Annual Report 2008 - Octapharma AG

Annual Report 2008

Octapharma strives to earn the trust 

of our customers and partners 

by continuously developing effective 

and safe biopharmaceuticals.

Content Company Snapshots 

6 Facts and Figures 2008 

8 Foreword by the Chairman of the Group 

10 The Management Board 

12 Research and Development 

13 Plasma Derivatives 

14 Recombinant Products 

15 Plasma Procurement 

19 Sales and Marketing 

22 Worldwide Production 

26 Annual Accounts 2008 

32 Finance 

33 Key Figures of the Octapharma Group 

35 Income Statement of the Octapharma Group 

36 Balance Sheet of the Octapharma Group 

38 Cash Flow Statement of the Octapharma Group 

39 The Auditor’s Statement 

40 Octapharma Contact Details 

Largest privately-owned plasma products company in the world 

26 years focus on plasma products 

Manufacturing facilities in 5 countries 

Sales in more than 80 countries 

Sales of Euro 886 million in 2008 

22% average annual growth since 1995

Facts and Figures 2008 

8 

– 6 – 

Founded: in 1983 

Mission: 

“For the safe and optimal use of human proteins“ 

Employees: 3,037 

Turnover: Euro 886 million 

Headquarters: 

Octapharma AG, Lachen, Switzerland 

Production: 

Octapharma Pharmazeutika 

Produktionsges.mbH, Vienna, Austria 

Octapharma SA, Lingolsheim, France 

Octapharma AB, Stockholm, Sweden 

Octapharma S.A. de C.V., Mexico City, Mexico 

Octapharma Produktionsgesellschaft 

Deutschland mbH, Springe, Germany 

Research and Development: 



Frankfurter Innovationszentrum, Frankfurt, 

Germany 

Charité Universitätsmedizin Berlin, Germany 

Octagene GmbH, Munich, Germany 

(contract research) 

Octapharma AB, Stockholm, Sweden 

Corporate Medical, Regulatory: 



Octapharma GmbH, Langenfeld, Germany 

International Corporate Marketing: 

Octapharma AG, Lachen, Switzerland 

Subsidiaries and Representative Offi ces: 

37 

Markets: 

Europe, Asia, Russia, Middle East, USA, South 

America, Canada, Mexico, Australia, New Zealand 

Brands: (registered trademarks) 

octaplas ® , octagam ® , octanate ® , octanyne ® , 

octaplex ® , octavi SD Optimum ® , 

octalbin ® , uniplas ® , rhesonativ ® , aunativ ® , 

gammonativ ® , atenativ ® , gammanorm ® , 

nanotiv ® , octonativ ® , octanine F ® , wilate ® 

Innovations: 

One of the world’s fi rst factor 

VIII concentrates – AHF concentrate 

(KABI 1965 – through acquisition) 

The fi rst albumin-free genetically engineered 

factor VIII (development started by KABI 

in the 1980s – through acquisition) 

First company to commercially implement 

solvent detergent (SD) technology for virus 

inactivation (1986) 

First SD virus-inactivated, standardised 

plasma for transfusion (1991) 

First liquid, ready-to-use intravenous 

immunoglobulin with a two year shelf-life 

at room temperature (1994) 

First virus-inactivated universally 

applicable transfusion plasma (2004) 

First double virus-inactivated von Willebrand 

factor concentrate product (2005) 

2008

Foreword by Wolfgang Marguerre 

This year, in the face of a widening global financial crisis, Octapharma has once again achieved record growth. Sales have increased 

by 18% to Euro 886 million and we have further increased our EBIT to Euro 256 million, an increase of 8% compared with 2007. This 

follows a compound annual growth rate of 22% since 1995. 

The impressive annual growth rate at Octapharma is a result of the hard-earned trust of our customers in the quality of our products. 

We are proud to say that Octapharma’s products have never been involved in any transfer of transfusion-relevant viruses, or indeed 

any other pathogens, in the entire history of the company. Our products are state-of-the-art with very favourable safety profiles. 

These results were also built on the mutual trust between the employees and management of Octapharma. Through cooperation and 

teamwork, we have demonstrated that great things can be accomplished when everyone pulls in the same direction. Examples have 

included the recent acquisition of the Life Therapeutics Group of plasma centres in the US under very difficult circumstances. Another 

example is the fast, efficient implementation of a new fractionation process in all of Octapharma’s factories in less than a year, which 

will result in substantial savings in future manufacturing costs. This success is set to continue with future technologies and products. 

Octapharma successfully filed an Investigational New Drug (IND) application for our first recombinant product in spring 2008. 

Octapharma originated from a collaboration with various Red Cross and other non-profit organisations in Europe. These partnerships 

resulted in Octapharma providing virally safe factor VIII concentrates from non-profit plasma. This took place during the late 80s, a 

time when such products were urgently in need. The factor VIII concentrates were produced using Octapharma’s newly developed 

manufacturing process, octavi ® , in its partners’ existing manufacturing plants. This enabled the non-profit organisations to rapidly 

meet the needs of the haemophilia population. In less than three years, these collaborations were providing factor VIII concentrates 

to an equivalent of 3,000 patients. The trust earned from this collaboration allowed Octapharma to expand to its present status, 

with five state-of-the-art manufacturing plants providing millions of International Units (IUs) of factor VIII in 2008 for the worldwide 

haemophilia population. 

In addition, over the last four years our Immune Tolerance Induction (ITI) study programme has documented the successful use of 

octanate ® , a factor VIII concentrate containing von Willebrand Factor. This has been used to treat inhibitors that can occur in patients 

with haemophilia as an immunological reaction to factor VIII concentrates. Some products have an inhibitor incidence of up to 30%. 

