Faes Farma strengthens its presence in Africa-Middle East with the acquisition of Novosci in Dubai

It consolidates itself as the third main market with direct presence

This operation represents a new strategic milestone in the Group's commitment to internationalization and geographical diversity.

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El Faes Farma Group announced the acquisition of the company Novosci, based in Dubai (United Arab Emirates). This operation represents a new strategic milestone in the Group's commitment to internationalization and geographical diversity and reinforces its presence in the region. Africa-Middle East, which is consolidated as the third main market with direct presence.

 

Novosci, founded in 2018, has a solid commercial platform and the regulatory and operational knowledge that allows Faes Farma to incorporate its own sales in the region in a unique project, until now carried out through distributors.

 

Specifically, the company provides third-party products in the fields of respiratory, pain and metabolism, key areas for Faes Farma's business and growth strategy. It also plans to launch new products that strengthen the current portfolio.

 

The acquisition reinforces Faes Farma's commercial capabilities in the region, thanks to Novosci's commercial and administrative structure, made up of more than twenty people in the two main regional markets: Saudi Arabia and the United Arab Emirates.

 

Internationalization is one of the strategic pillars of Faes Farma and foreign income exceeds national income in 2022 for the first time, reaching 56% of the total

 

Africa-Middle East, third market with direct presence

 

The Africa-Middle East region is of great interest to Faes Farma due to the size of its market, its growth and its commitment to innovation and quality. The four main markets in this region, the countries of the Gulf, Türkiye, Egypt and Morocco Together they represent around 22.000 million euros, double that of the Spanish market. In addition, they are positioned as potential candidates for the search for new opportunities for direct presence in the coming years.

 

As a result of Faes Farma's strategy to build and strengthen its commercial presence in this region, this is now the third market in which the Group has a direct presence, after Iberia and Latin America. In 2022, the Group reached a turnover of 21 million euros in this region through different channels, through subsidiaries, commercial teams, agreements with partners or agencies. A figure that is expected to increase in 2023.

 

Internationalization, strategic pillar of the Group

 

Strengthening international positioning with the entry into new markets constitutes one of the strategic pillars of the Faes Farma Group, along with the commitment to R&D&I. Thanks to this boost, in 2022, international revenues have surpassed national revenues for the first time, and already represent 56% of total consolidated revenues, which have been 461,7 million euros. This trend has been consolidated in the first quarter of 2023, in which international markets have added 76 million euros after a growth of 13,4% compared to the same quarter of 2022, so they already account for 58,5% of the total income of the Group.

 

Specifically, Latin America is one of the Group's main growth drivers and in 2022 it represented more than 17% of total revenues in the direct sales Pharma division, with sales of 79,2 million euros in 2022, a annual growth of 21,3%. The figure is expected to approach 100 million euros in sales in 2023 after double-digit growth, of 11% on average, of Latin American subsidiaries in the first quarter of 2023

 

Now, with the operation of Novosci, Faes Farma advances in Africa-Middle East, the third market with direct sales, and reinforces its international leadership position.