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Jefferies London Healthcare
Conference KRKA is one of the leading generic
pharmaceutical companies
with 65 years of experience in the industry.
21st November 2019
www.krka.biz 2
History and Development Committed to Growth with In-House Knowledge and Dedicated to R&D
Growth Phase (1985–ongoing)
Development
Phase
1954–1984
In-licensed products Own products
Current: 3% Current: 97%
Growth on the basis of
numerous in-licensed
products from leading US,
EU and Japanese
originators
Construction of the first API
production plant and
production site for solid
dosage forms
Bridge to Eastern Europe
FDA registration for
production of antibiotics
First thirty years Continuous investments
Establishment of subsidiaries and
representative offices abroad
Accelerated development of own
branded generic medicines and
cooperation with leading international
pharmaceutical companies
Top-ranked in Central, Eastern
and South-Eastern Europe, and
penetrating Western European
markets
Modern Krka (new markets and therapeutic classes)
Expansion of marketing and sales network to
Western European markets by acquiring TAD
Pharma in Germany
Fixed-dose combinations, unique strengths,
unconventional FDFs and new therapeutic classes
(including biosimilars)
Entry into the Chinese market through
establishment of a joint venture – Ningbo Krka
Menovo – with a local partner
2001: 21% 2001: 79%
1984: 85% 1984: 15%
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0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
11.000 Generics/Biosimilars/OTC sales in
million USD in 2018
World Generic Market
Source: Adopted from Generics Bulletin, July 2019.
19th
3
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0
1.000
2.000
3.000
4.000
5.000
Teva
Novart
is
Myla
n
Sta
da
San
ofi
Serv
ier
KR
KA
Auro
bin
do
Zentiva
Fre
se
niu
s
Me
rck K
GaA
Inta
s
Ric
hte
r
Pfizer
GS
K
Sun
Polp
harm
a
No
vo
Torr
en
t
Baye
r
Me
nari
ni
European Generic Market
Source: Morgan Stanley, IMS Health,
IQVIA
4
Ranking by 2018 generic sales
($ MM)
Countries include UK, Russia, Spain, Turkey, Switzerland, Romania, Sweden, Slovakia,
Slovenia, Germany, France, Italy, Poland, Netherlands, Austria, Belgium, Portugal,
Hungary, Greece, Czech Republic, Finland, Ireland, Bulgaria, Norway, Croatia. Richter was
added afterwards.
www.krka.biz 5
Well-Diversified Activities Present in More than 70 Markets Across Europe and Central Asia
Each day 50 million patients use Krka medicines.
28 subsidiaries and 20 representative
offices
Manufacturing sites in Slovenia,
Croatia, Poland, Russia and
Germany
6 sales regions and more than 70 markets
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Marketing and sales
6
Vertically Integrated Model Advantageous and Effective Business Model
Developing APIs, pharmaceutical forms and analytical methods
Following patient and client requirements
Producing APIs
Producing pharmaceutical forms
Packaging, warehousing, distribution
Monitoring patient and client satisfaction
Quality management and quality control at all stages
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0
2
4
6
8
10
12
14
16
0
200
400
600
800
1.000
1.200
1.400
1.600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
€ m
illi
on
Stable Sales Development
Sales revenue Pieces manufactured (billion)
Compound Annual Growth Rate (2009–2019) 6.5%
7
* Estimate
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6.4%
13.4%
31.2% 22.4%
23.2%
3.4%
Krka Group Sales by Regions Growth in All Regions and Most Markets
Jan–Sept 2019: €1,087.6 million
East Europe
€339.7 million
(+€52.1 million or
+18%)
West Europe
€243.1 million
(+€33.1 million or
+16%)
Slovenia
€69.9 million
(+€3.2 million or +5%)
South-East Europe
€145.6 million
(+€13.3 million or
+10%)
Central Europe
€252.0 million
(+€12.4 million or +5%)
(Growth compared to Jan–Sept 2018)
Krka Group sales of products and
services amounted to €1,087.6
million, up €118.7 million or 12%
compared to the same period last
year.
94% of overall sales of products and
services in the Krka Group were
generated on foreign markets.
The highest absolute sales growth
(by €52.1 million) as well as the
highest relative sales growth (by
18%) was recorded in Region East
Europe.