Through heavy investment in such projects, Octapharma has been able to gain the trust of haemophilia specialists and their patients, 

even in conservative markets such as the United Kingdom, France and Canada. Now, the use of octanate ® and wilate ® in ITI treatment 

is rapidly gaining ground in these countries. 

– 8 – 

In 2008, we invested Euro 25 million in R&D for new plasma derived and recombinant products, with Euro 11 million invested directly 

in our new recombinant factor VIII concentrate based on a human cell line. The FDA has now approved the initiation of associated 

clinical trials in the US. We believe that this recombinant product will earn Octapharma even more confidence among the haemophilia 

population. It is expected to have less side effects than current therapy such as fewer inhibitors. The factor VIII protein does not 

have the rodent carboxylation pattern seen on recombinant products from CHO (Chinese hamster ovary) cell lines and is therefore 

expected to be less immunogenic. 

In the area of immunotherapy, the launch in Europe of our octagam ® immunoglobulin at a new 10% concentration was well accepted 

by our customers. In addition, our IT platform, the “Octapharma Collaboration Network” set up by our Immunotherapy Business 

Unit is setting new standards for collaborations with our partners. 

In the area of emergency medicine and intensive care, a similar confidence-building concept has been introduced in the form of the 

DUMAS project. This enables our partners to find ever more effective ways of using their blood component therapies, thereby optimising 

safety and reducing costs simultaneously. 

The investment in 2008 of Euro 60 million in our five plants worldwide in addition to more than Euro 80 million to help secure our 

plasma supplies will enable us to remain a trustworthy partner for years to come. 

Octapharma is the largest private plasma products company in the world. The outlook for 2009 is very positive, despite the turmoil 

in other business areas. However we will remain vigilant and ready to adjust our plans if appropriate. 

Finally, I would like to thank both our partners and employees for their trust and commitment during 2008. 

Wolfgang Marguerre 

Chairman of the 

Octapharma Group

The Management Board of the Octapharma Group 

Karl Erik Clausen 

Chief Financial Officer 

Octapharma Group 

Kim Björnstrup 

Vice Chairman 


– 10 – 

Paulo Castro 

Member of the Board 

Wolfgang Marguerre 

Chairman 


Reinhard Rettinghaus 

General Manager 

Octapharma Germany 

Tobias Marguerre 

Managing Director 

Octapharma Nordic AB 

Nicholas Jacobson 

Chief Operating Officer 


Frederic Marguerre 

Member of the Board

Research and Development 

Since its establishment, Octapharma has strived 

to earn the trust of our customers and partners 

by continuously developing effective and safe 

biopharmaceuticals. More recently, we have 

expanded to develop human proteins based on 

recombinant technologies and human cell lines. 

During 2008, Octapharma invested more than 

Euro 25 million in R&D, split equally between 

the areas of plasma derivatives and recombinant 

technologies. 

“The considerable amount of 

time and money invested in R&D 

reflects the trust we place in our 

staff to achieve extraordinary 

results.“ 


Vice Chairman 


Trust in advanced 

science 

Plasma Derivatives 

One of the major achievements of 2008 was the European launch of 

our intravenous immunoglobulin octagam ® at a new concentration 

of 10%. This product has a high infusion rate and a side effect profile 

that can match the best products of the industry. The associated 

clinical trial, specifically run for the US market, was finalised in 2008 

and it is expected that a license for the product will be obtained in 

the US during 2009. 

In October 2008, Octapharma filed octaplas LG ® , a new version 

of our virus inactivated alternative to transfusion plasma, to the 

German Health Authorities (PEI) to obtain marketing authorisation. 

The “LG” refers to a specially developed ligand that enables the 

specific removal of prions that could theoretically be present. The 

development of this step was made in collaboration with a partner 

and has been extremely challenging as octaplas ® contains an 

abundance of different proteins, each with a different stress profile 

to be taken into consideration. It is expected that the product will 

be launched in Europe during 2009. 

Octapharma is focusing its research mainly on coagulation, 

immunotherapy and intensive care unit (ICU) products, with several 

products currently in various stages of development. These include 

projects such as fibrinogen and universal non-blood-group-specific 

– 13 –

plasma, both of which are to be used in the ICU for various 

coagulation deficiencies. Another interesting product in development 

is the human-derived growth factor, to be used for hard-to-heal 

wounds in patients with diabetes. All of our products include robust 

steps for purification and virus inactivation. Our proprietary technologies 

will ensure they will live up to the high standards of safety 

and efficacy set by Octapharma’s current products on the market. 

Recombinant Products 

Trust in our qualified 

staff 

The IND application for our recombinant factor VIII was filed in the 

US in May 2008 and it is expected that clinical trials will be started in 

early spring 2009. 

Octapharma’s Biotechnology Group in Stockholm manages the 

commercial development of our recombinant products, from pilot 

studies to a commercial scale. The Biotechnology Group in Munich 

(Octagene GmbH) oversees the initial creation of the master cell and 

media. Currently, more recombinant products are in various stages of 

development. These include, among others, factor IX, von Willebrand 

Factor, ADAMTS13 and granulocyte-colony stimulating factor (G-CSF). 

Different technologies for half-life prolongation are also being 

developed for these proteins in association with our various partners. 

– 14 – 

Plasma Procurement 

Until recently, it was never Octapharma’s strategy to 

be directly involved in plasma procurement. Instead, 

Octapharma procured plasma resources from both 

non-profit and commercial independent suppliers. 

However, in 2003/04, it became clear that it was increasingly 

difficult to secure a steady supply of plasma while sustaining an 

annual growth of approximately 22% in sales. Consequently, in 

2004, the company agreed to actively pursue a strategy of obtaining 

at least half the required plasma from Octapharma-owned sources. 

