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Pharmstandard Sales Up

Despite regulatory tightening, drugmaker Pharmstandard posted a 14.7 percent year-on-year rise in second-quarter sales Thursday, reversing a 33 percent decline the previous quarter.

Pharmstandard's revenue amounted to 8 billion rubles ($244.16 million) in the April-through-June period, against 6.98 billion in the same period last year, the company said.

The growth comes despite a change in regulation of sales of codeine-containing medication, which led to a 54 percent drop in revenue from such products compared with the year earlier. The Russian government banned nonprescription sales of pain relievers containing codeine. First-half sales were still down 13.3 percent from a year ago to 16.2 billion rubles, mainly due to weaker sales of anti-flu drugs in the first quarter.

(Reuters)

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