Krka's leading sales region is
Region East Europe, which
accounted for 31.2% of overall sales.
Overseas Markets
€37.3 million
(+€4.7 million or
+14%)
8
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Krka Group Sales by Product
and Service Groups
(Growth compared to Jan–Sept 2018)
Krka's most important
group of products in
terms of sales value
remain prescription
pharmaceuticals.
With prescription
pharmaceuticals, we
achieved the highest
absolute sales growth
(by €112.0 million) and
the highest relative
sales growth (by 14%).
All product and service
groups recorded an
increase in sales.
84.1%
8.4%
4.7%
2.8%
Non-prescription products
€91.7 million
(+€4.4 million or +5%)
Prescription
pharmaceuticals
€914,9 million
(+€112.0 million or
+14%)
Animal health products
€51.1 million
(+€0.7 million or +1%)
Health resorts and tourist
services
€29.9 million
(+€1.6 million or +6%)
9
Jan–Sept 2019: €1,087.6 million
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0 25 50 75 100 12510
Leading Products Diversified Product Portfolio
Krka’s
Brand
Generic
Name
Therapeutic
Group
1 VALSACOR valsartan Cardiovascular
2 PRENESSA perindopril Cardiovascular
3 LORISTA losartan Cardiovascular
4 ATORIS atorvastatin Cardiovascular
5 NOLPAZA pantoprazole Alimentary Tract
and Metabolism
6 ROSWERA rosuvastatin Cardiovascular
7 EMANERA esomeprazole Alimentary Tract
and Metabolism
8 ENAP enalapril Cardiovascular
9 ZYLLT clopidogrel Cardiovascular
10 DORETA tramadol Analgesic
Jan-Sept 2019 Sales in € million
www.krka.biz
R&D spending in € million
170 products in pipeline
700 scientists in
R&D
Innovative generic manufacturer (10% of sales allocated to R&D)
First generic company in Europe to introduce various fixed-dose
combinations
First to offer unique strengths on global pharma markets
Medicines available in variety of unconventional dosage forms
Medicines clinically proven and made in EU
23 MAs for new products in
2018
13 MAs for new products in
Jan–Sept 2019
Target: launching of 20+ new
products per year
Committed to Product Development
0
50
100
150
2018
Jan–S
ept
2018
Jan–S
ept
2019
V m
ilijo
nih
€
11
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Ravalsyo, Ravalsya,
Valsaros
rosuvastatin/valsartan
Krka was the first to offer unique strengths on the global pharma market:
rosuvastatin atorvastatin tramadol/paracetamol
Atorcombo, Atoris Combi
amlodipine/atorvastatin
Rosmela
rosuvastatin/amlodipine
Please note that some products may not be available in all markets.
Krka’s fixed-dose combinations (FDCs) of antihypertensives and statins
allow for simultaneous treatment of two major risk factors for cardiovascular disease
(hypertension and hyperlipidemia) with a single tablet and ensure better patient compliance.
Krka's New Treatment Options Trailblazing to Accommodate Patient Needs
Innovative
generic
manufacturer
www.krka.biz 13
Krka was the first generic manufacturer in the global pharma market to
offer the triple FDC of perindopril, indapamide and amlodipine.
Above 70 FDCs of different antihypertensives in various strengths
Co-Perineva,
Prenewel perindopril/indapamide
Telmista H, HD telmisartan/hydrochlorothiazide
Canocombi,
Candecor H, HD candesartan/hydrochlorothiazide
Valsaden, Valsacombi,
Valsacor H, HD valsartan/hydrochlorothiazide
Co-Dalneva, Co-Dalnessa,
Amlewel, Tonanda perindopril/indapamide/amlodipine
Dalneva, Dalnessa,
Tonarssa perindopril/amlodipine
Elyrno enalapril/lercanidipine
Niperten Combi,
BisoDipin bisoprolol/amlodipine
Valodip, Wamlox,
Amlo-Valsacor valsartan/amlodipine
Krka was the first generic manufacturer in Europe to introduce perindopril/amlodipine,
enalapril/lercanidipine, bisoprolol/amlodipine and many other FDCs.
Please note that some products may not be available in all markets.
Krka's New Treatment Options Trailblazing to Accommodate Patient Needs
www.krka.biz
• Diabetes continues to be a promising segment for innovative generic Krka products.