The first establishment of plasma centres was through the acquisition 

of the Deutsche Gesellschaft für Humanplasma (DGH) plasma centres 

in Germany. When Octapharma acquired this operation in 2006, 

DGH was operating five plasma centres. By the end of 2008, this had 

been increased to seven. On top of this, an agreement was signed 

with the company International BioResources to develop a further 

18 plasma centres. In 2008, this agreement was expanded to involve 

the establishment of 33 plasma centres across the United States. 

“Octapharma depends on the 

stable and calculable supply of safe, 

high quality plasma from partners 

worldwide. Long-term partnerships 

with our plasma suppliers would 

be unthinkable without the mutual 

trust that agreed conditions and 

specifications will be maintained 

on an ongoing basis. Clear communication 

of expectations, and the 

understanding of the needs, 

strengths, and limitations of both 

partners are essential in this respect.” 

Barbara Glantschnig 

Head of Corporate Quality 

Assurance Plasma and Plasma Sourcing 


Produktionsgesellschaft mbH, 

Austria

These centres will be established over the coming years. 

Octapharma will acquire all the centres by 2011, providing more 

than 1 million litres of source plasma per year. 

At the end of 2007 it became evident that Life Therapeutics, one 

of Octapharma’s important partners in the US, was facing increasing 

problems with fulfilling their plasma commitments to Octapharma, 

for which considerable pre-financing had been provided. It was 

therefore agreed, in collaboration with the Australian parent 

company of Life Therapeutics, that Octapharma would take over 

the management and plasma production of Life Therapeutics. 

The final result of this was ownership of 12 plasmapheresis centres 

in the US as of November 2008, as approved by the shareholders 

of Life Therapeutics. 

Octapharma's Plasma Supply 

52% 

45% 

64% 

72% 

92% 

48% 

55% 

36% 

8% 

28% 

2007 2008 F 2009 F 2010 F 2011 

external 

suppliers 

own plasma 

collections 

“Establishing and maintaining 

trust is the keystone to the strong 

and successful relationships that 

we enjoy with our suppliers in the 

plasma industry. However, trust is 

earned, and can only exist when 

the relationship is defined by 

open and frank communication, 

flexibility, and contracts that are 

fair to both parties. Once trust 

is established, the business 

relationship with our suppliers 

becomes more of a partnership.” 

Dennis Curtin 

President 

Octapharma Plasma, Inc., USA 

Trust in experience and 

tradition 

During 2007, Octapharma also established its plasma service 

company in the US, Plasma Procurement Services, Inc. At the end of 

2008, Mr Dennis Curtin agreed to become president of the rapidly 

growing US plasma procurement operation, which is now operating 

as Octapharma Plasma, Inc. Dennis Curtin joined the company 

after working for many years as a partner with Octapharma in its 

collaboration with America‘s Blood Centers. With his extensive 

knowledge of the plasma industry he will be invaluable to the 

management of Octapharma Plasma, Inc. Ms Judith Smith is now 

the chief operating officer (COO) for the operation following a 

personal recommendation from Dennis Curtin. Judith Smith joined 

Octapharma after working at similar senior management positions 

in the industry. 

Aside from substantial investment in plasma collection centres, 

Octapharma continues to value the trust of the large network of 

non-profit suppliers of recovered plasma in both Europe and the 

US. Octapharma sincerely believes that this non-profit plasma is a 

key component in securing the availability of important, life-saving 

plasma derivative products. The company continues to view these 

partners as important contributors to the company‘s success. 

Finally, Octapharma’s joint venture in Eastern Europe, Sanaplasma, 

established in 2006, has been very successful in establishing high 

quality plasmapheresis centres in the Czech Republic. 

– 17 –

Trust in modern 

technology 

“Trust is the basis of everything: 

from the patients for a safe 

and efficacious drug, from the 

health care professionals who 

want the best for their patients, 

and from the hospitals, who 

want guaranteed product supply 

at a fair price. Trust is built up 

over the years, and trust between 

Octapharma employees is the 

cornerstone of carrying the 

workload together to make 

Octapharma the customer’s 

preferred provider.” 

Laurent de Narbonne 


Octapharma France, 

Belgium and Luxembourg 

Sales and Marketing 

A compound annual sales growth rate of 22% since 

1995 can of course only be achieved by a strong 

sales and marketing organisation that continuously 

keeps customers well informed about Octapharma’s 

products and services, thereby earning their trust. 

Net Sales in 1,000 EUR and Growth rate 

Net Sales Growth rate 

1,400,000 

40% 

1,200,000 

1,000,000 

800,000 

600,000 

400,000 

200,000 

0 

2000 

2001 

2002 

2003 

2004 

“Long-lasting solid relationships 

are built on mutual trust. The Jeffrey 

Modell Foundation has had a close 

working partnership with Octapharma 

for several years. The mutual trust built 

up over that time provides great comfort 

to the patient community knowing 

that Octapharma and its leadership will 

provide the safest and most effective 

products for patients with primary 

immunodeficiencies.” 

Fred Modell 

Co-founder 

Jeffrey Modell Foundation, USA 

– 19 – 

2005 

2006 

2007 

2008 

B2009 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

“Octapharma’s exclusive partnership 

with GSABC has been built on trust. 

Each partner has earned the trust 

of the other through hard work, 

integrity and faithful delivery on 

its commitments.“ 

Jerome Haarmann 

President 

Group Services for 

America‘s Blood Centers, USA

Octapharma’s sales increased 18% from 2007 to 2008, with major 

growth achieved in new markets. 

Octapharma has well-established sales and marketing organisations 

in all European countries, Russia, Asia, North America and selected 

countries in the Far East, the Middle East and South America. In 

2008, Octapharma rapidly expanded this to set up new organisations 

in the developing markets mentioned above. 

