Information agency Credinform presents ranking of the largest Russian pharma companies. Enterprises with the largest volume of annual revenue (TOP-10), engaged in manufacture of pharmaceuticals and medical products, were selected for the analysis, according to the data from the Statistical Register for the latest available periods (for 2016-2018). Then they were ranked by decrease in product profitability ratio (Table 1). The analysis was made on the basis of the data of the Information and Analytical system Globas.

Product profitability (%) is calculated as the ratio of sales profit to expenses from ordinary activities.

In general, profitability reflects the economic efficiency of production. Product profitability analysis allows us to make a conclusion whether output of one or another product is reasonable. There are no prescribed values for indicators of this group, because they vary strongly depending on the industry.

The experts of the Information agency Credinform, taking into account the actual situation both in the economy as a whole and in sectors, has developed and implemented in the Information and Analytical system Globas the calculation of practical values of financial ratios that can be recognized as normal for a particular industry. For manufacturers of pharmaceuticals and medical products practical value of the product profitability ratio amounted from 25,32% in 2017.

For getting of the most comprehensive and fair picture of the financial standing of an enterprise it is necessary to pay attention to all combination of indicators and financial ratios.

Table 1. Net profit, revenue, product profitability ratio, solvency index Globas of the largest Russian pharma companies (TOP-10)

Name, INN, region	Revenue, billion RUB		Net profit (loss), billion RUB		Product profitability ratio, %		Solvency index Globas
	2017	2018	2017	2018	2017	2018
1	2	3	4	5	6	7	8
JSC BIOCAD INN 5024048000 Saint Petersburg	12,50	17,81	3,82	7,46	88,08	95,43	145 Superior
JSC VALENTA FARM INN 5050008117 Moscow region	13,64	14,37	5,26	4,77	95,54	67,12	163 Superior
JSC Nizhpharm INN 5260900010 Novgorod region	25,62	25,73	2,82	3,03	27,05	26,75	173 Superior
JSC PHARMSTANDART-LEKSREDSTVA INN 4631002737 Kursk region	17,06	19,64	1,54	3,58	14,33	24,03	203 Strong
LLC OZON INN 6345002063 Samara region	10,76	10,88	2,10	1,29	70,49	21,89	189 High
JSC CHEMICO-PHARMACEUTICAL WORKS AKRIKHIN INN 5031013320 Moscow region	13,19	14,30	1,42	1,19	18,29	16,26	156 Superior
JSC R-FARM INN 7726311464 Moscow	56,72	57,66	3,54	5,17	10,38	16,10	196 High
JSC SOTEX PHARMFIRM INN 7715240941 Moscow region	11,80	9,52	2,66	0,98	38,45	15,83	151 Superior
JSC PHARMSTANDARD-UFIMSKIY VITAMIN PLANT INN 0274036993 The Republic of Bashkortostan	17,33	20,63	1,23	2,42	7,24	10,07	187 High
JSC RICHTER GEDEON-RUS INN 5011016121 Moscow region	12,84	13,74	0,19	0,02	6,63	3,93	213 Strong
Total for TOP-10 companies	191,47	204,28	24,59	29,91
Average value for TOP-10 companies	19,15	20,43	2,46	2,99	37,65	29,94
Average industrial value	0,34		0,03		25,32

growth decrease of indicator to the previous period, decrease of indicator to the previous period.

Average value of the product profitability ratio of the TOP-10 group is higher than the average industrial and practical values of 2017. Four companies have improved their results in 2018.

Picture 1. Product profitability ratio and revenue of the largest Russian pharma companies (TOP-10)

Over a ten-year period average industrial values of the product profitability ratio had increasing tendency. (Picture 2).

Picture 2. Change in the average industrial values of the product profitability ratio of Russian pharma companies in 2008 – 2017