The most profitable company in Lithuania this year is from the country’s Biotech sector, according to new data from the State Tax Inspectorate. Biotech pharmacology company Sicor Biotech showed the highest profitability levels of an company based on its profit tax contributions, whilst another biotech giant, ThermoFisher Scientific Baltics, registered the sixth highest profit levels.
The new figures show that the profitability of these two biotech firms outstripped that of big players in the banking, telecommunications and retail sectors. Sicor Biotech is the clear leader in the 8 months of this year, followed by the chemical industry giants Lifosa and Achema, in second and third respectively.
Thermo Fisher Scientific Baltics, which develops products for use in scientific research and testing, has seen a sharp rise in its profitability over the last year and now ranks sixth in the country. And the company’s General Manager and VP for the Baltics, Algimantas Markauskas, believes this data highlights the increasingly important role Biotech plays in the country’s economy. “We are delighted that the financial indicators of recent years have proved how important investment in high tech is. They show the significance of this sector to Lithuania’s economy, despite some people’s scepticism,” Mr Markauskas comments.
Another indicator of the growing profile of Biotech in Lithuania is the recognition its leaders have received from the wider business community. Last year, Mr Markauskas was named CEO of the Year at an awards ceremony organised by business daily Verslo Žinios, whilst this year the prize went to the head of Sicor Biotech, Janis Meikšans.
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