Geograhical distribution of sales 

Mio EUR 

900 

600 

300 

0 

1% 

7% 

4% 

77% 

11% 

4% 

6% 

5% 

62% 

23% 

6% 

7% 

5% 

62% 

20% 

4% 

8% 

8% 

56% 

24% 

2004 2005 2006 2007 2008 

5% 

8% 

5% 

62% 

20% 

Asia & Pacific 

Middle East & Africa 

South America 

Europa 

NAFTA 

“We work in an environment 

predominantly served by a relatively 

small number of highly sophisticated 

customers. We have strived to build 

a reputation of an organisation that 

is a trustworthy partner that can 

truly be relied upon to deliver on its 

commitments. Having good working 

relationships with our customers 

and within Octapharma is critical 

to our business.” 

Sue Griffin 


Octapharma Ltd., 

UK and Republic of Ireland 

Trust in worldwide 

partners 

The number of people in sales and marketing grew from 192 in 

2007 to 214 in 2008, with a budget of more than Euro 48 million. 

In sales and marketing, the primary focus areas are coagulation, 

immunology and emergency medicine products. Consequently, the 

central business units for these areas in Switzerland have been further 

strengthened with personnel and other resources. The growth in sales 

in 2008 was driven by all major categories of products including IgG, 

albumin and coagulation products. 

The major challenge in 2008 was to ensure a constant, sufficient 

supply of products to the market. However, with increased 

investment in plasma procurement, we are striving to guarantee 

an unbroken supply of these life-saving drugs for the future. 

– 21 –

Trust in our 

production 

“One of the keys to our 

performance is the commitment 

of our staff. 

We place a high level of trust in 

our teams at every level of the 

organisation.” 

Olivier Clairotte 

Plant Manager 

Octapharma AB, Sweden 

Worldwide Production 

Octapharma’s fractionation capacity has more than 

doubled since 2004, reaching three million litres per 

year from our five fractionation plants around the 

world. In 2008 alone, Octapharma invested more than 

Euro 60 million in the further development of all plants. 

“The success of a business 

relationship is built upon the 

trust between each partner. 

Trust is the fibre that binds the 

relationship. If the trust is strong, 

then the relationship will be 

strong. This is the foundation 

of the strong lasting relationship 

between FFF Enterprises and 

Octapharma.” 

Patrick Schmidt 

Chief Executive Officer 

FFF Enterprises, USA 

– 23 – 

“When conducting ambitious research 

programs, trust is a crucial prerequisite. 

Trust, not only in the ability and 

commitment of a company to follow 

through demanding and risky projects 

but also personal trust in the individuals 

involved, ensures speedy and target 

orientated progress. This is what my 

team and I find with Octapharma.” 

Prof. Dr. S. Meuer 

Institute for Immunology, 

Ruprecht-Karls-University, 

Germany

At the facility in Vienna, Austria, this included the construction of a 

completely new, high-tech freeze-drying unit with three additional 

lyophilisers and increased capacity in both the basic and the fine 

fractionation areas for final product production. 

In Stockholm, Sweden, investments were made to improve the fine 

fractionation area and the recombinant product production area. 

Octapharma also invested in the construction of a completely new 

octaplas ® line, which will have a capacity of more than 1 million units 

of octaplas ® per year. 

In Lingolsheim, France, more than Euro 4 million was invested in new 

administration and the laboratory building. Over Euro 2 million was 

invested in a new albumin line, substantially increasing capacity. 

In 2008, Octapharma acquired a plant in Springe, Germany, from the 

German Red Cross. A considerable area of adjacent land was also 

purchased to provide sufficient space for future facility enlargement. 

The construction of additional production units is already underway 

with a total investment of Euro 70 million over the next two years. 

At the plant in Mexico City, investments were made to prepare for 

a basic fractionation of local plasma, as well as an upgrade of other 

production related areas. 

“Trust is an essential prerequisite 

for the production of plasma 

derivatives. It is founded on the 

expectation that all employees 

of the plant follow the carefully 

established and necessarily 

complex rules in providing 

high-quality pharmaceuticals to 

our customers. Trust, of course, 

needs control. This gives basis 

for a really trustworthy business.” 

Gerold Rempeters 



Deutschland mbH, 

Germany 

Trust in dependable 

logistics 

A unique concept promoted by Octapharma in its manufacturing 

philosophy is that all major plants should be able to produce all 

products according to the same method. This is already the case for 

the three larger plants, Stockholm, Vienna and Lingolsheim. In time, 

it will also be the case for the plant in Springe. The plant in Mexico 

will continue to produce albumin and factor VIII for the domestic 

market. This policy allows Octapharma to achieve a unique efficiency 

of its production plants. It is envisioned that the introduction of new 

technologies in all factories in 2008 will considerably shorten the 

manufacturing processes in 2009. This will further increase capacity 

in basic fractionation and continue the reduction of manufacturing 

costs as a percentage of total sales. 

As a consequence, we hope that Octapharma will continue to break 

efficiency records in the fractionation plants, where the annual ratio 

of litres fractionated per employee has increased from 1,250 in 2004 

to 1,740 in 2008. This is thanks to our continual pursuit of excellence 

in our manufacturing procedures. 

– 25 –

Trust in sound 

“Trust is fundamental for my decision 

as a physician to choose the right 

products for my patients. Today this 

goes far beyond safe and efficacious 

pharmaceuticals. In the innovative 

competence of a company, trust 

becomes more and more an important 

criterion when it comes to long term 

partnership.” 

PD Dr. med. Mario 

von Depka Prondzinski 

Director 

Werlhof Institut, Germany 

finances 

– 26 – 

“It is really an honour for Laboratorios 

Clausen to have been the first company 

to represent Octapharma in Latin 

America in 1999. The worldwide 

known line of Octapharma products 

has undoubtedly contributed to 

enhance Clausen’s image. 

