
Ozon Pharmaceutical is Russia's largest generic drug maker by volume, producing a wide portfolio of low-cost medicines in Samara region and developing biotech products through Mabscale.
Sector: Healthcare
RU_OZPH
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 14.8 y/y — | 4.9 y/y — | 0.6 y/y — | 5.5 y/y — | 3.2 y/y — | 6.8 | -2.3 | 52.3 y/y — | 36.0 y/y — | 18.8% | 5.4 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 10.2 y/y 15.4% | 4.0 y/y 16.8% | 0.3 y/y 6.8% | 4.3 y/y 16.0% | 2.7 y/y 17.9% | -0.1 | -1.2 | 53.2 y/y 7.5% | 33.2 y/y 31.0% | 19.3% | 9.2 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 8.2 y/y 52.7% | 2.9 y/y 138.3% | 0.3 y/y 0.0% | 3.2 y/y 110.0% | 1.7 y/y 356.3% | 0.5 | -1.0 | 51.3 y/y 25.8% | 30.7 y/y 33.7% | 7.7% | 8.3 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 6.4 y/y -4.2% | 1.7 y/y -15.1% | 0.3 y/y 19.8% | 2.1 y/y -11.1% | 0.7 y/y -37.2% | 2.3 | -1.0 | 50.3 y/y 31.0% | 29.1 y/y 30.0% | 10.4% | 10.0 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 6.9 y/y 45.2% | 2.2 y/y 70.0% | 0.3 y/y 0.0% | 2.5 y/y 58.4% | 1.0 y/y 28.0% | 0.4 | -0.7 | 49.6 y/y — | 26.3 y/y — | 15.4% | 8.7 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 8.8 y/y 46.7% | 3.4 y/y 137.0% | 0.3 y/y -68.6% | 3.7 y/y 56.6% | 2.3 y/y 164.8% | -0.4 | -1.5 | 49.5 y/y 45.2% | 25.3 y/y 48.0% | 19.1% | 10.1 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 5.3 y/y -8.5% | 1.2 y/y -53.1% | 0.3 y/y 1404.3% | 1.5 y/y -41.5% | 0.4 y/y -80.4% | -0.8 | -1.3 | 40.8 y/y — | 22.9 y/y — | 2.2% | 18.5 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 6.7 y/y 73.1% | 2.0 y/y 186.5% | 0.3 y/y 19.4% | 2.3 y/y 146.6% | 1.1 y/y 253.1% | 4.7 | -0.7 | 38.4 y/y — | 22.4 y/y — | — | 8.0 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | 4.7 y/y — | 1.3 y/y — | 0.3 y/y — | 1.6 y/y — | 0.8 y/y — | 2.3 | -0.7 | — y/y — | — y/y — | — | 10.0 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 6.0 y/y — | 1.4 y/y — | 0.9 y/y — | 2.3 y/y — | 0.9 y/y — | -2.4 | -0.2 | 34.1 y/y — | 17.1 y/y — | — | 8.7 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | PARTIAL | 5.8 y/y — | 2.6 y/y — | 0.0 y/y — | 2.6 y/y — | 1.9 y/y — | 1.6 | -0.3 | — y/y — | — y/y — | — | 9.1 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | PARTIAL | 3.9 y/y — | 0.7 y/y — | 0.2 y/y — | 0.9 y/y — | 0.3 y/y — | 2.1 | -0.1 | — y/y — | — y/y — | — | 9.5 | Evidence |
| Short-term debt (incl. ST leases) | 1 450 |
| Long-term debt (incl. LT leases) | 6 626 |
| − Cash & equivalents | 2 727 |
| Net debt | 5 350 |
|---|
Net debt / LTM EBITDA: 0.4x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| cash flow / profit | 0.03x | 1.16x | 1.26x | 0.53x |
| accruals, % of assets | — | -1.9% | -2.5% | 5.5% |
Our earnings breakdowns and investment notes on this issuer.
The “Лекарства и медицинские товары” category is weekly consumer pharmacy spending (% YoY), i.e. retail demand. For a manufacturer like Ozon Pharmaceutica this is only a demand backdrop, not a revenue proxy — sales depend on product mix, launches and B2B/government channels — so no spread to revenue is shown.
Лекарства и медицинские товары latest week (2026-10-17): +10.2% YoY · flat3-wk smooth: +9.7% vs 8-wk avg +9.5% (+0.2 pp)All categories: +7.2%
Average growth by quarter, % YoY: * квартал ещё не закончен
3кв 2025 +9.7% | 4кв 2025 +8.7% | 1кв 2026 +4.9% | 2кв 2026 +8.8% | 3кв 2026 +10.0% | 4кв 2026 * +9.7% |
Source: SberIndex, updated 2026-10-22.
