Financial results of Saint Petersburg pharmaceutical cluster companies’ activities

Introduction. In recent years, Saint Petersburg pharmaceutical companies have surpassed the overall production dynamics of manufacturing and all industries in Saint Petersburg in terms of production growth rates. They have been also included in the group of leading industries by investment and innovation activities and the level of labor remuneration. The Saint Petersburg pharmaceutical companies are beneficiaries of state programs for the development of pharmaceutical and all industries and are residents of the special economic zone and use preferences provided to investors at the regional level. Objective: to provide a marketing and financial assessment of the results of activities of the Saint Petersburg pharmaceutical cluster companies in the period 2015–2019. Material and methods. The marketing analysis was based on the IQVIA research company data on sales in the Russian pharmaceutical market. The financial analysis was based on the SPARK-Interfax database. The sample included 14 drug manufacturers with a total revenue of more than 500 million rubles in 2019. Results. In 2015 to 2019, the Saint Petersburg pharmaceutical companies dynamically improved their positions in the domestic market and amounted to as much as 25% of the total sales volume of Russian companies in the public procurement segment and 12% in the pharmacy segment. In the total sales structure in the companies, the deliveries for state needs and commercial sales accounted for 60% and 40%, respectively. In 2015 to 2019, the operating profit of the Saint Petersburg companies showed the high growth rates that exceeded the trends in the overall indicators of the Saint Petersburg industry. Despite a substantial increase in the currency component of costs and a regulatory pressure on prices, the average operating income margin of the companies remained at a high level (38%). In response to a high investment activity, there was a dynamic original capital growth. Despite the attraction of considerable amounts of debt funding for investment purposes, the share of equity capital consistently accounts for more than 50% of the total capital structure of the companies. Conclusion. The representatives of the Saint Petersburg pharmaceutical cluster are characterized by strong positions in the domestic market, high business performance indicators, an optimal asset structure, and significant amounts of equity capital. The companies have substantial resources to continue investments in the development of production and product portfolios