BAD VILBEL (dpa-AFX) - Strong growth in over-the-counter medicines and strong business in Russia are driving drugmaker Stada. Last year, sales rose 17 percent to just under 3.8 billion euros, the company announced Monday in Bad Vilbel near Frankfurt. Among other things, Stada benefited from exchange rate effects due to the Russian ruble, which appreciated strongly against the euro despite sanctions against the country. Adjusted for currency effects, sales rose by 11 percent.

Stada generates around 15 percent of its sales in Russia. The group had not withdrawn from Russia despite Russia's war of aggression on Ukraine, citing the need to provide medical care to people. Business in Russia, like Stada overall, grew in the low double digits, it said.

In addition, the Hessian company benefited from a wave of flu and colds that hit a particularly large number of people in 2022. Sales of over-the-counter medicines such as Grippostad and the cough suppressant Silomat rose 17 percent on a currency-adjusted basis, becoming the mainstay of the Hessians' business. Stada had launched several new brands and entered into a partnership with the French pharmaceutical group Sanofi. Meanwhile, the large copycat medicines business grew 6 percent in constant currency, while sales of specialty pharmaceuticals rose by just over a tenth.

Overall, adjusted operating profit (Ebitda) increased significantly by 17 percent to 875 million euros. The bottom line was consolidated net income of around 355 million euros, compared to 264 million euros in 2021.

Stada is one of the largest suppliers of non-prescription medicines (consumer health) in Europe. The company most recently employed around 13,000 people worldwide, including 1477 in Germany on a full-time equivalent basis. CEO Peter Goldschmidt held out the prospect of further growth. "We are now number four in Europe in the consumer health business and we believe we can overtake Bayer in Europe this year," he told the Handelsblatt newspaper./als/DP/stw