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Promomed (PRMD) RUB

Promomed is a Russian pharmaceutical company producing generic and own-developed drugs, focused on endocrinology (obesity and diabetes), oncology, infections and pain management.

At a glance: strengths & risks
✓Revenue growing (+76% y/y, H1 2026)✓Profit growing (+83% y/y, H1 2026)✓Margins improving (32%→34%, H1 2026)✓Cheaper than own history (EV/EBITDA 6.2 vs avg 9.4)

Sector: Healthcare

RU_PRMD

Price chart

398.2 RUBDay 1.00%

Key metrics

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.

Market

Price
398.2 RUB · 1.00%
Market cap
84.6 bn RUB

Growth

Δ revenue y/y
75.7%
Δ EBITDA y/y
88.7%

Multiples

P/E (LTM)
10.1x
3y avg: 19.0x
P/B (FY)
4.3x
P/E (ann.)
16.3x
EV/EBITDA (LTM)
6.2x
3y avg: 9.4x
EV/EBITDA (ann.)
7.6x

Cash return

Dividend yield
2.0%
FCF yield (LTM)
-15.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+50.1%
↓ details

Liquidity

Daily turnover (MOEX)
38.6 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

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.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-06-30H1 2026 (6M)OK22.8
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%
-1.8-3.484.9
y/y 47.8%
28.9
y/y 37.5%
18.6%33.3Evidence
2025-12-31H2 2025 (6M)OK24.6
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%
1.0-3.271.0
y/y 33.6%
26.7
y/y 35.7%
30.1%25.1Evidence
2025-06-30H1 2025 (6M)OK13.0
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 —
-0.7-1.457.4
y/y 48.7%
21.0
y/y 75.0%
13.9%20.6Report (PDF)
2024-12-31H2 2024 (6M)OK14.3
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%
1.6-2.753.1
y/y 52.5%
19.7
y/y 51.1%
18.2%16.8Report (PDF)
2024-06-30H1 2024 (6M)OK7.1
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%
-1.5-1.338.6
y/y 10.9%
12.0
y/y -7.6%
0.1%17.7Report (PDF)
2023-12-31H2 2023 (6M)OK10.0
y/y —
4.4
y/y —
0.6
y/y —
5.0
y/y —
2.5
y/y —
-1.5-2.134.8
y/y —
13.0
y/y —
22.8%16.0Report (PDF)
2023-06-30H1 2023 (6M)OK5.8
y/y —
1.2
y/y —
0.4
y/y —
1.6
y/y —
0.5
y/y —
0.3-2.534.8
y/y —
13.0
y/y —
—12.4Evidence

Net debt structure (leases included, IFRS 16) 2025-06-30

Short-term debt (incl. ST leases)16 333
Long-term debt (incl. LT leases)6 988
− Cash & equivalents2 699
Net debt20 622

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05 00010 00015 00020 00025 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-6 000-4 000-2 00002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

010 00020 00030 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit runs ahead of cash
In a typical year of 2021–2025 operating cash flow came to 0.04x of reported net profit; after capex, -0.87x.
year20212022202320242025
cash flow / profit0.35x0.70x-0.40x0.03x0.04x
accruals, % of assets20.5%4.4%11.9%5.2%9.7%
Last twelve months (to 2026-06-30): -0.10x of profit came back as operating cash flow.
net debt / EBITDA 1.5x · capex 5.0x of depreciation
● In a typical year operating cash flow covered 4% of reported profit (5 profitable years).
● Accruals average 10.4% of assets a year - profit runs ahead of cash.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Category demand: Лекарства и медицинские товары (SberIndex) — backdrop

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 (2026-09-12): +8.3% YoY · flat3-wk smooth: +9.4% vs 8-wk avg +10.3% (-0.9 pp)All categories: +7.5%

-5%+4%+12%+21%+30%Q4'24+11%Q1'25+16%Q2'25+14%Q3'25+10%Q4'25+9%Q1'26+5%Q2'26+9%Q3'26+10%+8.3%weekly % YoYquarter average

Average growth by quarter, % YoY:

2кв 2025
+13.9%
3кв 2025
+9.7%
4кв 2025
+8.7%
1кв 2026
+4.9%
2кв 2026
+8.8%
3кв 2026
+10.2%

Source: SberIndex, updated 2026-09-14.

Government orders: 44-FZ contracts

Last 12 months (2025-10 – 2026-09): 13 119 contracts worth RUB 32 797 mn +37% YoY.

02 0004 0002024-10: 978 contracts 1 747 RUB mn2024102024-11: 1715 contracts 1 793 RUB mn112024-12: 1729 contracts 3 413 RUB mn122025-01: 1371 contracts 2 641 RUB mn2025012025-02: 800 contracts 2 255 RUB mn022025-03: 1481 contracts 1 586 RUB mn032025-04: 1648 contracts 1 745 RUB mn042025-05: 1134 contracts 1 499 RUB mn052025-06: 1207 contracts 1 694 RUB mn062025-07: 872 contracts 2 775 RUB mn072025-08: 722 contracts 1 401 RUB mn082025-09: 844 contracts 1 397 RUB mn092025-10: 1139 contracts 2 416 RUB mn102025-11: 1597 contracts 2 730 RUB mn112025-12: 1842 contracts 4 128 RUB mn122026-01: 1189 contracts 4 560 RUB mn2026012026-02: 863 contracts 3 331 RUB mn022026-03: 1304 contracts 2 144 RUB mn032026-04: 1284 contracts 2 863 RUB mn042026-05: 1094 contracts 2 969 RUB mn052026-06: 1027 contracts 2 573 RUB mn062026-07: 747 contracts 2 176 RUB mn072026-08: 774 contracts 2 028 RUB mn082026-09: 259 contracts 879 RUB mn09