Example: Krka was the first manufacturer in Europe to market 90 mg gliclazide
prolonged-release tablets, which permit dose adjustment in patients with type-2
diabetes, and is among Europe’s leading generic manufacturers of gliclazide
prolonged-release tablets.
• Proprietary capacities for oncology medicines in Croatia (EU). Already at the end
of May 2017, we started transferring technologies and production of the first
oncology medicines to the dedicated plant. In the future, oncology products will be
supplemented with new molecules in parenteral and oral forms.
• As to similar biological medicines, focus is placed on evaluating and entry into
projects for medicinal products for the treatment of diabetes and autoimmune
diseases. Products will be developed in strategic cooperation with specialist partner
companies. The role of Krka will be to provide know-how in the area of quality,
clinical testing of efficacy and safety, preparing expert and regulatory documents,
and marketing authorisations.
14
Krka's New Treatment Options Trailblazing to Accommodate Patient Needs
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Research and Development
In the first nine months of 2019, we obtained marketing authorisations for 13 new products in 30 dosage
forms and strenghts:
antiviral Atazanavir Krka (atazanavir) for the treatment of HIV infections;
Sidarso/Silbesan (silodosin) indicated for the treatment of symptoms of an enlarged prostate;
Tadusta intended for treatment of moderate to severe symptoms of benign prostatic hyperplasia;
cinacalcet for regulating levels of parathyroid hormone, calcium, and phosphorus in the body. It is used
for the treatment of secondary hyperparathyroidism;
a new triple combination of perindopril, amlodipine and rosuvastatin;
nebivolol is used for the treatment of hypertension in adults;
Dasatinib Krka is used for to treat Philadelphia chromosome-positive (Ph+) acute lymphoblastic
leukemia (ALL);
Paracetamol Krka 1000 is indicated for the symptomatic treatment of mild to moderate pain and fever;
non-prescription product Vitamin D3 Krka is indicated for prevention of vitamin D deficiency;
non-prescription product KontrDiar is used for treating acute diarrhoea if it is presumed to be of
bacterial origin and is without complications;
non-prescription product Herbion Ivy (ivy leaf dry extract) lozenges, our new cough and cold product;
animal health product Awazom (amoxicillin) is indicated for the treatment of bacterial infections;
animal health product Milprazon/Milgusto/Mektix/Milpragold/Amcofen Chewable for treatment of
mixed infections in cats.
15
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Investments
In the first nine months of 2019, the Krka Group allocated €81.1 million to investments.
In October, Krka's key investment for the purposes of development and quality assurance in the following years, the
€55.6 million product development and quality control facility, Razvojno-kontrolni center 4 (RKC 4), was opened at the
production site in Novo mesto.
In October 2017, Krka started building a multipurpose warehouse to ensure additional storage rooms for incoming materials
and finished products. The entire transport system and warehouse are expected to become operational in January 2020. The
entire investment is estimated at €36 million.
In order to meet the increasing demand and manufacture of new products, Krka is purchasing additional technological
equipment for Notol 2 plant. In 2019, this investment will total €16 million. When the plant is fully equipped, it will be able to
operate at its planned volume, i.e. 5 billion tablets per year.
In progress are preparations for the construction of a new hazardous materials warehouse in Krško. The new building will
store raw materials for chemical and pharmaceutical production. The construction of the €8.2 million building will be finished in
July 2020.
In February 2019, the EU introduced new rules regarding the protection of public health by preventing the entry of falsified
medicinal products into the pharmaceutical supply chain. The Directive introduces obligatory safety features on the outer
packaging of medicines, which prevent falsified medicines from reaching patients. In accordance with these requirements, we
upgraded the technological equipment and manufacturing procedures on many levels. Over the last three years, we
allocated approximately €20 million for the new equipment and technology. Safety measures required by Russian legislation as
of 2020 are also included in this investment.
The Krka-Rus plant, north-west of Moscow, is one of the key investments in Krka's subsidiaries. We are designing additional
manufacturing and laboratory capacities, which will be important for the future business development in Russia. The investment
is estimated at €33 million and will increase manufacturing capacities to 3 billion tablets per year.
