announcement of a Regulated Information Service, but does not require approval of holders of the GDRs.  

Die Folge wäre doch dann ein Ausverkauf. Stattdessen hat die Aktie heute zugelegt.


 

Was soll den totes Kapital bedeuten ? Sollte nicht langsam Panik aufkommen ?  

Wieso sollte Panik ausbrechen, wenn man sicher 5,50$ bezahlt bekommt?!?
Mehr Sicherheit bekommt man derzeit bei kaum einer anderen Aktie, doch ich hatte eigentlich investiert um an einem schönen Anstieg teilzuhaben und nicht an einem billigen Zwangs-Abverkauf :-(  

Klar wenn man die Aktie mit 4,30 Euro gekauft hat. Was ist denn, wenn du die Aktie mit 15 Euro gekauft hast.  

Das weiss auch der Investor. Er kauft ein sehr gutes Unternehmen für einen Appel und Ei und wird sein eingesetztes Kapital vervielfachen. Die Kleininvestoren schauen dumm aus der Wäsche...