Latest From Gerolymatos Group
The rapidly developing Greek company Alapis has changed its name in line with its divestment of non-core businesses including animal health, cosmetics and liquid detergents, and medical devices. The company wants to focus on manufacturing, marketing and distribution of pharmaceutical products.
Alapis has said that it will focus on expanding in southeast Europe after it has established itself in Greece. It wants to become one of the largest groups there and relies on the expected growth of the regional pharmaceutical market to achieve that in the next few years.
Sales in Greek firm Alapis's health division increased by one quarter to €477.4 million and its earnings before interest, tax, depreciation and amortisation were up by 62% to €168.4 million in the first six months of this year. The company attributed the increase to the integration and consolidation of recently acquired PNG Gerolymatos and Medimec, organic sales growth of generic pharmaceutical products and expanding distribution for foreign firms.
Greece's Alapis increased turnover more than 2.5-fold to €1.1 billion last year, to which the parent company contributed around 40% (€438.8 million; +8%). The growth mostly reflected the incorporation of the financial results of companies acquired in 2008.
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Panayotis Gerolymatos, Pres. & CEO
Alberto Manouach, PhD, VP, Corp. Dev.
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