The sales of Sopharma (3JR BU) rose 7.0% y/y in the first nine months of the year. Domestic sales increased by 10% y/y while exports increased by 5.0% y/y. The firm expects sales in Bulgaria to fall from 37% of revenues in 2008 to 30% of revenues in 2009 due to problems on the domestic market.
Domestic sales accounted for 78% of Sopharma’s revenues in 2000. Since then, however, the firm’s aggressive expansion on foreign markets has led to a rapid increase of export sales as a percentage of total sales. We expect this process to continue.