Promomed is a Russian pharmaceutical company producing generic and own-developed drugs, focused on endocrinology (obesity and diabetes), oncology, infections and pain management.
Sector: Healthcare
RU_PRMD
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 | H1 2026 (6M) | OK | 22.8 y/y 75.7% | 6.9 y/y 99.6% | 0.8 y/y 30.4% | 7.8 y/y 88.7% | 2.6 y/y 82.6% | -1.8 | -3.4 | 84.9 y/y 47.8% | 28.9 y/y 37.5% | 18.6% | 33.3 | Report (PDF) |
| 2025-12-31 | H2 2025 (6M) | OK | 24.6 y/y 71.9% | 10.2 y/y 90.4% | 0.9 y/y 62.7% | 11.2 y/y 87.8% | 5.7 y/y 100.3% | 1.0 | -3.2 | 71.0 y/y 33.6% | 26.7 y/y 35.7% | 30.1% | 25.1 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 13.0 y/y 81.9% | 3.5 y/y 129.2% | 0.7 y/y 34.7% | 4.1 y/y 106.4% | 1.4 y/y — | -0.7 | -1.4 | 57.4 y/y 48.7% | 21.0 y/y 75.0% | 13.9% | 20.6 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 14.3 y/y 43.1% | 5.4 y/y 22.8% | 0.6 y/y -3.0% | 5.9 y/y 19.8% | 2.9 y/y 14.6% | 1.6 | -2.7 | 53.1 y/y 52.5% | 19.7 y/y 51.1% | 18.2% | 16.8 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 7.1 y/y 22.1% | 1.5 y/y 24.4% | 0.5 y/y 27.7% | 2.0 y/y 25.2% | 0.0 y/y -98.9% | -1.5 | -1.3 | 38.6 y/y 10.9% | 12.0 y/y -7.6% | 0.1% | 17.7 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 10.0 y/y — | 4.4 y/y — | 0.6 y/y — | 5.0 y/y — | 2.5 y/y — | -1.5 | -2.1 | 34.8 y/y — | 13.0 y/y — | 22.8% | 16.0 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 5.8 y/y — | 1.2 y/y — | 0.4 y/y — | 1.6 y/y — | 0.5 y/y — | 0.3 | -2.5 | 34.8 y/y — | 13.0 y/y — | — | 12.4 | Evidence |
| Short-term debt (incl. ST leases) | 16 333 |
| Long-term debt (incl. LT leases) | 6 988 |
| − Cash & equivalents | 2 699 |
| Net debt | 20 622 |
|---|
Net debt / LTM EBITDA: 1.1x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 0.35x | 0.70x | -0.40x | 0.03x | 0.04x |
| accruals, % of assets | 20.5% | 4.4% | 11.9% | 5.2% | 9.7% |
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 Promomed 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 (2025-11 – 2026-10): 12 856 contracts worth RUB 33 050 mn +34% YoY.
federal centralised purchases (ARV) regions and hospitals
| Half-year | Contracts | Value, mn | Own items, mn | Revenue, mn | Share | YoY |
|---|---|---|---|---|---|---|
| 2023H1 | 4 296 | 4 725 | 1 837 | 5 842 | 31% | – |
| 2023H2 | 3 939 | 4 297 | 2 040 | 10 000 | 20% | – |
| 2024H1 | 6 631 | 11 758 | 5 964 | 7 134 | 84% | +149% |
| 2024H2 | 6 926 | 13 882 | 8 407 | 14 314 | 59% | +223% |
| 2025H1 | 7 641 | 11 421 | 5 545 | 12 975 | 43% | -3% |
| 2025H2 | 7 016 | 14 847 | 8 131 | 24 599 | 33% | +7% |
| 2026H1 | 6 761 | 18 440 | 7 881 | 22 797 | 35% | +61% |
| 2026H2 * | 2 656 | 7 752 | 4 283 | – | – | – |
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 in contract cards is AO Biokhimik (Promomed's plant). Own-item share of contract value across 919 parsed cards: 53%. Data through 2026-10. * - incomplete half-year.
Potential discount −18% (factor 0.82)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Value the company creates per year, as a % of market cap
Value created per year: +53.1%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (7 796 − 4 131) × 2.43 | 8 917 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (87 242 + 33 350) ÷ 18 966 | 6.4x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (6.4 + 6.5) ÷ 2 | 6.4x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -12 392 + 1 424 + 0 − 0 | -10 969 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (8 917 × 6.4 + -10 969) ÷ 87 242 | +53.1% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 6.3x · 3-year 75th pct 12.8x
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 |
|---|---|---|---|---|
| Hapvida | Brazil | 0.8 | 3.2x | 1.7x |
| 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 |
| 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 | 15.6x | 4.3x | ||
| This company | Russia | 1.1 | 6.4x | 6.4x |
Group median 15.5x as traded, 4.3x adjusted; this company 6.4x — a 49% premium.
