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    Cecilie Hartvig
    03. December 2021
    At Orifarm, the student workers also receive bonus
    As student worker, Cecilie Hartvig Petersen receives a share of her employer’s profit. She works at Orifarm, one of Denmark’s largest healthcare companies. Clothes, textbooks and café visits.Students are familiar with these expenses. But bonus from the student job was not a well-known concept for one of the student workers at Orifarm, Cecilie Hartvig Petersen, when an extra-large amount appeared at her account this January.”This was a pleasant surprise. I was not aware of the bonus scheme, when I suddenly discovered a larger amount than my normal pay. It was a good recognition of my work, as I don’t take it for granted that companies include student workers in their bonus schemes,” says 24-year old Cecilie (in the photo), who ordinarily studies law at the University of Southern Denmark, SDU in Odense.She recently started on her master’s degree, and concurrently with her studies, she works in the legal department of Orifarm’s headquarters located in Odense. Here, she partly solves known tasks of contacting solicitors’ offices and managing document handling, and partly engages in tasks she has never handled previously. ”We enjoy a pleasant tone at work, and I feel that I am being treated on equal terms with the permanent employees,” says Cecilie. And that is precisely the core of how Orifarm regards employees.”This is our culture. Everyone is part of our results, and that is why we have a common profit sharing scheme. At Orifarm – as is also becoming a general trend - bonus is not based specifically on individual results but on the entire success of Orifarm,” explains CHRO, Birgitte Ladefoged. She emphasizes that a position as student worker is of great mutual value. ”The student workers – like interns and trainees – are a valuable part of the workforce at Orifarm. Through their professional competencies they infuse us with the newest knowledge and theory within their competencies, and they also contribute to creating an important diversity through their many and various educational affiliations as well as in terms of age. Our student workers develop into more attractive young people while staying with us, as they get to combine their theoretical knowledge with solid practical tasks, which makes them a stronger candidate when they have completed their studies. Often, we also see that they choose to stay with us afterwards,” the CHRO tells. Where Cecilie will choose to work two years from now, neither she nor Orifarm can tell at this point. ”I would like to work and live in another part of Denmark than here at Funen where I come from. But as Orifarm has an office in Copenhagen among others – and also offices in other countries than Denmark – the opportunities are many. This makes Orifarm interesting as a workplace.”
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    31. March 2021
    Billion kroner deal makes Orifarm Denmark’s largest
    Orifarm’s deal with Takeda, a global biopharma headquartered in Japan, has been finalized. With this, Orifarm becomes Denmark’s biggest supplier of medicines measured by the number of packages sold to pharmacies. The Takeda deal includes two factories, 600 employees, as well as more than 110 medicines and dietary supplements changing hands in what is one of Denmark’s largest M&A transactions in years. This puts well-known brands into Danish hands, creating even more jobs in Denmark and providing new business opportunities for Orifarm. All while Orifarm is once again publishing the best results in company history. The transaction between Takeda and Orifarm of DKK 4.6 billion was first announced on 23 April 2020 pending regulatory approval, which has now been given. Orifarm is already Europe’s largest parallel importer of pharmaceuticals. The acquisition triples production and sales of over-the-counter and prescription generics. With this, Orifarm becomes Denmark’s biggest producer of over-the-counter medicines, as well as the biggest Danish supplier of medicines measured by the number of packages sold to pharmacies. “The deal is transformative for us. It provides added stability and gives us much more control over production lines,” says CEO Erik Sandberg, who is looking forward to welcoming the 600 new colleagues just after Easter. Well-known brands in Danish hands Among the 110 medicines and supplements Orifarm is acquiring are numerous well-known brands like Kodimagnyl, Pamol and Zymelin. “Originally, Kodimagnyl and Pamol were Danish-owned brands. Now they are coming home again, and when we buy them at the pharmacy and elsewhere, we know that these brands contribute to the creation of Danish jobs and tax revenue once again. I think that’s nice to know,” says Erik Sandberg. 150 new jobs in Denmark The purchase includes two very modern factories. One in Łyszkowice in Poland and one in Hobro including 600 employees, and more are needed. “We’re taking on production and sales employees. However, we lack personnel in all support positions that are not part of the acquisition. That in itself creates 150 new jobs,” says Erik Sandberg. Recruitment and employment are in full swing, just as the head office in Odense is being expanded by 14,000 m2, and a new office in Søborg north of Copenhagen has been opened as well. Historic deal for Orifarm For Orifarm’s founder, owner and chairman, Hans Bøgh-Sørensen, the deal is historic. “We future-proof Orifarm, cement our strong position in the Nordic market while expanding significantly in the northern European markets for generics. We expect a lot from Poland in particular, which is a new market for us,” says Hans Bøgh-Sørensen. Following the acquisition from Takeda, Orifarm now employs about 1,900 people, of whom roughly 450 are based at the head office in Odense. Best results Orifarm’s good results over the past several years have equipped the company for the big purchase. The completed deal coincides with the publishing of Orifarm’s 2020 accounts. The results are the best in the company’s history. Revenue has risen to EUR 1,115 million – up 14% from 2019. Earnings before tax excluding acquisition costs have increased to EUR 51.4 million, an increase of 12%. “In 2019, we delivered the best result in the company’s 25-year history. Now we have managed to beat the result in a very challenging year defined by Covid-19. This is due to the enormous and dedicated effort of all our employees. And this effort enables the company to grow continuously,” says Erik Sandberg.
