Dr. Ahmed Kilani, Chairman of the Board of Directors and the Managing Director of Egyptian International Pharmaceutical Industries Company (EIPICO) announced that EIPICO has maintained its outstanding performance on its main axes over the current year, through increased production, local market coverage and exporting abroad, as well as, continuing the comprehensive development and modernization works throughout the company, and committing to the company’s national role towards deepening the pharmaceutical industry in Egypt.
The Company’s consolidated financial statements in 2023 showed total sales that amounted to EGP5231 million, achieving a growth of 32% over the year 2022.
The value of production reached EGP 5957 million, at a growth rate of 41%, with the net profit after tax rising to EGP 823 million, achieving a growth rate of 28%.
This is in addition to increasing exports to reach $54.5 million, occupying first place – of Egyptian exports for many continuous years – and at a rate of up to 25% of total Egyptian pharmaceutical exports with the “Made in Egypt” logo covering 78 countries around the world.
As for the focus of the company’s efforts, to deepen the pharmaceutical industry through the implementation of major strategic projects, the company is concluding the implementation of the EIPICO 3 factory, at an investment of $100 million over an area of 10,500 square meters in the 10th of Ramadan City, as the first factory in Egypt and the Middle East to produce biosimilars and its preparations. Investments were pumped into this project last year alone amounted to EGP 2,143 million, bringing the total investments pumped into the project to about EGP 2,923 million, 85% of the project was implemented and the Modular building buildings were installed in the production areas within 21 days. This is a record period of time for a team of 70 engineers and technicians from Pharmadule Morimatsu in Sweden and China. The implementation program is proceeding according to the plan. The production lines and devices have arrived at the factory and are currently being installed, and the opening plan will be at the end of the second quarter of this year.
Also, the establishment of the first multi-purpose factory for the production of pharmaceutical raw materials in Egypt and the Middle East, the investments of the first phase amounted to about $101 million. The factory land, with an area of 85 thousand square meters, was allocated and received in the economic zone of Ain Sokhna. Construction will begin during the current year and will take 32 months. The project will provide from 8-10% of the country’s needs of pharmaceutical raw materials.
On the other hand, EIPICO achieved a wonderful start at the beginning of this year, and perhaps what was indicated by the IQVIA report analyzing the performance and data of the pharmaceutical market in Egypt, EIPICO’s share of the number of units sold in the local market increased to 8.22% for the first time, with the number of units sold reaching to 18. 7 million units in January 2024, and came in second place. The report also indicated that EIPICO achieved in January 2024 – for the first time in its history – fourth place in terms of sales value to the local market at the level of pharmaceutical companies operating in Egypt – with a market sales volume of about EGP 477 million, and a market share of 3.49%.
EIPICO alone has 15 of the 100 best-selling products in the Egyptian market in terms of the number of units sold.
In addition, eye products continue to occupy first place in eye product’s sales in terms of number of units sold, in 2023 and in January 2024, occupying a market share amounting to 30%.