At the end of 2017, we established a joint venture Ningbo Krka Menovo with a local partner Menovo in the city of Ningbo,
China. In 2018 we obtained a GMP certificate for leased production facilities. Commercial manufacture of the first product
intended for markets outside China began at the end of 2018. At the same time, we filed all registration documents required to
sell the product in China. In 2019, we will file registration documents for another five MAs for our products in China. 16
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€ thousand
Jan–Sept
2019
Share
(%)
Jan–Sept
2018
Share
(%)
Index
2019/18
Revenue 1,090,721 100.0 971,570 100.0 112
Costs of goods sold 474,558 43.5 418,684 43.1 113
Gross profit 616,163 56.5 552,886 56.9 111
Other operating income 8,199 0.8 7,627 0.8 107
Selling and distribution expenses 261,423 24.0 244,223 25.1 107
R&D expenses 110,839 10.2 95,144 9.8 116
General and administrative expenses 60,520 5.5 57,325 5.9 106
Operating profit 191,580 17.6 163,821 16.9 117
Net financial result 9,961 0.9 -20,832 -2.1
Profit before tax 201,541 18.5 120,570 14.7 141
Income tax 29,611 2.7 22,228 2.3 133
Net profit 171,930 15.8 120,761 12.4 142
Basic earnings per share (in €) 5.50 3.77 146
17
Consolidated Income Statement
of the Krka Group
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Consolidated Statement Of Financial Position
of the Krka Group
€ thousand 30 Sept 2019
Share
(%) 31 Dec 2018
Share
(%)
Index
2019/18
ASSETS 2,129,863 100.0 1,985,069 100.0 107
Non-current assets 1,042,790 49.0 1,010,811 50.9 103
Current assets 1,087,073 51.0 974,258 49.1 112
Thereof:
- Inventories 408,341 19.2 365,149 18.4 112
- Trade receivables 424,172 19.9 438,291 22.1 97
EQUITY AND LIABILITIES 2,129,863 100.0 1,985,069 100.0 107
Equity 1,614,316 75.8 1,540,270 77.6 105
Non-current liabilities 153,600 7.2 123,058 6.2 125
Current liabilities 361,947 17.0 321,741 16.2 112
18
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Krka Group Operating Results
amounts in EUR thousand Jan–Sept
2019
Jan–Sept 2018
EBIT 191,580 163,821
- EBIT margin 17.6% 16.9%
EBITDA 274,233 246,434
- EBITDA margin 25.1% 25.4%
Net profit 171,930 120,761
- Profit margin 15.8% 12.4%
Return on equity (ROE) – annualised 14.5% 10.8%
Return on assets (ROA) – annualised 11.1% 8.4%
19
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-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
EBITDAmargin
Net margin ROE ROA Dividend yield Dividendgrowth
Five-year average
Krka Gedeon Richter Stada Pharma Industry
Strong Long-Term Results In the last five years, Krka outperformed its peers.
Sources: Annual reports. Reuters stock-screener for dividend yield and growth as at 29 March 2019.
20
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Shareholder Structure
Ten largest shareholders as at 13 November 2019
*fiduciary account
As at 13 November 2019, Krka had 48,910 shareholders.
Shareholder
Shares in
equity (%)
Kapitalska družba, d. d. 10.65
Slovenski državni holding, d. d. 9.00
Republic of Slovenia 7.21
OTP banka, d. d.* 4.70
Addiko Bank d. d.* 3.65
Clearstream Banking SA* 2.76
Unicredit Bank Austria AG* 1.86
Luka Koper d. d. 1.32
Zavarovalnica Triglav, d. d. 1.18
Smallcap World Fund Inc. 1.02
Total 43.35
39.8% 39.7% 39.2% 39.2% 38.8%
8.2% 8.1% 7.7% 7.7% 7.7%
16.2% 16.2% 16.2% 16.2% 16.2%
11.0% 11.0% 11.0% 11.0% 11.0%
1.0% 1.5% 2.1% 2.7% 3.4%
23.8% 23.5% 23.8% 23.2% 22.9%
31 Dec 2015 31 Dec 2016 31 Dec 2017 31 Dec 2018 13 Nov 2019
International investorsTreasury sharesKAD and PPS fundsSDH and Republic of SloveniaSlovenian investment funds and companiesIndividual Slovenian investors
21
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2019 and 2020 Guidelines
Plan adopted by the Management and Supervisory Boards
on 20 November 2019.
22
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2019 Guidelines
The Management Board updates the guidelines for the full 2019 business
year.
