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Cimed gears up to grow above market in 2022

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Cimed, Brazil’s leader in OTC drugs in sales volume, grew twice as much as the country’s market for drugs last year and intends to repeat this performance in 2022. "There are still many open variables, but the plan is to grow stronger," Chief Financial Officer José Roberto Lettiere said.In 2021, while the Brazilian market grew 11%, according to data from the consultancy IQVIA, which audits retail pharmaceuticals, Cimed’s net revenue grew more than 20%.According to Mr. Lettiere, heated demand for medicines and vitamins amid the Covid-19 pandemic and its sales mix allowed the pharmaceutical company to advance in revenue and return on capital employed, despite the challenges in the global supply chain, the impact of currency devaluation in costs and greater global competition for raw materials — the active pharmaceutical ingredients (APIs) used in the country are mostly imported, from China and India."We realized that Europe was starting to face logistical problems at the end of 2020 and we moved up the purchase of raw materials to avoid disruption," the executive said. The challenges remained in 2021. But the vertical operating model, the focus on operating costs and agile management helped to protect the financial statement, he adds.In the year, while the company’s net revenue grew 20.3% to R$1.58 billion, the cost of goods sold (COGS) advanced 27.6% to R$773.8 million. Recurring EBITDA rose 30.7% to R$403 million, with a margin of 25.5%, compared to 23.4% in 2020.Net income for the year fell 15.1%, to R$242.8 million, pressured by the financial result and expenses related to the implementation of the new plant in...

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