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    31. March 2021
    Record-breaking result for the fifth successive year
    With more than 1 billion EUR in turnover, the Odense based pharmaceutical company Orifarm can look back at 2020 as yet another record-breaking year. 2020 also marked the company’s 25th anniversary and included the company’s largest acquisition in history. In 2020, Orifarm's turnover increased 14% compared to 2019 and profit before tax excl. non-recurring items reached 51.4 million EUR, corresponding to a rise of 12% compared to the previous financial year. Orifarm’s growth for the fifth consecutive year is the result of a rise in sales of both parallel imported pharmaceuticals and generic pharmaceuticals. While sales of parallel imported pharmaceuticals constituted the largest share of the total turnover of 1,115 million EUR, sales of generic pharmaceuticals accounted for nearly 40% of the profit before tax in 2020. Orifarm’s CEO Erik Sandberg is pleased with the result and aware that it happens against a dark backdrop. “We cannot look back at 2020 without thinking about the COVID-19 virus, which hit many people, businesses, and societies hard. It is only thanks to the resilience, engagement, commitment, and flexibility of all of Orifarm’s employees that we  managed to continue our growth journey and to seize opportunities such as the acquisition of the Takeda assets. As a result of our combined efforts, we came out of 2020, where we also celebrated our 25th anniversary, stronger than ever”, says CEO Erik Sandberg. The year 2020 also marked the completion of the next step of the succession of Orifarm, where the owner of Orifarm Hans Bøgh-Sørensen transferred further shares to his three children Christian, Anne-Charlotte, and Andreas Bøgh-Sørensen to ensure that Orifarm will remain in the family’s ownership in future generations. Further, Hans Bøgh-Sørensen took over as Chairman of the Board of Directors. Further growth and a more balanced business portfolio Orifarm expects to achieve further organic growth within its two main business areas over the next years. In 2020, the business sold more than 28.3 million units of pharmaceuticals and healthcare products, representing an increase of 8.8% compared to 2019. Meanwhile, the acquisition of Takeda, including more than 100 products, two production facilities, and above 600 employees, will reinforce Orifarm’s position in key markets and expand its geographical reach to new markets. It will also lead to a more balanced business portfolio by making the parallel import of pharmaceuticals and the sales and production of prescription pharmaceuticals and over the counter (OTC) products equally important going forward. “In Orifarm’s 25 years of history, the owner family has always focused on creating a robust company. The acquisition of the Takeda assets is a real gamechanger for us, which will provide a larger portfolio of products and ensure a better balance between our business areas. As a result, we are in an even better position to handle future market fluctuations and unforeseen events such as COVID-19”, says CEO Erik Sandberg. Outlook for 2021 For 2021, Orifarm Group A/S expects revenue growth in the range of 10-15% and an operating profit growth in the range of 60-70%.