For haemoderivatives, nothing is more 

important than confidence, efficacy and 

safety. This, together with Octapharma’s 

support and innovation has allowed us 

to position these products as the most 

reliable ones in our market.“ 

Gabriel Fernandez 


Laboratorios Clausen S.A., 

Republic of Uruguay 

Annual Accounts 2008 

For the fourth year in a row the Octapharma Group 

has achieved record turnover and profitability. 

This is despite a focus on the introduction and 

the consolidation of our own plasma production 

in 2008. Net turnover increased by 18%, from 

Euro 752 million in 2007 to Euro 886 million in 2008. 

Gross profit increased from Euro 339 million in 2007 to Euro 367 

million in 2008. The gross margin decreased from 45% to 41% 

owing to the increased plasma costs associated with the introduction 

of our own plasma production capacities (more than Euro 50 million). 

Continuous cost awareness ensured that operating costs stayed at 

Euro 117 million in 2008 compared with Euro 104 million in 2007. 

This resulted in a satisfying operating income level (earnings before 

interest and taxes) of Euro 256 million (29% margin) compared 

with Euro 237 million (32% margin) in 2007. 

“There is no lost and found for 

lost trust! Our main customers, 

the shareholders and the board 

of directors, need to make the 

right decisions, often very quickly. 

In such situations, they need 

to trust the information and 

figures we produce. Providing 

and keeping this trust is the 

foundation for our central function 

in the Octapharma Group.” 

Roger Mächler 

Head of Corporate Controlling 

Octapharma AG, Switzerland

The result of Euro 231 million versus Euro 207 million in 2007 

exceeds the budget and is seen as a satisfying net result, which is 

in line with management expectations, especially considering the 

establishment costs related to our own plasma production in the 

US and Germany. 

The continued positive results have ensured that there is a cash 

buffer of Euro 265 million at the end of the year and an equity of 

Euro 751 million equivalent to 73% of the balance sum ensuring 

the financial basis for the planned investments and the continuation 

of the growth in the coming years. 

Cash and cash equivalents in 1,000 EUR / Equity Ratio 

Cash and cash equivalents Equity Ratio 

300,000 

80% 

250,000 

200,000 

150,000 

100,000 

50,000 

0 

2000 

2001 

2002 

2003 

2004 

2005 

2006 

2007 

2008 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

“We have witnessed a dramatic 

change in trust since Octapharma 

products were first introduced in 

Mexico in 1994. At first, Octapharma 

was little known, but the growing 

presence of Octapharma at international 

scientific forums, the increase 

in the number and quality of scientific 

publications, and the uninterrupted 

supply of the products, has contributed 

to the positioning of Octapharma as 

a trustworthy partner. The personal 

involvement of Octapharma employees 

with patients, parents, doctors, and 

regulatory officials have undoubtedly 

contributed to the development of a 

strong relationship based on trust.” 

Angel Sosa 

General Director 

Octapharma Mexico 

Trust in solid 

investments 

Investments in 1,000 EUR (incl. Acquisitions) 

180,000 

160,000 

140,000 

120,000 

100,000 

80,000 

60,000 

40,000 

20,000 

0 

2000 

2001 

2002 

2003 

2004 

– 29 – 

2005 

2006 

2007 

2008 B2009

Trust in the 

future 

“It is extremely important that 

our employees can place their 

trust in the local human resources 

department as we deal with people 

on a personal level on a daily basis. 

Every employee needs to know that 

whatever kind of information they 

provide is going to stay within the 

department and will be treated in 

full confidence. We also place our 

trust in outside consultants and 

need to be secure in the knowledge 

that sensitive information will not 

be passed on to third parties.” 

Torbjörn Malmkvist 

Human Resources Director 

Octapharma AB, Sweden 

Operativ Cashflow in 1,000 EUR 

250,000 

200,000 

150,000 

100,000 

50,000 

0 

– 31 – 

“At Octapharma, trust is not 

just a slogan, it is a way of life. 

Octapharma partners with health 

care providers and patients to 

provide them with every reason 

to trust in our products. From 

starting materials to finished 

product, Octapharma is committed 

to ensuring quality and safety in 

each step of the process. It is this 

commitment that earns the trust 

of our partners and patients.” 

Flemming Nielsen 

President 

Octapharma USA, Inc. 

Octapharma has evidently benefited from the very positive market 

development. However, these outstanding results are mainly related 

to the impressive performance of all employees over the past year. 

The outlook for 2009 is positive, and the increase in turnover and 

net income is expected to be above 20% again, even considering 

the increased competition expected. 

2001 

2002 

2003 

2004 

2005 

2006 

2007 

2008

– 32 – 

Key Figures of the Octapharma Group 

(Monetary figures in 1,000 EUR) 

2008 2007 2006 2005 2004 

Profit from operations 256,045 237,497 126,850 59,940 42,070 

Net profit for the year 231,018 206,751 105,694 53,417 30,060 

Year-end headcount 3,037 1,968 1,826 1,482 1,360 

Return on average equity 35% 45% 32% 18% 14% 

Profit from operations per employee 92 130 77 42 31 

Current ratio 468% 404% 332% 261% 229% 

Days of sales in receivables 101 106 108 109 112 

Days of purchases in inventory 135 149 189 196 246 

Cash flow from operations 208,180 209,822 85,406 80,864 35,511 

Expenditures to ensure future prosperity 140,549 69,367 43,239 31,079 35,565 

• Research and development 25,115 23,582 19,544 15,291 12,248 

• Capital expenditures and 

investments in activities 

115,434 45,785 23,695 15,788 23,317 

– 33 –

Key Figures of the Octapharma Group Income Statement of the Octapharma Group 

Net sales in 1,000 EUR 

900,000 

800,000 

700,000 

600,000 

500,000 

400,000 

300,000 

200,000 

100,000 

0 

2000 2001 2002 2003 2004 2005 2006 2007 2008 

Operating income in 1,000 EUR 

300,000 

250,000 

200,000 

150,000 

100,000 

50,000 

0 

2000 2001 2002 2003 2004 2005 2006 2007 2008 

Average headcount 

3,000 

2,500 

2,000 

1,500 

1,000 

500 

0 

2000 2001 2002 2003 2004 2005 2006 2007 2008 

– 34 – 

(All figures in 1,000 EUR) 

