Sirio Pharma announces surge in revenue driven by growth in international sales

News
Article

According to Sirio, its international sales have reached near parity with its domestic sales.

Photo © iStockphoto.com/pavlen

Photo © iStockphoto.com/pavlen

At this year’s Vitafoods Europe, Sirio Pharma announced record revenues, with its international sales reaching near parity with domestic revenues for the first time. According to the contract development and manufacturing organization (CDMO), its overall turnover has risen to $508 million (€469 million) during 2023, an increase of 42.87% year-over-year. In terms of international sales, Sirio Pharma reports that it has seen an annual increase of 70.40%. Now, international sales account for 48.33% of Sirio’s overall revenue, while its domestic sales have also shown strong double-digit growth of 24.11% to $263 million (€242 million).

“It’s been an outstanding year for Sirio. We have greatly strengthened and deepened our key partnerships while also helping many new brands to quickly launch novel nutraceutical formulations,” said Sara Lesina, general manager, Sirio Europe & Americas, in a press release. “These are the new products making and shaping consumer trends – customers are coming to us for not only our quality of product, but also thanks to the depth and breadth of our research teams. Our strategy is therefore to partner with leading and well-known brands for premium products and we have seen great rises in sales across Europe, USA and APAC.”

Sirio has also broken down the revenue of its core dosage formats, with softgels accounting for 42.63% of sales, gummies accounting for 20.66% of sales, and liquids accounting for 11.78% of sales, with annual sales growth of 54%, 24.81%, and 24.66%, respectively. With an increase of 32.39% in its net profits, Sirio has stated that it will invest the extra capital in continuing manufacturing innovation.

Related Videos
woman working on laptop computer by window
© 2024 MJH Life Sciences

All rights reserved.