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    Orifarm entrance
    24. April 2020
    Large multimillion Euro acquisition
    Orifarm Group, one of the leading pharmaceutical companies in the Nordic countries, has entered into an agreement to purchase a portfolio of select over-the-counter (OTC) and prescription pharmaceutical products sold in Europe from Takeda Pharmaceutical Company Limited for a purchase price of up to €615 million. Orifarm has acquired the rights for approximately 110 pharmaceuticals as well as 2 production sites. The acquisition is the largest in the company’s history and represents a key milestone in the company’s business strategy. The acquisition allows Orifarm to future-proof its business by strengthening the company’s  core business areas: parallel imported pharmaceuticals, over-the-counter pharmaceuticals, and prescription generic pharmaceuticals. The acquisition from Takeda will reinforce Orifarm’s position in its key markets and expand its geographic reach to exciting new markets, strengthening Orifarm’s position for the long-term from Orifarm’s heritage, where parallel import of pharmaceuticals has been the principle part of the company, the future sales and production of over-the-counter and prescription pharmaceuticals will become equally important. The products acquired from Takeda are a well-known and recognized portfolio across their key geographies, with significant brand recognition amongst pharmacists and consumers.  - Orifarm Group’s progress and record-breaking annual accounts in the recent years enables us to take this decisive step for the company’s future. It is a gigantic transaction for Orifarm and a game changer for Orifarm as a company. We will grow to a greater extent into a much more traditional manufacturing pharmaceutical company, and with the acquisition of both the line of products and two further manufacturing sites, we will be able to control a larger part of our value chain, says Erik Sandberg, CEO, Orifarm Group.    The record-breaking acquisition includes approximately 110 pharmaceuticals and dietary supplements, including well-known brands like Pamol, Kodimagnyl, and Zymelin.  It is anticipated that approximately 600 employees from the manufacturing sites, sales and marketing, and other select professionals supporting the portfolio and manufacturing sites, will transition to Orifarm at closing of the transaction.  The two highly modern manufacturing sites are based in Hobro, Denmark and Łyszkowice, Poland. Both sites produce a significant number of the pharmaceuticals, which Orifarm has acquired. The portfolio generated FY 2018 net sales of approximately €210 million.  The acquisition will future-proof Orifarm  Hans Bøgh-Sørensen, who is owner of Orifarm Group together with his family, considers the acquisition to be a giant step towards the long-time vision to build a company less exposed to fluctuations. -This transaction will always be a milestone in Orifarm’s history. During the company’s entire history we have focused on differentiation and development of the business from the beginning of Orifarm with parallel import in Denmark. At first, expansion to several countries, subsequently the business area of generic pharmaceuticals, and now the company will obtain its third business area with this large portfolio of over-the-counter pharmaceuticals, says Hans Bøgh-Sørensen, who is also Vice Chairman of Orifarm Group’s Board of Directors.  As the largest parallel importer of pharmaceuticals in Europe, parallel import represents 90% of Orifarm Group’s current turnover of close to €1 billion, but several acquisitions have now equalized this balance.   During summer 2019, Orifarm Group acquired the London-based company Pilatus, which added new business areas like comparator sourcing and unlicensed medicines. The acquisition of Pilatus also included a small division in the US which is expanding.  The large multi-million sized acquisition from Takeda will triple the production and sales of generic pharmaceuticals to approx. 25% of the total turnover with an expected increased part of the earnings as well. At the same time, Orifarm Group will become one of the largest producers of over-the-counter pharmaceuticals in the Nordic countries.   - The transaction has been in the pipeline for several months, and we now look forward to pushing forward to closing the acquisition and initiating the integration of the new employees and manufacturing sites to Orifarm’s existing organization, and to gain the full benefit of these new assets”, says Erik Sandberg, CEO, Orifarm Group.   The anticipated approximately 600 employees that will transition to Orifarm at closing of the transaction are divided between the manufacturing site in Hobro, Denmark, the manufacturing site in Łyszkowice, Poland, a sales force allocated to 8 different sales countries with large offices in Belgium and Poland, and other select professionals supporting the portfolio and manufacturing sites. After the acquisition from Takeda, Orifarm Group will employ around 1,800 employees, including close to 370 at the head office in Odense, Denmark.   The transaction is expected to close by the end of Takeda’s Fiscal Year 2020 (ending March 2021) subject to the satisfaction of customary closing conditions, receipt of required regulatory clearances and, where applicable, compliance with local works council requirements.  Orifarm is being advised by Danske Bank, Corporate Finance as our financial advisor and Kromann Reumert as our legal advisor in this transaction. Facts about Orifarm Group Orifarm Group is the largest parallel importer of pharmaceuticals in Europe and the largest supplier of pharmaceuticals in Denmark. The Group comprises a number of companies engaged in the import, production, re-packaging, distribution, registration, and sales of pharmaceuticals. The Group is engaged in parallel importing of pharmaceuticals from EU countries, which are sold in Denmark, Norway, Sweden, Finland, Germany, Holland, Austria, United Kingdom, and Belgium. Additionally, the Group is engaged in the sales of generic pharmaceuticals in the Nordic countries. A generic drug contains the same active ingredients as the original drug. The active ingredients are, however, no longer patented, and the generic drug can therefore be produced and sold at a lower price than the corresponding original. Orifarm Group is headquartered in Odense, Denmark, and employs approx. 1,200 employees until the acquisition from Takeda.
