Indonesia's Indofarma Issues 2005 Sales Forecast

Indonesian drugmaker Indofarma has forecast that sales could reach IDR700bn (US$77.7mn) this year, with generic medicines accounting for up to 80% of revenue. The company reported sales of US$58mn in 2003, but has so far failed to release its 2004 results pending completion of an audit. Indofarma has received criticism in the past relating to items in its 2001 report.

Company officials at the state-held firm will be hopeful that results are positive for last year, as it has recently carried out a number of restructuring moves including the sale of its 58% stake in loss-making paracetamol producer PT Risima Abadi Farmasi. The government is now widely expected to encourage the merger of several state-owned drug producers in order to maximise value ahead of an expected round of privatisations.