– 35 – 

2008 2007 

Gross sales 924,176 779.058 

Sales deductions -38,363 -26,978 

Net sales 885,813 752,080 

Cost of sales -519,100 -412,616 

Gross profit 366,713 339,464 

Research and development -25,115 -23,582 

Selling and marketing -48,425 -42,894 

Regulatory affairs / quality audit -6,284 -5,075 

General and administration -37,356 -32,076 

Other income 7,742 3,366 

Other expenses -1,230 -1,706 

Total operating expenses -110,668 -101,967 

Operating income 256,045 237,497 

Non-operating income and expenses 300 -4,172 

Profit before taxes 256,345 233,325 

Income tax expenses -25,327 -26,574 

Net profit for the year 231,018 206,751

Balance Sheet of the Octapharma Group 


Assets 

– 36 – 

31.12.2008 31.12.2007 

Cash and cash equivalents 264,825 204,417 

Trade receivables 254,355 225,276 

Other receivables 2,131 1,727 

Receivables from related parties 263 250 

Inventory 211,338 153,650 

Other current assets 45,303 16,162 

Total current assets 778,215 601,482 

Financial investments 1,528 6,171 

Loans to related parties 250 500 

Deferred tax assets 17,176 12,736 

Investments in associates 4,695 2,766 

Intangibles assets 34,318 0 

Property, plant and equipment 187,555 135,004 

Total fixed assets 245,522 157,177 

Total assets 1,023,737 758,659 


Liabilities and equity 

31.12.2008 31.12.2007 

Trade payables and other payables 56,295 55,591 

Payables to related parties 482 2,072 

Income tax payables 21,163 21,376 

Accruals and short-term provisions 88,253 69,924 

Total current liabilities 166,193 148,963 

Other long-term liabilities 28,459 0 

Deferred income 581 418 

Provisions 52,050 49,962 

Deferred tax liabilities 24,982 8,844 

Total non-current liabilities 106,072 59,224 

Total liabilities 272,265 208,187 

Common stock 100 100 

Retained earnings 752,552 556,534 

Hedging reserve 11,465 0 

Currency translation adjustment -12,645 -6,162 

Total equity 751,472 550,472 

Total liabilities and equity 1,023,737 758,659 

– 37 –

Cash Flow Statement of the Octapharma Group The Auditor‘s Statement 


– 38 – 

2008 2007 

Net profit for the year 231,018 206,751 

Depreciation on tangible and intangible assets 35,379 20,056 

Change in fair value of non-current assets -5,468 1,159 

Share of (profit) loss of associates -264 321 

Profit (loss) on sale of property, 

plant and equipment 

306 -17 

Changes in long-term liabilities and provisions 17,923 6,158 

Cash flow before changes in working capital 278,894 234,428 

Increase / decrase of working capital -70,714 -24,606 

Net cash from operating activities 208,180 209,822 

Acquisition of property, plant and equipment -70,238 -42,698 

Investment in associates, short and long-term 

financial investments 

Proceeeds from sales of property, 

plant and equipment 

-41,995 -6,335 

266 397 

Net cash used in investing activities -111,967 -48,636 

Dividends paid -27,000 -26,740 

Other changes in equity -8,000 0 

Net cash used for financing activities -35,000 -26,740 

Effect of exchange rate fluctuations -805 -659 

Net change in cash and cash equivalents 60,408 133,787 

Cash and cash equivalents beginning of period 204,417 70,630 

Cash and cash equivalents end of period 264,825 204,417 

Octapharma Nordic AB, Stockholm 

KPMG Ltd 

Audit 

Badenerstrasse 172 P.O. Box Telephone +41 44 249 31 31 

CH-8004 Zurich CH-8026 Zurich Fax +41 44 249 23 19 

Internet www.kpmg.ch 

Summarized consolidated financial statements 2008 

As independent auditors, we have audited the consolidated financial statements of Octapharma 

Nordic AB, Stockholm, for the year ended December 31, 2008, from which the summarized 

consolidated financial statements were derived, in accordance with International Standards 

on Auditing. In our report dated February 20, 2009 we expressed an unqualified opinion on 

the consolidated financial statements in accordance with the International Financial Reporting 

Standards (IFRS) from which the summarized consolidated financial statements were derived. 

In our opinion, the accompanying summarized consolidated financial statements are consistent, 

in all material respects, with the consolidated financial statements from which they were derived. 

For a better understanding of the Company‘s financial position and the results of its operations 

for the period and of the scope of our audit, the summarized consolidated financial statements 

should be read in conjunction with the consolidated financial statements from which the summarized 

consolidated financial statements were derived and our audit report thereon. 

KPMG Ltd 

Fredy Luthiger Markus Ackermann 

Zurich, February 20, 2009 

– 39 –

Octapharma Contact Details 

– 40 – 

Headquarters 

Octapharma AG 


Karl Erik Clausen 

Frederic Marguerre 

Seidenstraße 2 

CH-8853 Lachen 

Switzerland 

Tel. (+41) (55) 4 51 21 21 

Fax (+41) (55) 4 51 21 10 

kim.bjoernstrup@octapharma.ch 

karl.erik.clausen@octapharma.ch 

frederic.marguerre@octapharma.ch 

Australia 

Octapharma Australia Pty. Ltd. 