Last 12 months (2025-05 – 2026-10): 36 459 contracts worth RUB 26 035 mn -32% YoY.
own items, estimate full contract value
| Half-year | Contracts | Value, mn | Own items, mn | Revenue, mn | Share | YoY |
|---|---|---|---|---|---|---|
| 2023H1 | 16 879 | 12 827 | 4 660 | 7 730 | 60% | – |
| 2023H2 | 11 072 | 6 753 | 3 591 | 11 995 | 30% | – |
| 2024H1 | 20 716 | 22 763 | 6 619 | 11 414 | 58% | +77% |
| 2024H2 | 19 501 | 17 256 | 7 567 | 14 148 | 53% | +156% |
| 2025H1 | 22 430 | 19 185 | 8 598 | 13 264 | 65% | -16% |
| 2025H2 | 16 061 | 11 583 | 5 434 | 18 324 | 30% | -33% |
| 2026H1 | 3 855 | 2 776 | 1 221 | 14 821 | 8% | -86% |
| 2026H2 * | 9 877 | 8 409 | 3 815 | – | – | – |
Largest customers, 12 months
Source: EIS contract registry (zakupki.gov.ru), 44-FZ, by contract signing date; 223-FZ hides suppliers and is excluded. Contract value is the customer price incl. VAT and distributor margin, not the producer's revenue, and leads shipments. Manufacturer - OOO Ozon and Ozon Pharm. Own-item share of contract value across 966 parsed cards: 56%. Data through 2026-10. * - incomplete half-year.
Current 5.3x · 3-year 75th pct 6.7x
Group: Healthcare. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| UNITEDHEALTH GROUP INC | US | 377.7 | 15.4x | 2.7x |
| Merck & Co., Inc. | US | 375.7 | 15.7x | 2.8x |
| AMGEN INC | US | 237.6 | 17.5x | 3.1x |
| Netcare | South Africa | 1.2 | 4.9x | 3.6x |
| Life Healthcare | South Africa | 1.1 | 5.7x | 4.2x |
| AbbVie Inc. | US | 505.0 | 24.4x | 4.3x |
| JOHNSON & JOHNSON | US | 620.7 | 24.7x | 4.4x |
| THERMO FISHER SCIENTIFIC INC. | US | 261.1 | 27.0x | 4.8x |
| ELI LILLY & Co | US | 1137.1 | 33.1x | 5.9x |
| Promomed | Russia | 1.1 | 6.4x | 6.4x |
| Mitra Keluarga Karyasehat | Indonesia | 1.1 | 9.0x | 6.5x |
| MD Medical | Russia | 1.2 | 7.1x | 7.1x |
| Group median | 15.5x | 4.3x | ||
| Group average | 15.9x | 4.6x | ||
| This company | Russia | 0.7 | 5.3x | 5.3x |
Group median 15.5x as traded, 4.3x adjusted; this company 5.3x — a 21% premium.
Group average 15.9x as traded, 4.6x adjusted; against the average this company is at a 13% premium.
At the adjusted group median the market cap would be -20% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.
Dividend-model upside: -60%
The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 6 bn RUB |
| Payout ratio | 19% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage 0.8x) | -1 bn RUB |
| Recent actual dividend (3-yr median) | 1.30 ₽ |
| = Forecast dividend per share | 1.30 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -14.5 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 47.14 ₽ |
| Forecast dividend yield | 2.8% |
| Fair price (dividend-based) | 18.84 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Expected IRR: +15% (bear -8% … bull +40%)
price in 3 years 66.00 ₽ (+40% к 47.00 ₽); dividends along the way 5.28 ₽ (+11% цены); base — LTM на 2026-06-30 (H1)
| Metric, RUB mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 33.1 bn | 38.6 bn | 43.3 bn | 47.3 bn |
| Revenue growth | — | +17% | +12% | +9% |
| EBITDA | 12.9 bn | 14.9 bn | 16.6 bn | 18.0 bn |
| EBITDA margin | 39.0% | 38.6% | 38.3% | 37.9% |
| less D&A | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn |
| EBIT | 11.7 bn | 13.6 bn | 15.1 bn | 16.4 bn |
| less net interest | 1.7 bn | 884 | 759 | 727 |
| less tax | 2.3 bn | 3.2 bn | 3.6 bn | 3.9 bn |
| Net profit | 7.7 bn | 9.5 bn | 10.8 bn | 11.8 bn |
| Capex | 4.3 bn | 4.5 bn | 5.0 bn | 5.5 bn |
| Capex to revenue | 13.0% | 11.6% | 11.6% | 11.6% |
| Free cash flow | 4.6 bn | 2.9 bn | 3.2 bn | 3.5 bn |
| Net debt | 5.4 bn | 5.8 bn | 6.2 bn | 6.7 bn |
| Net debt / EBITDA | 0.4x | 0.4x | 0.4x | 0.4x |
| Dividend per share | 1.30 ₽ | 1.57 ₽ | 1.77 ₽ | 1.94 ₽ |
| Yield on current price | 2.8% | 3.3% | 3.8% | 4.1% |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Realised pace (acceleration/deceleration) LTM YoY +21%; acceleration +3.8pp LTM г/г по отчётности | 100% | +17% · +12% · +9% |
| Exit multiple | EV/EBITDA 4.66x (3.73x…6.82x) |
| No re-rating: min(current 4.7x, three-year median 5.9x). Re-rating to 6.8x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 30.22 ₽ (discount 13.1%, terminal growth 4.0%) |
| 79% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 19% of net profit, capped by cash flow |
| Year-3 EBITDA margin target | 37.9% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | no flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00 |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 6 | 6% | 0.94x | 100% |
| EBITDA | 6 | 9% | 0.91x | 83% |
| Net profit | 6 | 18% | 0.86x | 67% |
The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.