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    20. March 2020
    Orifarm with new record-breaking result
    The Odense based pharmaceutical company Orifarm is presenting a new record-breaking annual report with the highest turnover and earnings in the company’s 25-year history.  In 2019, the turnover of the Orifarm Group reached MEUR 982. An 18% increase compared to the record-breaking year 2018. Profit before tax in 2019 reached MEUR 45.4 corresponding to a rise of 30% compared to the previous record from the financial year 2018.  The progress in 2019 is mainly attributable to a strong sales growth of parallel imported pharmaceuticals at the German market, which is also Orifarm’s largest market. Orifarm increased its market share and generated both higher turnover and earnings. Also generic pharmaceuticals showed progress where in particular the Norwegian market grew.  For Orifarm’s CEO Erik Sandberg the result is more than approved. - We have all worked hard and been careful not to rest on the laurels from last year’s result, and I am proud of the result we have achieved as a team. In addition to the awesome result we have also implemented a number of digitalization projects in our operation, which will make us even more competitive in the future. A future, of which we have high hopes.   Targets of continued growth  Orifarm Group has ambitions to continue the growth in the next few years. There is still a lot of potential within the two existing business areas, parallel imported pharmaceuticals and sale of generic pharmaceuticals. All in all, Orifarm has sold more than 26 million boxes of medicine in 2019. This entails another record for Orifarm.  In 2019, operating income increased by MEUR 7.8 to MEUR 48.1.  The parallel import business has not only increased the turnover in Germany, but also in Finland, Austria, and United Kingdom. However, the exchange rates in especially United Kingdom and Sweden have affected the earnings unfavorable.  The sale of generic pharmaceuticals in the Nordic countries has also been in clear progress in 2019, where turnover has increased with nearly 8%.  Acquisition – a part of the growth strategy Contemporary with the growth of the present business, Orifarm Group acquired the London based company Pilatus Comparator Solutions during summer 2019. Pilatus adds new business areas like comparator sourcing and unlicensed medicines to Orifarm Group.   - The acquisition of Pilatus is an example of the fact, that we keep a close eye on possible acquisitions which have synergies in terms of our present business areas. Pilatus has added some new activities, which we are about to develop and which we can infuse with a lot of muscle work with our comprehensive experience in parallel import, says Orifarm’s CEO Erik Sandberg.     Outlook for 2020 Orifarm Group’s target is a minor growth in revenue in 2020 and retention of earnings at 2019 level. 
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    29. May 2019
    Orifarm presents best result ever
    For Orifarm, 2018 was a fantastic year. In fact, the best in the company's nearly 25-year history. Every day, the employees work hard to challenge the pharmaceutical market to provide cheaper pharmaceuticals to millions of consumers in Europe. And the employees do it well. In 2018, Orifarm Group sold more than 25 million products - or approx. 7% more products than in 2017, and this has resulted in record turnover and earnings. This week, Orifarm Group releases its 2018 Annual Report and the result beats all former company records. The Group's revenue increased by 4.7 % in 2018 to MEUR 833. Operating income excl. non-recurring items increased by MEUR 6.5 to MEUR 40.3, and earnings before tax increased to  record high MEUR 34.9. A very satisfactory result for the Group, which also exceeds the expectations. Erik Sandberg, who officially took over as CEO in January 2019, says: “In many ways, 2018 has been a fantastic year for us. A year where we have met lots of challenges in the markets, and where we have been through a major reorganization internally. Nevertheless, we have succeeded in creating great results for the Group together. It proves our willingness and ability to make a difference - for consumers, society and the company. All employees can be proud of what we achieved together in 2018, as it would not have happened without them.” More consumers have bought Orifarm's products The Group's financial growth was especially generated in the parallel import business, which repackages and sells pharmaceutical products within the EU / EEA. The parallel import business sold 11 % more products in 2018 compared to 2017, which led to growth in both revenue and earnings in 2018. The 2018 revenue from parallel imported products totalled MEUR 756. This is an increase of 4.9 % compared to 2017. The result of main activities excl. non-recurring items increased by MEUR 8.0 to MEUR 34.2. In spite of intense competition in 2018, Orifarm succeeded in generating great results in Germany, which is the Group's largest market, as well as in Denmark, the Netherlands and Austria. In Sweden, the Group's earnings has been under pressure due to the Swedish currency exchange rate, but Orifarm maintained its position at the Swedish market. The parallel import business sold more products in the UK in 2018 compared to the previous year, but the weak British currency puts pressure on the profit. The Group's other business area, the generic pharmaceuticals, had a difficult year with stagnation in revenue and decreasing income. Nevertheless, the generic pharmaceuticals sold 4 % more products in 2018 compared to the year before. Challenging market conditions and challenges in maintaining a stable supply of few, and normally well performing products, put pressure on the Group's revenue and earnings from the generic products. Operating income fell by MEUR 2.6 to MEUR 9.7, however, it was possible to maintain revenue at the same level as in 2017 (MEUR 9.7). “We have done well in 2018 in difficult conditions, and we have the ambition and the belief in being able to continue growth and a positive development for Orifarm. But we are also realistic and 2019 will be at least as challenging as 2018, characterized by strong competition at all Orifarm's markets. But we have so many skilled employees who drive Orifarm forward. Therefore, I am confident that together we can meet the common goals for 2019,” says Erik Sandberg, CEO at Orifarm Group.