Simon Sestich 

Jones Bay Wharf 

42/26-32 Pirrama Road 

Pyrmont NSW 2009 

Australia 

Tel. (+61) 2 8572 5800 

Fax (+61) 2 8572 5890 

simon.sestich@octapharma.ch 

Austria 


Produktionsgesellschaft m.b.H. 

Nicholas Jacobson, 

Bernhard Kerner, Rudolf Lukschanderl 

Oberlaaer Straße 235 

A-1100 Vienna 

Austria 

Tel. (+43) (1) 610 32 1220 

Fax (+43) (1) 610 32 9103 

nicholas.jacobson@octapharma.com 

bernhard.kerner@octapharma.com 

rudolf.lukschanderl@octapharma.com 

Octapharma Handelsges.m.b.H. 

Brigitte Aigner 

Oberlaaer Straße 235 

A-1100 Vienna 

Austria 

Tel. (+43) (1) 533 566 312 

Fax (+43) (1) 533 566 333 

brigitte.aigner@octapharma.com 

Azerbaijan 

The Representative office 

of Octapharma AG 

Namik Pashayev 

96 Nizami Street, The Landmark III, 

4th floor, 

AZ-1010 Baku 

Azerbaijan 

Tel. (+994) 12 498 8172 

Fax (+994) 12 493 5931 

namik.pashayev@octapharma.com 

Belgium 

Octapharma Benelux S.A./N.V. 


Rue de stalle 63/4 

B-1180 Brussels 

Belgium 

Tel. (+32) (2) 3 73 08 90 

Fax (+32) (2) 3 74 48 35 

laurent.de-narbonne 

@octapharma.com 

Brazil 

Octapharma Brasil Ltda. 

Samuel Mauricio 

Av. Ayrton Senna, 1850 

Sala 118–, Barra da Tijuca 

22775-001 Rio de Janeiro-RJ 

Brazil 

Tel. (+55) (21) 24 30 31 83 

Fax (+55) (21) 24 21 16 91 

samuel.mauricio@ 

octapharma.com.br 

China 

Octapharma Beijing 

Representative Office 

Chao Yueyun 

Matt Riordan 

Suite 815, Zhongkun Plaza 

59 GaoLiangQiaoXieJie 

HaiDianQu, Beijing 100044 

China 

Tel. (+86) 10 621 69126 

Fax (+86) 10 621 93528 

chao.yueyun@octapharma.com 

matt.riordan@octapharma.ch 

Canada 

Octapharma Canada Inc. 

Anu Bhucher 

171 East Liberty Street 

Suite 326 

Toronto, Ontario M6K 3P6 

Canada 

Tel. (+1) 416 531 5533 

Fax (+1) 416 531 8891 

anu.bhucher@octapharma.ca 

Czech Republic 

Octapharma CZ s.r.o. 

Miroslav Gresik 

Argentinská 38 

CZ-170 00 Prague 7 

Czech Republic 

Tel. (+420) 266 794 310 

Fax (+420) 266 794 311 

miroslav.gresik@octapharma.at 

Denmark 


Helle Ording 

Lyngbyvej 20 

DK-2100 Copenhagen 

Denmark 

Tel. (+45) 7020 0354 

Fax (+45) 7025 1080 

helle.ording@octapharma.com 

Finland 


Janne Nissilä 

Rajatorpantie 41 C 

FI-01640 Vantaa 

Finland 

Tel. (+358) 8520 2710 

Fax (+358) 8520 2713 

janne.nissila@octapharma.fi 

France 

Octapharma S.A.S. 

Patrick Selosse / Nicolas Sciard 

70-72 rue du Maréchal Foch 

BP 33 

F-67381 Lingolsheim 

France 

Tel. (+33) (3) 88 78 89 89 

Fax (+33) (3) 88 78 89 78 

patrick.selosse@octapharma.fr 

nicolas.sciard@octapharma.fr 

Octapharma France S.A.S. 


62 bis Avenue André Morizet 

F-92100 Boulogne 

France 

Tel. (+33) (1) 41 31 80 00 

Fax (+33) (1) 41 31 80 01 

laurent.de-narbonne@ 

octapharma.com 

Germany 

Octapharma GmbH 

Reinhard Rettinghaus 

Elisabeth-Selbert-Straße 11 

D-40764 Langenfeld 

Germany 

Tel. (+49) (21 73) 91 70 

Fax (+49) (21 73) 91 71 11 

reinhard.rettinghaus@octapharma.de 

Octapharma GmbH 

Sybille Werner 

Otto-Reuter-Straße 3 

D-06847 Dessau-Rosslau 

Germany 

Tel. (+49) (3 40) 5 50 80 

Fax (+49) (3 40) 5 50 81 11 

sybille.werner@octapharma.de 

– 41 – 

Deutsche Gesellschaft 

für Humanplasma mbH 

Hubert Franzaring 

Elisabeth-Selbert-Strasse 11 

D-40764 Langenfeld 

Germany 

Tel. (+49) (21 73) 91 70 

Fax (+49) (21 73) 91 71 11 

hubert.franzaring@octapharma.de 


Deutschland mbH 

Gerold Rempeters 

Eldagsener Straße 38 

D - 31832 Springe 

Tel. (+49) (5041) 77 91 81 70 

Fax (+49) (5041) 77 91 84 90 

gerold.rempeters@octapharma.com 

Greece 

Octapharma Hellas SA 

George Kalbitzer 

60, Posidonos Ave. 

166 75 Glyfada Attiki 

Greece 

Tel. (+30) 210 89 86 500 

Fax (+30) 210 89 86 044 

octapharma.hellas@octapharma.gr 

Kazakhstan 


Svetlana Safarova 

Dostyk Str. 180, office 42 

KZ-050051 Almaty 

Kazakhstan 

Tel. (+7) 727 3201542 

svetlana.safarova@octapharma.com 

Luxembourg 

Octapharma Benelux S.A./N.V. 


