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Annual Review 2022

Letter to the shareholders

Mr. Donev

Dear friends,


We are saying farewell to a good year for the business, but a difficult and sad year in human terms.


Europe had forgotten the horror of war. We all believed we were wise enough to understand that there would never be "winners from war, only those who lost less".


At Sopharma, we felt the pain and suffering because our family includes our employees in Kyiv and Uman. Families were separated, we invited all those who wished to come to Bulgaria and despite the situation they did not stop working and proved that they are excellently educated, adaptable and hardworking people.


The recovery from the Covid crisis brought with it good financial results for the Company. We ended the year with revenue growth of 15.3% and net profit growth of 66.4%. The work of the majority of companies in the Group was also stabilized, which contributed to the improved financial results on a consolidated basis.


But in the current situation, it is difficult for me to talk about achievements, and for that reason I would only like to sincerely wish that the year 2023 will bring us peace.


Thank you for the trust.


Ognyan Donev, PhD

Chairman of the Board of Directors and Executive Director of "Sopharma" AD

Key Financial Results

BGN '000
BGN '000
Sales revenues 1,663,016 1,603,310 3.7%
EBITDA 139,980 116,706 19.9%
Operating profit 87,881 63,519 38.4%
Net profit 76,333 91,703 -16.8%

BGN '000 
BGN '000 
Non-current asset 681,487 633,746 7.5%
Current asset 572,491 571,232 0.2%
Equity 716,634 658,868 8.8%
Non-current liabilities 129,998 122,218 6.4%
Current liabilities 407,346 423,892 -3.9%

EBITDA/sales revenue 8.4% 7.3%
Operating profit/Sales revenue 5.3% 4.0%
Net profit/Sales revenue 4.6% 5.7%
Borrowed capital/Equity 0,75 0.83
Net debt/EBITDA, annualized 1,9x 2.5х

Significant Events

24 February

On February 24, 2022, Russian military forces started hostile invasion in Ukraine. Subsequently, a number of countries imposed sanctions on certain individuals and legal entities in Russia. The war in Ukraine and related economic sanctions and other measures taken by governments around the world have had a significant impact on both local and global economies.  

3 June

At the Regular General Meeting of the shareholders of "Sopharma" AD, held on 3 June 2022, the decisions proposed by the Board of Directors on the relevant items of the agenda were adopted.

7 July

 On 7 July 2022, at its meeting, the Board of Directors adopted a decision to issue warrants under the conditions of an initial public offering, as follows:Exercise price: BGN 6.10Issuance price of one warrant: BGN 0.48 Number of warrants: 26 959 580 Minimum success threshold of the issue: 13 479 790 Term in which the right can be exercised: 5 years    A merger of “Sopharma Trading Pharmaceuticals” D.o.o. in “Sopharma Trading” D.o.o. was registered, by merging the assets and liabilities of the two companies. 

26 August

On August 26, 2022, according to the requirements of Art. 100t of the LPOS, "Sopharma" AD notified that as a result of the tender offer sent to the shareholders of "Sopharma Imoti" REIT, "Sopharma" AD will directly own 7,788,145 shares of the capital of "Sopharma Imoti" REIT, representing 35.48% of the capital of "Sopharma Imoti" REIT. The commercial offer was accepted by 24 shareholders, owning a total of 469,480 shares of Sopharma Imoti REIT.

26 October

On October 26, 2022, the Board of Directors of "Sopharma" AD adopted a decision to initiate a procedure for the merger of the subsidiary "Biopharm-Engineering" AD, UIC: 119055339 in "Sopharma" AD under the conditions and in accordance with Chapter XVI of the Commercial Law and Art. 122 of the Law on the Public Offering of Securities.

11 November

On 11 November 2022, the Group divested itself of its participation in the subsidiary “RAP Pharma International”OOD, Moldova.  


New Development and Products


New Products

Marketing Authorization was obtained for 48 new medicinal products.


Expected in 2022

Documentation has been submitted for the registration of 13 medicinal products to agencies of new destinations.



4 cosmetic products and 4 food supplements were transferred.

10 medicinal products / active substances have been transferred/are in the process of transfer.

24 production processes / technologies have been validated/optimized.





Foreign markets
Efforts are focused on retaining and increasing the share of the company on the main markets (Russia, Ukraine and Poland) as well as establishing and extending presence in other countries (USA, Central and Est Europe and the Caucasian region).
New products
Consistently launch new pharmaceutical products on all the markets in which the Company sells its products in order to expand its product portfolio.
Organic growth
Grow organically in selected new markets to become a strong regional player with stable, geographically diversified revenues
Optimization of production capacity
Optimization of production capacity and construction of new ones
Intra Group Integration
Further consolidate and integrate the Group to optimize its cost structure, control entirely the production chain and benefit from potential synergies