The 2019 plan projects:
• sales at €1.430 billion (+4%*);
• net profit at over €200 million (+16%*);
• we intend to allocate €114 million to investment projects, primarily to
increase and upgrade production facilities and the infrastructure;
• 10% of our revenue is allocated to research and development.
23
*compared to initial 2019 guidelines (sales €1.375 million and net profit €173 million)
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Guidelines for Krka′s 2020 performance Management Committed to Growth
The 2020 plan projects:
• sales at €1,520 million (+6%);
• net profit at over €210 million;
• CAPEX at €134 million.
The Management Board remains committed to pursuing
stable dividend policy and intends to allocate at least 50% of
net profit for dividends considering also financial needs,
investments and acquisitions.
The 2020 business plan is based on the Krka Group development
strategy for the period 2020–2024, which is based on the
expectations, estimates and forecasts, and other information
available to the Management Board. The management believes that
expectations are reasonable. If the operating conditions deviate
significantly more than expected in 2020, the operating results may
also deviate from the projections.
24
Sales in € million
1.266 1.331 1.430 1.520
0
400
800
1.200
1.600
2017
2018
2019
E
2020
F
Net income in € million
153 174 200 210
050
100150200250
2017
2018
2019
E
2020
F
2019=estimated, 2020=planed
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2020–2024 Strategy
Krka updates its Strategy biennially.
Strategy adopted by the Management and Supervisory Boards
on 20 November 2019.
25
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Germany
(83 million citizens)
€12.3 billion
+2.3%
among top 10 Gx
Russia
(149 million citizens)
€10.3 billion
+7.2%
3rd foreign
Slovenia
(domestic mkt.)
EUR 0.3 billion
+4.2%
1st overall
China
(1,385 million citizens)
€114.4 billion
+10.6%
established a joint-venture
Industry Trends Solid growth expected in Krka′s generic markets in the next three to five years
26 Source: Worldwide Generic Drug Market, and Krka‘s research.
Poland
(38 million citizens)
€5.7 billion
+9.5%
4th foreign
Ukraine
(42 million citizens)
€1.9 billion
+10.5%
among mkt. leaders
Hungary
(10 million citizens)
€1.3 billion
+4.5%
2nd foreign
Romania
(20 million citizens)
€1.6 billion
+7.4%
1st foreign
Czech r.
(11 million citizens)
€1.1 billion
+7.4%
3rd foreign
Slovakia
(6 million citizens)
€1.0 billion
+4.2%
3rd overall
Croatia
(4 million citizens)
€0.9 billion
+6.9%
2nd foreign
Uzbekistan
(33 million citizens)
€0.6 billion
+15.4%
among mkt. leaders
In the next five years, generic markets
are expected to grow at:
- 5% worldwide;
- 6% Europe;
- 9% Asia and Latin America;
- 1% North America;
- 8–10% MENA.
Key drivers:
- increase in standard of living;
- population growth;
- higher availability of medicines;
- new & niche products (mature
markets);
- life expectancy increase;
- increase of medicine use per capita.
Krka is among
generic market
leaders in many
important and
growing markets.
Market
(population)
mkt. value (2022)
mkt. growth (2022)
Krka‘s position
LEGEND
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From 2020 to 2024, patents for original products worth a total of
$159 billion at originator prices will expire: this is approximately a
quarter less than over the past five years.
The cost of discovering a new medicine has increased to $2.2 billion
per medicine, almost double from $1.2 billion in 2010, while sales of
new original products are decreasing in terms of value. Ability to
manage existing portfolio is thus becoming more important for the
industry as a whole.
Originators continue to extend the life cycle of products by changing
the existing products, by introducing new pharmaceutical forms, by
providing additional concentrations of active ingredients, and by
ensuring additional indications and advanced delivery systems.
Vertical integration allows for better management of development and
production stages, and thus more successful product lifecycle
management.
Industry Trends Fewer patents expiring in the next five years
put a greater emphasis on life-cycle management
27
Having always emphasized new
launches as well as managing the
life-cycle of an existing portfolio,
Krka is well positioned to benefit
from existing and new products in
the next five years due to key
advantages in the fields of:
NEW LAUNCHES
- Krka′s strong in-house R&D and
regulatory teams;
- good track-record of first-to-file and
first-to-market;
- Krka′s R&D, API and FDF vertical
integration.
