Drugs wholesaler Magnum Medical turnover €222 million

Medications. Source: Siim Lõvi /ERR

Medicines wholesaler Magnum Medical OÜ, catering to pharmacies, hospitals and smaller wholesalers, boosted its turnover by 14 percent to €222 million its last financial year.

There are over 50 companies involved in the pharmaceuticals wholesale business in Estonia, including two major players. Businessman Margus Linnamäe's Magnum Medical is one of them.

The company's previous financial year running from May 1, 2021 to April 30 last year gave it a turnover of €222.2 million. It made a profit of €241,000 after a loss of €199,000 the previous year.

Magnum Medical reported a turnover of €158.6 million and a staff of 27 in the second quarter of 2023.

Its annual report reads that the war in Ukraine disrupted supply chains and impacted the general business environment, while this had no negative effect on Magnum's financials due to the relative stability of the pharmaceuticals sector.

Estonia's second large drugs and pharmacy supplies wholesaler Tamro Eesti OÜ, owned by Phoenix Baltics Holding SIA, boosted its turnover by over 17 percent and profit by more than 35 percent.

Tamro Eesti's contracts made it €191 million in sales revenue, with its net profit coming to €4.65 million for the February 2022 to January 2023 financial year.

These figures were €162 million and €3.45 million respectively for the previous fiscal year.

Tamro employed 186 people and clocked a taxable turnover of €87.6 million in the second quarter of this year.

Apteekide Koostöö Hulgimüük, which used to be the third largest drug seller in Estonia and is owned by Margus Linnamäe's brother Aivar Linnamäe, is no longer in the pharmaceuticals wholesale business since October of 2020, according to the firm's annual report.

The remaining medicines wholesalers trail far behind Magnum and Tamro's volumes.

Roche Eesti OÜ was established in 2005 when it took over the Hoffmann-La Roche branch that had been opened in Estonia in 1997. The company is owned by Swiss firm Roche Finanz AG and marks import and wholesale of drugs, marketing and clinical trials as its main activities. The company finds last year to have been successful.

"We managed to hold on to our lead in oncology and contributed to the development, and launching of new drug trials in Estonia," Roche Eesti writes in its annual report.

The company's turnover for last year came to €37.5 million, up €6.5 million on year. Roche made a profit of €1.18 million, a slight increase on the previous year.

Baltfarma OÜ, owned by Lithuanian firm Euroapotheca UAB, boosted its turnover by 11 percent to €32 million.

Its net profit came to €660,000, a considerable boost compared to the previous year's loss of €494,000.

AS Oribalt Tallinn is owned by UAB Oribalt Vilnius, its turnover was €8 million and it made a loss of €14,000 last financial year.

Oribalt Tallinn also runs the health and beauty products online shop Sinuteek the sales volume of which was up 273 percent.


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Editor: Karin Koppel, Marcus Turovski

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