Pharmaq sold fish vaccines for more than €100 million

The fish health company capitalises on a strong market position in salmon, as well as sea bass and sea bream.

Pharmaq had the largest revenue in Chile, with NOK 552.3 million (€54.4 million), ahead of Norway with NOK 471.4 million (€46.4 million). The company also had sales in the United Kingdom, Ireland, Vietnam and Canada.

Fish vaccines dominated sales, last year as the year before. In total, Pharmaq sold vaccines for NOK 1,030.6 million (€102 million) in 2021, the accounts show.

“Pharmaq continues to hold a leading position in the salmon market, as well as in bass and bream in the Mediterranean. The revenue growth in 2021 reflects an average salmon market growth of three percent, combined with higher demand for vaccines against ISA and SRS,” the board wrote in its annual report.

“The operation reflects our solid position in core vaccines in the markets, as well as the preferred solution for lice control in Chile,” it continued.

Vaccination of pangasius, with Pharmaq vaccine, at Saigon in Vietnam. Photo: Aslak Berge

It held a net cash flow from operations of NOK 640.9 million (€63.1 million).

Pharmaq was founded in 2004 after a management buyout from the pharmaceutical company Alpharma. The head office is located in Overhalla in Trøndelag, while the management, research and development, sales department and production facilities for viral components are located in the Oslo area.

At the turn of the year, the company had book equity of NOK 1,863 million (€183.5 million) out of a total balance sheet of NOK 2,149.6 million (€211.7 million).

Pharmaq is wholly owned by the American pharmaceutical company Zoetis.

Result before taxes53.660.3-11.1%
Operating margin45.8%48.4%
All figures in millions of euros