Greece's Lavipharm Posts 62% Sales Increase

Greek pharmaceutical company Lavipharm's 1995 sales and profits rose 62% to 30 billion drachmas ($125.2 million) and 35% to 2.2 billion drachmas ($9.2 million) respectively. According to a company statement, "despite difficult conditions in the Greek market, prospects for 1996 are particularly positive," and Lavipharm expects to see sales up about 35% at more than 40 billion drachmas.

Highlights of the year were the approval for sale in Sweden of Lavipharm's Trinipatch product and the signing of an agreement with Sanofi to distribute products in Scandinavian countries.

During the last six months of 1995, institutions raised their shareholding in Lavipharm from 6% to 12%, offsetting a similar decrease in small-investor shareholdings, which suggests the company is now considered a blue-chip investment, according to local sources. Last November, Lavipharm went onto the Athens Stock Exchange, thereby raising 2.97 billion drachmas.