Independent one-year estimates: eninvs Company_Forecast — 74.28 ₽; Frontier див-модель — 18.84 ₽. Ours on the same horizon — 54.70 ₽. Dropped as broken: eninvs DividendPrediction (6.333)
A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.
Paid, trailing 12-mo: 1.30 RUB/sh · 2.8%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 1.30 ₽ | |
| 2025 | 0.79 ₽ | |
| 2024 | 0.18 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q3 | 2026-09-28 | 0.76 ₽ |
| 2026 q2 | 2026-06-02 | 0.27 ₽ |
| 2026 q1 | 2026-01-09 | 0.27 ₽ |
| 2025 q4 | 2025-10-03 | 0.25 ₽ |
| 2025 q3 | 2025-07-02 | 0.28 ₽ |
| 2025 q2 | 2025-06-04 | 0.26 ₽ |
| 2024 q4 | 2024-12-26 | 0.18 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 3 (3 positive) across tracked channels, broker research and shows. 6 passing mentions (digests, calendars) hidden.
Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.
| 21.09.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) На внеочередном собрании акционеров ПАО 'Озон Фармацевтика' принято решение о выплате дивидендов за 6 месяцев 2026 года в размере 0,49 руб. на акцию, общая сумма выплат составит 572,2 млн. руб. Дата определения лиц, имеющих право на получение дивидендов, установлена на 29 сентября 2026 года. |
| 25.08.26 | Material event | ★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг Совет директоров ПАО 'Озон Фармацевтика' рекомендовал выплатить дивиденды за I полугодие 2026 года в размере 572,2 млн руб. или 49 коп. на акцию. Общая сумма дивидендов за первое полугодие составит 887,4 млн руб. или 76 коп. на акцию, с датой определения прав на получение дивидендов 29 сентября 2026 года. |
| 25.08.26 | AGM / Board | ★ ▲ Решения совета директоров (наблюдательного совета) Совет директоров ПАО «Озон Фармацевтика» рекомендовал выплатить дивиденды в размере 572,2 млн. руб. по итогам работы за 6 месяцев 2026 года, что составит 0,49 руб. на акцию. Также предложена дата 29 сентября 2026 года для определения лиц, имеющих право на получение дивидендов. |
| 09.07.26 | Filing | ★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки Компания 'Озон Фармацевтика' заключила крупную сделку на сумму 20,25 млрд. руб., что составляет 38,04% от стоимости активов, с поручительством перед 'Альфа-Банком' до 2035 года. Сделка связана с кредитным соглашением на возобновляемую кредитную линию. |
| 26.06.26 | Filing | ★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента ПАО 'Озон Фармацевтика' установило дату фиксации прав акционеров на получение дивидендов по обыкновенным акциям на 8 июля 2026 года. Регистрационный номер выпуска ценных бумаг: 1-01-10877-P, ISIN: RU000A109B25. |
| 19.05.26 | Filing | ★ ▲ Созыв общего собрания участников (акционеров) ПАО 'Озон Фармацевтика' проведет внеочередное общее собрание акционеров 24 июня 2026 года в форме заочного голосования. Повестка дня включает вопрос о выплате дивидендов по итогам работы за 3 месяца 2026 года. Дата окончания приема бюллетеней для голосования также 24 июня 2026 года. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Disclosed in the top-10 of 1 of 17 funds, ≈9 млн ₽ combined.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| SIPO Первая – Фонд АйПиО | Первая | 9.15% | 9 млн ₽ | — | 31.08.2026 |
Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ozon Pharm (OZPH) — from primary filings.
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