Turkish Pharmaceutical Company Deva Aims Double Income in 2 Years

The company will complete investments worth $100 million this year, he said, completing construction of five new factories. Turkey-based pharmaceuticals producer Deva Holding aims to double its sales within two years to become the third biggest player in the market, the company’s CEO Philip Haas told Reuters late on Tuesday.

New deals with global pharmaceutical firms for marketing their products in Turkey were possible “any time”, Haas said, after Deva signed a deal earlier this year with Roche Holding AG Deva aims to become number three in Turkey’s pharmaceutical market, Haas said. Deva’s market share in terms of units is 5 percent now.”I expect together with Roche products to double our sales within two years,” he said.

The company will increase its existing 80 million box production capacity to 350 million boxes this year, Haas said. The firm’s profits should rise in line with its sales, he said. Deva posted 22.146 million lira net profit last year and 464.08 million lira gross sales last year, Istanbul Stock Exchange data showed. London-listed EastPharma S.A.R.L. owns 82.24 percent of Deva, according to information on Deva’s website.

Turkish per capita pharmaceutical spending of $100 is very low by international standards, Haas said. “I expect the market itself to double in the next five years to $200 per capita,” Haas said. He said no acquisitions were on horizon and Deva eyes organic growth, and added that the company planned no big investments in near future.

“Next year we will have to digest the big investment we made last year and this year. So next year I do not think we will make a very big investment,” he said.
A planned sale of a 43.39 percent stake in Deva to Advent Pharma Holding collapsed in 2006 after Advent’s bank withdrew its offer for funds partly because banks were reluctant to take on Turkey-linked debt they could not pass on.

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