(Source: PRNewswire)
LONDON, Sept. 8 /PRNewswire/ -- The 2009 Frost & Sullivan Global Heart Health Ingredients Excellence in Financial & Risk Management Award is presented to Pronova BioPharma ASA. The company's first commercialised product is the first and only EU-and FDA-approved omega-3 derived prescription drug. Branded Omacor in Europe and Asia and Lovaza in the USA, the product is a prescribed adjunct to diet for the treatment of elevated levels of triglycerides in humans. In addition, Omacor/Lovaza has the approval in certain markets for treatment of the secondary prevention of post- myocardial infarction.
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Pronova BioPharma has demonstrated excellence in financial management. The growth in sales in 2008 as compared to 2007 was 28.3 per cent. The company witnessed a growth of 38.5 per cent in 2009 Q1 over 2008 Q1. The total production of active pharmaceutical ingredients (API) were 615 tonnes, 918 tonnes, and 1201 tonnes, while shipments were 593 tonnes, 929 tonnes, and 1185 tonnes in 2006, 2007, and 2008, respectively. The growth in production and shipment is phenomenal and is reflective of the strong demand for Omacor/Lovaza.
Pronova BioPharma's return on assets (ROA) improved from 16.8 per cent in 2007 to 34.5 per cent in 2008. This was based on continued strong growth and commercial progress, further efficiency improvements and optimisation of manufacturing facilities at the Sandefjord plant.
"The company has dramatically improved its return on equity (ROE) and return on capital employed (ROCE) over the years 2006 to 2008; in 2006, the ROCE and ROE were a negative 3.2 per cent and negative 4.4 per cent respectively, improving to 11.2 per cent and 34.5 per cent respectively in 2008," said Shrikanth S, Senior Research Analyst and Team Leader, Business & Financial Services, Frost & Sullivan. "An outstanding business model resulting in strong operational performance coupled with excellence in working capital management has been instrumental in enhancing the company's ROCE and ROE."
Pronova BioPharma is a geographically diverse company. In 2008, US revenues accounted for 56.1 per cent of sales, while Europe accounted for 41.9 per cent of sales. This is due to a quality product served by a professional global partner network.
The company competes in a highly regulated and competitive sector. Its risk management system is based on the acknowledged ERM framework of the Committee of Sponsoring Organisations of the Treadway Commission (SOTC) to address business risks and comply with national and international regulations.