Rue de stalle 63/4 

B-1180 Brussels 

Belgium 

Tel. (+32) (2) 3 73 08 90 

Fax (+32) (2) 3 74 48 35 

laurent.de-narbonne 

@octapharma.com 

Mexico 

Octapharma S.A. de C.V. 

Angel Sosa 

Calzada México Tacuba No. 1419 

Col. Argentina Poniente 

C.P. 11230 México, D.F. 

México 

Tel. (+52) 55 53 99 56 44 

Fax (+52) 55 55 27 05 27 

angel.sosa@octapharma.com.mx 

New Zealand 

Octapharma New Zealand Limited 

Simon Sestich 

Lumley Center 

88 Shortland Street 

Auckland 

New Zealand 

Tel. (+61) (2) 85 72 58 00 

Fax (+61) (2) 85 72 58 90 

simon.sestich@octapharma.ch

Norway 

Octapharma AS 

Tor-Einar Svae 

Furubakken 

NO-2090 Hurdal 

Norway 

Tel. (+47) (63) 98 88 60 

Fax (+47) (63) 98 88 65 

tor-einar.svae@octapharma.com 

Poland 


Jaroslaw Czarnota 

Ilzecka 26 

PL-02-135 Warsaw 

Poland 

Tel. (+48) 225 757 082 

Fax (+48) 225 757 001 

jaroslaw.czarnota@octapharma.se 

Portugal 

Octapharma Produtos 

Farmacêuticos, Lda. 

António Gama da Silva 

Rua da Graça, 14 

P-1170-169 Lisboa 

Portugal 

Tel. (+351) 21 816 08 20 

Fax (+351) 21 816 08 30 

antonio.silva@octapharma.pt 

Octapharma Gestão 

Estratégica e Operacional, Lda. 

Paulo Castro 


P-1170-169 Lisboa 

Portugal 

Tel. (+351) 21 816 08 20 

Fax (+351) 21 816 08 30 

paulo.castro@octapharma.pt 

Latin America Unit 

Eric Ballestraz 


P-1170-169 Lisboa 

Portugal 

Tel. (+351) 21 816 08 20 

Fax (+351) 21 816 08 30 

eric.ballestraz@octapharma.pt 

Russia 

Octapharma Russia 

Mikhail Smirnov 

Offi ce 1002, 10th Floor 

Regus Business Centre 

Smolensky Passage 

Smolenskaya sg., 3 

Moscow 121099 

Russian Federation 

Tel. (+7) 495 937 80 59 

Fax. (+7) 495 937 82 76 

mikhail.smirnov@octapharma.com 

Saudi Arabia 

Octapharma Regional 

Scientifi c Offi ce 

Maher Abu Al-Rob 

Abdel Malik Bin Marwan St. 

P.O. Box 7633 

Riyadh 11472 

Saudi Arabia 

Tel. (+966) 50 3844897 

Fax (+966) 1 2170319 

maher@octapharma.com.sa 

Slovakia 

Octapharma AG, o.z.z.o. 

Miroslav Gresik 

Zochova 6/8 

SK-811 03 Bratislava 

Slovakia 

Tel. (+421) 2 5464 6701 

Fax (+421) 2 5441 8321 

miroslav.gresik@octapharam.com 

Spain 

Octapharma S.A. 

Diego Garcia 

Parque Empresarial de San Fernando 

Edif. Berlin - planta Baja 

Av. Castilla 2 

28830 San Fernando de Henares, 

Madrid 

Spain 

Tel. (+34) 91 6487298 

Fax (+34) 91 6764263 

diego.garcia@octapharma.es 


Seidenstraße 2 · CH-8853 Lachen · Switzerland 

Tel. (+41) (55) 4 51 21 21 · Fax (+41) (55) 4 51 21 10 

www.octapharma.com 

Editorial content: Octapharma AG, Kim Björnstrup 

Design, artwork, production: Concept Design, Robert Becker 

– 42 – 

Sweden 

Octapharma AB 


Olivier Clairotte 

Elersvägen 40 

SE-11275 Stockholm 

Sweden 

Tel. (+46) 8 566 43000 

Fax (+46) 8 566 43010 

tobias.marguerre@octapharma.se 

olivier.clairotte@octapharma.se 



Elersvägen 40 

SE-11275 Stockholm 

Sweden 

Tel. (+46) 8 566 43000 

Fax (+46) 8 566 43010 

tobias.marguerre@octapharma.se 

United Kingdom 

Octapharma Limited 

Sue Griffi n 

The Zenith Building 

26 Spring Gardens 

Manchester, M2 1AB 

United Kingdom 

Tel. (+44) 161 837 3770 

Fax (+44) 161 837 3799 

jo.birch@octapharma.co.uk 

USA 

Octapharma USA, Inc. 

Flemming Nielsen 

121 River St., 12th Floor 

Hoboken, New Jersey 07030 

USA 

Tel. (+1) 201 604 1130 

Fax (+1) 201 604 1131 

fl emming.nielsen@octapharma.com 

Octapharma Plasma, Inc. 

Dennis Curtin 

736 North Park Boulevard, Suite 100 

Clarkston, Georgia 30021 

USA 

Tel. (+1) (404) 300-5000 

Fax (+1) (404) 300-5302 

dennis.curtin@octapharmaplasma.com 

Plasma Procurement Services, Inc. 

Dennis Curtin 

Waterfront Corporate Center 

121 River Street, Suite 1201 

Hoboken, NJ 07030 

USA 

Tel. (+1) 201 604-1130 

Fax (+1) 201 604-1131 

dennis.curtin@octapharmaplasma.com 

For the safe and 

optimal use of 

human proteins

Annual Report 2008 - Octapharma AG

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