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    18. May 2018
    Record-breaking result from Orifarm Group
    Orifarm Group manages to provide cheaper pharmaceuticals to millions of consumers in Europe while earning money to invest in future activities. Despite fierce competition, Orifarm closes its fiscal year 2017 with an annual result showing 10 percent growth in net turnover and the second best earnings in the history of the company. This week Orifarm Group presents the financial statement of 2017 and the Danish-owned pharmaceutical company continues to do well. The Group's net turnover increased by 10 percent to EUR 797 million in 2017, the result of main activities rose to EUR 34 million and the result before tax increased to EUR 29 million. Lower priced parallel imported products are the main driverThe improved Orifarm Group results are in particular due to the parallel import business handled by Orifarm Parallel Import. The business division showed a positive development and reasonable results throughout mature as well as new markets. Orifarm Parallel Import, which repackages and sells pharmaceuticals within the EU - and constitutes the largest of the two business areas - accounts for a net turnover of EUR 720 million. This is an increase in net turnover of 11 percent when compared to 2016. Results of main activities excl. non-recurring items rose by EUR 4.2 million to EUR 26.2 million. Generic products, which are the Group's second business area and handled by Orifarm Generics, completed 2017 with a slight decline in net turnover as well as earnings. Net turnover for 2017 ended at EUR 77 million, which represents a decrease of EUR 2 million when compared to 2016. Results of main activities excl. non-recurring items decreased by EUR 2 million to EUR 12.3 million. The 2017 results follow several years of strong growth in Orifarm Generics, and Orifarm Group is now investing significantly to ensure future growth in the business area. President and CEO Hans Bøgh-Sørensen is very satisfied with the 2017 Group result: "In 2017, the parallel import business has performed very well. It is an area of fierce competition among many companies. Consequently, it requires a dedicated and focused organization with ambitious employees who understand how to make a good deal on behalf of society, consumers and Orifarm”, he says, continuing: "our mission is to challenge the pharmaceutical market to ensure a ‘better deal’ for all and, of course, I am happy to see when we succeed in doing this." Especially Germany, Orifarm's largest single market for parallel imported products, has contributed significantly to the excellent result, despite the intense competition and the same applies to Denmark. Orifarm is also successful in gaining ground in the new markets. In particular, the Netherlands and Austria contributed positively to the results in 2017. Orifarm Group invests further in generic products After several years of great success and significant growth within generic products, 2017 became a more even year for Orifarm Generics. Orifarm Generics performed well during the first half of 2017 in Denmark and Sweden, but faced fierce price competition in the second half of 2017 in both countries. However, the management of Orifarm Group remains fully confident that the generic business also has an important role to play in the future. Hans Bøgh-Sørensen elaborates: "We are convinced that also in the future we can make a big difference for consumers within generics - both in Denmark and in other markets as well. Therefore, the Group is investing heavily in Orifarm Generics' future growth, for instance in an extension of the laboratory at the location in Skælskør, Denmark. In Skælskør, employees work hard to develop new products, which we then produce and sell at favorable prices." The location in Skælskør houses Viminco, which employs approximately 100 employees. Orifarm Group acquired Viminco in 2015 as part of an increased strategic focus on retail medicine and niche products. Synergies support future growth Orifarm is an ambitious company that strives to achieve even better results. In order to ensure the right foundation for future growth, Orifarm has just begun restructuring the company. Hans Bøgh-Sørensen says: “We see many changes in Orifarm´s environment these years and our business is developing rapidly. As responsible managers, we must always ensure that the company and the employees are well equipped to meet the challenges of the future. Therefore, we have just decided to break down the silos internally and merge the two business areas to a higher degree than we have had so far. In this way, we expect to benefit from the many synergies that exist across the two business areas, thus creating a solid foundation for further growth in the Group."Orifarm Group expects activity and results for 2018 to be at same level as 2017.
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    Kristian Lysgaard

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