federal centralised purchases (ARV)   regions and hospitals

Half-yearContractsValue, mnOwn items, mnRevenue, mnShareYoY
2023H14 2964 7251 9265 84233%–
2023H23 9394 2972 12710 00021%–
2024H16 63111 7586 1227 13486%+149%
2024H26 92613 8828 59314 31460%+223%
2025H17 64111 4215 74712 97544%-3%
2025H27 01614 8478 36124 59934%+7%
2026H16 76118 4408 07922 79735%+61%
2026H2 *1 7805 0832 978–––

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 709 parsed cards: 56%. Data through 2026-09. * - incomplete half-year.

Quality / corporate governance

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.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +52.4%

How this was calculated
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)
= (84 618 + 33 350) ÷ 18 966
6.2x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.2 + 6.5) ÷ 2
6.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -12 392 + 0 + 0 − 0
-12 392
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (8 917 × 6.4 + -12 392) ÷ 84 618
+52.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +75% vs +35% the year before — a +39.8 pp move. 3-year CAGR +39%.
revenue growth by year: 2023 +13% · 2024 +35% · 2025 +75%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 5.6x · 3-year average 12.3x

EV/EBITDA3-year 75th pct

Three-year model and IRR with caveats

Expected IRR: +35% (bear +16% … bull +65%)

price in 3 years 978 ₽ (+147% к 396 ₽); base — LTM на 2026-06-30 (H1)

Metric, млн ₽yr 1yr 2yr 3
Revenue64.0 bn78.1 bn89.8 bn
Revenue growth+35%+22%+15%
EBITDA25.8 bn31.6 bn36.6 bn
EBITDA margin40.2%40.5%40.7%
Net profit14.3 bn19.2 bn23.0 bn
Free cash flow8.5 bn11.9 bn14.5 bn
Net debt24.8 bn21.4 bn18.8 bn
Net debt / EBITDA1.0x0.7x0.5x
Dividend per share0.000 ₽0.000 ₽0.000 ₽
Yield on current price0.0%0.0%0.0%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY +74%; acceleration +14.4pp; capped: no other source corroborates it
LTM г/г по отчётности		100%+35% · +22% · +15%
Model assumptions
Exit multipleEV/EBITDA 6.20x (4.96x…9.06x)
No re-rating: min(current 6.2x, three-year median 10.4x). Re-rating to 9.1x on a falling rate is the bull case
Key rate by year11.8% · 9.0% · 8.0%
Cost inflation6.2% · 5.6% · 5.3%
Year-3 EBITDA margin target40.7%
Current CPI (actual)6.3%, на 2026-08-31
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue627%0.76x17%
EBITDA629%0.74x17%
Net profit635%0.75x17%

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 — 898 ₽. Ours on the same horizon — 634 ₽

Checks and caveats
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ Historical check (6 observations): median EBITDA forecast error 29%, revenue 27%, within ±20% in 17% of cases, systematic bias 0.74x
  • ✓ Revenue CAGR +24%
  • ✓ Year-3 margin 41% inside history 37%–50%
  • ✓ Year-3 net debt/EBITDA 0.5x
  • ✓ IRR +35%
  • ✓ Base is fresh: report 2 months old
  • ✓ One-year value agrees with an independent estimate: eninvs Company_Forecast (0.71x). Compared with: eninvs Company_Forecast

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.

Dividend history

Paid, trailing 12-mo: 8.00 RUB/sh · 2.0%

Pay yearDividend /sh
20268.00 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-06-188.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 positive), last 30 days: 9 (8 positive) across tracked channels, broker research and shows. 8 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.

Corporate events

31.08.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
31.07.26Filing★ ▼ 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.
15.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
15.06.26Filing★ ▲ 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'.
29.05.26Filing★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
31.08.26AGM / BoardРешения 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%.
17.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
11.06.26BuybackПриобретение 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.

RU equity fund ownership

Disclosed in the top-10 of 1 of 17 funds, ≈8 млн ₽ combined. Last month: trimmed — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SIPO Первая – Фонд АйПиОПервая8.87%8 млн ₽-0.80 pp31.07.2026

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.

Frequently asked questions

What is Promomed (PRMD)'s P/E ratio?
Promomed (PRMD) trades at a P/E of 10.1x (price to trailing 12-month earnings).
What is Promomed (PRMD)'s EV/EBITDA?
Promomed (PRMD) trades at 6.2x EV/EBITDA.
What is Promomed (PRMD)'s P/B ratio?
Promomed (PRMD) trades at a P/B of 4.3x.
What is Promomed (PRMD)'s dividend yield?
Promomed (PRMD)'s trailing 12-month dividend yield is 2.0%.
What is Promomed (PRMD)'s return on equity (ROE)?
Promomed (PRMD)'s ROE is 18.6%.
What is Promomed (PRMD)'s market capitalization?
Promomed (PRMD)'s market cap is 84.6 bn RUB.

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