LIFE-CYCLE OF EXISTING PRODUCTS
- Krka′s recognition and experience in
new fixed dosages, unique delivery
systems, additional concentrations;
- strong M&S and brand awareness on
traditional markets;
- vertical integration.
www.krka.biz
Many companies are facing challenges in launching new
products after they have already obtained all the necessary
approvals.
Up to 40% of delays are attributed to issues with supplies of
raw materials.
Following a number of product recalls, safety and quality
assurance are becoming decisive competitive advantages.
FMD is also challenging for many producers, causing delays,
and significantly lower output. Hardware and software upgrades
alone have cost those present in the EU market more than
€1 billion.
The Russian Federation has already been preparing to
introduce a similar system to FMD, but with more stringent
requirements.
28
Industry Trends Quality, Compliance and Vertical Integration Becoming Key Advantages
Krka as a vertically integrated company
will benefit from producing APIs and
FDFs in-house, as well as from having a
very strong QA/QC.
Due to fully compliant products, Krka
was able to offset market shortages
following certain product recalls.
Krka was one of the first producers to
fully prepare for FMD and has
established strong in-house teams with
solid know-how. Similar projects are
already under way in Krka for the
Russian Federation.
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Key Strategic Guidelines 2020–2024 Sales, CAPEX, R&D Expenditure, M&A
29
Investments to amount to an average of €136 million per year
39% for FDF production;
37% for API and raw materials production;
24% for infrastructure, IT, and other.
Mergers & acquisitions, joint ventures
In addition to organic growth, Krka intends to expand through acquisitions and long-term business
partnerships, including joint ventures, in case of commercially appealing and available projects.
The primary objectives are to acquire new products and new markets.
Sales growth of at least 5% annually on average in terms of volume/value
R&D expenditure up to 10% of sales
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Key Strategic Guidelines 2020–2024 Performance, Margins
Performance objectives
30
The projected average EBITDA margin is between 21% and 25%.
The projected ROE is between 9% and 12%.
Stable dividend policy
When determining dividend payout each year, the Group financial needs for investments and
acquisitions will be taken into account, with at least 50% of net profit of the majority owners being
allocated for dividends.
Process efficacy
Production processes to be additionally optimised (organisation, training) to gain as much output
and flexibility from existing production capacities as possible. Similarly also development.
Further digitalisation with new projects (G&A, M&S, laboratories, production, supply chain).
If needed (patent reasons, regulatory restrictions, large-scale products, niche technologies and
also greater cost-effectiveness), an increase in collaboration with outside partners in the field of
development and production.
Krka′s overall cost efficiency to be continued.
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Key Strategic Guidelines 2020–2024 Markets
31
Focus on European markets, Central Asia and China
In traditional markets of EE, CEE and SEE, Krka is one of the leading suppliers of Rx products for
CVS, gastrointestinal and CNS diseases. We plan also to increase sales of painkillers. A strong
M&S team for all mentioned segments in most cases enables Krka to grow faster than market. In
four key markets, due to the localization of production, Krka is recognized as a domestic
manufacturer, which is a particularly significant market advantage in the Russian Federation
(note: Krka-Rus plant to be significantly expanded) .
Key to successful sales in the highly diverse markets of Western Europe are competitiveness and
pharmacies (consultants). Krka will further increase sales through own M&S network and within
own product brands.
Increased focus on China
Increasing the use of modern generic medicines and changes in the regulatory environment in
China. At the beginning of 2018, a joint venture with a majority stake of Krka started operating in
China.
€25 million of CAPEX in 2020.
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Key Strategic Guidelines 2020–2024 Products
32
Product portfolio
Strengthening the existing, golden standard product range in key therapeutic areas – CVS, CNS
and medicines for diseases of the alimentary tract and metabolism – while also entering new
therapeutic areas. Entry into biosimilars and complex peptides with partners. Due to the scale and
complexity, a separate team has been set up.
Innovative generic products and product life-cycle management
New innovative generic products will be introduced in key and other therapeutic areas.
Existing product range will be supported by M&S activities and by introducing new combinations,
strengths, forms and delivery systems.
Launching products on selected markets as one of the first generic suppliers
Maintaining the largest possible share of vertically integrated products
Maintaining the largest possible share of new products in overall sales
