JGL, a leading Croatian pharmaceutical company, has announced its unaudited consolidated results for 2024, reporting impressive growth in sales revenue and a significant increase in profit. JGL Group’s operating revenues reached EUR 254 million, marking a 20 per cent increase compared to the same period last year. Meanwhile, profit before tax (EBT) saw a remarkable 32 per cent rise, totalling EUR 28.4 million.
JGL continues its double-digit growth in its core pharmaceutical business, with JGL Pharma recording operating revenues of EUR 216.2 million, representing a 21 per cent increase compared to the same period last year. Additionally, profit before tax reached EUR 26.9 million, marking a remarkable increase of 34 per cent. The achieved financial results, reflecting double growth over the past four years, confirm the company’s stability and create opportunities for new investments. These results also support the strengthening of its presence in key markets and expansion into new ones.
A similar positive double-digit growth trend is also seen in the affiliated company Adrialab, as well as in the pharmacy business through Ljekarna Pablo HI and Primorske ljekarne.
Business growth doubles over the past four years
JGL Group operating revenues reach €254 million
Aknekutan becomes the company’s largest brand for the first time
60 million products manufactured
Strengthening of market positions in nearly all markets
New investment potential
"The revenue growth is driven by ongoing investments in research and development, production technologies, marketing activities, and other areas related to our therapeutic groups in ophthalmology, dermatology, and flu and colds, as well as business expansion. The adoption of digital solutions and a focus on operational efficiency have significantly improved patient satisfaction globally, positively impacting our business indicators. I congratulate all our employees on this achievement. With such a strong foundation, we are well-prepared for the challenges ahead. In an increasingly unstable business environment, it is essential to uphold a high level of responsibility, adaptability, and continuous vigilance," said Mislav Vučić, CEO of JGL.
On the occasion of the results announcement, Vučić highlighted the successful issuance of a new €60 million bond at the end of 2024 – the largest sustainability-linked bond issuance in Croatia’s private non-financial sector. This reaffirmed the company’s strong position in the financial market and investors’ confidence in its long-term, sustainable strategy.
Effective debt management and JGL’s stable operations also led to a reduction in the net debt-to-EBITDA ratio in 2024, further enhancing the company’s financial stability and unlocking new investment opportunities.
A total of 60.2 million products were produced, with all key brands continuing to achieve excellent sales results and strengthening their positions in almost all markets. In the dermatology therapeutic segment of the JGL portfolio, Aknekutan stood out in particular, becoming the company’s largest brand in 2024. With an impressive growth of 60.7 per cent compared to the previous year, Aknekutan recorded the highest percentage growth in the Kazakhstan market, while maintaining dominance in all markets where it is present.
The top-performing brands in the flu and cold segment are Aqua Maris, which saw a 12.6 per cent sales increase and remains the leading brand in JGL Pharma’s over-the-counter portfolio, and Meralys, which maintained double-digit growth and solidified its market leadership with a 38 per cent share.
Vizol S, the flagship brand in JGL’s ophthalmology portfolio, achieved an impressive 31.7 per cent revenue growth. Following a record-breaking 2023, the brand continues to meet high expectations in 2024, driven by strong sales across JGL’s markets with own operations and the B2B segment, where Vizol S is recognised as an innovative and trusted solution for dry eye relief.
“These results are more than just numbers – they are a testament to the outstanding effort and dedication of our employees. Their expertise, innovation and teamwork are key to our success. I extend my sincere gratitude to them, as well as to our partners, shareholders, and all stakeholders who continue to support our mission and vision. We remain committed to fostering sustainable growth and long-term value, with a strong focus on innovation and quality – always prioritising the well-being of our patients and the community. With optimism, we look ahead to the future," concluded Eva Usmiani Capobianco, President of the Board of Directors of JGL.