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CORPORATE PROFILES

Manufacturers:

Actavis AD

Actavis AD (formerly Balkanpharma) is the largest pharmaceuticals manufacturer in Bulgaria in terms of both value and volume of sales. It posted sales revenues of EUR 136mn in 2003. The company holds majority stakes in three major plants located in Dupnitza (95% stake), Troyan (98%) and Razgrad (94%). It has received the investor of the year award in 2002 for USD 25mn investments in its three plants in Dupnitza, Troyan and Razgrad. The company manufactures more than 200 finished pharmaceutical products. Those products also include drugs for animals. Balkanpharma (presently Actavis AD) produced 10bn pills in 2003, representing the bulk of the Pharmaco Group’s (presently Actavis Group) total manufacturing capacities which stood at 14bn pills. Actavis AD is 100% owned by Iceland's Actavis

Group which posted revenues of EUR 316mn in 2003. Actavis AD employs 3,700 persons in its three plants and the head office in Sofia. The company is a major supplier of finished drugs to the former Soviet Union (according to the Bulgarian statistical institute). It is also a significant exporter of active pharmaceutical ingredients for veterinary use, exported to more than 50 countries. Actavis Group (formerly Pharmaco Group) is Iceland’s second-largest company, founded in 1956. Its activity includes development, manufacture and sale of generic drugs. The company is also a supplier of pharmaceutical intellectual property. Its growth has been driven by both strategic acquisitions and investments in product development. The sales

of Actavis Group rose by 48.6% y/y to EUR 125.8mn in Q1 this year. Underlying sales growth (i.e. excluding acquisitions, divestments and currency fluctuations over the period) was 19% y/y. The net profit of Actavis Group increased by 19.4% y/y to EUR 20.2mn in Q1. The group employs 7,000 persons. Actavis is listed on the Iceland Stock Exchange and its ticker is ACT.

Sopharma

The company is the second largest pharmaceuticals manufacturer in the country. It posted sales revenue of EUR 54.7mn and net profit of EUR 5.6mn in 2003. The consolidated indicators for the company for 2003 are: revenues of EUR 62mn and net profit of EUR 6.2mn. The company’s exports amounted to almost USD 24mn in 2003. Some 83% of it was directed to Russia, Ukraine and Poland, with Russia

being the most important market destination. The company has 66mn shares. Sopharma’s shares were traded at BGN 3.89 (EUR 2) per share on July 9. The company is among the most liquid on the stock exchange.

Product range:

(i) synthesis of pharmaceutical substances; (ii) phytochemical production; (iii) production of medical products for human medicine; and (iv) scientific-research activity. It produces more than 100 assortments.

Biovet

Biovet is a major manufacturer of animal health products. The company also

manufactures products for the human pharmaceuticals industry. It posted sales of EUR 29mn and net profit of EUR 0.2mn in 2003. More than 90% of the company’s products are exported. Europe accounted for 59% of Biovet’s exports last year. Although only a small amount of company’s products are sold on the local market, Biovet controls 35% of the local market for veterinary pharma products. The company has entered the human medicines market through building a plant worth EUR 10mn in the beginning of 2003. The total investments in Biovet since its privatisation amount to EUR 20mn.

Product range:

(i) veterinary products; (ii) human medicines.

Medica

Medica AD is one of the major manufacturers of medical dressing materials in

Eastern Europe and is still holding more than half of the local market for those

products, according to company estimates. It also manufactures drugs. The production facilities are located in Sandanski. Medica has posted sales of EUR 10mn and a net profit of EUR 1.1mn in 2003. The company has been established in 1971. It has opened a medical dressings unit in November 2003. The company claims that it is a modern manufacturing facility meeting all EU and GMP requirements. The company has received a licence for production of drugs in the newly built unit Pharmamedica in July 2003. Medica has relocated its main administrative office to Sofia in February 2004.

Product range:

A comprehensive list of the types of products would include: elastic articles, gauze products, cotton products, plasters, bandages, pharmaceuticals, O.T.C. products, green micro algae and surgical and dental products.

Tchaikapharma

The activity of Tchaikapharma includes primary and secondary packing of drugs. The company was officially opened on December 16, 2000 in Varna. The leading drug distributor Commercial League was the principal investor in the new pharmaceutical company. Its investment amounted to BGN 5.5mn (EUR 2.7mn). The first products to be offered to the local market included Bromazepam, Ranitidin, Verapamil and Nifedipin. Tihomir Kamenov, the founder and majority shareholder of Commercial League, holds a 95% stake in Tchaikapharma. Tchaikapharma started construction of a second plant, worth EUR 9mn, in the city of Plovdiv in September 2003. The plant will be completed in 2004. Tchaikapharma also intends to build a third plant in the capital city of Sofia.

Momina Krepost

Momina Krepost is located in the city of Veliko Turnovo, situated in the central part

of northern Bulgaria, and produces medical instruments. Its sales rose by 33.9% y/y

to EUR 0.7mn in Q1 2004 (not consolidated data). The company posted sales revenue of EUR 2.6mn and net profit of EUR 0.1mn in 2003. The share of exports in revenue was 23% last year. The products of the company were awarded a number of quality certifications, needed for their sale all over the world.

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