Pharmaceutical distributors shine in otherwise poor 2nd quarter postings

Financial results published by listed companies after the second quarter of this year were very weak in the case of most sectors. However, firms dealing with pharmaceutical distribution including Farmacol, Orfe, Prosper and Polska Grupa Farmaceutyczna (PGF) performed well, all of them posting net income growth after the first two quarters of 2001. According to BM BPH brokerage house analyst Andrzej Lucjan, the financial results of these companies, in particular their net income, have been positively influenced by a consolidation process carried out in the sector. In order to increase their share in the market Farmacol, Prosper and PGF are currently taking over smaller firms from the sector. Lucjan anticipates that in the nearest future, their net income will continue to grow as a result of the consolidation. However, the consolidation process is now waning as there are few firms left to be taken over. (Prawo i Gospodarka, p.23) A.Z.