Group average 15.6x as traded, 4.3x adjusted; against the average this company is at a 49% premium.
At the adjusted group median the market cap would be -39% 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.
The number is withheld — here is why
First-year profit (19,372) differs from the last reported (8,338) by a factor of 2.32. A one-year step of that size means the base and the forecast rest on different assumptions (interest, one-offs), so dividends and IRR built on it are not anchored in fact — the number is withheld
The path below is computed and shown in full, so you can see what the model rests on and where it breaks. Only the headline price and upside are hidden — those are what we do not trust.
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 | 47.4 bn | 73.7 bn | 98.3 bn | 119.1 bn |
| Revenue growth | — | +56% | +33% | +21% |
| EBITDA | 19.0 bn | 33.2 bn | 44.2 bn | 53.6 bn |
| EBITDA margin | 40.0% | 45.0% | 45.0% | 45.0% |
| less D&A | 1.8 bn | 2.3 bn | 2.8 bn | 3.1 bn |
| EBIT | 17.2 bn | 30.9 bn | 41.5 bn | 50.5 bn |
| less net interest | 5.7 bn | 5.0 bn | 3.7 bn | 2.9 bn |
| less tax | 3.0 bn | 6.5 bn | 9.4 bn | 11.9 bn |
| Net profit | 8.3 bn | 19.4 bn | 28.3 bn | 35.7 bn |
| Capex | 5.9 bn | 10.8 bn | 14.4 bn | 17.5 bn |
| Capex to revenue | 12.4% | 14.7% | 14.7% | 14.7% |
| Free cash flow | -6.7 bn operating cash flow less capex | 10.9 bn | 16.6 bn | 21.3 bn |
| Net debt | 33.3 bn | 29.7 bn | 22.0 bn | 11.3 bn |
| Net debt / EBITDA | 1.8x | 0.9x | 0.5x | 0.2x |
| Dividend per share | 8.00 ₽ | 8.00 ₽ | 8.00 ₽ | 8.00 ₽ |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Company guidance (adjusted for its own track record) guided +60%, applied +60% ПРОМОМЕД, финансовые результаты 2025 года и прогноз: рост выручки на 60% в 2026 году при увеличении рентабельности EBITDA до 45%. Прогноз подтверждён после результатов 1П2026 (выручка и EBITDA +76%). | 62% | +60% · +36% · +23% |
| Realised pace (acceleration/deceleration) LTM YoY +74%; acceleration +14.4pp LTM г/г по отчётности | 38% | +48% · +29% · +19% |
| Exit multiple | EV/EBITDA 6.34x (5.07x…9.26x) |
| No re-rating: min(current 6.3x, three-year median 10.7x). Re-rating to 9.3x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 968 ₽ (discount 13.1%, terminal growth 4.0%) |
| 82% 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% |
| Year-3 EBITDA margin target | 45.0% |
| 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 | quality multiplier 0.82 — flags: cash_conversion; no discount to the exit multiple — it is the market's own and already prices this risk |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 6 | 27% | 0.76x | 17% |
| EBITDA | 6 | 29% | 0.74x | 17% |
| Net profit | 6 | 35% | 0.75x | 17% |
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 — 817 ₽. Ours on the same horizon — 849 ₽
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: 8.00 RUB/sh · 2.0%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 8.00 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q2 | 2026-06-18 | 8.00 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 1 (1 positive) across tracked channels, broker research and shows. 4 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.
| 31.08.26 | Material event | ★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг |
| 31.07.26 | Filing | ★ ▼ Совершение эмитентом существенной сделки Общество с ограниченной ответственностью 'ПРОМОМЕД ДМ' совершило крупную сделку, связанную с изменением лимитов финансирования, стоимость которой составляет до 19,3 млрд. руб. Это составляет 48,93% от стоимости активов компании, которая на 30.06.2026 составляет 39,5 млрд. руб. |
| 15.06.26 | Filing | ★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента |
| 15.06.26 | Filing | ★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора Компания 'ПРОМОМЕД ДМ' получила кредитный рейтинг ruA (прогноз-стабильный), изменив его с ruA- (прогноз-стабильный) 15 июня 2026 года. Рейтинг присвоено Рейтинговым Агентством 'Эксперт РА'. |
| 29.05.26 | Filing | ★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей |
| 31.08.26 | AGM / Board | Решения общих собраний участников (акционеров) На внеочередном общем собрании акционеров ООО 'ПРОМОМЕД ДМ', состоявшемся 31.08.2026, единогласно избраны председатель и секретарь. Также одобрены изменения крупной сделки с Сбербанком Факторингом. Кворум составил 100%. |
| 17.08.26 | AGM / Board | Решения совета директоров (наблюдательного совета) |
| 11.06.26 | Buyback | Приобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента |
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. Last month: added — 1.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| SIPO Первая – Фонд АйПиО | Первая | 9.72% | 9 млн ₽ | +0.85 pp | 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 Promomed (PRMD) — from primary filings.
See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map